According to Crypto.com CEO Kris Marszalek, US President Donald Trump has made cryptocurrency a central part of his economic strategy, representing a significant policy shift for the US blockchain industry. 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.”
Marszalek credited Trump with reversing policies like Operation Chokepoint 2.0, which allegedly resulted in crypto and tech companies being denied banking services during the Biden administration. The difficulties faced by crypto firms in finding banking partners may now be a thing of the past, as the US Office of the Comptroller of the Currency (OCC) relaxed its position on how banks can engage with crypto shortly after Trump pledged to end the prolonged crackdown on crypto firms’ access to banking services.
The crypto summit coincides with two major bills awaiting congressional approval: the Stablecoin bill and the Market Structure bill. These bills aim to address 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), and suggested that the establishment of regulatory frameworks could lead to “landmark legislation” being passed. He also highlighted that these frameworks would have a global impact, facilitating the onshoring of offshore activity and the migration of offchain activity to onchain.
On March 7, Trump signed an executive order outlining a plan to establish a Bitcoin reserve using cryptocurrency seized in government criminal cases, rather than actively acquiring Bitcoin through market purchases. While the order did not announce any direct BTC purchases, it indicated that the US Treasury and Commerce secretaries could employ “budget-neutral strategies” to acquire more Bitcoin for the reserve, as long as there are no additional costs for American taxpayers. Some analysts view this Bitcoin reserve plan as the first significant step towards integrating Bitcoin into the global financial system.
While Trump has previously expressed his commitment to promoting crypto innovation in the US, the development of regulatory frameworks takes time. Anastasija Plotnikova, co-founder and CEO of Fideum, a regulatory and blockchain infrastructure firm focused on institutions, emphasized the importance of establishing the “right regulatory tone” for the administration.