Written: Golden Finance

On January 23, 2025, US President Trump issued the first encryption order. The main points of the 10 major points are as follows:

1. The ability to protect and promote the visits and use of the private sector to the public and the use of the public chain

2. American citizens can develop and deploy software, participate in mining, and Verification, transaction, self -custody of digital assets

3. Promote and protect the sovereignty of the US dollar, and promote the development and growth of stable coins supported by the US dollar

4. Citizen and private sector entities to obtain banking services fairly and openly

5. Provide supervision clarity and certainty

6. Protect the risk of American people to avoid CBDC, prohibit the jurisdiction of the United States from jurisdiction in the United States to jurisdiction in the United States. CBDC

7. Revisit the "Ensure and Development of Digital Assets" and the "Digital Assets International Participation Framework"

p> 8. Establish a Presidential Digital Assets Market Working Group

9. Proposal a federal regulatory framework to manage the issuance and operation of American digital assets (including stable currency)

10. Evaluation establishment and establishment And the possibility of maintaining digital asset reserves, and propose the standard of establishing such reserves

The full text of the administrative order is as follows:

Strengthen the leadership of the United States in the field of digital finance technology

According to the US constitution and the United States Constitution and The law given me the presidential power, in order to promote the leadership of the United States in the field of digital assets and financial technology, and protect economic freedom at the same time. Innovation and economic development, as well as my country's international leadership position, play a vital role. /P>

(i) Protection and promotion of the ability of citizens and private sector entities to be visited and used in open public chain networks without persecution, including the ability to develop and deploy software, the ability to participate in mining and verification, in the Without illegal censorship, the ability to trade with others, and the ability to maintain self -custody of digital assets;

(ii) to promote and protect the sovereignty of the US dollar, including using action to promote global Legal USD supports the development and growth of stable currency;

(3) Protection and promoting the physical and private sectors of all laws and private sectors to obtain bank services fairly and openly;

(IV (IV ) Provide a framework based on technical legislative regulations, considering emerging technologies, transparent decision -making, and clear supervision clarity and certainty of judicial supervision boundaries. All these are the digital economy that supports vitality and tolerance. The innovation of blockchain and distributed ledger technology is important;

(V) take measures to protect the risk of Americans from the central bank's digital currency (CBDC). These risk threatsThe stability of the financial system, personal privacy and the sovereignty of the United States include the prohibition of establishing, issuing, circulating, and using CBDC within the scope of the United States.

Section 2 Definition

(A) In terms of this order, the term "digital asset" refers to the number of any value recorded on the distributed ledger, including cryptocurrencies, digital tokens and stability currency.

(b) The term "blockchain" refers to any technology involved in data:

(i) Share in the network and establish a verified transaction between network participants Or the public ledger of information;

(II) uses encrypted technology to link to maintain the integrity of the public ledger and perform other functions; In order to update the public classification status and any other functions of network participants at the same time; and

(IV) consisting of public code obtained from openly.

(C) "central bank digital currency" refers to the form of digital currency or currency value that is denominated by accounting units, which is a direct liabilities of the central bank.

Section 3 Revisit the administrative order 14067 and the framework of the Ministry of Finance

(a) here to retract the administrative order 14067 on March 9, 2022 (ensure the development of digital assets responsibly).

(b) instructs the Minister of Finance to immediately revoke the "Framework for International Participation in Digital Assets" released by the Ministry of Finance on July 7, 2022.

(C) All, instructions and guidance issued by the Ministry of Finance and the Ministry of Finance's "International Participation in Digital Assets" according to the administrative order No. 14067. Cancel it as appropriate.

(d) The Minister of Finance should take all appropriate measures to ensure that comply with the provisions of this order.

Section 4 The establishment of the Presidential Digital Assets Market Working Group

(A) Set up the Presidential Digital Assets Market Working Group (Working Group) in the Economic Council. The working group should be chairman of the special consultant (chairman) of artificial intelligence and encryption. In addition to the chairman, the working group should also include the following officials or their designated personnel:

(1) Minister of Finance;

(2) Chief Prosecutor;

(3) Minister of Commerce;

(4) Minister of Homeland Security;

(5) Director of Management and Budget Office;

(6) Presidential Security Assistant Assistant ;

(VII) Presidential Economic Assistant (APEP);

(8) Presidential Science and Technology Assistant;

(IX) Land Security Consultant;

(X) Chairman of the Securities and Exchange Commission; and

(11) Chairman of the Commodity Futures Trading Commission

Committee.

(12) In appropriate circumstances and in accordance with the applicable law, the chairman can invite other administrative departments and machines to invite other administrative departments and machines according to their professional knowledge and responsibilities.Heads of agencies (agencies) or other senior officials within the Office of the President may participate in working group meetings.

(b) Within 30 days of the date of this order, the Treasury Department, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies (the heads of which are included in the working group) shall identify All regulations, guidance documents, orders or other items. Within 60 days of the date of this order, each agency shall submit recommendations to the Chairman regarding whether each identified regulation, guidance document, order, or other item should be withdrawn or modified or, for items other than regulations, whether adopted in regulations.

(c) Not later than 180 days after the date of this order, the working group shall submit a report to the President through APEP, which report shall provide regulatory and legislative recommendations to advance the regulatory and legislative recommendations identified in this order. In particular, the report should focus on the following areas:

(i) The working group should propose a federal regulatory framework to govern the issuance and operation of digital assets, including stablecoins, in the United States. The working group's report should consider provisions for market structure, supervision, consumer protection and risk management.

(ii) The working group shall evaluate the possibility of establishing and maintaining a reserve of digital assets and propose criteria for establishing such a reserve, which may be derived from cryptocurrencies lawfully seized through federal law enforcement efforts.

(d) The Chair shall designate an Executive Director of the Working Group to coordinate the day-to-day work of the Working Group. On matters involving safety, the working group shall consult with the Safety Committee.

(e) Where appropriate and consistent with the law, the Working Group shall hold public hearings and receive the personal expertise of digital asset and digital market leaders.

Section 5 Bans Central Bank Digital Currencies.

(a) Institutions are hereby prohibited from taking any action to establish, issue, or promote a CBDC within or outside the United States, except to the extent required by law.

(b) Except to the extent required by law, any agency's ongoing plans or initiatives related to the creation of a CBDC within the jurisdiction of the United States shall be terminated immediately, and no further action may be taken to develop or implement such plans or measures.

Section 6 Independence of Terms

(a) If any provision of this Order or the application of any provision to any person or circumstances is held to be invalid, the remainder of this Order and its provisions shall not apply to any other person or the application of circumstances shall not be affected.

Section 7 General Provisions

(a) Nothing in this order shall be construed to impair or otherwise affect:

(i) The rights granted by law to executive departments, agencies, or their heads Authority; or

(ii) The functions of the Director of the Office of Management and Budget with respect to budgetary, administrative, or legislative proposals.

(b) Implementation of this order shall be consistent with applicable law and subject to appropriations.

(c) This order is not intended to and will not create any rights or interests, whether substantive or procedural, in anyEach party may have enforcement action at law or in equity against the United States, its departments, agencies or entities, its officers, employees or agents, or any other person.

The White House January 23, 2025