The White House Is Ready For Bitcoin & Crypto

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To investors,

President Trump signed an executive order on bitcoin and cryptocurrency yesterday. This is the most comprehensive plan that we have seen for the industry. Fox Business’ Eleanor Terrett summarized the order well:

• The Executive Order establishes the Presidential Working Group on Digital Asset Markets to strengthen U.S. leadership in digital finance.

• The Working Group will be tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.

• The Working Group will be chaired by the White House AI & Crypto Czar David Sacks and include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies.

• The White House AI & Crypto Czar will engage leading experts in digital assets and digital markets to ensure that the actions of the Working Group are informed by expertise beyond the Federal Government.

• The Executive Order directs departments and agencies with identifying and making recommendations to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified.

• The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs).

• The Executive Order revokes the previous Administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets which suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance.

These developments are very important because it signals the administration’s seriousness about bitcoin and digital assets. There are three specific aspects that transpired yesterday worth calling out:

1. The President clearly articulates that David Sacks and his team will spend time studying, and potentially implementing, a strategic reserve of crypto assets. I personally think a bitcoin-only reserve makes the most sense, but it sounds like the administration will evaluate all options first.

2. The executive order explicitly bans the CBDC efforts. This is a crucial decision. We do not want the government to have the ability to use digital stablecoins to surveil their citizens, nor do we want them to implement personalized monetary policy or social credit scores. Consider this a win for the good guys.

3. The SEC repealed SAB 121 yesterday. Although it was not part of the President’s order, this repeal will allow banks to easily custody bitcoin and other digital assets. Each bank CEO is salivating over the opportunity to capture more customers, more deposits, and more revenue.

When I first became excited about bitcoin, one of the big critiques was the government would eventually shut the digital currency down. They would figure out a way to ban ownership, confiscate the coins, or kill the network. I know many people who did not buy bitcoin because they feared this outcome.

Fast forward a decade and now the government is embracing the asset. They aren’t going to shut it down. Instead they are protecting it. They are encouraging innovation around it. And they may even buy it for their own balance sheet.

This is how technology innovation works. An idea’s time has come. Bitcoin is good for everyone. What a fun and exciting thing to watch unfold.

Hope you all have a great end to your week. I will talk to everyone on Monday.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

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