WASHINGTON—An Executive Order issued by Donald Trump creating the President’s Working Group on Digital Assets Markets also prohibits the federal government from developing a central bank digital currency (CBDC), America’s Credit Unions reported, noting it has raised concerns with potential CBDC development, including risks to consumer privacy with little benefit.
The group, chaired by Special Advisor for AI and Crypto David Sacks will hold public hearings and be made up of representatives from various agencies. Those include the Treasury Secretary, Attorney General, Secretary of Commerce, Director of the Office of Management and Budget, and more, ACU said.
The order outlines actions over the next six months:
- Within 30 days, the agencies must identify all regulations, guidance documents, orders, or other items that affect the digital assets sector
- Within 60 days, each agency must submit recommendations on whether each identified regulation, guidance document, order, or other item should be rescinded or modified
- Within 180 days, the group must submit a report to the President recommending regulatory and legislative proposals that advance the policies established by the executive order
The order also calls for consideration of a “national digital assets stockpile,” potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts, ACU said.