Donald Trump’s support for cryptocurrency isn’t something new. Last year the US president started his crypto company called World Liberty Financial (WLF), which sells digital currency named WLFI
US President Donald Trump has ordered to set up a cryptocurrency working group to propose a new digital asset framework including market structure, consumer protection and risk management. Trump’s executive order ‘strengthening American leadership in digital financial technology’ aims to promote digital assets and financial technology, the White House stated in its order on January 23.
“The digital asset industry plays a crucial role in innovation and economic development in the US...It is therefore the policy of my administration to support the responsible growth and use of digital assets, blockchain technology and related technologies across all sectors of the economy,” the order stated.
Trump, via his order, also mentioned that he aims to protect Americans from the risks of Central Bank Digital Currencies (CBCDs) and has restricted creation, issuance and promotion of CBCDs unless required by law.
Digital assets include anything that can be created and stored digitally and has value, establishes ownership and is discoverable. Initially, things like images, data, video and written content were considered digital assets, but after the introduction of blockchain and cryptocurrencies, the definition has broadened.
The digital assets market globally is projected to generate $46,320 million revenue by 2025 with the US and China emerging as leaders in the segment, according to a report by Statista.
Donald Trump’s support for cryptocurrency isn’t something new. Last year the US president started his crypto company called World Liberty Financial (WLF), which sells digital currency named WLFI. Earlier on Monday, WLF said in a post on the social media platform X that it has made “strategic purchases” of crypto tokens like TRX to celebrate Trump’s White House return.
Although Trump runs a crypto company, he recently mentioned that he lacks complete understanding of its functioning.
“I don’t know much about it other than I launched it, other than it was very successful,” said Trump, according to BBC.
In fact, last week he and his wife, Melania Trump started selling memecoins. Memecoins are cryptocurrencies inspired by internet memes or online trends.