U.S. President Trump delivered a pre-recorded speech on March 20 at the 2025 Digital Assets Summit hosted by Blockworks, emphasizing the end of the Biden administration's regulatory crackdown on cryptocurrencies and promoting stablecoin legislation and strategic Bitcoin reserves. However, the speech did not present specific policy details and lasted only a little over two minutes, being assessed by the market as 'completely lacking new highlights.'
Repeated policy commitments: Ending the regulatory war and strategic reserves.
Trump reiterated three core claims in his speech:
Termination of 'Strangulation Action 2.0': Accusations that the Biden administration has 'weaponized' regulation, with a commitment to halt related policies starting January 20, 2025.
Establishing strategic Bitcoin reserves: Claiming to maximize the value of federal-held crypto assets and avoid 'selling off at a discount.'
Promoting stablecoin legislation: Urging Congress to establish 'simple and reasonable' market rules to encourage institutional innovation.
Market disappointment: The hollow speech accelerated the sell-off trend.
Analysis indicated that investors initially expected Trump to announce progress on the White House's cryptocurrency reserves or details on tax reform, but the speech only reiterated existing policy directions. The policy framework still lacks coordination among regulatory agencies and an execution timeline, urging the government to 'shift from slogans to actionable plans.' After the announcement, the price of Bitcoin plummeted from $86,529 to $83,642, a 24-hour decline of 2.07%.
Both the U.S. stock and cryptocurrency markets are under pressure.
Aside from the cryptocurrency market, the Trump administration plans to expand tariffs on countries such as China and Mexico in April, increasing concerns over the risk of 'stagflation.' The three major U.S. stock indices closed in the red, with the Dow Jones Industrial Average falling by 0.8%, led by declines in technology stocks. Crypto analysts pointed out that a dual impact of macroeconomic uncertainty and discrepancies in policy expectations has put pressure on risk assets in the short term.
