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(Bloomberg) -- The digital-asset sector finally received a supportive executive action from President Donald Trump, ending an anxious wait and opening up the tantalizing prospect of rapid progress toward a friendly regulatory backdrop.Most Read from BloombergWhat Happened to Hanging Out on the Street?How Sanctuary Cities Are Preparing for Another Showdown With TrumpBillionaire Developer Caruso Slams LA Leadership Over WildfiresTexas HOA Charged With Discrimination for Banning Section 8 RentersHo

(Reuters) -U.S. President Donald Trump on Thursday ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy. The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have directed lenders to cut crypto companies off from banking services - something regulators deny. The order also banned the creation of central bank digital currencies in the U.S. which could compete with existing cryptocurrencies.

In a notice posted on its website, the SEC said the 2022 guidance known as Staff Accounting Bulletin 121, which then-President Joe Biden blocked lawmakers from cancelling in May of last year, had been revoked. The crypto industry and crypto-friendly lawmakers had long objected to the measure, which required companies keeping custody of digital assets on behalf of others to account for them as liabilities, raising the cost of doing so. The banking industry welcomed the withdrawal of the guidance.

This week, there’s been some big news for U.S. based crypto projects. Eric Trump confirmed that U.S.-based projects like XRP and HBAR will eventually benefit from zero capital gains tax, while non-U.S.-based projects face a 30% tax. Additionally, Sen. Ted Cruz plans to use the Congressional Review Act to challenge a controversial IRS rule requiring DeFi brokers to report user data. Critics, including Cruz, argue the rule stifles innovation and infringes on privacy. With growing support, Cruz’s e

This week, there’s been some big news for U.S. based crypto projects. Eric Trump has allegedly confirmed that U.S.-based projects like XRP and HBAR will eventually benefit from zero capital gains tax, while non-U.S.-based projects face a ~30% tax. Additionally, Sen. Ted Cruz plans to use the Congressional Review Act to challenge a controversial IRS rule requiring DeFi brokers to report user data. Critics, including Cruz, argue the rule stifles innovation and infringes on privacy. With growing su

President Donald Trump signed an executive action Thursday that creates a presidential group to coordinate the establishment of clear regulation for the cryptocurrency industry and prohibits the creation of central bank digital currencies.

The executive order directs the government to propose a regulatory framework and explore the creation of a digital asset stockpile.