Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategy

3 months ago

The White House Crypto Summit marked a “truly historical time astatine the White House,” according to Crypto.com CEO Kris Marszalek.

Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategy

US President Donald Trump has placed cryptocurrency astatine the halfway of his economical strategy, marking a large argumentation displacement for the US blockchain industry, according to Crypto.com CEO Kris Marszalek.

Trump hosted a White House Crypto Summit connected March 7, signaling that helium intends to marque crypto argumentation a nationalist priority and marque the US a planetary hub for blockchain innovation.

The acme marked a “truly historical time astatine the White House,” Marszalek said successful a March 8 X post.

Marszalek credited Trump with reversing policies similar Operation Chokepoint 2.0, which allegedly led to crypto and tech firms being denied banking services nether the Biden administration.

The difficulties of uncovering banking partners whitethorn so beryllium a happening of the past for crypto firms aft the US Office of the Comptroller of the Currency (OCC) eased its stance connected however banks tin prosecute with crypto conscionable hours aft Trump vowed to end the prolonged crackdown restricting crypto firms’ entree to banking services

Crypto authorities gains momentum

The crypto acme besides comes arsenic 2 large bills await legislature approval: the Stablecoin measure and the Market Structure bill, aiming to assistance assistance the regulatory uncertainty astir the US crypto industry.

Marszalek said ongoing dialog with cardinal regulators, specified arsenic the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), could spot “landmark legislation” pass. He added:

“The interaction of these regulatory frameworks being established volition beryllium felt crossed the satellite and volition supply the indispensable basal to determination offshore enactment onshore, and offchain enactment onchain.”

The CEO’s comments travel a time aft Trump signed an enforcement bid connected March 7, which outlined a program to found a Bitcoin reserve utilizing cryptocurrency forfeited successful authorities transgression cases alternatively than actively acquiring Bitcoin (BTC) done marketplace purchases, Cointelegraph reported.

While nary nonstop BTC purchases were announced, the measure added that the US Treasury and Commerce secretaries could marque “budget-neutral strategies” to bargain much Bitcoin for the reserve, “provided that those strategies enforce nary incremental costs connected American taxpayers.”

Some analysts spot the US Bitcoin reserve program arsenic the archetypal “real step” for Bitcoin’s integration into the planetary fiscal system.

“The US has taken its archetypal existent measurement toward integrating Bitcoin into the cloth of planetary finance, acknowledging its relation arsenic a foundational plus for a much unchangeable and dependable monetary system,” Joe Burnett, caput of marketplace probe astatine Unchained, told Cointelegraph.

While Trump has antecedently highlighted his intentions to bolster crypto innovation successful the US, issuing regulatory frameworks takes clip and mounting the “right regulatory tone” volition beryllium important for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum — a regulatory and blockchain infrastructure steadfast focused connected institutions.