From regulatory rollbacks to renewed collaboration—how Trump’s historic Crypto Summit set the stage for a pro-crypto America
In what was probably the most anticipated event for digital assets this quarter, “crypto president” Trump hosted a first-of-its-kind Crypto Summit at the White House on Friday .
The summit sought to bridge the gap between the government and crypto industry on a number of key issues from the Bitcoin Strategic Reserve to crypto regulations.
Here is how the summit changed the tone on crypto in the US and became a milestone event in Trump’s promise of making the US a crypto superpower:
Ending The War on Crypto:
A key goal of the summit was to facilitate an environment of collaborative discussion on how the crypto industry’s growth, particularly in the US, can be enabled. This was a breath of fresh air after years of scrutiny by the previous administrations on issues of security among others.
Talking about his interest in the crypto industry’s advancement, “We feel like pioneers in a way,” President Trump said.
United States Treasury Secretary Scott Bessent reiterated the commitment to end the war on crypto and promised the rolling back previous IRS guidance and punitive regulatory measures
OCC Delivers the First Present:
In line with reversing previous regulatory hindering the industry, the first step discussed was to end Biden’s Operation Choke Point 2.0, the previous administration’s reported initiative to debank cryptocurrency companies.
The US Office of the Comptroller of the Currency (OCC), hours later issued a statement, easing its stance on how US banks can engage with crypto.
“Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC,” Acting Comptroller of the Currency Rodney E. Hood said.
Kris Marszalek among Elite Attendees:
Crypto.com CEO and founder Kris Marszalek’s participation in the summit was seen as a significant moment for CRO, especially in light of the recent governance proposal to reverse the burn of 70 billion CRO tokens from the 2021 burn.
Kris has emphasised wanting to invest in the US and Crypto.com has clearly stated establishing US dominance in the crypto market as the vision behind the proposal.
Speaking about his time at the White House, Kris said:
“… this comes at the time when two massive pieces of legislation, the Stablecoin bill and the Market Structure bill are making their way through the legislative process. The level of engagement on the Hill and the constructive dialogue of our industry with key regulators, including the CFTC and the SEC is giving me hope that we will be able to pass landmark legislation.”
Other confirmed attendees include crypto entrepreneurs Cameron and Tyler Winklevoss, Michael Saylor, co-founder and the executive chair of MicroStrategy, and Zach Witkoff, one of the founders of the president’s own crypto business, World Liberty Financial and Vlad Tenev, the CEO of Robinhood Markets.
However, as expected, taxes were not discussed. While the summit has set an optimistic baseline for regulatory expectations from the administrations, markets still await further clarity on intensity of regulations.
The summit didn’t just open doors for regulatory reform—it also set the stage for a groundbreaking discussion on a US Bitcoin Strategic Reserve. [Read more here.]
