President Donald Trump recently hosted the first White House crypto summit on March 7, where he reiterated his commitment to supporting cryptocurrency and positioning America as the “Bitcoin superpower.” Trump emphasized his goal of reversing restrictive policies and establishing the US as a global leader in digital assets. He highlighted his executive order that established a Bitcoin reserve and a digital assets stockpile, fulfilling promises he made earlier.
During the summit, Trump expressed his disappointment in the government’s decision to sell off a significant amount of the Bitcoin it once held. He vowed that his administration would ensure that the federal government would never sell BTC again, stating firmly, “Everybody knows, never sell your Bitcoin.” He also mentioned that the Treasury is actively working on strategies to accumulate more Bitcoin without burdening taxpayers.
Drawing parallels between the crypto race and artificial intelligence, Trump stressed the importance of American leadership in both fields. He stated, “It’s important we stay in front of this one. We should be in the lead, just like we are in AI.”
In his address, Trump criticized the Biden administration for what he called a “war on crypto” and announced the formal end of Operation Chokepoint 2.0, a policy that was viewed as restricting financial services for crypto firms. He accused regulators and Biden of causing hardship with their restrictive policies and only easing their stance when election season approached. Trump remarked, “In the end, they came around — but only for votes.”
US Treasury Secretary Scott Bessent, now responsible for managing the Bitcoin reserve, echoed Trump’s sentiments, criticizing Biden for penalizing tech innovators in the US. Bessent mentioned that the Trump administration is collaborating with the IRS to revoke previous guidance that has hindered the industry’s growth. Additionally, they are working with lawmakers to create a comprehensive regulatory framework for crypto and stablecoins, with the intention of using stablecoins to maintain the US dollar’s dominance as the world’s reserve currency.
The White House crypto summit under Trump’s administration signifies a significant shift in policy towards cryptocurrency and digital assets, with a focus on fostering innovation and securing America’s position as a global leader in the industry.