Donald Trump Executive Order Leaves Out FDIC and Fed

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President Donald Trump signed an executive order to change how the United States deals with digital assets like cryptocurrencies. According to reports, the order creates a group that will work on making the U.S. a global leader in the cryptocurrency industry. This change shows that the U.S. recognizes the growing role of cryptocurrencies in the world economy and is ready to take a more active stance in this area.

Donald Trump Executive Order Working Group Excludes FDIC and Fed Reserve

Notably, the executive order created a working group of important officials. This includes the U.S. Treasury Secretary, Attorney General, Securities and Exchange Commission (SEC) Chair, Commodity Future Trading Commission (CFTC) Chair, members of Trump’s cabinet, and other agency leaders. However, the U.S. Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) are not included in the group.

The order prohibits creating, issuing, and using U.S. Central Bank Digital Currency (CBDC). Significantly, this decision could impact the future of digital currency, especially since countries like China are developing their CBDCs. The executive order also requires the new working group to explore creating and maintaining a national cryptocurrency stockpile and developing a stablecoins rule.

New Executive Order to Reshape U.S. Ecosystem

Meanwhile, Caitlin Long, founder and CEO of Custodia Bank, discussed the executive order. She said this could signal the end of crypto industry efforts to avoid government control. Long pointed out that the Federal Reserve and FDIC are not part of the working group. This suggests that future U.S. stablecoin laws might not be under the central bank’s authority. 

As such, this could create a regulatory environment better suited to the changing crypto world than traditional finance systems. It is worth noting that the executive order is a key part of the U.S. strategy to become a leader in cryptocurrency. It shows the government’s commitment to creating rules that encourage innovation while maintaining financial stability. 

With discussions about stablecoins and national crypto reserves, the crypto industry is ready for a new phase of growth and regulation under the Trump administration.

US Crypto Landscape Expects Changes

Generally, renewed hope for a more favorable crypto landscape in the US is building amongst residents. Crypto enthusiasts expect a significant shift in cryptocurrency regulations. Greg Cipolaro, the global head of research at the New York Digital Investment Group (NYDIG), thinks otherwise.

He has urged Americans to exercise caution, suggesting immediate changes to crypto policy may not be realistic. “Key officials still need to be named, those already selected require Senate confirmation, and these individuals must then assemble their teams,” Cipolaro said while explaining that the entire process will take time.

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