Trump's Crypto Call: New Rules Before August

President Donald Trump is urging Congress to pass legislation outlining new regulations for digital assets before the August recess. "I hope lawmakers will send that legislation to my desk," he stated during a press conference. This announcement followed his meeting with prominent crypto executives at the White House's inaugural crypto summit. Trump emphasized the U.S. position as the leading nation in Bitcoin and crypto, promising historic actions to fulfill that promise.

Additionally, Trump declared the end of Operation Chokepoint 2.0, which the crypto industry associates with the Biden administration's efforts to pressure banks against serving crypto businesses. "Some people really suffered. It was ridiculous what they were doing," he remarked, although he did not detail how he would tackle the issue of "debanking."

The event featured many influential figures from the crypto sector, including Brian Armstrong, CEO of Coinbase, and Michael Saylor, founder of Bitcoin treasury company Strategy. This gathering occurred just after David Sacks, the White House's AI and crypto advisor, revealed that Trump had signed an executive order to establish a Bitcoin strategic reserve and a digital asset stockpile. Trump likened the Bitcoin reserve to "a virtual Fort Knox for digital gold," a nod to where the U.S. government stores significant amounts of bullion. Sacks indicated that the Bitcoin reserve would only consist of cryptocurrency obtained through criminal and civil forfeitures, and the government might acquire more Bitcoin using "budget-neutral strategies." Trump's order also sanctioned the creation of a stockpile of other cryptocurrencies through similar means. Despite his previous skepticism regarding crypto, Trump advised, "Never sell your Bitcoin," referencing a common phrase among crypto enthusiasts.