US President Donald Trump’s latest executive order may bolster institutional cryptocurrency adoption, as his ban on central bank digital currencies (CBDCs) signals a “bet” on the existing crypto ecosystem, industry watchers told Cointelegraph.
Capitalizing on the recent success of the Trump family’s memecoins, Elon Musk’s father seeks to raise up to $200 million from a meme token already launched at the end of December.
Trump’s executive order a “game-changer” for institutional crypto adoption
Trump’s executive order banning the creation of central bank digital currencies (CBDCs) in the United States may mark a significant shift in institutional cryptocurrency adoption, according to industry executives.
The executive order, signed Jan. 23, prohibits the establishment, issuance, circulation or use of CBDCs, citing concerns over their potential to threaten financial system stability, individual privacy and national sovereignty.
The executive order’s CBDC ban is a “game-changer” for the crypto industry in the US, according to Anndy Lian, an author and intergovernmental blockchain adviser.
Likewise, Trump’s new crypto task force signals a clearer, “more structured” crypto regulatory landscape, Lian told Cointelegraph.
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Elon Musk’s dad plans $200M raise with “Musk It” memecoin
Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.
Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18, followed by the Official Melania (MELANIA) token on Jan. 19 on the Solana network.
Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).
Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.
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Crypto mobile wallets hit 36M record high amid growing retail adoption
Mobile cryptocurrency users have reached a…
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