President Donald Trump reaffirmed his commitment to supporting cryptocurrency and making America the “Bitcoin superpower” at the first White House crypto summit on March 7.
Trump reaffirmed his pledge to reverse restrictive policies and position the US as a global leader in digital assets. He stated that his executive order establishing a Bitcoin reserve and a digital assets stockpile fulfills the promises he made last year.
He also lamented the fact that the government had sold considerable amounts of the Bitcoin it once held and said his administration would ensure the federal government can never sell BTC again.
He stated:
“Everybody knows, never sell your Bitcoin.”
Trump further stated that the Treasury is working on developing methods to accumulate more Bitcoin without impacting taxpayers.
Trump also compared the crypto race to artificial intelligence, emphasizing the need for American leadership.
“Its important we stay in front of this one. We should be in the lead, just like we are in AI.”
Ending the war on crypto
Trump criticized the Biden administration for waging what he called a “war on crypto” and announced the formal end of Operation Chokepoint 2.0, a policy seen as restricting financial services for crypto firms.
He blasted regulators and Biden, stating that “people really suffered” under their restrictive and harmful policies and criticized them for only easing their stance when election season approached.
He said:
“In the end, they came around — but only for votes.”
Meanwhile, US Treasury secretary Scott Bessent, who is now in charge of managing the Bitcoin reserve, also criticized Bidens approach to the industry. He said:
“Biden did nothing but punish tech innovators in the US.”
Bessent added that the Trump administration is working with the IRS to rescind previous guidance that has stifled the industry and working with lawmakers to develop a comprehensive regulatory framework for crypto and stablecoins.
He also stated that the US intends to use stablecoins to ensure the US dollar maintains its dominance as the worlds reserve currency.