Author: Fairy, ChainCatcher
Editor: TB, ChainCatcher
Early this morning, the White House crypto summit officially kicked off, with the White House providing about 25 minutes of live coverage. Although there were high expectations for the summit, the live content did not reveal any new policies or significant information.
President Trump’s remarks at the summit were relatively brief, serving more as an opening host. Participants' remarks were mostly ceremonial expressions, focusing on the progress of crypto policy since the Trump administration took office and support for Trump himself.
Although the summit currently lacks substantial policy updates, the market is still closely watching the potential signals behind it. This article will summarize all the noteworthy information from the summit and focus on reviewing the interview content from David Sacks, head of AI and crypto at the White House, prior to the summit.
Summit Agenda: Focus on Policy Vision and Industry Standards
According to Fox reporter Eleanor Terrett, the main topics on the summit's agenda cover educational aspects regarding digital asset terminology, policy vision, and goals.
The core objectives include:
"Establish a sound framework to drive crypto revival."
"Unlocking the potential of the crypto industry to drive global economic growth."
"Become the bankers of the world by revitalizing capitalism and the property system."
In addition, the bottom of the agenda emphasized industry standards, requiring all market participants to adhere to fair disclosure principles, uphold ethical behavior, and commit to avoiding conflicts of interest.
Focusing on overturning Biden's policies, with no tax issues on the agenda
A senior White House official confirmed before the summit that tax issues will not be discussed, but the focus will be on overturning unfavorable policies of the Biden administration.
The official stated that the summit aims to provide a platform for industry leaders to give regulatory feedback, emphasizing: "The president promised to form a cryptocurrency committee during his campaign, and he wants to hear from the industry, which is the core purpose of the summit."
Stablecoin legislative goal: planned completion before the August congressional recess
At the summit, Trump stated that he would promote stablecoin legislation and plans to complete it before the congressional recess in August. The initial goal was to submit the legislation within the first 100 days of his term, but this timeline has now been extended by four months.
U.S. Treasury Secretary Scott Bessent stated at the meeting: "We will think deeply about the stablecoin system. As President Trump has indicated, the U.S. will maintain its position as the world's dominant reserve currency and use stablecoins to achieve this goal."
Trump calls for an end to 'Operation Choke Point 2.0'
Trump not only talked about stablecoin legislation but also expressed views on the issue of de-banking, calling for an end to the policy known as 'Operation Choke Point 2.0.'
Trump stated at the summit: "They (the Biden administration) forced banks to close the accounts of crypto businesses and entrepreneurs, effectively hindering the transfer of certain funds to and from exchanges, and weaponizing the government against the entire industry." He added: "But I also deeply resonate with this feeling, perhaps more than you all understand."
At the same time, the Office of the Comptroller of the Currency is retracting guidance issued in 2020 that restricted banks' interactions with the crypto industry and prohibited banks from custodial crypto assets. The withdrawal of this policy has been a long-awaited signal for the crypto industry and banks, which may prompt banks to be more proactive in participating in the digital asset space.
ADA, SOL, etc., were mentioned only because they are among the top five by market cap; Trump's crypto projects are unrelated to policy.
Before the White House crypto summit, David Sacks, head of AI and crypto at the White House, stated in an interview that Bitcoin has strategic significance for the U.S. due to its scarcity and long-term store of value.
When discussing strategic Bitcoin reserves and digital asset reserves, he stated that ADA, SOL, and XRP were mentioned because they are ranked among the top five by market cap, which does not imply that the government has special preferences or policy inclinations towards these assets.
In response to concerns about potential conflicts of interest regarding Trump's personal crypto assets (such as meme coins), Sacks made it clear that these projects are "unrelated" to government crypto policy and will not affect industry regulation. He further clarified: "This will not have any impact and is unrelated to our work."
No plans to sell gold to buy Bitcoin
When asked whether Trump has personal investments in Bitcoin or other crypto assets, Sacks sharply rebutted, stating: "These claims have no evidence to support them."
Regarding whether the U.S. will sell reserve assets such as gold to purchase Bitcoin, Sacks stated that the Trump administration has not discussed this, but the Treasury and Commerce Departments may weigh this option in the future, with the final decision still resting with these two agencies.
As the crypto industry rapidly develops and market demand grows, the interaction between the government and the industry will become increasingly important. Although the White House crypto summit did not bring direct breakthroughs at the policy level, it indeed provided an important dialogue platform for the crypto industry. In the future, finding a balance between regulatory compliance and industry innovation remains a key challenge.
ChainCatcher will continue to monitor the disclosure of information related to the summit, as well as subsequent policy trends and industry developments.
