According to Crypto.com CEO Kris Marszalek, US President Donald Trump has placed cryptocurrency at the heart of his economic strategy, showing major policy changes for the US blockchain industry.
Trump held the White House Script Summit on March 7th to show that he intends to make crypto policy a national priority and make the US a global hub for blockchain innovation.
The summit was marked “a truly historic day at the White House,” Marsalek said in the X-Post on March 8th.
Source: Kris | Crypto.com
Marszalek believes Trump has reversed policies like the Chokepoint 2.0 operation.
The difficulty of finding a bank partner may actually be a thing of the past for crypto companies after the office of the U.S. Currency Secretary (OCC) relaxed its attitude about how to engage with crypto hours after the bank has finished encryption, hours after the banks have restricted access to bank services to bank services.
Related: US Bitcoin Reserve Marks “Real Steps” Towards Global Financial Integration
Cryptography gains momentum
The Crypto Summit also emerged as two major bills awaiting Congressional approval: the Stablecoin Bill and the Market Structure Bill, which aims to increase the uncertainty of regulations around the US crypto industry.
Marszalek said ongoing dialogue with key regulators such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) could result in the passing of “landmark laws.” He added:
“The impact of establishing these regulatory frameworks is felt around the world, providing the foundation needed to move offshore activities on land and offshane activities on-chain.”
The CEO’s comments come the day after Trump signed the executive order on March 7th. This reported that it outlined plans to establish a Bitcoin sanctuary using cryptocurrencies confiscated in government criminal cases, rather than actively obtaining Bitcoin (BTC) through purchases in the market.
Although no direct BTC purchases have been announced, the bill added that the US Treasury and Commerce Departments will implement a “budget neutral strategy” to buy more Bitcoin “on the condition that these strategies do not impose incremental costs on US taxpayers.”
Some analysts view the US Bitcoin reserve plan as the first “real step” for Bitcoin to integrate into the global financial system.
“The US has taken the first true step towards integrating Bitcoin into the global finance structure and recognizes its role as a fundamental asset in a more stable and sound financial system,” Joe Burnett, head of market research at UNChained, told Cointelegraph.
Related: FDIC Resist Transparency of Operating Choke Point 2.0 – Coinbase CLO
Trump previously highlighted his intention to strengthen US crypto innovation, but issuing a regulatory framework takes time and setting the “correct regulatory tone” is crucial to the administration.
https://www.youtube.com/watch?v=6unogdvqwre
Magazine: Max Berwick meets a lawyer – “Ambulance Tracker Crypto”
