President Trump signed an executive order on Thursday to create a cryptocurrency advisory council that will focus on shaping digital asset policy.
The council will collaborate with Congress on cryptocurrency legislation by coordinating efforts among agencies such as the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Treasury, while also assisting in the creation of Trump’s proposed bitcoin reserve.
This executive order also officially prohibits the creation and issuance of a central bank digital currency (CBDC) in the United States, defining a CBDC as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.”
The order fulfills a campaign promise to support digital asset innovation after positioning himself as a “crypto president” during his reelection bid.
Trump was accompanied by David Sacks, the White House AI and cryptocurrency czar, who is also a prominent venture capitalist and political donor.
“We’re going to be forming an internal working group to make America the world capital on crypto under your leadership,” Sacks said. He also emphasized that the executive action on artificial intelligence would position the United States to “dominate and to lead the world in AI.”
