- The first sitting US President in history, Donald Trump, is scheduled to speak at the Blockworks Digital Asset Summit 2025 on Thursday.
- US banks have been authorized to participate in crypto-related activities, including custody services and maintaining US Dollar reserves for various projects.
- Regulators and policymakers in Hong Kong, the US, and the EU are taking measures to foster stablecoin innovation.
- Bitcoin, Ethereum, and XRP experienced a pullback early Thursday, declining between 1% and 3.35%.
President Donald Trump is poised to make a significant appearance at the upcoming crypto summit, the Blockworks Digital Asset Summit, on Thursday. This event represents a pivotal moment for the cryptocurrency sector, as it is the first time a sitting US President will address a summit during a period defined by executive orders aimed at enhancing innovation within the US crypto and blockchain landscape.
The recent approval of a stablecoin bill in Congress, alongside positive advancements in stablecoin development globally, is supportive of the broader expansion of the ecosystem and its leading tokens.
The largest cryptocurrencies by market capitalization—Bitcoin (BTC), Ethereum (ETH), and XRP—witnessed declines ranging from 1% to 3.35%, as they pulled back from gains sparked by the Federal Reserve’s interest rate decision announced on Wednesday.
Trump to Address Blockworks Digital Asset Summit
In a historic moment, President Donald Trump is set to speak at a crypto summit while serving as the highest elected official in the United States. The Blockworks Digital Asset Summit has announced that the President will deliver a video address on the final day of the event, which is expected to gather nearly 2,500 institutional attendees.
BREAKING: President Trump will address DAS tomorrow
This marks the first time a sitting President has spoken at a crypto conference. pic.twitter.com/x3gnGP0yAN
— Blockworks (@Blockworks_) March 19, 2025
Jason Yanowitz, a co-founder of Blockworks, tweeted on X about the evolution of the crypto sector:
When we started Blockworks, it was a challenge to get a bank representative to attend our events.
Now we have a sitting US President addressing 2,500 institutional participants.
It’s remarkable to see how far this industry has progressed.
— Yano (@JasonYanowitz) March 19, 2025
In another notable development, US banks have received authorization from the Office of the Comptroller of the Currency (OCC) to engage in crypto-related tasks, such as custody services, holding US Dollar (USD) reserves for crypto projects, facilitating payment transactions using stablecoins, and serving as node validators for staking.
This clarity surrounding involvement in crypto-related services and support for crypto firms is viewed as favorable, enabling various stablecoin issuers, exchanges, and projects to benefit from US banking services.
Importance of Recent Developments
The crypto sector has been influenced by regulatory enforcement in the US, facing more than 100 legal actions from federal agencies. This signifies a pivotal moment as the industry gains recognition, especially with pro-crypto initiatives stemming from a sitting US President.
Looking Ahead
Fox Business Reporter Eleanor Terret has reported that insiders suggest a major announcement regarding the President’s approach to crypto policy is expected during his appearance at the summit on Thursday. However, there has been no official confirmation from the White House.
Support for Stablecoin Innovation in Hong Kong, the US, and EU
Stablecoin innovation has accelerated in the US following the introduction of a comprehensive regulatory framework via the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to provide clarity and organization to the stablecoin landscape.
Though earlier efforts faced setbacks, Congress has renewed its determination toward stablecoin regulation. A report indicates that Senate Banking Committee Chairman Tim Scott (R-SC) has committed to ensuring the GENIUS Act is passed by both chambers and signed into law within the first 100 days of the new administration.
The year 2025 will also see the inaugural full-year implementation of the European Union’s (EU) Markets in Cryptoasset (MiCA) regulation. Additionally, Circle and Banking Circle have gained approval for stablecoin issuance within the EU, while Hong Kong is poised to enact a new stablecoin bill this year, alongside a regulatory sandbox for crypto tokens.
Significance of These Developments
With Congressional actions and executive orders promoting crypto, 2025 could very well be the year that stablecoin legislation gains traction, bolstering confidence in the token sector overall.
James Smith, the Founder of Elliptic, remarked in a recent report:
“Crypto businesses are already reaping the benefits of a renewed market, with increases in trading volumes and revenues. There is an air of cautious optimism within exchanges and wallet providers, along with a desire to capitalize on this positive momentum in 2025 and beyond.”
Future Implications
The regulation of stablecoins carries significant consequences for the future of the US Dollar as a global reserve currency. By incorporating stablecoin transactions into the US financial framework, market participants can anticipate a reinforcement of the USD’s standing in the worldwide economy.
The utilization of stablecoins backed by USD reserves may enhance the significance of the US Dollar not just in traditional financial contexts, but also amidst the growing focus on digital currencies and Central Bank Digital Currencies (CBDCs) by emerging economies.
Another crucial aspect is that major stablecoin issuers like Tether and Circle are substantial holders of US Treasuries. From recent findings, these entities rank as the 18th largest holders of treasuries, showcasing how stablecoins are facilitating entry for international participants to hold the US Dollar as a reserve asset.
Adjustment in Bitcoin, Ethereum, and XRP Following FOMC Rate Announcement
On Thursday, Bitcoin, Ethereum, and XRP saw some declines. These three leading cryptocurrencies by market capitalization are pulling back after benefiting from the Federal Reserve’s interest rate decision that triggered a rally in both the tech-heavy Nasdaq 100 index and cryptocurrencies.
The overall market capitalization of cryptocurrencies remains above $2.91 trillion as of Thursday, with traders reacting positively to recent updates in the US economy. The President’s upcoming address at the crypto summit, along with the SEC’s decision to withdraw its appeal against Ripple and improvements in trader sentiment, are significant factors impacting these tokens.
Importance of This Moment
Bitcoin may revisit the $90,000 resistance level, aiming to regain ground and push towards the $100,000 mark. This resurgence could lead to heightened institutional interest and participation from retail investors. Following a period of profit-taking, an increase in accumulation and interest from new entrants into the Bitcoin ecosystem may be anticipated.
Looking Ahead
With the potential for an XRP Exchange Traded Fund (ETF) approval and the resolution of protracted litigation against Ripple, traders may expect a rise in altcoin values, provided that Bitcoin does not experience a sudden downturn.