Trump Names David Sacks as Crypto Czar, Signs Executive Order to Boost Digital Assets

Trump's Crypto Revolution: Executive Order, Pardons, and Token Launches Reshape Digital Asset Landscape

  • President Trump signs executive order promoting digital asset growth and establishing a crypto market working group.
  • David Sacks appointed as crypto & AI czar to chair the new working group.
  • Ross Ulbricht, Silk Road founder, receives presidential pardon.
  • SEC removes SAB 121 guidance, opening doors for institutional crypto custody.
  • New TRUMP and MELANIA tokens launch, reaching multi-billion dollar valuations.

Donald Trump marked his return to the White House with substantial cryptocurrency policy shifts, signing an executive order to position the United States as a digital asset leader while pardoning Silk Road founder Ross Ulbricht.

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Federal Crypto Framework Takes Shape

The executive order, titled “Strengthening American Leadership in Digital Financial Technology,” creates the President’s Working Group on Digital Asset Markets. David Sacks, the newly appointed crypto & AI czar, will lead initiatives to develop federal regulations for digital assets, including stablecoins—cryptocurrencies designed to maintain a stable value by pegging to traditional assets.

The order explicitly rejects the development of a Central Bank Digital Currency (CBDC), addressing concerns about government surveillance of financial transactions. Additionally, the administration plans to establish a “national digital asset stockpile” using cryptocurrencies seized in criminal investigations.

Criminal Justice Reform Meets Crypto

In a significant move, Trump granted clemency to Ross Ulbricht, who had been serving a life sentence without parole since 2015 for operating Silk Road, an early Bitcoin-based marketplace. The Securities and Exchange Commission, under Acting Chair Mark Uyeda, eliminated SAB 121 guidance, removing barriers that prevented banks from offering crypto custody services.

Market Impact and Token Launches

The policy changes sparked immediate market activity with the launch of two new cryptocurrencies: TRUMP and MELANIA. The TRUMP token reached a theoretical market value of $15 billion, while MELANIA achieved $2.2 billion in market capitalization. According to Forbes, while these valuations remain largely theoretical due to limited trading, Trump’s cryptocurrency sales over the weekend resulted in substantial realized gains.

The launches propelled Moonshot, a mobile application enabling memecoin purchases through Apple Pay, to the top position in the App Store rankings.

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