President Donald Trump said Friday he’s committed to making the U.S. a world leader in cryptocurrencies as industry leaders heaped praise on him for reversing what they said had been unfair attacks on digital assets by the previous administration.
“I thought it was very important that we stay in the front of this one,” Trump said at the first-ever White House “Crypto Summit.”
A former crypto-skeptic, Trump has warmly embraced an industry that’s shown him significant love in return and spent heavily to help him win last year’s election.
“It’s truly wonderful to see how things have changed and how the pendulum has swung back,” Cameron Winklevoss, the co-founder of the crypto exchange Gemini, told Trump.
The summit included crypto company executives, cabinet officials and lawmakers, many of whom took turns raving about Trump’s leadership on digital assets. The emboldened industry said it was unfairly treated by the Biden administration and helped Trump and other Republicans score wins in the last election.
Trump reiterated his eagerness to help the crypto industry with friendly legislation and light-touch regulations.
Friday’s summit was the latest in a series of actions the new Trump administration has taken to try and boost the crypto industry. Notably, that’s included the Securities and Exchange Commission dropping several enforcement actions against large crypto companies, including those whose leaders were at Friday’s summit.
On Thursday, Trump signed an executive order establishing a “Strategic Bitcoin Reserve,” which essentially bars the U.S. government from selling bitcoin – currently valued at about $17 billion – it has acquired through criminal and civil asset forfeiture.
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