President Donald Trump has signed an executive order establishing a task force on cryptocurrency, with the goal of issuing regulations to oversee new digital assets and promoting wider use of cryptocurrencies.
A key point of this order is to specify that the Federal Reserve should not issue its own digital dollar or CBDC, as it would disrupt the existing private sector cryptocurrency ecosystem. Trump has been vocal about this since the beginning.
The task force will evaluate various strategies to promote technology and safeguard blockchain, as well as study opportunities for America to accumulate cryptocurrencies. It includes relevant regulatory agencies, financial institutions, and the Securities and Exchange Commission (SEC).
Source: Reuters
TLDR: President Trump forms a task force to regulate cryptocurrencies and promote their use, avoiding the issuance of a digital dollar by the Federal Reserve.
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