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LATEST: Trump orders crypto working group to draft new regs, explore crypto stockpile

Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. REUTERS/Kevin Wurm/File Photo

By Trevor Hunnicutt

U.S. President Donald Trump has signed an executive order creating a cryptocurrency working group tasked with proposing a new regulatory framework for digital assets, and exploring the creation of a cryptocurrency stockpile.

The much-anticipated action also ordered that banking services for crypto companies be protected, and banned the creation of central bank digital currencies which could compete with existing cryptocurrencies.

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