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From: Julius Wong1/23/2025 4:38:13 PM
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Trump signs executive order to create crypto working group

Jan. 23, 2025 3:42 PM ET
By: Max Gottlich, SA News Editor



The price of bitcoin ( BTC-USD) drifted higher in Thursday midafternoon trading after U.S. President Donald Trump signed an executive order to create a so-called crypto working group to advise his team on industry-related policies.

The highest-profile cryptocurrency ( BTC-USD) perked up to as high as $106.4K on the news, before paring some of the gains to $105.2K at press time.

In his first set of crypto-related executive actions as president, Trump kept his campaign promise -- so far -- in establishing a friendlier regulatory environment for the nascent industry, although crypto investors had expected him to take action on day one.

The crypto working group's mission, the order said, includes preparing a report for Trump within about six months, which will propose a regulatory framework and legislative efforts. The report will also assess how feasible it would be to establish a digital asset stockpile. The Treasury Department, Justice Department, Securities and Exchange Commission and the Commodity Futures Trading Commission are among the federal agencies that will be involved.

The orders were signed in Washington, D.C., with the presence of White House AI and crypto czar David Sacks.

Prior to taking office, Trump said in July he would hold bitcoin ( BTC-USD) in a strategic national stockpile, pledging to be a "crypto president."
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