Crypto Spikes, Trump Discusses Strategic Reserve Ahead Of W. H. Summit
(Tyler Durden Reports) – On the heels of the announcement of a Cyrpto Summit at The White House this week, President Trump took to Truth Social to explain some of the details, specifically mentioning a Strategic Reserve.
A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.
I will make sure the U.S. is the Crypto Capital of the World.
We are MAKING AMERICA GREAT AGAIN!
All three of the ‘altcoin’s have shot up in price since the post:
And, despite the non-mention of Bitcoin, the largest cryptocurrency is spiking above $88k…
Many suggest the term ‘includes’ the altcoins does not mean ‘excludes’ bitcoin or ethereum.
We shall see if our suggestion from May of last year comes true…
Trump should announce if elected he will buy 2 milllion BTC and 10 million ETH as part of a strategic US crypto reserve
— zerohedge (@zerohedge) May 26, 2024
Well that didn’t take long for Trump to clarify…
There’s a lot of traders short Ethereum that could feel some serious pain if this comes to pass…
And the squeeze is starting…
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As Zoltan Vardai detailed earlier via CoinTelegraph.com, US President Donald Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulatory policies, stablecoin oversight, and the potential role of Bitcoin in the US financial system.
The attendees will include “prominent founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets, according to an announcement shared by the White House “AI and crypto czar,” David Sacks, in a March 1 X post.
The summit will be chaired by Sacks and administered by Bo Hines, the executive director of the Working Group.
Source: David Sacks
Sacks was appointed White House Crypto and AI and Czar on Dec. 6, 2024, to “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” Trump wrote in the announcement.
Part of Sacks’ role will be to “safeguard” online speech and “steer us away from Big Tech bias and censorship,” Trump added.
Source: Donald Trump
Trump has previously signaled that he intends to make crypto policy a national priority and make the US a global hub for blockchain innovation. The upcoming summit may set the tone for crypto regulations over the next four years.
Sacks only has two years to push through pro-crypto policies before the 2026 midterm elections in the US, Joe Doll, the general counsel for NFT marketplace Magic Eden, told Cointelegraph in an interview.
According to Doll, the threat of a gridlocked government could stifle regulations, and the current administration must push through pro-crypto policies while still in control of both chambers of Congress.
Stablecoin, Bitcoin reserve regulation remain focus
While there are no additional details about the summit’s agenda, stablecoin regulation and legislation related to a potential strategic Bitcoin reserve have been at the forefront of regulatory discussions in the US.
The White House announcement came days after Jeremy Allaire, co-founder of Circle, the company behind the world’s second-largest stablecoin, said that stablecoin issuers worldwide should be required to register with US authorities.
Citing consumer protection, Allaire argued that US dollar-based stablecoin issuers should not get a “free pass,” enabling them to “ignore the US law and go do whatever the hell you want wherever and sell into the United States.” Allaire told Bloomberg:
“Whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in the US, you should need to register in the US just like we have to go register everywhere else.”
The upcoming summit may shed more light on upcoming stablecoin legislation, considering Sacks previously stated that stablecoins could “extend the dollar’s dominance internationally.”
Interest in a US-based strategic Bitcoin reserve is also on the rise. So far, at least 24 states have introduced legislation related to a potential Bitcoin reserve, Bitcoinlaws data shows.
US states with Bitcoin reserve bill propositions. Source: Bitcoinlaws
However, the state-level Bitcoin reserve initiatives may not represent a pivotal moment for Bitcoin; they are only a “symbolic move” unless a significant purchase is announced, according to Iliya Kalchev, dispatch analyst at Nexo.
“Unless the hearing unveils a near-term purchase plan or a major policy shift, the market’s response will likely be mild, as Texas’ pro-crypto stance is already well known,” Kalchev told Cointelegraph.
Bitcoin has averaged over 1,077% returns over the past five years, showing the lucrative potential of a long-term holding strategy.
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Header featured image (edited) credit: Org. post content. Emphasis added by (TLB)
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Stay tuned tuned…
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