Trump signs executive order on crypto, digital asset stockpile

President Donald Trump signed an executive order on Thursday to promote the advancement of cryptocurrencies in the U.S. and to work towards potentially developing a national digital asset stockpile.

Venture capitalist David Sacks, who Trump tapped as his crypto and artificial intelligence czar, joined Trump in the Oval Office for the signing of the order.

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order states.

Trump, who was a crypto critic in his first administration, changed his tune on the campaign trail and attracted hefty contributions from the industry after a tumultuous four years under President Joe Biden. Crypto investors, companies and execs accounted for almost half of corporate donations in the 2024 election cycle, with some contributing tens of millions of dollars to help Trump win a second term in office.

Most of the order focuses on establishing technology and rules around crypto and its development in the U.S. One of the critical pieces is the creation of a working group to consider a national digital asset stockpile, “potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement effort.”

Historically, the U.S. Marshals Service has auctioned off seized bitcoin, along with other cryptocurrencies like ether and litecoin. Trump promised on the campaign trail that if he returned to the White House, he would ensure the federal government never sells off its bitcoin holdings.

“If I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” he said in July in a keynote at the Bitcoin Conference in Nashville, Tennessee.

Since his victory in November, Trump has focused on appointing government leaders who support the cryptocurrency sector.

Paul Atkins has been nominated to chair the Securities and Exchange Commission. Atkins, a former SEC commissioner, is known for advocating market-friendly policies and opposing heavy-handed regulation. If confirmed, he will succeed Gary Gensler, whose aggressive enforcement of crypto regulations made him a divisive figure in the industry.

Earlier this week, the SEC announced the formation of a new “crypto task force,” to be led by Commissioner Hester Peirce. Dubbed “Crypto Mom” for her outspoken support of digital currencies, Peirce has long championed a regulatory framework that fosters innovation rather than hindering it.

Scott Bessent, a pro-crypto hedge fund manager, is Trump’s pick to lead the Treasury Department. Bessent attended the Crypto Ball on Friday in Washington, an event that brought together lawmakers, cabinet appointees, and industry leaders and underscored the administration’s plan to make the U.S. a global leader in digital asset innovation.

Sacks told the crowd at the packed Mellon Auditorium on Friday night that “the war on crypto is over.”

“This is just the beginning of America reclaiming its position as the world’s innovation leader,” Sacks said.

WATCH: Trump’s latest executive orders