The Trump administration has taken initial steps to support the crypto industry by establishing the Working Group on Digital Asset Markets. Notably, Trump has directed the working group to explore the creation of a national digital asset stockpile, instead of setting up a Bitcoin reserve as expected. TD Cowen’s Washington Research Group, led by Jaret Seiberg, commented that while the establishment of the Working Group on Digital Asset Markets is symbolically important and reflects how Trump administration prioritizes crypto, but it is not the same as rule changes. Seiberg noted that establishing the rules the industry needs will take years, not weeks.

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