In a prerecorded message at the Digital Assets Summit in New York City,
President Donald Trump detailed his administration’s efforts to reverse
what he described as former President Joe Biden’s “regulatory assault
on crypto and Bitcoin.”
Donald Trump
has announced his intention to position the United States as the global
leader in Bitcoin and the broader cryptocurrency landscape. He made these
comments in a message delivered to the Blockworks Digital Assets Summit on
Thursday.
Addressing the summit in New York City via a pre-recorded video, the former
President pledged to put an end to what he called the previous
administration’s “regulatory war” against crypto assets. Trump stated he has
urged Congress “to legislate clear, straightforward
regulations for stablecoins
and the digital asset market.”
Trump believes a well-defined legal structure will empower both large and
small institutions to confidently invest, innovate, and engage with what he
views as a groundbreaking technological movement. He emphasized the vast
potential, suggesting it could be “as big as you can get.”
The former president assured attendees that their efforts will modernize
banking and payment systems, enhancing privacy, security, and economic
opportunity for both consumers and businesses. He predicted an “explosion
of economic growth” and stated dollar-backed stablecoins would further
strengthen the U.S. dollar’s global dominance for years to come, expressing
his desire to maintain its top position.
TRUMP ESTABLISHES STRATEGIC BITCOIN RESERVE, OTHER DIGITAL
CURRENCIES INCLUDED IN STOCKPILE
President Donald Trump smiles during the White House Digital Assets
Summit in the State Dining Room in Washington, D.C., on March 7.
(Chris Kleponis/CNP/Bloomberg via Getty Images / Getty Images)
Trump expressed his admiration for the energy and enthusiasm within the
crypto community, comparing it to the pioneering spirit that founded the
nation. He hailed their innovation and pledged to keep the future of
finance in the United States. “Together we will make America the undisputed
Bitcoin superpower and the crypto capital of the world.”
future of finance,
“Thank you, and good luck. God Bless America,” he concluded.
Trump began his remarks by stating his commitment to ensuring American
leadership in the cryptocurrency sector and the broader field of next
generation financial technologies.
From left: Commerce Secretary Howard Lutnick, Treasury Secretary Scott
Bessent, President Donald Trump and White House artificial intelligence
and crypto czar David Sacks appear during the White House Digital Assets
Summit in the State Dining Room in (Chris
Kleponis/CNP/Bloomberg via Getty Images / Getty Images)
“It’s not going to be easy, but we’re way ahead,” the president said.
Trump highlighted his administration’s recent hosting of the first-ever
White House Digital Asset Summit. This gathering included White House
artificial intelligence and crypto czar David Sacks, whom Trump praised as
“fantastic and very brilliant,” and numerous leading figures from the crypto
world for discussions regarding the industry’s future.
During that same week, Trump announced he signed an executive action to
establish “the brand-new strategic Bitcoin Reserve and the
U.S. digital assets stockpile,” enabling the federal government to maximize the holdings value, rather
than selling them for significantly less than long term value, “which is
exactly what Biden did.”
Trump administration believes his policy will avoid the same mistake of the
previous Biden administration, “he got a fraction of their value,” Trump
said.
Sacks likened the Bitcoin Reserve to a “digital Fort Knox” for the
cryptocurrency often referred to as “digital gold.”
He highlighted that included stopping “the lawless operation Chokepoint
2.0.”
According to Trump, “Operation Choke Point went beyond regulation, and I
mean far beyond. It was a form of lawfare through government weaponization.
Frankly, it was a disgrace.”
Treasury Secretary Scott Bessent and President Donald Trump look on
during the White House Digital Assets Summit in the State Dining Room in
Washington, D.C., on March 7. (Anna Moneymaker/Getty
Images / Getty Images)
“But as of January 20th, 2025, all of that is over,” Trump pledged.
Trump highlighted that in December, Paul Grewal, Chief Legal Officer at
Coinbase, a leading cryptocurrency exchange, publicized documents his team
obtained through Freedom of Information Act requests.
The files related to an ongoing legal dispute between the company, the
Securities and Exchange Commission (SEC), and the Federal Deposit Insurance
Corporation (FDIC).
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The
released documents
reportedly validate assertions that cryptocurrency ventures were facing
“debanking” under a program informally known as “Operation Chokepoint 2.0.”
These documents suggest the Biden administration, via the FDIC, issued
multiple letters to banks urging them to “pause all crypto-asset-related
activity.”
Fox News Digital’s Alec Schemmel contributed to this report.