The crypto tsar leads the Digital Asset Market Working Group, develops the regulatory framework and evaluates the digital asset reserve

According to Fox reporter Eleanor Terrett, President Donald Trump signed an executive order to establish a 'Digital Asset Market Working Group' directly under the President, which will be dedicated to developing a federal regulatory framework for digital assets, including Stable Coin, and evaluating the creation of a 'National Strategic Digital Asset Reserve'.

The Digital Asset Market President Working Group is chaired by the Crypto Tsar David Sacks

According to Fox, the executive order on cryptocurrency has been formally signed, establishing a 'Digital Asset Market Working Group' directly under the president to strengthen the US's leadership in the digital finance field. The group will be chaired by White House AI and crypto czar David Sacks, and will include the Treasury Secretary, (SEC) Chairman, and other relevant department and agency heads.

David Sacks will engage with experts in digital assets and markets to ensure that the working group's actions gain expertise beyond the federal government. Executive orders direct departments and agencies to provide recommendations to the working group on regulations affecting the digital asset industry.

Will establish a regulatory framework to expand the dominance of the US dollar through Stable Coin.

The working group will establish a regulatory framework through the following methods:

Implement market structure and define what digital assets, securities, commodities, collectibles, etc. are.

Expand the dominance of the US dollar through Stable Coin

Assessing the national reserves of digital assets

Sacks also mentioned Trumpcoin, which he thinks is a collectible like a baseball card, and he is not concerned that its launch will bring potential conflicts of interest to the president.

Prohibit Central Bank Digital Currency CBDC

The executive order prohibits institutions from taking any action to create, issue, or promote central bank digital currency (CBDC).

In his campaign speech last year, Trump emphasized the potential risks of CBDC for bank disintermediation and political weaponization.

(Trump: Will never allow the Fed to issue CBDC, the federal government will control your money)

And Sacks also said in an interview that CBDC is a threat to freedom, and Stable Coin is a better choice.

Will assess the reserves of digital assets

Sacks is also frank, and they have not yet decided whether to proceed with digital asset reserves. They also stated that research and evaluation are needed for this.

Sacks said that expanding the dominance of the US dollar in digital form could create trillions of dollars in demand for US Treasury bonds.

This is very useful for us as it can fundamentally support our debt and reduce long-term interest rates.

This article Cryptocurrencies Czar leads the Digital Asset Market Working Group, develops regulatory framework and assesses digital asset reserves first appeared on ChainNews ABMedia.