President Trump is increasingly positioning his administration in favor of the cryptocurrency sector. On March 20, he made his first address to a community conference since taking office.
In a pre-recorded message at the Blockworks Digital Asset Summit on March 20, he emphasized that the United States aims to become the “crypto capital of the world.”
The President praised the recent policy changes regarding crypto from the previous administration and remarked:
“Innovators like you will have the opportunity to enhance our banking and payment systems while promoting greater privacy, security, and prosperity for consumers and businesses in America. You will ignite a surge of economic growth.”
“With dollar-pegged stablecoins, you will help extend the supremacy of the US dollar for many years to come,” he added.
Trump has enacted various pro-cryptocurrency executive orders, such as the one on January 23, establishing the Working Group on Digital Assets and creating a Bitcoin strategic reserve along with a separate crypto inventory.
President Trump addresses the Digital Asset Summit.
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The crypto community’s varied responses to the White House Crypto Summit
During the summit, Treasury Secretary Scott Bessent indicated that the focus would be on establishing stablecoin regulations and promoted stablecoins as a method to maintain the US dollar’s status as the global reserve currency.
At the Blockworks Digital Asset Summit, Bo Hines, who heads the Council of Advisers on Digital Assets, suggested that a bill concerning stablecoins may be introduced to the President within the next couple of months.
Treasury Secretary Scott Bessent reviews stablecoin initiatives at the White House Crypto Summit.
The much-anticipated crypto summit did not meet all expectations, leading to mixed reactions from the crypto community.
While institutional investors and executives often viewed the event as a beneficial milestone for the industry, retail investors and those within the Bitcoin community expressed disappointment.
“The White House crypto summit is merely a collection of lobbyists chasing state-sanctioned surveillance tokens,” remarked Bitcoin maximalist Justin Bechler in a post on X.
In the days following the White House Crypto Summit and the Bitcoin strategic reserve order—stating that the government could only acquire additional BTC through budget-neutral means—Bitcoin’s price dropped by 7.3%.
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