President Donald Trump has declared his intention to transform the United States into the leading nation for Bitcoin and cryptocurrency, pledging to dismantle the existing regulatory framework.
Speaking in a pre-recorded video played at the Blockworks Digital Assets Summit in New York City on Thursday, March 20, Trump stated that his administration would reverse the former President Joe Biden’s “regulatory war on crypto and Bitcoin.” He has called on Congress to pass new legislation to create ” simple, common-sense rules for stablecoins and market structure.”
According to a New York Post report, Trump told attendees that “pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike,” potentially unleashing “an explosion of economic growth.” He added that this would help “expand the dominance of the US dollar” using dollar-backed stablecoins.
“With the right legal framework, institutions large and small will be liberated to invest, innovate, and take part in one of the most exciting technological revolutions in modern history,” Trump asserted.
He began his address by noting, “It’s not going to be easy, but we’re way ahead.” Trump also referenced a recent White House Digital Asset Summit, which brought together artificial intelligence and crypto leaders to discuss the industry’s future.
During his address, Trump also mentioned signing an order to establish “the brand-new strategic Bitcoin Reserve and the U.S. digital assets stockpile, which will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what Biden did.”
David Sacks, the White House artificial intelligence and crypto czar compared the Bitcoin Reserve to “a digital Fort Knox for the cryptocurrency often called ‘digital gold’”.
Trump concluded his remarks with a message of support and optimism: “Thank you, and good luck. God Bless America.”
