President Donald Trump vowed to make America “the undisputed Bitcoin superpower and the crypto capital of the world” in remarks to the Blockworks Digital Property Summit on Thursday.
A pre-recorded video deal with by Trump was performed on the summit in New York Metropolis.
The president stated his staff was ending former President Joe Biden’s administration’s “regulatory war on crypto and Bitcoin,” and Trump stated he has referred to as on Congress “to pass landmark legislation creating simple, common-sense rules for stablecoins and market structure.”
“With the right legal framework, institutions large and small will be liberated to invest, innovate, and take part in one of the most exciting technological revolutions in modern history. It’s so big. It’s, I think, as big as you can get,” Trump stated.
The president instructed these in attendance that “pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike.”
“You will unleash an explosion of economic growth, and with the dollar-backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” Trump stated.
“And many, many years to come, it’ll be at the top. And that’s where we want to keep it. We only want to keep it at the top always.”
“I can already see that the energy and passion of the crypto community is the kind of spirit that built our country, and it is exciting to watch as you invent the future of finance,” Trump stated.
“And right here, it’s going to be right here in the USA, the good ole USA. Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world.”
“Thank you, and good luck. God Bless America,” he concluded.
Trump started his deal with by saying it was an honor to discuss “how the United States is going to dominate crypto and the next generation of financial technologies.”
“It’s not going to be easy, but we’re way ahead,” the president stated.
Two weeks in the past, as Trump recalled, his administration hosted the first-ever White Home Digital Asset Summit.
The occasion introduced collectively White Home synthetic intelligence and crypto czar David Sacks, who Trump described as a “fantastic and very brilliant guy,” and lots of the world’s high crypto leaders for a dialogue on the way forward for the trade.
That very same week, Trump stated he signed an order “creating the brand-new strategic Bitcoin Reserve and the U.S. digital assets stockpile, which will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what Biden did.”
“He got a fraction of their value,” Trump stated.
Sacks on the time in contrast the Bitcoin Reserve to “a digital Fort Knox for the cryptocurrency often called ‘digital gold.’”
The president stated his administration’s motion included stopping “the lawless operation Chokepoint 2.0.”
“Operation Choke Point went beyond regulation, and I mean far beyond. It was a form of lawfare through government weaponization. Frankly, it was a disgrace,” Trump stated.
“But as of January 20th, 2025, all of that is over,” Trump stated.
The president was referring to how Paul Grewal, the chief authorized officer for Coinbase, thought-about one of many largest cryptocurrency trade platforms, in December shared paperwork that he and his staff had obtained following Freedom of Info Act requests.
They paralleled a protracted authorized battle between the corporate and the Securities and Alternate Fee and the Federal Deposit Insurance coverage Company (FDIC).
The uncovered paperwork allegedly confirmed suspicions that cryptocurrency tech founders had been being “debanked” beneath a program identified colloquially as “Operation Chokepoint 2.0.”
They confirmed that the Biden administration’s FDIC despatched quite a few letters to banks, calling on them to “pause all crypto-asset-related activity.”
Fox Information Digital’s Alec Schemmel contributed to this report.
