On the occasion of the crypto summit organized at the White House, Donald Trump displayed a clear desire to support the cryptocurrency sector, without however satisfying all the expectations of the market. Despite the reassuring announcements at the end of the “Chokepoint Operation” and the official support for Stablecoins, the absence of real purchases to build a Bitcoin Strategic Reserve has left an unfinished taste among investors.
Crypto Summit: The cryptocurrency industry finally listened to?
Last night, The gratin of the American crypto ecosystem was gathered in the White House for the very first “Crypto Summit” in historyevent aimed at bringing together decision -makers and sizes from the blockchain industry to develop a frame around digital assets.
The question of the famous strategic reserve being on everyone's lips for a little while now, the secretary of the Treasury Scott Bessent and the commercial secretary Howard Lux was present.
The latter, alongside President Donald Trump, met in front of around thirty figures from the crypto, notably Michael Saylor (microstrategy), Brian Armstrong (Coinbase), Kris Marszalek (Crypto.com), Arjun Sethi (Kraken) or Fred Thiel, the BTC Mara mining giant, digital in the country of Uncle Sam.
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“” Many of you have been fighting for years […]. It's an honor to be with you here at the White House “Said the president to start dialogue. “” There are many very intelligent people around this table. »»
Cadors of crypto industry Made in USA Are brushed in the direction of the hair, which contrasts in particular with the mandate of the Biden administration, the latter having continued to shoot red balls on the largest American companies in the sector through Gary Gensler, the former president of the SEC. “” Our industry is finally taken seriously, “Has also underlined JP Richardson, the CEO of Exodus, the firm behind the eponymous crypto wallet, during the crypto summit.
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Beyond taking seriously, encouragement. Under thunderous applause, Donald Trump officially announced the end of the famous operation “Chokepoint 2.0”a policy established by the Biden clan under its presidency aimed at putting sticks in the wheels to Crypto companies wishing to have access to banking services. Condition sine qua no For any society hoping to function well, whether they are cryptocurrencies or not.
Trump still made Trump. “” Never sell your bitcoins, He said. “” It's a little sentence they use. I don't know if it's true or not. Who, devil knows it? »»
An approximation which is reminiscent of its famous ” Have fun with your bitcoins, cryptos, and all that you play»Released during his participation in the Bitcoin 2024 conference in Nashville.
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A “Nothingburger”?
Investors were betting big on Donald Trump's announcements – this has also resulted in a colossal increase in Bitcoin prices following his inauguration. This week, the American president had explicitly quoted the cryptocurrencies made in USA which would sit alongside the BTC and the Ether in the famous strategic reserve: the XRP of Ripple, the Solana soil and the Ada de Cardano.
An announcement that had naturally propelled the prices of the cryptos concerned, in addition to restoring colors to a gloomy market. If it was necessary to assess how the meeting of the crypto summit was received, just take a look at the market: The altcoins we are talking about is down almost 10 % over 24 hours, and Bitcoin lost almost 4 %. Only the course of the Ether has a neutral development on this time scale … after a drop of 21 % over 30 days.
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For what ? The strategic reserve, first. “” We do not want any cost for taxpayers, Said Donald Trump. To understand, The strategic reserve will not be done via new purchases – Investors saw in this possibility a long -term bull's support for the BTC -, but exclusively by retaining the cryptocurrencies seized by the American authorities, about $ 17.5 billion at the time of writing these lines.
On the other hand, the Trump administration puts double bites on the introduction of a framework conducive to the development of stablecoins, a discreet tool to perpetuate the hegemony of the US dollar – which for the American president. “” We will maintain the US dollar as a dominant reserve currency in the world, and we will use stablecoins to achieve it, Even said the secretary of the Treasury.
On this subjectDonald Trump said he wanted a stablecoin law to be adopted before August.
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For the moment, it is therefore time for disappointment for investors. No purchases of cryptocurrencies from the US government, no exemption from taxes on crypto gains. But for crypto societies, everything is fine. Brian Armstrong, CEO of Coinbase, described the history day, and even said that his cryptocurrency exchange was going to recruit 1,000 new employees in the year.
“” I promised to make America the global superpower of bitcoin and the capital of cryptocurrencies on the planet, and we take historical measures to keep this promise Said Trump.
For the moment, everything remains to be done.
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