US President Donald Trump detailed the country’s plan to assert leadership in the promising crypto space during the White House crypto summit. According to the plan, the US Treasury will closely work with the Internal Revenue Service (IRS) and Office of the Comptroller of the Currency (OCC) to rescind and amend hurtful policies that impact digital assets firms to do business in the US.
During the White House crypto summit held on Friday, Donald Trump’s administration detailed the strategies to gain leadership in the crypto industry. In a Television clip of the much-awaited event, Scot Bessent, US Treasury Secretary revealed that the policies under former President John Beiden are poised to harm the novice investors in the crypto landscape. To rescind and amend these rules, which prevent crypto traders from efficiently doing business in the country, the new US treasury will create a collaborative environment with the IRS and OCC and bring reformed rules in favor of crypto.
He also revealed the creation of a Bitcoin strategic reserve, which Donald Trump signed just the day before the summit. According to Bessent the establishment of a strategic Bitcoin reserve will position the US as a leader among the nations. Appreciating Trump’s act of creating a reserve, Bessent said that, unlike other presidents who have created debt, Trump is bringing assets for the American citizens.
The White House crypto summit also announced the plans for stablecoin legislation. Highlighting the Congress’s vision to bring legality for stable coin issuers like Tether and Circle, Bessent said that setting transparent and clear regulations for stable coins will help the US dollar to maintain its value as a global reserve currency.
In the telecasted portion of the summit, Trump stated that he expects the House of Representatives and Senate to pass legislation on stablecoin before the August recess so that he could sign the proposal into law.
The event was attended by around two dozen industry pioneers, including Coinbase CEO, Brian Armstrong and Strategy co-founder and executive chairman, Michael Saylor. Trump thanked the audience for attending the event saying he wants to congratulate everyone for being at the White House today.
Trump Signs Executive Order To Establish Bitcoin Reserve A Day Before The White House Crypto Summit
Keeping his promises to the crypto enthusiasts who helped him during the campaign period, Donald Trump finally signed the executive order to establish the Bitcoin reserve, a day before the White House crypto summit.
The Bitcoin reserve will include Bitcoins seized from criminal and civil proceedings. The Bitcoins will be kept as a store of value and won’t be available to sell. The order asks the government to give a full accounting of the Bitcoins retained and also allows the US Treasury to come up with budget-friendly strategies to acquire Bitcoins. The establishment of this receive will mark a foundation for crypto’s mainstream adoption.
Trump’s signing of the order just a day before the White House crypto summit highlights his gratitude towards the crypto industry, which served him during the needy situation. The dropping of many cases by the SEC favoring the crypto industry highlights the new administration’s inclination towards crypto. With more such acts and crypto-friendly regulations, the US aims to become the leader of the crypto industry.
