President Donald Trump expressed his desire to have stablecoin legislation ready by August. He aims to reform how the federal government handles cryptocurrency.
During a recent crypto summit at the White House, Trump endorsed lawmakers’ efforts to pass stablecoin bills and improve market structure. He emphasized the importance of maintaining the U.S. dollar’s strength.
The summit attracted many crypto executives and federal officials, including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
Notable figures from the crypto industry, like Coinbase CEO Brian Armstrong and Kraken co-CEO Arjun Sethi, were present. The event was organized by White House AI and Crypto Czar David Sacks and Bo Hines, who leads Trump’s digital assets working group.
Some critics pointed out that the initial attendee list featured only men. However, women like SEC Commissioner Hester Peirce and former Senator Kelly Loeffler were also in attendance. Trump’s social media company, Truth Social, is reportedly negotiating to acquire Bakkt, a crypto platform previously led by Loeffler.
Trump also addressed the issue of debanking, calling for an end to “Operation Choke Point 2.0.” This initiative has faced criticism from crypto firms claiming they struggle to open and maintain bank accounts in the U.S. Trump accused the Biden administration of pressuring banks to close accounts for crypto businesses, which he believes hinders the industry.
Sergey Nazarov, co-founder of Chainlink, noted that various topics were discussed at the summit. These included the U.S. approach to bitcoin mining and the establishment of federal crypto reserves.
Nazarov stated that Trump showed a keen interest in the crypto industry and indicated that previous administrations’ negative stance on crypto would change. He aims to reverse laws that have hindered the industry’s growth and position the U.S. as a leader in the global crypto market.
