President Trump signed an official executive order to create a “national digital asset stockpile.” This seems very different from a Bitcoin reserve, which would likely require Congressional approval.
A national crypto reserve
The growing movement to create a U.S. Bitcoin reserve has garnered broad support in Congress and several similar proposals across every U.S. state. However, President Trump has gone on a signing spree of various executive orders this week, and this mechanism could allow his stocks to pass without this scrutiny.
At the same time, Trump also signed an executive order to create a “cryptocurrency task force.” The role, official designation and potential impact of this group seem completely unclear at the moment. Earlier this morning, Cynthia Lummis was named chair of the Senate Banking Subcommittee on Digital Assets, which could overlap with this group.
Apparently, the task force will take on an advisory role to various government agencies, working to develop a comprehensive digital framework. He will cooperate with crypto czar David Sacks and other pro-industry appointees in the Trump White House, but will be strictly prohibited from working on a US CBDC.
Ultimately, several community members expressed frustration with the vague nature of these decrees. It is currently unclear whether this stock will contain primarily Bitcoin or other assets like its new meme coin TRUMP. Regardless, without Congressional approval, this “stockpile” is unlikely to constitute a true national reserve.
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