STORY: "Hello bitcoiners!"

He courted cryptocurrency fans during his election campaign.

"If crypto is going to define the future, I want to be mined, minted and made in the USA, and it's going to be ."

Now Donald Trump is taking steps to deliver on his promise to be a "crypto president".

On Thursday, he ordered the creation of a working group to propose new rules for digital assets.

He also instructed the group to explore the creation of a U.S. national cryptocurrency stockpile.

It all marked a big change from the Biden administration, which had cracked down on crypto over fears of fraud and money laundering.

Regulators also sued exchanges like Coinbase and Binance, alleging they were flouting U.S. laws - something the companies strongly deny.

Crypto fans warmly welcomed Thursday's move.

They have long said U.S. regulations don't fit digital assets.

They've called for clarity on whether cryptocurrencies should be viewed, and regulated, as securities.

Bitcoin has soared since Trump's election win.

On Monday it hit fresh record highs above $109,000, though by Friday morning it was back down around $103,000.

As for a national digital stockpile, the order says that could be created from crypto seized in the course of law enforcement actions.

There was no further detail on how such a fund might be set up and run, and legal experts are divided over whether it would require an act of Congress.