Trump's First Week in Office: Crypto Industry Thrives on Executive Order and Task Force

The Trump Administration's initial actions during its first week are opening doors for the cryptocurrency industry.

On Tuesday, acting Securities and Exchange Commission Chair Mark Uyeda announced the formation of a crypto task force, and shortly after, President Donald Trump signed an executive order to foster the growth of cryptocurrencies across the United States. Industry analysts are now exploring the potential implications of these developments for a national cryptocurrency stockpile.

Calamos head of ETFs Matt Kaufman speculated on CNBC's "ETF Edge" that legislation could soon emerge concerning a strategic bitcoin reserve. "We would expect some type of legislation to move forward with the strategic bitcoin reserve," he stated.

The executive order, signed on Thursday, mandates the creation of a working group dedicated to digital assets. This group will be responsible for suggesting criteria for a cryptocurrency reserve and drafting a fresh regulatory framework for crypto operations in the U.S.

Mike Venuto, Chief Investment Officer of Tidal Financial Group, voiced optimism regarding these policy shifts. He remarked, "Regulation has been done through enforcement. That's a mess. We do need some sort of government-efficient group that can come in and regulate this and make it make sense."

Bitcoin experienced a significant surge, reaching a historic high of over $109,350 on Monday, reflecting the industry's excitement over these announcements. By Friday afternoon, the cryptocurrency was trading at around $105,000.

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