Trump's Crypto Shift Boosts US Blockchain Industry Stocks Surge

US President Donald Trump has significantly shifted the country's stance on cryptocurrency, placing it at the center of his economic strategy. This move marks a major policy change for the US blockchain industry, as indicated by Kris Marszalek, CEO of Crypto.com. The White House hosted a Crypto Summit on March 7, signaling Trump's intent to prioritize crypto policy and position the US as a global leader in blockchain innovation. The summit was described as a "truly historic day at the White House" by Marszalek.

One of the key policy reversals credited to Trump is the end of Operation Chokepoint 2.0, which had allegedly restricted crypto and tech firms from accessing banking services. The US Office of the Comptroller of the Currency (OCC) eased its regulations on banks engaging with crypto just hours after Trump's vow to end the crackdown, potentially alleviating the difficulties crypto firms faced in finding banking partners.

The summit coincided with the pending approval of two major bills in Congress: the Stablecoin bill and the Market Structure bill. These bills aim to reduce regulatory uncertainty in the US crypto industry. Marszalek highlighted the importance of ongoing dialogue with key regulators, such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), in passing landmark legislation that could attract offshore crypto activities back onshore and move offchain activities onchain.

Trump's executive order on March 7 outlined a plan to establish a Bitcoin reserve using cryptocurrency forfeited in government criminal cases. While no direct Bitcoin purchases were announced, the order allowed for "budget-neutral strategies" to acquire more Bitcoin for the reserve without imposing additional costs on taxpayers. This move was seen by some analysts as a significant step toward integrating Bitcoin into the global financial system, acknowledging its role as a foundational asset for a more stable monetary system.

While Trump's intentions to boost crypto innovation in the US have been clear, the process of issuing regulatory frameworks is expected to take 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.