At the Crypto Summit, Donald Trump highlighted his achievements in cryptocurrency regulation, claiming the end of the war on crypto and outlining future plans.
Ending Operation Choke Point 2.0
Speaking at the summit, Trump claimed he ended the so-called Operation Choke Point 2.0, named after a 2013 campaign aimed at excluding high-risk businesses from the banking system.
He noted that during Biden's presidency, crypto experts faced challenges from financial regulators, which were perceived as a war against the crypto industry. Trump emphasized that his administration resolved this issue and created a working group to discuss digital assets.
Criticism of Bitcoin Reserve Decision
In March, Trump signed an executive order establishing a Bitcoin reserve and digital asset stockpile, which drew criticism from crypto analysts. Some experts, such as Charles Edwards from the Capriole Fund, pointed out that this reserve may simply be a 'fancy title for existing Bitcoin holdings by the government.' They expressed concerns about the transparency of the process and the estimated existing reserves of around 200,000 Bitcoin.
Future of Cryptocurrency in the U.S.
Trump also expressed his intentions to create dollar-backed stablecoins and implement new regulations to ensure the U.S. leads in the world of cryptocurrencies. In the coming days, a new legislative bill is set to be voted on in the Senate, which could represent a significant step forward for the crypto industry in the country.
Thus, Trump's speech at the Crypto Summit marked an important step in strengthening the U.S. position in the global crypto industry. However, his initiatives and approach to establishing the Bitcoin reserve raised significant doubts among analysts.
