In the early hours of March 8, Trump's organized White House crypto summit was quite something:
1. Strategic Bitcoin reserves have been established, but 'without spending money.'
Trump signed an executive order announcing the establishment of a national Bitcoin reserve, but the Bitcoins in the reserve will rely entirely on confiscated assets (like assets seized in criminal cases) and will not be purchased. This was criticized by the market as 'stingy,' leading to a temporary drop in Bitcoin prices. However, in the long run, this marks the first official acknowledgment of Bitcoin's reserve value by the U.S. government.
2. Stablecoin legislation is a focus, but it needs to wait.
The summit clearly aims to promote a regulatory framework for stablecoins (like USDT and USDC), with the goal of completing legislation before August, aiming to solidify the international status of the dollar. However, how to regulate them has not been clarified yet, and we need to see future developments.
3. Regulatory easing, but little action.
Trump said he wants to overturn Biden's strict regulations, such as reducing SEC investigations into the industry and eliminating some tax reporting requirements. However, no specific policies were announced at the meeting, just slogans, and the market felt 'all thunder and no rain.'
4. Industry bigwigs stood on stage, but there were no actual results.
The heads of companies like Coinbase and MicroStrategy attended, but the conference mainly consisted of mutual flattery with no substantial agreements. Trump also casually mentioned his issued meme coin TRUMP, which was questioned as a publicity stunt.
Summary of impacts:
• Short-term: The market is disappointed, Bitcoin rose then fell, due to the lack of policy details.
• Long-term: The U.S. may attract more crypto companies and consolidate global influence through regulatory easing and stablecoin legislation.
• Risk: Implementing policies still needs to pass through Congress, especially for tax and stablecoin bills, with many uncertainties remaining.
In simple terms, the summit created a buzz, but there were not many actual actions. We will have to see if the Trump administration can deliver on its promises. This undoubtedly reflects Trump's attitude towards crypto, which is to first provide good expectations but then give you a basket of junk, like saying he will treat you to a feast, but ends up taking you to a fast-food joint, just to ask if you got enough to eat.
