US President Donald Trump has made cryptocurrency a central focus of his economic strategy, signaling a significant policy shift for the US blockchain industry, according to Kris Marszalek, CEO of Crypto.com.
On March 7, Trump hosted a White House Crypto Summit, indicating his intention to prioritize crypto policy at a national level and establish the US as a global hub for blockchain innovation.
Marszalek described the summit as a “truly historic day at the White House” in a post on March 8.
Trump is credited with reversing policies such as Operation Chokepoint 2.0, which allegedly resulted in crypto and tech firms being denied banking services under the Biden administration.
Following Trump’s pledge to end the crackdown on crypto firms’ access to banking services, the US Office of the Comptroller of the Currency (OCC) relaxed its stance on how banks can engage with crypto, potentially eliminating the difficulties of finding banking partners for crypto firms.
The crypto summit coincides with two major bills awaiting congressional approval: the Stablecoin bill and the Market Structure bill. These bills aim to alleviate the regulatory uncertainty surrounding the US crypto industry.
Marszalek expressed optimism about ongoing dialogue with key regulators, such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), suggesting that “landmark legislation” may be passed. He also mentioned that the establishment of these regulatory frameworks will have a global impact, enabling offshore activity to be moved onshore and offchain activity to be moved onchain.
On March 7, Trump signed an executive order outlining a plan to establish a Bitcoin reserve using cryptocurrency forfeited in government criminal cases instead of actively acquiring Bitcoin through market purchases. While no direct Bitcoin purchases were announced, the order stated that the US Treasury and Commerce secretaries could develop “budget-neutral strategies” to acquire more Bitcoin for the reserve, as long as there are no additional costs to American taxpayers.
Some analysts view the US Bitcoin reserve plan as a significant step towards integrating Bitcoin into the global financial system. Joe Burnett, head of market research at Unchained, referred to it as the first “real step” for Bitcoin’s integration.
While Trump has previously expressed his intention to support crypto innovation in the US, establishing regulatory frameworks takes time. Setting the right regulatory tone will be crucial for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.