(Bloomberg) — President Donald Trump has signed executive actions related to cryptocurrencies and artificial intelligence that could strengthen two emerging industries.
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The president was also joined by David Sachs, a venture capitalist, major political donor, and White House AI and cryptocurrency czar.
The cryptocurrency order creates a task force to advise the White House on digital asset policy and includes the involvement of key federal agencies such as the Treasury Department, Department of Justice, Securities and Exchange Commission, and Commodity Futures Trading Commission. It’s planned.
The group will be tasked with submitting a report to the President within approximately six months recommending a regulatory framework and legislative proposals, including an evaluation of the creation of a digital asset stockpile.
“This completely changes the fundamentals on the ground,” said Kara Calvert, vice president of U.S. policy at Coinbase Global, the largest U.S. cryptocurrency exchange. “We have a president who has created an advisory board that values digital assets and recognizes the need for non-governmental expertise. That’s really exciting.”
Still, the order was met with mixed reactions elsewhere in the cryptocurrency community. Bitcoin supporters have expressed disappointment that the order did not specify that the largest cryptocurrency would become the center of national reserves, as many had speculated. Trump supported this idea during his campaign.
“What crypto Twitter wanted was very different from reality,” said Zaheer Ebtikar, founder of crypto fund Split Capital. “If you think about it, if the U.S. government were to buy just one Bitcoin, it would be very remorseful because every other government would follow suit and buy it. The valuation of the national digital asset stockpile is as optimistic as the actual news.”
Bitcoin fell about 1% to $102,750 after the president’s actions were revealed. The original digital currency, which accounts for more than half of the market value of cryptocurrencies, has soared more than 50% since President Trump’s election.
Sachs agreed with President Trump, saying the group “will make America the world capital of cryptocurrencies under your leadership.”
He added that artificial intelligence efforts will allow the United States to “dominate and lead the world in AI.”
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