Trump promises US will ‘dominate crypto’

Attendees at Blockworks’ Digital Asset Summit looked on as Donald Trump became the first sitting president to address a crypto conference. 

In recorded remarks shown Thursday on the main screen at New York City’s North Javits, Trump vowed that the US would “dominate crypto and the next generation of financial technologies.”

The president highlighted crypto industry leaders gathering at the White House earlier this month and his executive order focused on creating a strategic bitcoin reserve and a digital asset stockpile. 

He labeled the so-called Operation Chokepoint 2.0 as “a form of lawfare through government weaponization” that “went beyond regulation.”

The SEC in recent weeks has dismissed cases against — and ended probes into — various crypto industry players. Ripple Labs CEO Brad Garlinghouse shared on the DAS stage Wednesday that the agency planned to drop its appeal against Ripple. 

Trump noted in the Thursday virtual address that he has called upon Congress to pass legislation creating “simple, common-sense rules” for stablecoins and market structure.

Dollar-backed stablecoins will help expand dominance of the US dollar, he added.

“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,” Trump said. 

He added: “Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike.”  

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