After a period of regulatory ambiguity, the U.S. government’s position on digital assets is beginning to take shape under the Trump administration. This week saw two significant developments: an Executive Order and the establishment of a new Crypto Task Force by the U.S. Securities and Exchange Commission (SEC).
Executive Order: A Framework for Clarity
On January 23, 2025, President Trump issued an Executive Order that established a Working Group on Digital Asset Markets (Working Group). Chaired by David Sacks, the President’s Special Advisor for AI and Crypto, the Working Group is composed of officials from various executive agencies. The order sets internal deadlines for the group, culminating in a report to the President within 180 days—by July 22—that will recommend “”regulatory and legislative proposals that advance the policies in the [Executive Order].””
These policies include:
- More clearly defined “”technology-neutral regulations.””
- Protections and promotion for software developers, miners, and other infrastructure providers.
The policies aim to foster the industry’s “”crucial role in innovation and economic development””. Furthermore, the Trump Executive Order reverses the Biden administration’s 2022 Executive Order, which was viewed as less favorable to the industry. It also prohibits Central Bank Digital Currencies (CBDCs), which the Biden order had aimed to promote.
SEC Crypto Task Force: Streamlining Regulation
On January 21, 2025, the SEC launched its Crypto Task Force. The goal is to create a “”comprehensive and clear regulatory framework for crypto assets.”” Commissioner Hester Peirce is leading the effort, which intends to replace the SEC’s former “”regulation-by-enforcement”” approach with more transparent guidelines. The Task Force plans to establish “”clear regulatory lines,”” “”realistic paths to registration,”” “”sensible disclosure frameworks,”” and “”judiciously” deployed enforcement resources.”
While specific details of the Task Force’s plans are still pending, Commissioner Peirce presented her vision for the industry on Wiley’s CryptoCounsel Podcast shortly after the 2024 election, where she has long been considered a supporter of the industry.
Outlook: A Pro-Growth Approach
In conclusion, the Trump administration has confirmed its commitment to a pro-growth approach to the digital asset and blockchain industry. The Executive Order and the formation of the Crypto Task Force provide a framework for implementing this approach, but the specific policies are forthcoming.
We will continue monitoring developments from the Working Group and the Crypto Task Force, as well as any additional announcements from the new administration.
