President Donald Trump marked a significant step in digital financial policy on Thursday, signing an executive order aimed at strengthening U.S. leadership in the cryptocurrency and blockchain sectors. Despite the announcement’s implications, the cryptocurrency market exhibited a measured response, with bitcoin and ether posting only modest gains over the past 24 hours.

The executive order introduces two primary initiatives. First, it establishes a working group dedicated to refining existing regulations and proposing a comprehensive framework for digital asset oversight. This group has been given a timeline of 60 days to deliver initial recommendations and 180 days to outline a detailed strategy. Second, the order mandates an evaluation of the feasibility of creating a national digital asset stockpile. While this has sparked speculation about the potential development of a Strategic Bitcoin Reserve, the directive remains in an exploratory phase — focusing solely on assessing the concept’s practicality and implications.

Bitcoin saw a brief surge, rising to over $106,000 amid speculation about the potential national reserve, before settling at around the $105,000 mark as of the time of writing. This represents a 3% increase, with BRN analyst Valentin Fournier claiming this was a modest reaction given the magnitude of the announcement. "While the strategic reserve rumors are fueling excitement, investors appear to be waiting for concrete details about the timing and implementation of this initiative before committing further," Fournier told The Block.

Ethereum performed slightly better, with a 6% gain over the past day. Altcoins such as Solana and XRP gained 8% and 3% respectively, according to The Block's Price Page.

This modest move pales in comparison to the exuberance seen in bitcoin price earlier on Thursday when U.S. Senator Cynthia Lummis posted on X that “big things are coming,” encouraging her followers to “stay tuned” for an announcement that many assumed would be a presidential executive order for the formation of a Strategic Bitcoin Reserve. 

Market analysts suggest the tempered reaction reflects skepticism about the lack of concrete steps in the new president's executive order. "Despite the initial buzz surrounding the possibility of a Strategic Bitcoin Reserve under the Trump administration, the recent executive order has done little to move the needle," Derive.xyz founder Nick Forster told The Block. "Traders were expecting concrete actions, not vague promises, and the market is now making it clear that hype alone isn’t enough to drive lasting impact."

Forster also pointed out a sharp decline in market sentiment surrounding the reserve concept, citing data from Polymarket, where expectations for the implementation of a Strategic Bitcoin Reserve within the next 100 days dropping from 48% to 21% within the past 24 hours.

While some observers remain cautious, others see the executive order as a potential turning point. deVere Group CEO Nigel Green expressed optimism. "The U.S.’s Strategic Bitcoin Reserve is not just a possibility but an inevitability, one that would be expected to set off a cascade of similar policies worldwide," Green told The Block. "This could be the beginning of a fundamental shift in how wealth and power are stored and protected, and countries around the world would then be racing to acquire bitcoin in anticipation of its role as a cornerstone of a new global financial order."

Green likened the concept to the role of gold in central bank reserves, emphasizing bitcoin’s capped supply of 21 million as a hedge against inflation. “By holding bitcoin as a reserve, the U.S. could protect its economy from currency devaluation while potentially reducing national debt through asset appreciation,” he added.

Anchorage Digital CEO Nathan McCauley said Thursday's crypto executive order marks a sea change in U.S. digital asset policy. "By taking a whole-of-government approach to crypto, the administration is making a significant first step toward writing clear, consistent rules of the road," he told The Block. "We look forward to engaging with the president’s working group as Washington works to get it right on crypto.”

In another key action pushed for by the crypto industry, the U.S. Securities and Exchange Commission announced late Thursday that it is rescinding accounting guidance that had imposed high costs on publicly traded companies safeguarding crypto assets for third parties. Industry advocates argued that the guidance had hindered the broader adoption of digital assets.

The agency issued Staff Accounting Bulletin No. 122, which "rescinds the interpretive guidance included in Topic 5.FF in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users." 

"Bye, bye SAB 121! " said SEC Commissioner Hester Peirce on Thursday in a post on X. "It's not been fun…" Peirce previously denounced SAB 121, calling it a “pernicious weed,” back in April at an event. 

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