PANews reported on January 24 that according to Fox Business News, Trump signed an executive order to establish the Presidential Digital Asset Market Working Group, which is tasked with developing a federal regulatory framework for managing digital assets (including stablecoins) and evaluating the creation of strategic national digital asset reserves. The working group will be chaired by David Sacks, the "AI and Cryptocurrency Tsar" of the White House, and members will include the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, and the heads of other relevant departments and agencies. The executive order instructs departments to make recommendations to the working group on any regulations and other agency actions that affect the digital asset sector that should be revoked or modified. In addition, the executive order prohibits agencies from taking any action to establish, issue or promote central bank digital currencies (CBDCs). The executive order also revoked the previous administration's "Digital Assets Executive Order" and the Treasury Department's "International Engagement Framework for Digital Assets," saying that the two executive orders suppressed innovation and undermined the United States' economic freedom and global leadership in digital finance.