At the Crypto Summit, Trump vowed to sign stablecoin legislation and end the decentralization of cryptocurrencies by August

• A day before the summit, Trump signed an executive order to establish a strategic Bitcoin reserve and a digital asset reserve.
• The summit was attended by major figures in the Altcoin industry and legislators, including Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi, and House Majority Whip Tom Emmer (from Minnesota).

President Trump stated that he hopes to send the stablecoin legislation to his desk before August, as he is pushing for major reforms in the way the federal government handles Altcoins.

Trump said at the White House's inaugural Altcoin summit on Friday afternoon that he supports lawmakers pushing for the passage of stablecoin bills and other bills on market structure. He stated that he hopes the US dollar can "exist for a long time".

"I hope lawmakers can get this legislation to my desk before the August recess, if they can do it," Trump said.

Crypto industry executives gathered in Washington, D.C. to attend the summit. Federal officials in attendance included Commerce Secretary Gina Raimondo, Treasury Secretary Janet Yellen, SEC Commissioner Hester Peirce, and Acting CFTC Chair Rostin Behnam.

Crypto industry heavyweights, including Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi, and House Majority Whip Tom Emmer (Minnesota), also attended the summit. White House Crypto and AI lead David Sacks and Trump's Digital Assets Working Group lead Bo Hines were also involved in planning the event.

The event drew criticism from some Altcoin industry commentators, who noted that the initially confirmed list of attendees included only men. In announcing the summit, Sacks said they had invited "prominent founders, CEOs, and investors". However, some women did appear at the Friday event, including SEC Commissioner Hester Peirce and former Georgia Senator Kelly Loeffler. Trump's social media company Truth Social is reportedly in "deep negotiations" with Altcoin platform Bakkt, which Loeffler once led. Loeffler was reportedly considered to lead the Department of Agriculture.

At the summit, Trump also discussed the issue of "decentralization" and called for an end to the "2.0 blockade", a topic that has been a hot issue for some lawmakers and the digital asset industry in recent months, as Altcoin companies increasingly criticize the challenges they face in establishing and maintaining bank accounts in the US.

"They [the Biden administration] are forcing banks to close the accounts of Altcoin companies and entrepreneurs, effectively blocking the transfer of certain funds, and even using the government as a weapon against the entire industry," Trump said.

"But I also know that feeling, perhaps even more than you," Trump added.

What's in the reserves?

Prior to the summit, Trump signed an executive order on Thursday night to create a strategic Bitcoin reserve and a digital asset reserve. Over the past few months, the terms "reserve" and "storage" have been used interchangeably, but sources indicate that there is a key difference, mainly in whether the US government will actively acquire Altcoins.

According to the executive order, the reserve will consist of Bitcoin held by the Treasury Department, which was seized through criminal or civil forfeiture.

The executive order also establishes a US Digital Asset Reserve, which includes digital assets other than Bitcoin that were seized through criminal or civil proceedings. The order states that the government will not purchase additional assets for the reserve and may convert Altcoins in the reserve to long-term held Bitcoin.

About a week before Trump signed the executive order, he stated on social media that the strategic reserve might include ADA, XRP, and SOL, which drew criticism from many in the Altcoin industry. Several industry leaders, including the founders of Gemini and Coinbase Altcoin exchanges, said they would rather have no reserve than one that includes less decentralized and less-used tokens like ADA and XRP.

Trump first signed an executive order in January to explore the establishment of a strategic digital asset reserve, one of his first formal actions after taking office.

Crypto regulation efforts continue

Trump's Altcoin summit represents a significant shift compared to the Biden administration.

Jennifer Schulp, Director of Financial Regulation Studies at the Cato Institute, noted that under the Trump administration, the Altcoin industry thrived in its interactions and development, but she also mentioned that there is still much work to be done.

In an email statement, she said: "There is still much work to be done to ensure that the US remains competitive in the evolving digital asset space. This work has gotten off to a good start, but it will take time and sustained effort to create a regulatory environment that allows the Altcoin industry to compete fairly in the market."

In the new Congress that began earlier this year, lawmakers have focused on drafting regulatory bills for stablecoins, with both Democrats and Republicans introducing related bills in recent weeks. Lawmakers are also working to create a regulatory framework for market structure, with the goal of submitting relevant bills to President Trump for signature this year, according to Republican Senator Cynthia Lummis of Wyoming in last week's congressional hearing.

Schulp said: "Both the White House and the industry must resist the temptation to create a regulatory framework that allows the government to pick winners and losers, which would ultimately undermine consumer choice and innovation."