David Sacks and Donald Trump just made a significant move in the digital asset domain with Trump’s recent executive order aimed at establishing the U.S. as the ‘crypto capital of the world.’

While the order does not establish a national Bitcoin stockpile, it indicates a committed approach towards regulating digital assets.

Reactions from Bitcoin Community

Bitcoin maximalists expressed frustration over potential diversification beyond Bitcoin in the order’s Strategic Reserve proposals.

Trump and Sacks (Image Source: X)

The newly formed Digital Asset Working Group, headed by David Sacks, includes experts from various government sectors and is tasked with developing rules around cryptocurrency.

As stated in the executive order, digital assets play a crucial role in the U.S. economy and its global standing, with a report expected within 30 days to identify policy gaps and opportunities.

Key Highlights from the Executive Order

• Dollar Sovereignty: Emphasizes the importance of the U.S. dollar and its backed stablecoins.
• Crypto Taxation: Advocates for reducing taxes for domestic digital asset firms.
• Protection from CBDCs: Proposes measures to safeguard against the risks associated with Central Bank Digital Currencies (CBDCs).

Trump praised Sacks’ contributions openly, acknowledging his efforts for the country.

While BTC advocates remain skeptical, this executive order could transform the U.S. into a hub for crypto taxation and policy innovation, marking what some term the ‘Golden Age’ of digital assets.

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