Trump's Crypto Summit Sets Agenda for Transforming the US
The president today ordered the creation of a Bitcoin reserve and invited cryptocurrency CEOs to the White House to announce that the era of U.S. government opposition to cryptocurrencies is over.
By Jesse Hamilton, Cheyenne Ligon, Nikhilesh De Updated March 7, 2025, 21:51 UTC Published March 7, 2025, 21:19 UTC
Key points:
- President Donald Trump has vowed to end Operation Chokepoint 2.0, expressed hope to sign the stablecoin bill into law by August, and praised his recent executive order to create a Bitcoin reserve.
- The summit included various digital asset executives as well as members of the Trump administration.
WASHINGTON, D.C. — President Donald Trump assured the cryptocurrency sector at the first-ever White House summit on Friday that it was entering a new era, demonstrating what the industry had long suspected: It has supporters at all levels in Washington.
“I know many of you have fought for this for a long time, and it’s an honor to be with you in the White House,” Trump said at the start of the meeting.
In his brief statement, Trump said he would end his predecessor's “war on cryptocurrency,” praised lawmakers' legislative efforts, and discussed his new hoard of bitcoin.
“The regulators have really stepped up to the plate on the banks. I mean, they’ve really stepped up to the plate, forcing the closure of crypto companies and entrepreneurs, essentially blocking some of the money transfers to and from exchanges, and they’ve used the government as a tool against the entire industry,” Trump said. “But I understand that feeling, maybe better than you do. This is all going to end soon, and we’re ending Operation Chokepoint 2.0.”
Trump has expressed his desire to sign the stablecoin law before Congress goes on summer recess in August.
“I also want to emphasize my strong support for the efforts of lawmakers in Congress who are working on legislation to provide regulatory certainty for dollar-backed stablecoins and the digital asset market,” he added. “They are working very hard on this. This is a huge opportunity for economic growth and innovation in our financial sector, and it will really make a huge difference.”
Speaking about his executive order Thursday to create a Bitcoin reserve, Trump said it was “stupid” that the federal government had already sold so much of its confiscated Bitcoin.
“The federal government is already one of the largest holders of bitcoin, as you know, really one of the largest in the world, with 200,000 bitcoins obtained through civil law and various other forms of law, including enforcement actions,” he said. “These existing assets will form the basis of the new reserve.”
“From now on, America will follow the rule that every Bitcoiner knows well: never sell your Bitcoin,” he added.
A broad cross-section of the industry was represented on the guest list, which included top executives from Coinbase, Ripple, Kraken, Gemini, Chainlink, Robinhood, and more, representing the most official-looking crypto group since Trump’s black tie ball. Gemini’s Tyler and Cameron Winkelvoss and Chainlink’s Sergey Nazarov were among those who spoke during the broadcast portion of the summit.
Earlier Friday, a senior White House official also clarified the administration's position on its Bitcoin reserve and the secondary crypto reserve that Trump is set to create under an executive order. The official said,
Источник
