Golden Finance reported that at the “State of Crypto” summit held by Coinbase, US President Trump delivered an important speech, clearly stating that the United States will fully build a clear and concise market framework in the future, with the goal of helping the United States take the leading position in the field of cryptocurrencies and Bitcoin and lead the future development trend.
Since taking office, Trump has been making continuous moves in the field of cryptocurrencies. As early as during the election campaign, he made a promise to make the United States a country under the rule of a “cryptocurrency president” and build “the most Bitcoin-supportive government ever”. After being elected, this concept was gradually put into practice. On January 23 local time, Trump signed an executive order to establish a cryptocurrency working group. This working group shoulders a heavy responsibility. It not only needs to propose brand-new regulatory rules for digital assets, but also explore the feasibility of establishing a national cryptocurrency reserve, striving to rapidly innovate the crypto policy in the United States. In accordance with the requirements of the executive order, the working group is led by David Sacks, the AI and cryptocurrency commissioner appointed by Trump. Its members include the heads of key government departments and regulatory agencies such as the US Treasury Secretary, the Attorney General, the Commerce Secretary, the chairperson of the US Securities and Exchange Commission (SEC), and the chairperson of the Commodity Futures Trading Commission (CFTC), or their designated personnel. And a report containing regulatory and legislative recommendations must be submitted to Trump within 180 days of the issuance of the executive order.
Subsequently, on March 3rd, Trump announced through social media the advancement of the cryptocurrency strategic reserve plan, which plans to incorporate Bitcoin, Ethereum, Ripple (XRP), Solana (SOL), and ADA into the national reserve framework. Immediately following, on March 6th, he signed an executive order, officially initiating the process of establishing a strategic Bitcoin reserve. The next day, the White House held the first cryptocurrency summit in the history of the United States. Trump personally summoned virtual currency industry giants such as Coinbase and MicroStrategy, as well as representatives including Sergei Nazarov, co-founder of Chainlink, to attend. At the summit, Trump emphasized that the federal government would strongly support the development of cryptocurrencies represented by Bitcoin and the digital asset market, and solemnly promised to push Congress to pass the stablecoin and digital asset framework bill.
At this Coinbase “State of Crypto” summit, Trump once again emphasized the importance of a clear regulatory framework. He pointed out that in the past, the US cryptocurrency market was deterred by ambiguous regulatory rules, which also hindered the development of innovative enterprises. The new regulatory framework will clarify key contents such as market access thresholds, trading norms and investor protection, enabling market participants to clearly understand their own rights and responsibilities. For instance, in terms of investor protection, the framework might require cryptocurrency trading platforms to have a sound risk disclosure mechanism in place, fully explaining to investors the possible price fluctuations, technical risks, etc. they may face when investing in cryptocurrencies. In terms of market access, strict qualification review standards may be set for newly established cryptocurrency projects, taking into account aspects such as team background, technical strength, and financial reserves.
The cryptocurrency industry has responded enthusiastically to Trump’s recent statement. Brian Armstrong, the CEO of Coinbase, said that a clear regulatory framework is like lighting a beacon for the cryptocurrency market, which will attract more traditional financial institutions to get involved in this field and inject a continuous stream of funds and vitality into the market. He gave an example, saying that if the regulatory authorities clarify the compliance path for banks to participate in cryptocurrency business, financial giants like Bank of America may increase their investment in cryptocurrency custody, transaction clearing and other aspects. Nathan McCauley, the CEO and co-founder of the cryptocurrency custody institution Anchorage Digital, also praised that the active actions of the Trump administration in cryptocurrency regulation are a major change in the US digital asset policy and a solid first step towards formulating clear and consistent market rules.
However, there are also some people who are cautious about this. Tim Massard, an adjunct law professor at Georgetown University Law School and the former chairperson of the Commodity Futures Trading Commission, pointed out that although the direction of building a regulatory framework is correct, issues such as power rent-seeking need to be cautious during the implementation process. He is worried that if the process of formulating regulatory policies lacks sufficient transparency, it may be manipulated by certain interest groups, resulting in policies favdering specific groups and undermining market fairness. Robert Weisman, co-chair of the Public Citizen Organization, also expressed similar concerns. He mentioned that in the 2024 general election, cryptocurrency companies have invested a large amount of money, which inevitably raises questions about whether future regulatory policies can truly be just and fair, or whether they will become a “protective umbrella” for specific interest groups.
Looking ahead, as the Trump administration continues to advance the construction of the regulatory framework for cryptocurrencies, the US cryptocurrency market is expected to embrace a new round of development opportunities. But at the same time, many challenges such as how to balance regulation and innovation, protect the rights and interests of investors and promote market prosperity have also been placed before the Trump administration. Global cryptocurrency market participants are closely monitoring the subsequent policy direction of the United States, as this will not only profoundly impact the domestic cryptocurrency industry in the United States but also potentially trigger a chain reaction worldwide, reshaping the global cryptocurrency regulatory landscape.
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