A post shared on X claims President Donald Trump signed an executive order establishing a bitcoin reserve.
Verdict: Misleading
The executive order did not create a bitcoin reserve.
Fact Check:
Trump signed an executive order related to promoting cryptocurrencies, according to CNBC. (RELATED: Does Video Show South African Firefighters Arriving To Help California?)
Social media users are claiming that Trump’s executive order created a bitcoin reserve. One user wrote, “Donald Trump has signed an executive order to create a bitcoin reserve.”
This claim is misleading. The executive order did not establish a bitcoin reserve. What it did was establish a working group that would be tasked with developing federal regulations around cryptocurrencies and evaluating whether or not to create a “strategic national digital assets stockpile.”
“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,” reads the executive order.
The executive order also:
- “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to the Working Group on any regulations and other agency actions affecting the digital assets sector that should be rescinded or modified.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.”
There is nothing in the executive order that establishes a bitcoin reserve in particular.
