By Peter Jacobsen

Trump’s first weeks in office have involved a flurry of executive orders. Some have been dramatic, such as the federal government hiring freeze. Other orders have been toothless or vague, such as the order telling federal agencies that they need to do what is in their power to lower prices.

But Trump’s EO on cryptocurrency is the one that caught my eye. It’s titled: “Strengthening American Leadership in Digital Financial Technology”—but what does that actually mean?

The executive order has two main components: one relating to decentralized cryptocurrency and one relating to central bank digital currencies (CBDCs).

According to the order’s stated purpose:

The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership. It is therefore the policy of [the Trump] Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.

As with most government policies, the language sounds positive. Who doesn’t want America to innovate and grow? But reading more closely might give you........

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