Trump Signs Executive Order on US Digital Assets: CZ Says Bitcoin Reserves ‘Basically Confirmed’

Senator Cynthia Lummis has proposed legislation to establish a national bitcoin reserve, planning to purchase 1 million BTC worth $108 billion over five years.

Bena Ilyas By Bena Ilyas Marco T. Lanz Edited by Marco T. Lanz Updated 3 mins read
Trump Signs Executive Order on US Digital Assets: CZ Says Bitcoin Reserves ‘Basically Confirmed’

Key Notes

  • Trump signed an order to create a federal group led by David Sacks to regulate digital assets.
  • The US strategic Bitcoin reserves have been basically confirmed by Binance CEO Changpeng Zhao.
  • Senator Cynthia Lummis proposed buying 1 million BTC for a US national bitcoin reserve worth $108 billion.

President Donald Trump signed an executive order to establish the “Presidential Working Group on Digital Asset Markets,” — a major shift in the United States’ approach to digital assets. Reports from Fox Business indicate that the group will develop a federal regulatory framework for digital assets, including stablecoins, and explore the creation of a “strategic national digital assets stockpile.”

Years of legal and regulatory disputes between cryptocurrency advocates and federal authorities preceded this initiative. The directive could provide the digital assets sector with a clearer regulatory path shaped by the White House. Such executive orders often signal the start of federal policy shifts rather than their conclusion, emphasizing Trump’s supportive stance on cryptocurrency.

Chaired by Trump-appointed crypto czar David Sacks, the group includes key figures such as the Treasury Secretary. Scott Bessent, a hedge fund manager chosen to lead the Treasury, has publicly backed the president’s crypto initiatives. In a July interview with Fox Business, Bessent described Trump’s move as a bold advancement for digital assets.

US Bitcoin Reserves “Basically Confirmed”: CZ

The executive order emphasizes preventing agencies from creating a central bank digital currency, while promoting interagency collaboration to develop digital asset policies. Senator Cynthia Lummis, head of the Senate Banking Digital Assets Subcommittee, has proposed legislation to establish a national bitcoin reserve. The plan involves purchasing 1 million BTC $95 223 24h volatility: 0.8% Market cap: $1.89 T Vol. 24h: $37.76 B , valued at $108 billion, over five years.

The US remains the largest known nation-state holder of bitcoin, with seizures amounting to 198,109 BTC, worth approximately $21 billion. Binance CEO Changpeng Zhao recently highlighted these developments on X, stating:

“The US strategic Bitcoin reserves have been basically confirmed. Cryptocurrency is once again advancing at the speed of encryption.”

Speculation has also emerged about plans for an “America-first” strategic reserve prioritizing US-based coins like USDC $1.00 24h volatility: 0.0% Market cap: $56.22 B Vol. 24h: $5.05 B , SOL $168.0 24h volatility: 5.5% Market cap: $82.19 B Vol. 24h: $7.47 B , and XRP $2.53 24h volatility: 4.2% Market cap: $146.57 B Vol. 24h: $4.65 B . Unverified reports even linked a bitcoin reserve announcement to Trump’s inauguration speech. That anticipation contributed to bitcoin hitting a record $109,000 earlier this week.

TRUMP Memecoin Soars to $75 Billion

Trump’s official memecoin, TRUMP, debuted during the Crypto Ball in Washington last Friday, rapidly achieving a $15 billion market cap. Within days, its fully diluted value surged to $75 billion, marking it as the fastest-growing memecoin in history. Shortly after, First Lady Melania Trump introduced her memecoin, MELANIA.

Built on Solana, the memecoins ignited discussions over Trump’s preference for Solana instead of Ethereum. Solana’s price reached an all-time high following the launch, while Ethereum gained momentum when the Trump-backed decentralized finance platform, World Liberty Financial, made substantial ether investments. 

The platform also secured Ethereum Name Service domains, including worldliberty.eth and trumpcoin.eth, establishing a foothold in the decentralized ecosystem.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Bena Ilyas
Author Bena Ilyas

With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.

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