Last Friday, March 7th, the White House was the stage for a historic gathering: a crypto summit led by President Trump. This summit brought together key figures from the crypto industry and policymakers to discuss the future of digital currencies in the United States. The focus was on creating a favourable climate for innovation, establishing clear regulations, and strengthening the US position in the global crypto economy. The summit took place just hours after the White House established the "U.S. Bitcoin Strategic Reserve" via an executive order, further heightening the excitement surrounding the event.

Many Big Names Attended

Many important key figures from the crypto and financial world were present:

President Donald Trump

David Sacks, known as the White House “Crypto Czar”

Kelly Loeffler, former senator and crypto entrepreneur

Howard Lutnick, businessman and advisor

Scott Bessent, financial strategist

Cameron Winklevoss, co-founder of Gemini

Michael Saylor (MicroStrategy)

Brian Armstrong (Coinbase)

Brad Garlinghouse (Ripple)

Other key investors and policy advocates.

End of "Operation Choke Point 2.0"

President Trump announced the end of "Operation Choke Point 2.0", a policy that discourages banks from doing business with crypto companies. This is seen as a significant victory for the crypto industry, as it facilitates access to financial services and stimulates innovation.

U.S. Bitcoin Strategic Reserve (SBR) and Crypto Strategic Reserve

The establishment of the "U.S. Bitcoin Strategic Reserve" via an executive order, and the announcement of a broader "Crypto Strategic Reserve" with various cryptocurrencies, including Bitcoin, XRP, Solana, and Cardano, confirms the US commitment to building a digital asset stockpile. This strategically positions the US in the emerging digital economy.

Regulations

Extensive discussions were held regarding the need for a clear and consistent regulatory framework for cryptocurrencies. Clear rules are essential to stimulate innovation, protect investors, and ensure market integrity. The summit also marks the beginning of a direct line of communication between the crypto industry and the highest levels of the US government.

Government Bitcoin Policy

President Trump emphasised that the US government has no plans to sell its Bitcoin holdings, indicating a positive stance towards the largest cryptocurrency. Another important point that was made is the increasing priority of crypto audits. With the formation of the SBR and the digital asset stockpile, a comprehensive audit of the US government's assets will take place. This increases transparency and trust in the crypto market, and will likely lead to more consistent reporting in the private sector.

Effect on Bitcoin (BTC)

The summit initially had a positive effect on the Bitcoin price. President Trump's announcements, particularly the end of "Operation Choke Point 2.0" and the establishment of the "Crypto Strategic Reserve", were interpreted by the market as bullish signals. However, this increase was short-lived, and Bitcoin has since fallen by 12% compared to a week ago.

What Follows Now?

The crypto summit marks a turning point in the relationship between the US government and the crypto industry. It has been confirmed that the US will, for the first time, implement a strategy for digital assets. The coming months will be crucial to see how the announced policy measures are implemented. The crypto community eagerly awaits further developments and their impact on the future of digital currencies in the US and the rest of the world.