Trump aims to create a national reserve of cryptocurrencies.

The President of the United States, Donald Trump, has ordered the establishment of a working group on cryptocurrencies, tasked with proposing new regulations for digital assets and exploring the possibility of creating a national cryptocurrency reserve.

This information was reported by Reuters.

The directive includes provisions for protecting banking services for cryptocurrency companies, hinting at industry claims that U.S. regulators have instructed lenders to cut off banking services to crypto firms—a claim that regulators deny.

The order also prohibits the creation of central bank digital currencies in the U.S. that could compete with existing cryptocurrencies.

Another significant step, advocated by the crypto industry, is the decision by the U.S. Securities and Exchange Commission to revoke an accounting guideline that significantly increased costs for some exchange companies holding crypto assets on behalf of third parties.

According to the order, the working group, which will include the Secretary of the Treasury, the heads of the SEC and the Commodity Futures Trading Commission, as well as other agency leaders, is to develop a regulatory framework for digital assets. This also encompasses stablecoins—a type of cryptocurrency typically pegged to the U.S. dollar.

The group is also required to “assess the feasibility of creating and maintaining a national reserve of digital assets... potentially obtained from cryptocurrencies lawfully seized by the federal government through law enforcement agencies.”

According to experts in regulation and cryptocurrencies, if regulators implement this directive from Trump, it may facilitate the integration of cryptocurrencies into the mainstream.

The order does not provide detailed information on how such a reserve will be established.

Reminder: On Monday, Bitcoin reached a new record high of $109,071 amid investor excitement over Trump's new cryptocurrency administration; however, by the end of Thursday, it had fallen to approximately $103,000.

Background. Previously, Mind reported on how the cryptocurrency market reacted to Trump's inauguration and how Bitcoin and meme coin prices changed.