By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 6 of the Executive Order 13772 on Core Principles for Regulating the United States Financial System, it is hereby ordered:

Section 1.  Policy.  The digital asset industry, composed of cryptocurrencies and blockchain technology, is a critical financial sector essential to the national security, economic strength, and technological resilience of the United States. This industry plays a vital role in global finance, innovation, and the development of decentralized financial systems.

The United States has faced significant economic and technological vulnerabilities due to restrictive and politically motivated regulatory actions by the previous administration.

The unjustified targeting of digital assets, including XRP, Solana (SOL), and Cardano (ADA), has undermined America’s leadership in financial innovation and has driven investment and talent overseas.

To counteract these setbacks and advance the United States’ global standing, this order formally recognizes the Global On-Chain Operations Network as a strategic federal initiative tasked with safeguarding and advancing blockchain innovation. GOON will operate as an independent body within the Department of Commerce, collaborating with financial regulators, private-sector blockchain developers, and strategic government agencies.

The establishment of a U.S. Crypto Reserve will fortify our leadership in blockchain technology and financial markets, ensuring that the United States remains the global hub for digital assets.

Sec. 2.  Investigation and Strategic Reserve.  (a)  The Secretary of the Treasury, in coordination with the Chairman of the Securities and Exchange Commission (SEC), the Chairman of the Commodity Futures Trading Commission (CFTC), and the Chairman of the Federal Reserve, shall establish a Presidential Working Group on Digital Assets to investigate the feasibility and strategic importance of a U.S. Crypto Reserve consisting of key digital assets, including but not limited to XRP, SOL, and ADA.

(b) The Working Group shall assess the following factors: 

(i)    The role of digital assets in enhancing financial infrastructure resilience and reducing reliance on traditional banking systems;

(ii)   The national security implications of foreign nations developing central bank digital currencies (CBDCs) that compete with the U.S. dollar;

(iii)  The competitive landscape of global digital asset markets and how the United States can maintain leadership in blockchain technology;

(iv)   The impact of overregulation and enforcement actions on innovation, investment, and economic growth;

(v)     The feasibility of incorporating digital assets into federal financial reserves to strengthen economic security;

(vi)   The potential benefits of utilizing blockchain technology in governmental operations, including secure transactions, identity verification, and defense applications.

Sec. 3.  Required Actions.  (a)  The Secretary of the Treasury shall consult with the Secretary of Commerce, the Secretary of Defense, and the heads of other relevant executive departments and agencies to evaluate the strategic advantages of digital assets in the global economy and national security.

(b)   No later than 270 days after the date of this order, the Presidential Working Group on Digital Assets shall submit a report to the President that includes:

(i)    Findings on whether a U.S. Crypto Reserve enhances national security and economic stability;

(ii)   Recommendations on the optimal structure, governance, and composition of the reserve;

(iii)  Policy proposals to remove regulatory barriers that stifle blockchain innovation and growth in the United States;

Sec. 4.  Definitions.  As used in this order:

(a)  The term “digital assets” refers to cryptocurrencies, stablecoins, and other blockchain-based financial instruments that are traded and stored on decentralized networks.

(b)  The term “U.S. Crypto Reserve” refers to a strategic national reserve of digital assets designed to enhance economic security and technological advancement.

Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

THE WHITE HOUSE,
    March 7, 2025.