The White House first went to the cryptocurrency industry Vashington Shington for the Crypto Summit, where President Trump and his cabinet made it clear that the “war on crypto” in Washington had ended.
At the summit, industry experts, crypto -pro -legislators and administration officials together mark a significant moment for digital property space as they reach the mainstream acceptance.
Trump said during a comment on the summit on Friday afternoon, “My administration is working to end the federal bureaucratic war on crypto, which was actually running very wild during Biden.”
Under [Biden] Administrators, regulators strong armed banks-mean that, they actually did-they did the armed armed armed armed for closing the account of crypto businesses and entrepreneurs, in exchange and effectively in exchange for some money transfer, and they made the government a weapon against the entire industry.
Crypto officials and advocates have argued that the Biden administration has closed its doors at the digital property space and instead chose to advance the probes in various cryptocurrency exchanges and companies.
Since Trump took the oath of office, the Securities and Exchange Commission (SEC) has stopped several investigations into cryptocurrency companies, many of which were presented at the summit, including Sinbase and Ripple.
The SEC also created a task force on crypto as the regulator is preparing to change the direction of regulation of space.
The White House’s artificial intelligence and crypto zar David SKS QS, Colentocurescence Gemini co-founders Cameron and Tyler Winklevos, who said they were likely to end in jail than the White House a year ago.
“We never thought that we would attack the way we did in our previous verandah after trying to do the right thing for many years and always trying to increase the bar in terms of regulation.” “It is really wonderful to see how things have changed and how the pendulum has turned back.”
Trump used his executive orders, signed a day earlier, which created strategic Bitcoin Reserve and separate digital property stock for new cryptocurrencies. In terms of US gold reserves, the President described it as “Virtual Fort Kox”.
Under the order, the reserve will be established with Bitcoin, which was already captured by the implementation of federal law during the investigation of the financial offense.
The stockpile will do the same with other new digital properties such as Ripple, Solana or Cardano, which is in the government’s possession.
Trump and sacks emphasized that this would not come at the expense of taxpayers, a concern raised by some people in the industry earlier this week.
Treasury and commercial departments were also ordered to explore new ways to collect Bitcoin holdings if the taxpayers did not spend anything along with the full AUDIT dit of the Federal Government’s digital asset holdings.
The estimated 200,000 Bitcoin placed in the reserve will not be sold as part of the “long -term strategy to maximize value”.
At one time the US was believed to be 400,000 Bitcoins in its possession, but half of them were sold in “Ed -HOC” in the last 10 years, a senior administrative official told reporters on Friday.
Based on the current value of Bitcoin, the US In the last decade, selling assets and lost by an estimated $ 17 billion.
The layout for a different Bitcoin reserve comes when the Trump administration faced a reaction from some of the industry earlier this week, who argued that Bitcoin was the only right coin, if it is the most ancient and most popular cryptocurrency.
Trump condemned the Biden administration for selling some crypto holdings, though it was not immediately clear when these holdings were sold.
Trump said, “Today, America will follow the rule that every Bitcoin knows very well, your Bitcoin will never sell.” “That’s a little sentence they have. Is that true? Who knows hell. “
Treasury Secretary Scott Besent said the move was preparing to become a leader in a digital asset strategy because the administration undoes many crypto policies of the Biden administration.
“The actions of the Biden administration did nothing but punished the innovations.”
Besent said that the Treasury Department would work with the currency comptroller and IRS to improve all the guidance and put a lot of idea in the Stabblcoin regime.
“We are going to have a strong reserve currency in the world, and we will use Stablecoins to do it,” Besent added.
Trump also introduced a possible timeline for digital asset law, and told the roundtable that he expected to see such steps at his desk before the August break.
House majority whip Tom Emmer (R-M.) And rap. Brian Steel (R-Wiz) was in a circular. San. Synthia Lumis (R-Wyo.), Who introduced the last session for the establishment of a strategic Bitcoin Reserve, noted that he was ill and not able to participate. She has indicated that she will be announced by crypto next week.
This story originally appeared on thehill.com read the full story
