by Jude Ayua

US ​President Donald Trump has revoked Executive Order 14067, titled “Ensuring Responsible Development of Digital Assets,” which President Joe Biden signed on 9 March 2022. Meanwhile, President Trump is yet to sign his administration’s expected crypto executive order(s).

In an executive order President Trump signed on 23 January 2025, “Strengthening American Leadership in Digital Financial Technology,” it provides:

All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury’s Framework for International Engagement on Digital Assets are hereby rescinded or shall be rescinded by the Secretary of the Treasury, as appropriate, to the extent they are inconsistent with the provisions of this order.

Trump’s new executive order positions the US as a leader in digital financial technology, giving wider opportunities for digital asset adoption in the country. The order bans central bank digital currencies in the US and establishes the President‘s Working Group on Digital Asset Markets.

E.O 14067: The so-called “Operation Chokepoint 2.0”

President Biden’s executive order provided guidance to the US government’s approach to developing and regulating digital assets in the United States, aiming to address the use of digital assets for illicit finance, through anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. Key provisions of the executive order include:

• Consumer and investor Protection: Ensuring fair, transparent, and the protection of participants from fraud and other malpractices in the digital asset market.
• Financial stability: Effective monitoring and mitigation of systemic risks in the digital asset market and their impact on the broader financial system.
• Illicit finance: Addressing the use of digital assets in facilitating illegal activities, including money laundering and terrorism financing.
• US leadership in the global financial system: Promoting the responsible development of digital asset technologies to maintain the United States’ leadership in the global financial sector.
• Financial inclusion: Enhancing access to safe and affordable financial services, particularly for underserved and underbanked populations.
• Responsible innovation: Encouraging the development of digital asset technologies in a manner that aligns with democratic values and human rights.

Read also: Silk Road: Triumph for crypto advocates as Trump pardons Ross Ulbricht.

In October 2022, a report by the Congressional Research Service (CRS) stated that pursuant to the executive order, the heads of various federal departments, offices, and agencies were required to take further actions including preparing additional reports, assessments, action plans, policy frameworks, legislative proposals, and technical evaluations related to digital assets. The report noted that the majority of the required actions were already completed as of October 2022.

Although the Biden administration asserted that the reports from federal departments, offices, and agencies provided a “first-ever comprehensive framework for responsible development of digital assets,” the administration did not come up with any regulatory framework for digital assets. The CRS noted that “implementation could take time or face congressional consideration.”

President Trump’s crypto stance

On his first day back in office, President Trump rescinded 78 executive orders from the Biden administration including on matters relating to security, immigration, US citizenship, and equity, diversity, and inclusion. There was reported dissatisfaction within the industry following President Trump’s inauguration because of his silence on crypto. However, the President’s crypto executive order on 23 January changed the narrative. 

Trump has demonstrated his commitment to fostering the growth of the digital asset sector through a clear regulatory framework. This decision also aligns with his pro-crypto stance, which he made clear during his campaign. Trump also signed an executive order pardoning Ross Ulbricht, the founder of Silk Road, a marketplace which facilitated the use of bitcoin for illicit trading between 2011 and 2013.

In a related development, the US Securities and Exchange Commission (SEC) Acting Chair Mike T. Uyeda launched a Crypto Task Force aimed at developing a regulatory framework providing clearer guidelines for the cryptocurrency industry. This move would foster adoption and innovation within the industry, halting former Chair Gary Gensler’s “regulation-by-enforcement” approach.

Read also: Gary Gensler U.S. SEC Chair resigns; Crypto industry hopes for a new era.

---

Jude Ayua is a policy analyst at CAB. A lawyer, Jude is an associate at Infusion Lawyers where he is a member of the Blockchain & Virtual Assets Group. He is also a member of the Policy & Regulations Committee of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). Jude reports and writes on crypto policy and regulations. jude@infusionlawyers.com

---