At about 5 a.m. today, the President of the United StatesTrumpHosted the first crypto summit at the White House, as the White House officially released a statement a few days ago, confirming that Trump has signed an executive order to establish a strategyBitcoinreserves and U.S. digital asset reserves, so the market is looking forward to whether he will announce more substantive policies at the summit.

However, during the public livestream, Trump mainly reiterated the content of the executive order and its end to the government's countermeasuresCryptocurrenciesposition, the only new content is involvedStablecoinsThe legislative process, which failed to meet the market's expectations for further policy details, caused the price of Bitcoin to retreat.

The following is a summary of Trump's core remarks during the summit:

The United States will never sell Bitcoin

Trump first emphasized that he had signed an executive order yesterday to formally establish the U.S. strategic bitcoin reserve, and said that the United States holds up to 200,000 bitcoins through civil confiscation, law enforcement actions, etc., which is one of the largest holders in the world, and these assets will become the basis of the new reserve.

But he also criticized the US government for stupidly selling large amounts of bitcoin over the past few years, especially under the Biden administration. He stressed: from today, the United States will follow the bitsCurrency circleThe core credo: "Never Sell Your Bitcoins".

Trump further stated that the Treasury and Commerce Departments will explore new ways to increase their Bitcoin reserves, but only if there are no additional costs to taxpayers. However, he did not disclose the details of the implementation.

In addition, he said the executive order has instructed federal agencies to take stock of all crypto assets currently held by the government and to look at ways to more easily transfer those assets to the Department of the Treasury. Among them, non-bitcoin crypto assets will be deposited in the newly established "U.S. Digital Asset Reserve" and properly managed.

End the government's crackdown on the crypto industry

Trump said his administration is working to end the Biden-era crackdown on the crypto industry and criticized past regulatory policies: the Biden administration has put pressure on banks through regulators to close the accounts of crypto companies and entrepreneurs, effectively blocking the flow of money on some exchanges. They use the government as a weapon to strike at the entire industry.

He stressed that this will soon be the end of this and made it clear that he will put an end to the "Operation Choke Point 2.0" in the anti-crypto industry.

It is hoped that stablecoin legislation will be passed by August

Trump mentioned that he hopes Congress will complete stablecoin-related legislation before the August recess and send it to the White House for signature. He expressed his support for Congress to push for a bill on the regulation of dollar-backed stablecoins and digital assets, which he believes will be an important opportunity to boost economic growth: I would also like to express my unwavering support for the efforts of congressional lawmakers who are pushing for a bill on regulatory clarity on dollar-backed stablecoins and digital asset markets. This is a huge opportunity for economic growth and financial innovation, with far-reaching implications. I think it's going to be a very promising growth model, and the whole system is very interconnected, and we want to keep it that way. I hope Congress will get the bill to my desk for signature before it recess in August.

At the same time, he stressed that dollar-backed stablecoin legislation will ensure the long-term stability of the dollar's position.

Bitcoin slid $85,000

As Trump did not release more details about the policy that the market expected, the price of bitcoin retreated. occupyBinanceAccording to spot market data, Bitcoin fell below $86,000 during the live broadcast of the summit, and the lowest before the deadline was $85,218.47, down 2.49% in the last 24 hours.

The above is the details of the Trump White House Cryptocurrency Summit reaffirming the Bitcoin Reserve Order only mentioning 1 update, for more information about Bitcoin's $85,000 drop, please pay attention to other related articles on the currency network!

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