Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
In the early hours of today, the White House Crypto Summit officially kicked off, with the White House providing about 25 minutes of live streaming of the summit. Although the outside world had relatively high expectations for this summit, the live broadcast did not reveal any new policies or major information.
US President Trump's speech at the summit was relatively short, appearing more in the role of the host. The speakers' speeches were mostly ceremonial, revolving around the progress of the crypto policy under the Trump administration and their support for Trump himself.
Although the summit currently lacks substantial policy updates, the market is still closely watching the potential signals behind it. This article will sort out all the information worth noting from the summit and focus on reviewing the interview content of White House AI and Crypto Supervisor David Sacks before the summit.
Summit Agenda: Focusing on Policy Vision and Industry Standards
According to Fox reporter Eleanor Terrett, the content on the summit agenda cover mainly digital asset terminology, policy vision and goals.
The core goals include:
- "Establish a sound framework to drive the revival of crypto."
- "Unleash the potential of the crypto industry and promote global economic growth."
- "Become the world's banker by revitalizing capitalism and the property rights system."
In addition, the bottom of the agenda emphasizes industry standards,requiring all market participants to abide by the principles of fair disclosure, act ethically, and commit to avoiding conflicts of interest.
Focus on Overturning Biden's Policies, No Tax Issues
A senior White House official confirmed that the summit will not involve tax issues, but will focus on overturning the Biden administration's adverse policies.
The official said the summit aims to provide a platform for industry leaders to provide regulatory feedback, and emphasized: "The president promised to form a cryptocurrency committee during the campaign, and he wants to hear the industry's advice and feedback, which is the core purpose of the summit."
Stablecoin Legislation Goal: Planned to be Completed Before Congress Recess in August
At the summit, Trump said he would push for stablecoin legislation and plans to complete it before Congress recess in August. The initial goal was to submit legislation within the first 100 days of his term, but the current timeline has been extended by 4 months.
US Treasury Secretary Scott Bessent said in his speech: "We will think deeply about the stablecoin system. As President Trump has instructed, the US will maintain its position as the global reserve currency and use stablecoins to achieve this goal."
Trump Calls for an End to "Operation Choke Point 2.0"
In addition to talking about stablecoin legislation, Trump also expressed his views on the issue of de-banking, calling for an end to the policy known as "Operation Choke Point 2.0".
Trump said at the summit: "They (the Biden administration) are forcing banks to close the accounts of crypto companies and entrepreneurs, effectively obstructing the process of some funds being transferred to and from exchanges, and weaponizing the government against the entire industry." He added: "But I also feel it deeply, maybe more than you."
Meanwhile, the Office of the Comptroller of the Currency is withdrawing the guidance issued in 2020, which had restricted banks' interactions with the crypto industry and prohibited banks from custodying crypto assets. The withdrawal of this policy has become a long-awaited signal for the crypto industry and banks, and may encourage banks to more actively participate in digital asset-related businesses.
ADA, SOL and Others Were Mentioned Only Because They Are in the Top 5 by Market Cap, Trump's Crypto Projects and Policies Are Unrelated
Prior to the White House Crypto Summit, White House AI and Crypto Supervisor David Sacks said in an interview that Bitcoin is of strategic importance to the US due to its scarcity and long-term store of value.
When discussing strategic Bitcoin and digital asset reserves, he said ADA, SOL and XRP were mentioned because they are in the top 5 by market cap, and does not mean the government has a special preference or policy inclination for these assets.
Regarding the outside world's questions about whether Trump's personal crypto assets (such as meme coins) could constitute a policy conflict of interest, Sacks clearly stated that these projects are "unrelated" to government crypto policy and will not affect industry regulation. He further clarified: "This will not have any impact, it is unrelated to our work."
No Plans to Sell Gold to Purchase Bitcoin
When asked about whether Trump has personal investments in Bitcoin or other cryptocurrencies, Sacks firmly refuted the claims, saying: "There is no evidence to support these claims."
Regarding whether the US will sell reserve assets such as gold to purchase Bitcoin, Sacks said the Trump administration has not yet discussed this, but the Treasury Department and the Department of Commerce may consider this option in the future, with the final decision still in the hands of these two agencies.
As the crypto industry develops rapidly and market demand grows, the interaction between the government and the industry will become increasingly important. Although the White House Crypto Summit did not bring direct breakthroughs in policy, it did provide an important dialogue platform for the crypto industry. In the future, how to find a balance between regulatory compliance and industry innovation will still be a key challenge.
ChainCatcher will continue to follow the disclosure of summit-related information, as well as subsequent policy developments and industry trends.
