Trump Orders Deregulation on Crypto and National Stockpile; Will BTC Jump to $110,000 This Time?

U.S. President Donald Trump on Thursday ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, officially embracing the crypto era.

"The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as in our nation's international leadership," the order states.

The working group, which will include the Treasury Secretary, Attorney General, and the head of the Securities and Exchange Commission, will come up with an overall federal strategy for regulating crypto assets and stablecoins.

The team is also set to evaluate the potential creation and maintenance of a national digital asset stockpile... potentially derived from cryptocurrencies lawfully seized by the federal government through its law enforcement efforts.

The crypto order reinforced that banking services for crypto companies should be protected, alluding to industry claims that U.S. regulators had directed lenders to cut crypto companies off from banking services — something regulators deny. The order also banned the creation of central bank digital currencies in the U.S., which could compete with existing cryptocurrencies.

In another key action supported by the crypto industry, the U.S. Securities and Exchange Commission, late on Thursday, rescinded accounting guidance that had made it very expensive for some listed companies to safeguard crypto assets on behalf of third parties.

Bitcoin is currently hovering around $105,000 on Friday, and crypto-frenzy retail investors are waiting to see if Trump's big move on crypto will entirely reform the industry.