Trump Pledges to Make U.S. Global Bitcoin Leader by 2025

U.S. President Donald Trump addressed the Digital Asset Summit conference in New York via a pre-recorded video, reiterating his support for cryptocurrencies and pledging to establish the United States as the global leader in Bitcoin and digital assets. This marked the first instance of a sitting president speaking at a crypto conference, underscoring the significance of the event.

During his three-minute speech, Trump highlighted several initiatives his administration has undertaken to foster the growth of the crypto industry. He emphasized the halt on the sale of confiscated Bitcoin and the collaboration between crypto industry leaders and government administrators. Trump also criticized the previous administration's regulatory approach, particularly Operation Choke Point, which he described as a disgraceful overreach beyond regulation. He promised to end this regulatory war on crypto and Bitcoin by January 2025.

Since the beginning of his second term, Trump has appointed crypto-friendly leaders to key positions. The U.S. Securities and Exchange Commission (SEC) under his administration has repealed the controversial SAB 121 accounting rule, signaling a shift from an enforcement-heavy system. Additionally, Trump has signed two executive orders related to crypto assets, including the creation of a Presidential working group for digital assets and the establishment of a Strategic Bitcoin Reserve using previously seized coins.

Despite initial investor dissatisfaction with Trump's decision to retain confiscated Bitcoin instead of using federal funds to acquire more, plans are underway for the U.S. government to make new Bitcoin purchases. Pro-crypto Senator Cynthia Lummis reintroduced the BITCOIN Act in the Senate, which, if passed, would allow the government to acquire up to $80 billion worth of Bitcoin.

Trump also called on Congress to pass legislation creating clear and sensible rules for stablecoins. He emphasized that with the right legal framework, institutions of all sizes would be empowered to invest, innovate, and participate in the technological revolution of digital assets. He further suggested that US dollar-backed stablecoins could enhance the US dollar's global dominance.

Trump's speech at the Digital Asset Summit underscores his administration's commitment to making the United States a leader in the crypto industry. By halting the sale of confiscated Bitcoin, appointing crypto-friendly leaders, and advocating for clear regulatory frameworks, Trump aims to position the U.S. as the "undisputed Bitcoin superpower and crypto capital of the world." This proactive approach to digital assets reflects a significant shift in the government's stance on cryptocurrencies, potentially paving the way for greater innovation and investment in the sector.