Trump Vows to Make U.S. “Undisputed Bitcoin Superpower”
Former President Donald Trump pledged to position America as the leading force in Bitcoin and the global crypto hub during a speech delivered to the Blockworks Digital Assets Summit on Thursday.
Trump’s pre-recorded video remarks were broadcast at the summit held in New York City.
Ending “Regulatory War on Crypto”
The former president stated his administration would end what he termed the Biden administration’s “regulatory war on crypto and Bitcoin.” Trump also mentioned urging Congress to “enact significant legislation establishing clear, straightforward guidelines for stablecoins and market frameworks.”
“With an appropriate legal environment, institutions of all sizes will be empowered to invest, innovate, and participate in a groundbreaking technological evolution in modern history, a truly monumental development,” Trump asserted.
Pioneering the Future of Finance
Addressing summit attendees, Trump conveyed that “innovators like yourselves will possess the capacity to enhance our banking and payment systems, bolstering privacy, safety, security, and prosperity for both American consumers and businesses.”
“This will spark an explosion of economic expansion, and with dollar-backed stablecoins, you will contribute to strengthening the dominance of the U.S. dollar,” Trump elaborated.
“For many years into the future, it will remain at the forefront, and we are committed to maintaining its premier position,” he added.
Trump further acknowledged, “The energy and enthusiasm within the crypto community embodies the very spirit upon which our nation was built, and it is inspiring to witness your role in shaping the future of finance.”
“And this future will be built right here in the USA. Together, we will establish America as the undisputed Bitcoin superpower and the crypto capital of the world,” he concluded.
He concluded his address with, “Thank you, and good luck. God Bless America.”
Focus on U.S. Dominance in Crypto
Trump initiated his address by expressing honor in discussing “how the United States will achieve dominance in crypto and the next wave of financial technologies.”
“It will be challenging, but we currently hold a significant lead,” the former president remarked.
Recalling White House Digital Asset Summit
Trump recalled hosting the inaugural White House Digital Asset Summit two weeks prior.
This event convened White House artificial intelligence and crypto advisor David Sacks, described by Trump as a “fantastic and highly intelligent individual,” alongside prominent crypto leaders to discuss the industry’s future.
Strategic Bitcoin Reserve
That same week, Trump stated he authorized an order “establishing the new strategic Bitcoin Reserve and the U.S. digital assets stockpile, intended to enable the federal government to maximize the value of its holdings, rather than unwisely selling them at a fraction of their long-term potential, as Biden has done.”
“He received only a fraction of their actual value,” Trump reiterated.
Sacks at the time likened the Bitcoin Reserve to “a digital Fort Knox for the cryptocurrency often referred to as ‘digital gold.’”
Ending “Operation Chokepoint 2.0”
The former president asserted his administration’s actions included halting “the unlawful Operation Chokepoint 2.0.”
“Operation Choke Point transcended regulatory measures significantly. It represented a form of lawfare through governmental weaponization, frankly, a disgrace,” Trump contended.
“All of that is Over” in 2025
“However, as of January 20th, 2025, all of that will cease,” Trump declared.
This statement referenced Paul Grewal, Chief Legal Officer at Coinbase, a major cryptocurrency exchange, who disclosed documents in December obtained via Freedom of Information Act requests.
These documents coincided with an ongoing legal dispute between Coinbase, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation (FDIC).
“Debanking” Allegations
The released documents purportedly substantiated suspicions that cryptocurrency tech founders were being “debanked” under a program known as “Operation Chokepoint 2.0.”
These documents revealed that the Biden administration’s FDIC dispatched numerous letters encouraging banks to “pause all crypto-asset-related activity.”
Fox News Digital’s Alec Schemmel contributed to this report.