Crypto stocks gained in premarket trading. Bit Digital, MicroStrategy up 3%; Riot Platforms, CleanSpark, MARA Holdings, Coinbase up 2%.
Bitcoin rallied to around $105K after President Donald Trump’s executive actions establishing a working group on digital assets.
The executive order creates a working group that will advise the White House on digital asset policy and evaluate the creation of a digital asset stockpile, which could be made up of cryptocurrencies the government seizes in investigations. Trump signed the order on Thursday in Washington with White House AI and crypto czar David Sacks present.
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, making good on his promise to quickly overhaul U.S. crypto policy.
The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have 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In another key action pushed for by the crypto industry, the U.S. Securities and Exchange Commission late on Thursday rescinded accounting guidance that had made it very expensive for some listed companies to safeguard crypto assets on behalf of third parties. The crypto industry said that guidance had stymied digital asset adoption.