US President Donald Trump signed an executive order on January 23 supporting the growth and promotion of stablecoins backed by the US dollar, cryptocurrencies and other financial assets.
As CriptoNoticias has reported, This is the first pro-cryptocurrency order in the history of the United States.
Among the most salient points of the documenthighlights the initiative to “promote and protect the sovereignty of the United States dollar, including through actions to promote the development and growth of legal and legitimate dollar-backed stablecoins around the world.”
The goal is to promote the global sovereignty of the dollar and promote its adoption as a basis for the development of these technologies.
In this way, President Trump fulfills his campaign promise of establishing clear and neutral regulations to encourage the growth of the cryptocurrency industry and stablecoins such as USDT, USDC or RLUSD from Ripple Labs.
In another point, it is clarified that Measures will be adopted to protect privacy and the economy against digital currencies issued by central banks (CBDC)which “threaten the stability of the financial system, individual privacy and sovereignty of the United States,” including prohibiting the “establishment, issuance, circulation and use of a CBDC within the jurisdiction of that country.
In turn, the creation of the President’s Working Group on Digital Asset Markets is established, in charge of reviewing regulations, guidance documents, orders and other elements that affect the digital asset sector. The agencies that make up this group must evaluate the regulations related to stablecoins, bitcoin (BTC) and other cryptocurrencies, in order to propose modifications or eliminations when necessary.
This working group will be in charge of evaluate the creation of a national reserve of digital assetswhich could include cryptocurrencies legally seized by the Federal Government.
In this way, Trump takes first step to promote the use of dollar-backed stablecoinswith regulatory quality and privacy protection.
