President Trump on Thursday said he will push America to dominate the emerging crypto market through a national stockpile of Bitcoin and legislative guidance for the industry from Congress.
Mr. Trump outlined his plans in remarks to the Blockworks Digital Asset Summit, a conference in New York City, as he follows through on his pledge to be the Crypto President.
The Biden administration sued crypto operations for facilitating the trade of unregistered securities or warned banks and investors to be cautious about crypto assets.
“We’re ending the last administration’s regulatory war on crypto and Bitcoin,” Mr. Trump told the summit. “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.”
Mr. Trump appointed David O. Sacks as his crypto czar and signed an executive order establishing a working group that will craft a regulatory framework for digital currency. He also wants to develop a national digital asset stockpile.
The stockpile will let the federal government “maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value,” Mr. Trump told the summit.
Bitcoin is a digital investment that lets users log transactions on peer-to-peer networks instead of using a financial institution. Transactions are recorded on what’s called a blockchain.
Crypto emerged in the post-recession period of 2009. The industry has wandered in the wilderness since then, with little direction from regulators, if not outright hostility.
For many people, bitcoin is something to own, like gold, and hold onto as protection against inflation. Other crypto assets are used to buy and trade things of value — such as Helium crypto for mobile phone or Wi-Fi data — and there are stablecoins, designed to maintain a fixed value over time and redeemable for things like U.S. dollars.
Cryptocurrency is often seen as experimental. It has gone through boom-and-bust cycles since its creation. Still, supporters see Mr. Trump’s vocal support as validation.
“Together we will make America the undisputed Bitcoin superpower and the crypto capital of the world,” the president said.
