Trump Says Cryptocurrency Will 'Strengthen the Dominance of the US Dollar'
The US president did not announce any new executive actions on Thursday.
Author: Nikhilesh De, Helen Brown | Edited by Jesse Hamilton Updated Mar 20, 2025 15:28 UTC Published Mar 20, 2025 15:15 UTC
Brief information:
- US President Donald Trump has said that the cryptocurrency industry will become a leading force in the financial sector.
- Trump spoke via pre-recorded video at a conference in New York on Thursday.
NEW YORK — President Donald Trump released a video at a cryptocurrency event on Thursday reiterating his pro-crypto views, arguing that cryptocurrencies will boost economic development, though he did not introduce any new policies that attendees had hoped he might announce.
Cryptocurrency is “as big as it gets,” he said during a brief, pre-recorded speech at the Digital Asset Summit in Manhattan. His words were met with a rapturous response from the standing-room-only crowd as he sang the praises of cryptocurrency, continuing a goodwill tour that has earned him financial and electoral support from the crypto industry.
“Pioneers like you will improve our banking and payments systems and provide greater privacy, security, and prosperity for American consumers and businesses,” he added. “You will be the catalyst for an explosion of economic growth.”
Trump indicated that his administration had already stopped selling the confiscated bitcoins and had organized a meeting between industry leaders and his government.
“We’re ending the previous administration’s regulatory war on cryptocurrency and bitcoin, including stopping the abusive Choke Point operation. Choke Point went beyond reasonable regulation, and I’m not just talking about boundaries. It was embarrassing, frankly,” he said during his second appearance at a crypto conference since his 2024 campaign stop at Bitcoin Nashville. “But as of January 2025, that’s all gone.”
Since taking office for a second term on January 20, Trump has already signed two executive orders related to digital assets, created a digital asset task force, and created a Bitcoin reserve using previously seized funds.
Speculation ahead of his speech on Thursday centered on whether he would address debanking or taxing cryptocurrency with a possible new executive order. In the end, he announced no new movers, instead reiterating what his administration had already done.
“I’m honored to talk to you about how the United States will lead the way in cryptocurrency and the next generation of financial technology,” he said. “And it won’t be easy, but we are way ahead of the curve.”
Trump has been a vocal supporter of the crypto industry over the past year. Since taking office, he has continued to demonstrate his commitment to the industry through both his executive actions and his regulators’ efforts to roll back measures taken under the previous Joe Biden administration.
UPDATE (March 20, 2025, 15:30 UTC): Additional details added.
