At the Crypto Summit, Trump says that we will be ‘bitcoin superpower’

Below a portrait of Abraham Lincoln, more than two dozen most powerful figures in the US Cryptocurrency Industry, together with several billions of dollars, gathered at the White House for a spectators with President Trump on Friday.

When Mr. Trump entered the ornate state dining room after a short wait, the officials got up to appreciate them.

“Many of you have been fighting for years,” Mr. Trump said the room calm down. “It is an honor to stay with you in the White House.”

Mr. Trump was the first part of the “Crypto Summit” face to face with leaders of almost all top crypto companies in the United States. Only a small part of the meeting, which was determined for the last four hours, was aired to the public. But it offered a vivid depiction of Shri Trump’s Crypto recently embraced, which is a hypocritical industry who has spent years struggling with American registers.

Several officials, including the founders of the Mithun Crypto Exchange, Tyler and Cameron Winklevos, offered the words of gratitude to Shri Trump. They called him “amazing”, saying that he was “very happy” with his approach.

“High IQ individuals around this table,” Mr. Trump replied.

Ever since he took over, Mr. Trump has made a complete change of federal policy on Crypto. The Securities and Exchange Commission has almost completely reversed an aggressive campaign by the Biden administration to tighten the industry. The agency, running with amazing speed, has issued legal guidance to help crypto companies, finishing investigation into major firms and dropping cases against two largest exchanges, coinbase and cracles.

Leaders of both those companies participated in the White House program on Thursday. The CE -Chief Executive Officer of the Coinbase, Brian Armstrong, kept two seats away from the President.

“This indicates that the industry is eventually a serious industry,” JP Richardson said, who runs the Crypto firm Exodus and flew to Washington to attend Sri Trump’s summit. “We believe that technology can fundamentally change the world. And in fact this administration has taken it seriously, it is really important. ,

The meeting reminds of Mr. Trump’s personal investment in Crypto, which has been described by morality experts as a dangerous struggle of interests. Guest list is included Zach VitcoffSteve Witcoff’s son, close friend of the President who serves as a special messenger of administration in the Middle East. The younger Sri Vitcoff is a founder of the World Liberty Financial, a crypto business, which was promoted by Mr. Trump last year – and out of which he and his family’s benefits directly.

Once a crypto doubted a crypto, Mr. Trump adopted digital currencies last year, as Crypto firms spent millions of dollars to return them back as well as Congress candidates, which supported technology.

Soon, Mr. Trump himself entered the market. The final decline, he and his sons worked with Vitcooff to start the World Liberty Financial, promoted it as a platform to lend and lend in Crypto. World Liberty has its own digital currency, WLFI, and the Trump family gets sales cuts.

A few days before his inauguration, Mr. Trump also started selling a so -called memecoin, a type of cryptocurrency tied to an internet joke or a celebrity mascot. The coin, called $ Trump, summarized and then crashed, investors received a cumulative $ 2 billion.

Since winning the election, Mr. Trump has taken steps to promote industry prospects, appointed Crypto supporters for top administration positions and call federal agencies to develop a new approach for regulation.

On Thursday night, he signed an executive order to create a national reserve of bitcoin and other cryptocurrency. The plan was picked by Crypto officials as a strategy to chip in national debt.

Skptics has attacked the proposal as a plan to enrich a small number of crypto investors. Even in the world of technology, some supporters of Mr. Trump have joined criticism.

Mr. Trump waged a reserved announcement on social media in the last weekend, which Lonsdel, a lead technical investor, wrote The government on X should not waste money on “Crypto Bro Schemes”.

There was no demonstration at the summit. The meeting was cordial, Sergei Nazrov, founder of Crypto Company Chanlink, said, who participated in the event. One after the other, the authorities shared their views on the crypto policy, over a short time for debate or disagreement.

“It was not a meeting where things were being decided or revealed,” said Mr. Nazrov. “This was more of a more than -partner of the session.”

In the public part of the summit, Mr. Trump sat between David Sachs, White House’s Crypto Policy CZAR, and Scott Besant, Treasury Secretary. Mr. Trump described the incident as a significant turn in the treatment of the country of the Crypto industry.

“I promised to make America the world’s bitcoin superpower and the Crypto capital of the planet,” he said. “We are taking historical action to fulfill that promise.”

He said that the new national bitcoin stockpile will create a virtual Fort Knoc for the country’s holdings. “Never sell your bitcoin,” said Mr. Trump.

In his comment, Mr. Sachs praised Mr. Trump’s leadership, saying that the administration was “moving at the technical pace.” He said that the industry was under “prosecution and harassment” under the Biden administration.

“Nobody knows what it seems better for you,” Mr. Sachs told the President.

Then he sat on the other side of the room, turning towards the Vinklevos twins.

“You had said something earlier that I thought was really deep,” Mr. Sachs told him. “A year ago, you thought it would be more likely that you would end in jail compared to the White House.”