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U.S. President Donald Trump signed an executive order on Thursday, launching a working group to propose new cryptocurrency regulations and explore the establishment of a national digital asset stockpile. The directive marks a significant shift in U.S. crypto policy under Trump’s administration.

The order protects banking access for crypto firms, addressing industry claims of discrimination by financial institutions, which regulators have denied. It also bans the creation of a U.S. CBDC, a potential competitor to existing cryptocurrencies.

In another industry-backed move, the Securities and Exchange Commission (SEC) rescinded accounting guidance that made it costly for listed companies to custody crypto assets for third parties. Crypto advocates argued the guidance hindered adoption of digital assets.

Trump’s proactive crypto policies align with his campaign pledge to be a “crypto president.” This contrasts sharply with former President Joe Biden’s administration, which took a stricter stance on the industry, pursuing legal actions against major exchanges like Coinbase and Binance. Both firms deny allegations of regulatory violations.

Thursday’s executive order was welcomed by industry leaders. “This marks a turning point in U.S. digital asset policy,” said Nathan McCauley, CEO of Anchorage Digital. “The administration is taking a comprehensive approach to establish clear, consistent regulations.”

Experts believe the new measures could help integrate cryptocurrencies into the financial mainstream. Bitcoin, which hit a record high of $109,071 earlier this week, dipped to $103,000 by Thursday evening but remains buoyed by investor optimism surrounding the administration’s crypto-friendly stance.

The working group, led by Treasury Secretary Janet Yellen and including key regulators like the SEC and Commodity Futures Trading Commission, is tasked with drafting a comprehensive framework for digital assets, including stablecoins pegged to the U.S. dollar.

The group will also evaluate the potential creation of a national digital asset stockpile. According to the order, this reserve could include cryptocurrencies lawfully seized by federal law enforcement. Analysts remain divided on whether congressional approval is necessary for such an initiative.

David Sacks, a venture capitalist and former PayPal executive, has been appointed the administration’s crypto and AI czar. Sacks will chair the working group as it develops policy recommendations.

Senator Tim Scott, chair of the Senate Banking Committee, praised the administration, stating: “President Trump is ensuring the United States remains a leader in digital asset innovation.”

The order follows the SEC’s announcement of a new task force to overhaul crypto policies, further signaling the administration’s commitment to regulatory clarity.