At the White House crypto summit, President Donald Trump said he was expecting a stupid desk law before August, urging lawmakers to pass bills on stubcoins and market structures. He emphasized that keeping the US dollar strong remains a priority. The summit brought together leading crypto industry leaders, including Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi and House Maction Mutiol Whip Tom Emmer. Officials including Commerce Secretary Howard Luttonick, Treasury Secretary Scott Bescent, SEC Commissioner Hester Perth and acting CFTC Caroline Femme were also present. The event was planned with input from White House AI and director of Crypto Czar David Sacks and Trump’s Digital Asset Working Group. Discussions focusing on regulatory policies, access to crypto banks, and the future role of digital assets in the financial system.
Trump also addressed concerns about “getting off” and called for an end to what he called “Operation Chalk Point 2.0.” He accused the Biden administration of putting bank pressure on its banks to shut down crypto companies, making it difficult for businesses to maintain accounts and carry out transactions. He vowed to reverse these policies, saying his administration would work to ensure fair banking access for crypto companies. The issue has sparked concern in the industry, and companies argue that regulatory measures are hampering their ability to operate in the US.
The day before the summit, Trump signed an executive order to create strategic Bitcoin reserves and digital assets stockpiling. This reserve is funded using Bitcoin seized by the Treasury from the confiscation of criminal and civil assets. Digital asset stockpiles hold other cryptocurrencies acquired through similar means. The executive order will make it clear that the government will not purchase additional assets for stockpiling, but it could convert some altcoins into bitcoins for long-term holdings. Trump previously said on social media that the reserve could include ADA, XRP and SOL. Some people, including executives from major exchanges, argued that reserves for these assets are less effective than holding only Bitcoin.
Sergei Nazarov, co-founder of Chainlink, who attended the summit, said the discussion covered the mining of Bitcoin, the role of federal crypto reserves, and how digital assets can be placed within the financial system. He said Trump has expressed his commitment to turning back regulations that slowed the growth of the industry and becoming a leader in the digital assets space.
The policy change represents a major shift from the Biden administration’s approach to crypto regulation. Jennifer Schulp, director of Cato Institute’s Financial Regulation Study, admitted the increase in engagement, but said that more work is needed to create a regulatory framework that will allow the industry to compete fairly. Lawmakers are working on Stubcoin laws, and Sen. Cynthia Ramis said efforts are underway to finalize the regulatory framework for the crypto market. Industry leaders are urging policymakers to avoid supporting specific cryptocurrencies and instead create rules that allow for market-driven innovation.