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Her Act would have had the United States sell gold cer- support—over the objection of then President Joe Biden.
tificates held by the Federal Reserve, using that money to The bill never made it to his desk, however, because the
purchase 1 million Bitcoins over a span of 20 years with an Senate declined to pass similar legislation.
objective of owning roughly 5 percent of the total supply
of the cryptocurrency. Trump's executive order addresses the schism by creating
a presidential working group to draft a regulatory frame-
"Bitcoin is transforming not only our country but the work for digital assets like cryptocurrencies and stable-
world, and becoming the first developed nation to use Bit- coins inclusive of market oversight, consumer protection
coin as a savings technology would secure our position and risk management.
as a global leader in financial innovation," Lummis said
at the time, adding "This is our Louisiana Purchase mo- The working group, chaired by David Sacks, an entrepre-
ment." neur who has been anointed the president's "AI and cryp-
to czar," includes the treasury secretary, attorney general
Several states already are considering investments in Bit- and chairs of the SEC and CFTC.
coin, including Arizona, Oklahoma, South Dakota and
Texas, It's worth noting that the Pew Research Center reported
last October that roughly six in 10 Americans have little or
Trump's executive order also could lay to rest a brewing no confidence that the current ways to invest in, trade or
controversy over whether cryptocurrencies are securities, use cryptocurrencies are reliable or safe. Just 17 percent of
subject to regulation by the Securities Exchange Commis- those surveyed said they have ever invested in, traded or
sion, or commodities, which would mean the Commodi- used cryptocurrencies.
ties Futures Trading Commission would be the primary
regulator.
Patti Murphy, self-described payments maven of the fourth estate, is
Legislation that would have set that battle to rest passed senior editor at the Green Sheet. She also co-hosts the Merchant Sales
the House in May 2024 with overwhelming bipartisan Podcast, and is president of ProScribes Ink.

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