President Donald Trump told crypto leaders that the era of legal crackdown on digital currencies is over, emphasizing that the US will not sell the BTC in its reserve fund.
What did Mr. Trump say at the White House Crypto Summit? Image: The New York Times
On 03/07/2025 (US time), the White House hosted the first Crypto Summit in history, held just hours after President Donald Trump signed an executive order directing the establishment of a Strategic BTC Reserve Fund.
Attending the summit, in addition to Mr. Trump, were senior officials of the new administration, including Crypto and AI Policy Advisor David Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Chairman of the President's Advisory Council on Digital Assets Bo Hines.
Meanwhile, representatives of the crypto industry in the US are leaders of top companies and projects, including Coinbase, Kraken, Ripple, Gemini, Chainlink, Robinhood,...
President Donald Trump delivered the opening speech of the summit, emphasizing that the legal pressure has been lifted under his administration.
"I know many of you have been fighting for years to achieve this, and it is an honor to be able to sit with you here at the White House."
Mr. Trump pledged to end the "crypto war" that the previous administration had waged over the past years, praising the recent regulatory efforts of the authorities.
"The previous administration put pressure on banks. They were required to close the accounts of crypto companies and entrepreneurs, block the ability to deposit and withdraw from exchanges, and abuse their power to go against this entire industry. I also understand the feeling of facing something similar to what you have. But it will all end soon because my administration will end Operation Choke Point 2.0."
Not stopping there, the President also expressed his desire to sign stablecoin legislation before the US Congress takes a break in August.
"I also want to express my strong support for the lawmakers in Congress who are clarifying the legal framework for US dollar-backed stablecoins and the digital asset market. They are working hard. This is a great opportunity to drive economic growth and progress in finance, and it will have long-term impacts."
Mr. Trump did not forget to mention the new Strategic BTC Reserve Fund initiative he had just signed, criticizing the federal government for "negligence" in selling too much confiscated BTC.
"The US government is one of the largest holders of BTC in the world, with around 200,000 BTC seized from civil and criminal cases. This money will be used as the first asset of the reserve fund.From today, the United States will abide by the rule that any BTC investor knows, which is never to sell BTC."
NEW: @realDonaldTrump SAYS AMERICA WILL NEVER SELL BITCOIN
— DEGEN NEWS (@DegenerateNews) March 7, 2025
pic.twitter.com/d4KmzNry72
It can be seen that the White House Crypto Summit was just an event for the Trump administration to summarize the changes it had imposed after 2 months in office, and there were no new announcements. Accordingly, Mr. Trump has appointed many experienced and open-minded officials with crypto, restructured the two financial regulators SEC and CFTC, ordered the SEC to stop lawsuits against crypto companies and accept altcoin ETF registration applications, established an advisory group to formulate digital currency policies, and most recently signed an order to establish a digital currency reserve fund consisting of BTC, ETH, XRP, SOL and ADA.
Since there were no new developments, the BTC price in the past few hours has only fluctuated around the $86,500 area, down 3% from 24 hours ago.
BTC price movement in the last 24 hours, screenshot from CoinGecko at 08:50 AM on 03/08/2025
Compiled by Coin68
