White House Crypto Summit Highlights: New Ways to Accumulate BTC, Stablecoin Legislation

Written by: 0xjs@黄金财经

The Crypto Summit, which was announced by the White House a week in advance, was officially held at the White House on March 8.

During this week, the crypto market staged many door-painting quotations under the performance of US President Trump. There were social media posts announcing SOL, XRP, ADA, BTC and ETH as US crypto reserves, warm-up of crypto summit guests, and the issuance of "Strategic BTC Reserve and US Digital Asset Reserve" Executive Order.

Because many key information of the White House Crypto Summit was revealed in advance by Trump's executive order, there was not much new information at this White House Crypto Summit. Therefore, during the summit, the price of Bitcoin fell from $90,000 to around $86,000.

This article summarizes some important information about the White House Crypto Summit, as follows:

Trump Speech: Explore New Ways to Accumulate More Bitcoin and Speed ​​Up the Legislation of US Dollar Stablecoin

I know many of you have been fighting for this for years.

In 2024, I promised to make the United States the world's Bitcoin superpower and the global cryptocurrency capital, and we are taking historic actions to fulfill this promise.

The Bitcoin Reserve will become a virtual Fort Knox for digital gold kept by the U.S. Treasury.

My administration is working to end the bureaucracy's "Operation Chokepoint 2.0" war on cryptocurrency.

The federal government is already one of the largest holders of Bitcoin, having acquired up to 200,000 Bitcoins through civil law and various other laws and law enforcement actions, and these current holdings will form the basis of the new reserves. Unfortunately, in recent years, most of the BTC was sold during the Biden administration.

Starting today, the United States will follow a very clear principle: never sell your Bitcoin.

The government is currently in the process of setting up an inventory of crypto assets, and the crypto assets held will be stored and properly managed in a new U.S. Digital Asset Reserve. I also want to express my strong support for the efforts of lawmakers and Congress as they are working on bills to provide regulatory certainty for the U.S. dollar stablecoin and digital asset markets. They are working very hard on this. This is a huge opportunity for economic growth and innovation in our financial sector.

The Departments of Treasury and Commerce will explore new ways to accumulate more Bitcoin for the crypto reserve without any cost to taxpayers. I am ordering federal agencies to inventory the digital assets currently held by the U.S. government and determine how to transfer them to the Treasury Department, which will be stored in a new U.S. Digital Asset Reserve.

Hope to pass stablecoin legislation before the August recess, as well as advance federal government regulatory reforms on cryptocurrencies, hoping that the dollar "remains dominant for a long time."

Treasury Secretary Scott Bessant: Deep thinking on the stablecoin system

We will think deeply about the stablecoin system. As President Trump has directed, we will maintain the United States' position as the world's leading reserve currency, and we will use stablecoins to achieve this. Technology is the foundation of the Trump administration, and it will use technology to move the United States forward.

The Trump administration will end the "regulatory weaponization" of digital assets.

We will position the United States as a leader in the strategic field of digital assets. It is very important for the United States to recognize this fact and lead other countries in the digital age.

I intend to work with agencies and regulators, including the Office of the Comptroller of the Currency and the Internal Revenue Service, to update and revise previous guidelines.

U.S. Commerce Secretary Howard Lutnick: Using Bitcoin, Digital Assets, and Blockchain to Move America Forward

Technology is fundamental to the Trump presidency. This administration will use Bitcoin, digital assets, and blockchain to move America forward and remain a global economic leader. I am proud to work with President Trump and other leaders in the cryptocurrency space to move our country forward in this new arena.

MicroStrategy CEO Michael Saylor shared the document: $60-100 trillion in benefits  Repaying the national debt  

Theme: Digital asset strategy for the 21st century global economy.

Foreword:With the right digital asset framework, policies and leadership, we can unlock the economy, empower enterprises, stimulate the traditional economy and repay the national debt. In the next decade, the economic benefits to the United States will reach $60-100 trillion. The spiritual benefits will be huge and lasting.

Digital Assets – Creating a Sound Framework to Catalyze the Crypto Renaissance

A proper digital asset framework can eliminate unnecessary confusion, conflict, and controversy while balancing competition, cooperation, and capital creation. A streamlined social, economic model, and regulatory category system that can easily integrate the traditional financial system, is intuitive and applicable to digital asset classes, is the guarantee of the economy. This structure must be elegant to enable capital creation and innovation, accommodating billions of people and millions of companies.

1. Digital Tokens – Assets with an Issuer, backed by digital utilities, for commodities, for capital efficiency.

2. Digital Securities – Assets with an Issuer, backed by securities or commodities.

3. Digital Currency – Assets with an Issuer, backed by Currency, for digital commerce and dollar hegemony.

4. Digital Commodities – Assets without an Issuer, backed by digital power, for capital preservation.

Vision: Unleash the power of the crypto industry to advance the global economy

Millions of American businesses, artists, influencers, and institutions can issue digital tokens through digital exchanges and quickly access capital markets.

Thousands of stocks, bonds, ETFs, and commodities can be issued as digital assets and circulate on global computer networks and mobile devices.

Digital currencies issued by American companies will ensure that the dollar remains indispensable in global trade, making American assets the world's financial leader.

The dominant digital commodity Bitcoin will become the global standard for capital preservation and appreciation, attracting billions of dollars in capital flows, with the United States as the main beneficiary.

Principles: Become the world's banker by revitalizing capitalism and property rights

• Issuers must have the right to create and issue assets without prior approval from regulators.

• Exchanges should have the right to custody, trade, and transfer digital assets seamlessly between customers and other exchanges.

• Owners should have the right to freely keep, trade, and transfer their assets.

• All market participants must adhere to: Fair disclosure. Ethical behavior. Commitment to avoid conflicts of interest.

• No one should be empowered to engage in fraudulent behavior, and all should be held civilly and criminally liable for their actions.

• Industry should be responsible for disclosure and compliance to allow markets to function organically.

• Digital assets should flow freely over the internet, as fast as the computational process allows, without censorship or regulatory hindrances.

• By building superior financial protocols, the United States can lead the world in digital finance, attract global capital, and lay the foundation for the economy of the future.

Important Issues – End the Cryptocurrency Wars and Drive Digital Transformation of the Economy

• Hostile and unfair tax policies on crypto miners, holders, and exchanges hinder industry growth and should be eliminated, while arbitrary, capricious, and discriminatory regulations should be lifted.

• Governments should encourage and support major banks to custody, trade, and finance Bitcoin assets. Cryptocurrency industry participants should not be tolerated to be unbanked.

• For the industry to reach its full potential, it needs to be recognized as legitimate and treated fairly by traditional banks, insurance and financial institutions, and government agencies.

Opportunities – Transformation and Development of the U.S. Economy in the Next Decade

1. Digital Tokens – Expand the capital base of U.S. companies by $10 trillion and dominate global products and services. We export our ideas to the world.

2. Digital Security – Increase the value of U.S. securities by $20 trillion, establishing leadership in global equity, bond, and derivatives markets. We export securities around the world.

3. Digital Currency – Increase the U.S. National Debt by $10 trillion, solidifying dominance in global banking, credit, and money markets. We export currency around the world.

4. Digital Commodities – Increase U.S. long-term capital assets by $20 trillion, increasing the wealth of American families and businesses. We export our values ​​around the world.

Strategic Bitcoin Reserve – Win the Race to Dominate Cyberspace and Master the Future

1. Acquire 5-25% of the Bitcoin Network Trust for the Nation through sustained programmatic daily purchases between 2025 and 2035, when 99% of all BTC will be issued.

2. The Strategic Bitcoin Reserve (SBR) has the potential to generate $16-81 trillion in wealth for the U.S. Treasury by 2045, providing a viable path to offset the national debt.

3. Never sell your Bitcoin! The Bitcoin Reserve should generate more than $10 trillion in revenue per year by 2045 and continue to grow, providing a permanent source of prosperity for the American people for generations to come.

Conclusion — Call to Action

The time to act is now. By embracing digital assets and promoting innovation, the United States can secure its place as a global leader in the 21st century economy. Policymakers, regulators, and industry leaders must collaborate to build a regulatory framework that fosters responsible growth while ensuring the integrity of markets. A strong, visionary strategy will unlock trillions of dollars in economic value, strengthen national security, and position the United States as the undisputed leader of the digital age.

Ripple CEO: Regulatory Clarity Through Congressional Action, and BTC Reserves and Crypto Reserves

Some weeks feel like months in the crypto space…There has been a lot of discussion about the crypto agenda that the White House has and will prioritize—most importantly, regulatory clarity through congressional action, and BTC reserves and crypto reserves, supporting innovation in stablecoins backed by U.S. Treasuries, and more. I’m very pleased to see the strong support from this administration. We will bring the industry together to push for much-needed legislation in the U.S.

Gemini Co-Founder Tyler Winklevoss: The U.S. Now Has a Strategic Bitcoin Reserve

A year ago, people thought this was impossible. The U.S. now has a Strategic Bitcoin Reserve, starting with 200,000 BTC (pending audit). Thank you Donald Trump and David Sacks for your leadership and for keeping your promises. This is America First.

Some other developments during the White House Crypto Summit

FIFA President announces "FIFA Coin" plan

FIFA President Gianni Infantino announced the "FIFA Coin" plan at the White House Crypto Summit, hoping to launch its own cryptocurrency, aiming to take advantage of football's $17 billion industry and 5 billion fans worldwide, and will invite cryptocurrency experts to work together to help realize the project.

US Office of the Comptroller of the Currency: Federally regulated banks can participate in crypto custody and certain stablecoin activities

The U.S. Office of the Comptroller of the Currency (OCC) issued a new letter announcing the revocation of Interpretative Letter No. 1179 issued on November 18, 2021, and reiterated that the crypto asset custody, distributed ledger and stablecoin activities discussed in the previous letter are allowed.  

In the letter, the OCC confirmed: "Federal banks and federal savings associations can engage in crypto asset custody, certain stablecoin activities, and participate in independent node verification networks."

Rodney E. Hood, acting director of the U.S. Office of the Comptroller of the Currency, said: "The Office of the Comptroller of the Currency expects banks to adopt the same strong risk management controls as traditional banking to support new banking businesses." 

The agency also said that it has withdrawn its requirement for institutions to implement restrictive controls before engaging in crypto activities.

Bloomberg: Gemini has secretly submitted an application for an IPO in the United States

People familiar with the matter revealed that the crypto trading platform Gemini has secretly submitted an application for an IPO in the United States and is working with Goldman Sachs and Citigroup. It is still uncertain whether the IPO will be carried out in the end. This move came after the U.S. Securities and Exchange Commission (SEC) terminated its investigation into Gemini and did not take any action. In addition, Gemini also reached a $5 million settlement with the U.S. Commodity Futures Trading Commission (CFTC) in January this year over a lawsuit.