Trump announced end of ‘war’ against crypto assets

The crypto summit hosted by the White House on March 7 failed to produce a beneficial effect on the market. The majority of digital assets have since dropped.

At the summit, Donald Trump announced the ‘war’ against crypto projects was over and doubled down on his ambitious plans to turn the USA into ‘the crypto capital of the world.’ Additionally, he promised to end Operation Choke Point 2.0.

“Regulators strong-armed banks […] into closing the accounts of crypto businesses and entrepreneurs, effectively blocking some money transfers to and from exchanges […] All of that will soon be over, and we are ending Operation Choke Point 2.0,” the U.S. president explained.

Trump also highlighted the legislative efforts aimed at regulating dollar-backed stablecoins.

Even with the summit’s immediate negative effect, analysts are certain that the updated U.S. policy will positively impact the crypto industry.

“The U.S.’ prioritisation of Bitcoin as a reserve asset not only legitimises its status as “digital gold’ but also sets a precedent that could accelerate regulatory frameworks and drive institutional adoption worldwide,” First Digital CEO Vincent Chok said.

Bitwise Chief Investment Officer Matt Hougan believes that the Strategic Bitcoin Reserve reduces the risk of Bitcoin being banned and gives the cryptocurrency a more legitimate status in the eyes of investors and regulators. Coinbase CEO Brian Armstrong agrees that it will provide momentum for the legitimization of ‘digital gold’ and that other countries will ‘eventually follow America’s leadership.’