Donald Trump’s interest in cryptocurrency is not new. Last year, he launched his own crypto company, World Liberty Financial (WLF), which offers a digital currency called WLFI.
Trump Forms Cryptocurrency Task Force: A New Era for Digital Assets in the US
Trump Creates Cryptocurrency Working Group
US President Donald Trump has announced the creation of a cryptocurrency working group to develop a new framework for digital assets. This framework establishes three essential components which include market structure alongside consumer protection alongside risk management.
On January 23, the White House released Trump’s executive order titled ‘Strengthening American Leadership in Digital Financial Technology.’ This order seeks to advance the growth of financial technology solutions alongside digital assets within the national boundaries.
Supporting Responsible Growth
“The digital asset industry is key to innovation and economic growth in the US. My administration will support the responsible growth and use of digital assets, blockchain, and related technologies across all areas of the economy,” the order stated.
Addressing Risks of CBDCs
Trump also highlighted the risks of Central Bank Digital Currencies (CBDCs) in his order. The creation and issuance and promotion of CBDCs can allow only under specific legislative conditions.
What Are Digital Assets?
Digital assets are anything created and stored digitally that holds value, establishes ownership, and is easy to find. The initial list of digital assets included pictures and videos plus written content and data. The introduction of blockchain technology coupled with cryptocurrency products has expanded digital asset definitions to encompass Bitcoin alongside Ethereum and alternative tokens.
Growth of the Digital Asset Market
The global digital asset market is expected to generate $46,320 million in revenue by 2025. The US and China are leading this fast-growing industry, as per a report by Statista.
Trump’s Relationship with Cryptocurrency
Donald Trump has supported cryptocurrency in the past. Last year, he launched his own crypto company called World Liberty Financial (WLF), which offers a digital currency named WLFI.
Earlier this week, WLF posted on the social media platform X about making “strategic purchases” of tokens like TRX to celebrate Trump’s return to the White House.
Trump’s Admission About Crypto Knowledge
Despite running a crypto company, Trump recently admitted he doesn’t fully understand how it works.
“I don’t know much about it other than I launched it, and it was very successful,” Trump told BBC.
Trump and Memecoins
Last week, Trump and his wife, Melania Trump, started selling memecoins. Online memes and internet trends serve as the foundation for new digital currencies.
The United States digital asset market might face substantial transformation because of Trump’s increasing engagement with cryptocurrency.
Also Read: Cyient Shares Plunge 15% as QoQ Net Profit Falls 31.6% to ₹127.7 Crore, Revenue Rises 0.5%
+ There are no comments
Add yours