Washington, DC-President Donald Trump assured the cryptographic sector that is in a new land on a first summit in the White House on Friday, illustrating what the industry suspected: it has friends at all levels of Washington.
“I know that many of you have been fighting for years for this, and it is an honor to be with you at the White House,” Trump said when the White House meeting began.
In his brief statement, Trump said he would end the “war on the cryptography” of his predecessor, praised the legislative efforts of legislators and discussed his new Bitcoin reserve.
“Strong regulators armed banks. I mean, they really did: they are strong armed banks to close the accounts of cryptographic companies and entrepreneurs, effectively blocking some money transfers to and from exchanges, and armed the government against the entire industry, “Trump said.” But I know that this sensation is also better than you. All that will soon end and we are finishing the Chokepoint 2.0 “operation.
Trump said he wanted to sign the legislation of Stablecoin before Congress breaks for the August recess.
“I also want to express my strong support for the efforts of legislators in Congress while working on bills to provide regulatory certainty for Stablecoins backed by dollar and the digital asset market,” he said. “They are working very hard on that. This is a great opportunity for economic growth and innovation in our financial sector, and it will really contribute a lot.”
Referring to his executive order on Thursday creating a Bitcoin reserve, Trump said it was “silly” that the federal government would have already sold much of its seized bitcoin.
“The Federal Government is already among the largest holders of Bitcoin, as they really know, really one of the largest holders in the world, with up to 200,000 Bitcoin obtained through civil law and several other forms of law, including application actions,” he said. “These existing holdings will form the basis of the new reserve.”
“From this day, the United States will follow the rule that each bitcoiner knows very well, never sells its bitcoin,” he said.
The wide stripes of the industry were represented by the guest list, which included the senior executives of Coinbase, Ripple, Kraken, Gemini, Chainlink, Robinhood and many others, which represents the most formal cryptographic group from the black sword ball that celebrates Trump’s electoral victory. Tyler and Cameron Winkelvos de Geminis, and Sergey Nazarv de Chainlink were among those who spoke during the summit.
Earlier on Friday, a senior White House official further clarified the position of the administration in his Bitcoin reserve and secondary cryptographic storage that Trump’s order must establish. The official said that the United States Government has an estimate of 200,000 Bitcoin to begin the reservation and conduct an audit to discover specific holdings, and any seizure that is not Bitcoin will remain in the other reserve. New money will not be put on assets that are not Bitcoin, and any active future investment in Bitcoin will have to be resolved in a way that does not use tax dollars, said the official.
The afternoon summit was destined to establish a tone of the administration, which has tried to quickly put digital assets on a more friendly base than the industry experienced during the administration of former President Joe Biden.
