With the arrival of President Donald Trump’s administration, the cryptocurrency industry is urging for an executive order that would ban the U.S. Central Bank Digital Currency (CBDC), or Digital Dollar. During his presidential campaign last May, Trump made a similar promise to the industry, and now is the time to fulfill that commitment. Additionally, growing demands call for Trump to sign an executive order supporting a strategic Bitcoin 
$105,646 reserve.
Crypto Council and the Ban on CBDC
According to Fox Business journalist Eleanor Terret, President Trump is expected to sign two significant executive orders related to cryptocurrency. One order is anticipated to establish a special crypto council, while the other is expected to prohibit the creation of a Central Bank Digital Currency (CBDC).
Reports indicate that the Crypto Council will convene this Thursday, and the crypto industry may expect major decisions. Terret noted that the details of the executive orders are still unclear, but potential actions have generated substantial interest and speculation within the crypto community.
Strategic Bitcoin Reserve and Other Developments
Last year, in his support for Bitcoin, Donald Trump expressed that he would not allow the creation of a U.S. CBDC. On the other hand, there is strong support for the establishment of a strategic Bitcoin reserve. President Trump stated that Bitcoin could help reduce the current $36 trillion national debt as a reserve asset.
“Creating a strategic Bitcoin reserve is crucial for decentralizing savings.” — Cynthia Lummis
Industry leaders, such as Michael Saylor and Coinbase, have expressed their support for this idea. Wyoming Senator Cynthia Lummis is also known as a strong advocate in this regard. Other leaders oppose the concept of a U.S. CBDC or U.S. currency.
White House Crypto Council
The Trump administration is likely to establish a presidential crypto council, including approximately 20 significant figures from the cryptocurrency industry. The council will provide policy guidance and help shape the administration’s approach to crypto regulations, involving leading CEOs and founders.
For a crypto-friendly regulatory environment, Trump has appointed David Sacks as the White House crypto czar. Additionally, reports indicate that Trump will allow U.S. banks to offer crypto trading services and plans to repeal the controversial Staff Accounting Bulletin 121 (SAB 121) rule.
Conclusion
During Donald Trump’s presidency, significant moves in cryptocurrency policies are expected. Actions such as banning CBDC and establishing a strategic Bitcoin reserve are generating hope and curiosity within the crypto community. These developments provide important insights into how the U.S. will navigate digital currencies and cryptocurrency policies.
