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Newly minted President Trump issued a whopping 20 executive orders on his inauguration day, more than any other President, and following on from that record setting move and a few days later issued an Executive Order concerning crypto. Amid the Trump memecoin launch and the SEC pivot away from regulation by enforcement, how does the Trump crypto executive order stack up against the Biden Administration's Executive Order on crypto.
Sleepy Executive Order?
On March 9 2022, with Bitcoin a mere USD $41,000 and with 3 Arrows Capital, Celsius and a plucky exchange named FTX all still going strong, the Biden Administration issued Executive Order 14067 titled "Ensuring Responsible Development of Digital Assets". Promised and Delivered Swiftly
Fast forward 3 years and Trump campaigned on promises to end Gary Gensler's reign at the SEC. President Trump’s crypto Executive Order is titled in all caps: "STRENGTHENING AMERICAN LEADERSHIPIN DIGITAL FINANCIAL TECHNOLOGY" It revokes Executive Order 14067 (Biden's 2022 order) and directs the secretary of the Treasury to revoke the Treasury 2022 Framework on Digital Assets as well as all other policies and guidance based on the Biden Order.
Word Cloud
Let's start by looking at a word cloud of the Biden Order:
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Versus the Trump Order:
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Even just from a word cloud the absence of the word "risks", "international" and "sec" from Trump's order stands out. The word "risk" only appears twice in the Trump Order, in one of those appearances seeking to protect the public from the "risk" of Central Bank Digital Currencies.
Comparing the Orders
Below is a table trying to line up some of the comparable aspects of the two orders, which draws a stark comparison:
Aspect | Biden's Order (2022) | Trump Order (2025) |
Purpose and Focus | Ensure responsible development of digital assets, protect consumers, and mitigate risks. | Promote U.S. leadership in digital assets and financial technology while protecting economic liberty. |
Consumer Protection | Emphasizes protecting consumers, investors, and businesses from crypto-related risks. | Focuses on protecting individual rights to access and use blockchain networks without persecution. |
Financial Stability | Calls for assessing and mitigating systemic risks posed by digital assets. | No explicit focus on systemic risks; prioritizes innovation and economic liberty. |
Illicit Finance | Prioritizes combating illicit finance, including money laundering and terrorism financing. | No explicit mention of illicit finance; focuses on lawful use and innovation. |
U.S. Competitiveness | Aims to reinforce U.S. leadership in the global financial system through responsible innovation. | Strong emphasis on U.S. leadership in digital assets and blockchain technology. |
Central Bank Digital Currency (CBDC) | Explores the potential benefits and risks of a U.S. CBDC. | Prohibits the establishment, issuance, circulation, and use of a CBDC within the U.S. |
Regulatory Framework | Encourages coordinated regulatory efforts across agencies to create a clear framework. | Calls for technology-neutral regulations, transparent decision-making, and well-defined boundaries. |
International Cooperation | Stresses the importance of global collaboration to set standards and combat illicit activities. | No explicit focus on international cooperation; prioritizes U.S. sovereignty and leadership. |
Environmental Impact | Addresses the environmental impact of crypto mining and promotes sustainable practices. | No mention of environmental concerns related to crypto. |
Innovation and R&D | Supports research and development to maintain U.S. leadership in digital asset technologies. | Strong focus on promoting innovation, open access to blockchain networks, and private-sector growth. |
Working Groups and Committees | Establishes interagency working groups to study and report on digital assets. | Establishes the President’s Working Group on Digital Asset Markets to propose regulatory frameworks. |
Stablecoins | Mentions stablecoins as part of the broader digital asset ecosystem. | Promotes the development and growth of dollar-backed stablecoins worldwide. |
Privacy and Sovereignty | No explicit focus on privacy or sovereignty concerns. | Emphasizes protecting individual privacy and U.S. sovereignty, particularly against CBDCs. |
Public Engagement | Encourages public and private sector input on digital asset policies. | Calls for public hearings and input from leaders in digital assets and markets. |
Agency Reporting Deadlines | Agencies are required to submit reports within specific timeframes (e.g., 120 days, 180 days) on topics such as CBDCs, illicit finance, and financial stability. | Agencies must identify relevant regulations within 30 days and submit recommendations within 60 days. The Working Group must submit a report to the President within 180 days. |
Assessing Impact
While some have criticized the Trump Order as not delivering on promises fast enough, 180 days for a report is similar to the deadline in the Biden Order. Given the recent pivot at the SEC, even an end to regulation-by-enforcement and a friendlier approach to crypto will have a huge impact, and if backed up by a positive Working Group report, US support for crypto and digital finance will only continue to grow.
By Steven Pettigrove, Michael Bacina, and Luke Higgins
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