The White House hosted its first ever crypto summit on Friday, where the administration of President Donald Trump detailed the U.S.’s plans for asserting their leadership in the cryptocurrency space.
The earliest a Televised portions Scott Bessent of the U.S. Treasury Department spoke of the creation of an asset reserve for digital currencies and Bitcoins. “the regulatory weaponization against digital assets,” A federal framework is needed for stablecoins.
Bessent says that the policies of former President Joe Biden were harmful to digital assets innovators. The Treasury, he said, will continue to work with the Internal Revenue Service as well as the Office of the Comptroller of the Currency. “rescind and amend” Once-hurtful advice Impact on digital assets firms’ business ability in the U.S.
Trump’s decision to create a Bitcoin and digital asset reserve, will also have a corresponding impact on the market. “position the United States as a leader among nations,” Bessent said.
You can also find out more about the following: Strategic Bitcoin Reserve and Digital Asset Stockpile The White House published a fact sheet on Thursday that said the new law will allow Bessent, Commerce Secretary Howard Lutnick, to develop budget-neutral methods of acquiring Bitcoin.
“President Trump is creating assets for the American people while most past presidents have created debt,” Bessent was referring to Trump’s recently authorized stockpile and reserve.
🚨Breaking: The White House Crypto Summit. President Trump is soon to arrive pic.twitter.com/69FIuEf5wd
— Sander Lutz (@s_lutz95) March 7, 2025
On Friday, Bessent referenced stablecoin legislation. While lawmakers in the two chambers of Congress consider a path to legality, stablecoin issues like Tether You can also find out more about the following: CircleBessent stated that clearly defined rules will help to preserve the U.S. Dollar’s status as a reserve currency.
“We are going to keep the U.S. [dollar as] the dominant reserve currency in the world, and we are going to use stablecoins to do that,” Bessent said.
Trump said that the House of Representatives, and the Senate will pass the stablecoin bill before the end of 2019. “August recess,” The measure will be presented to him for his signature. Tim Scott, Chairman of the Senate Banking Committee in South Carolina (R) You can call them Within the first 100 days of Trump’s presidency, you can expect to see it.
On Friday, two dozen industry leaders were present at the Crypto Summit. These included Coinbase CEO Brian Armstrong as well as Strategy Co-Founder and Executive Chairman Michael Saylor.
“They’re very much working with you, and you know a lot of them,” Trump spoke to them. “I just want to congratulate you for being at the White House today.”
Andrew Hayward edited the book
