Trump’s Crypto Summit Shows That the Industry Is in Charge

“President Donald Trump told the crypto officials at the White House on March 7 that Trump was chaired by the Crypto Summit, in which he and other cabinet officials collected some major names of the President’s support and regulation for the industry and the views of the law officials. The participants were widely empowered by the meeting – and believed that a new crypto era was created in Washington.

“Representatives of the government expressed that the crypto industry has been a negative rule, and that rule is now ending,” says Sergey Nazarov, co-founder of Channelink, who participated in the summit. “There are significant shifts and support in large quantities.”

“Very open and receptive”

For the past few years, the crypto industry has been surrounded by the implementation actions brought against him by the President of the President B Biden. Biden’s Securities and Exchange Commission (SEC), led by the Gary Gensler, was violating the laws of securities to crypto companies, and it was protecting with widespread scandal and fraud in crypto worlds like Terra-Luna and FTX. As a result, a lawsuit was filed against large and small companies, including Sinbase.

After Trump was elected, he appointed many cabinet members with Ga Close Relationships with the industry, such as AI and Crypto Caesar David SKS QS, Commerce Secretary Howard Lutnik and Treasury Secretary Scott Besent. There have been many implementation actions, including the case against Sinbase Relinquish. And the most pro-crepto commissioners of SEC, most clearly Hester Pears, were elevated: now it leads The Crypto Task Force of the Sec.

All those officers were present at the summit, as well as whip the majority of the house. Nazarov says, “I didn’t expect people to be so seniors at the summit.” “Everyone from the industry was able to speak and provide their views. And I think all senior government people were very open and receptive. ”

Trump himself led both the summit’s public press conference as well as a private conference with officials. In his public comment, he mocked Biden for his anti -crypto trend, asking Congress to pass bills on Stablecoins and Digital Asset Frameworks before the August Gust break, and for some reason, FIFA President Giana’s infant got the Soccer World Cup Trophy and FIFA Mem. “It may be more valuable than FIFA at the coin,” Trump said in reply. (Trump’s own meme coin was initially earned by Trump millions of dollars in trading fees alone, though he has since fallen from his top of $ 75)).)).

The summit includes Sinbase’s Brian Armstrong, Microstregina Michael Sylore, Winchlavos twins and Trump’s own crypto company, Zech Witkoff, co-founder of World Liberty Financial. Joint, participants have given Trump’s inauguration committee more than $ 11 million, According to the disruptionAnd critics have raised many questions around the conflict of interest. “When the crypto companies spent More than a hundred million In the Dollars Lir 2024 elections, they created a new playbook for the purchase of large-scale political power in the United States, “Robert Weisman, a public citizen’s co-president, wrote in an email statement.

“People who should be in front of it are against it, but there are people who should not be against it,” says Avic Roy, co-founder and president of the Think Tank Foundation for research on the same opportunity. “There is always a challenge in public policy: how does a person in the presidential position only distinguish between lobbying people and people enthusiastically?”

After the summit, the Office of Trump’s Currency Comptroller Fiss (OCC) Guidance Allows banks to keep cryptocurrency, and asks them to work their own around the risk. This yet another indication that Trump’s administration would not regulate the industry very closely. “This industry was unfairly pressed into the US system,” says Nazarov. “They want to go completely another way.”

Read more: Within a chess match that reached $ 6 billion in Bitcoin stolen Feds

Trump’s crypto reserves

A day after Trump had issued a summit Executive order Declaration of Federal Bitcoin Reserve. When Trump started the idea at the beginning of the week, many people expressed concern: Trump will charge taxes to buy crypto, and that proposal is causing risks by incorporating many small and unstable coins such as Cardano and XRP.

But with the executive order, those plans pulled back a little. It was announced that the U.S. No one will buy a new Bitcoin, but only holds the cryptocurrencies that they occupied in a shock. Andrew O’Nil, the managing director of digital assets of S&P global ratings, is called “mainly symbolic” in a statement of time.

Industry interiors mainly excited the decision to focus on a different Bitcoin reserve, effectively demoting the importance of other crypto projects – as The founders are lobbying for support to Trump. Roy says, “It would be very clearly the result of a cronist, where well -connected people were able to buy their tokens to the government, with no clear strategic logic to do so.” “Bitcoin is a special case; There is no CEO in it. “

The executive order also called the full Audit Dit of US crypto holdings, which is estimated to contain approximately 200,000 Bitcoin (approximately valuable $ 17 billion). Jesha Yadav, a professor of expert Wonderbilt law in Crypto and Securities Regulation, says that audit will be important to determine how useful Bitcoin is, and how much the victims of fraud may need to be given. It comes from Bitcoin St. ASH Shaso Bitfinx Hack, which is the U.S. The government seized in 2022. “In that case, whether they are motivated to find each victim or not, the victims have come forward, and whose claims have not been dealt with – it is something that is in mind,” Yadav says.