President Trump’s Summit on Crypto

WASHINGTON, D.C. — President Donald Trump assured the crypto sector of its newfound support during a historic summit at the White House on Friday, indicating that the industry has gained allies in Washington.

“I know that many of you have been fighting for years for this, and it’s an honor to be with you at the White House,” Trump stated as the meeting began.

In his brief speech, Trump declared an end to his predecessor’s “war on crypto,” commended lawmakers’ efforts, and discussed his new Bitcoin reserve.

> Quote: “Regulators strong armed banks. I mean, they really did – They strong armed banks into closing the accounts of crypto businesses and entrepreneurs, effectively blocking some money transfers to and from exchanges, and they weaponized government against the entire industry,” Trump said. “But I know that feeling also maybe better than you do. All of that will soon be over and we are ending Operation Chokepoint 2.0.”

Trump expressed his desire to sign stablecoin legislation before Congress’ August recess, reaffirming his commitment:

> Quote: “I want to express my strong support for the efforts of lawmakers in Congress as they work on bills to provide regulatory certainty for dollar-backed stablecoins and the digital assets market. They’re working very hard on that. This is a tremendous opportunity for economic growth and innovation in our financial sector, and will really go a long way.”

On his Thursday executive order regarding the Bitcoin reserve, Trump criticized the previous federal government’s decision to sell significant amounts of seized Bitcoin:

> Quote: “The federal government is already among the largest holders of Bitcoin, as you know, really one of the largest holders in the world, with as many as 200,000 Bitcoin obtained via civil law and various other forms of law, including enforcement actions. These existing holdings will form the foundation of the new reserve.”

He emphasized, “From this day on, America will follow the rule that every Bitcoiner knows very well, never sell your Bitcoin.”

The summit featured a diverse array of industry representatives, including top executives from companies like Coinbase, Ripple, Kraken, and more, marking a significant moment for the crypto community amid a more favorable climate compared to the previous administration.

A senior White House official later clarified the administration’s stance on its Bitcoin reserve and the crypto stockpile established by Trump’s order, stating that the U.S. government has roughly 200,000 Bitcoin to start the reserve and that audits will determine specific holdings. No new investments will be made in non-Bitcoin assets using tax dollars.

In summary, the afternoon summit aimed to establish a supportive tone from the administration towards digital assets, contrasting sharply with the regulatory environment under former President Joe Biden.