{"id":11273,"date":"2025-03-08T00:42:00","date_gmt":"2025-03-08T00:42:00","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/at-crypto-summit-trump-says-u-s-will-be-the-bitcoin-superpower\/"},"modified":"2025-03-08T00:42:00","modified_gmt":"2025-03-08T00:42:00","slug":"at-crypto-summit-trump-says-u-s-will-be-the-bitcoin-superpower","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/at-crypto-summit-trump-says-u-s-will-be-the-bitcoin-superpower\/","title":{"rendered":"At Crypto Summit, Trump Says U.S. Will Be \u2018the Bitcoin Superpower\u2019"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Sitting beneath a portrait of Abraham Lincoln, more than two dozen of the most powerful figures in the U.S. cryptocurrency industry, together worth many billions of dollars, gathered in the White House on Friday for an audience with President Trump.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When Mr. Trump entered the ornate State Dining Room after a short wait, the executives rose to applaud him.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cMany of you have been fighting for years for this,\u201d Mr. Trump said as the room quieted. \u201cIt\u2019s an honor to be with you at the White House.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump was holding a first-of-its-kind \u201ccrypto summit,\u201d meeting face to face with the leaders of virtually all of the top crypto companies in the United States. Only a small portion of the gathering, which was scheduled to last four hours, was broadcast to the public. But it offered a vivid illustration of Mr. Trump\u2019s recent embrace of crypto, a renegade industry that has spent years battling with U.S. regulators.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Several executives, including Tyler and Cameron Winklevoss, the founders of the Gemini crypto exchange, offered words of gratitude to Mr. Trump. They called him \u201cwonderful,\u201d saying they were \u201coverjoyed\u201d with his approach.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cHigh I.Q. individuals around this table,\u201d Mr. Trump responded.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since he took office, Mr. Trump has orchestrated a complete transformation of federal policy on crypto. The Securities and Exchange Commission has almost entirely <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/28\/technology\/crypto-sec-trump.html\" title=\"\">reversed an aggressive campaign by the Biden administration<\/a> to crack down on the industry. The agency, moving with astonishing speed, has issued legal guidance to help crypto companies, ended investigations into major firms and dropped lawsuits against two of the largest exchanges, Coinbase and Kraken.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Leaders of both those companies attended the White House event on Friday. Brian Armstrong, the Coinbase chief executive, sat two seats away from the president.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt signals the industry is finally a serious industry,\u201d said JP Richardson, who runs the crypto firm Exodus and flew to Washington to participate in Mr. Trump\u2019s summit. \u201cWe believe the technology can fundamentally change the world. And to actually have this administration take it seriously is really important.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The meeting was also a reminder of Mr. Trump\u2019s personal investment in crypto, which ethics experts have described as an alarming conflict of interest. The guest list included <a class=\"css-yywogo\" href=\"https:\/\/x.com\/ZachWitkoff\/status\/1897021137173012797\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Zach Witkoff<\/a>, the son of Steve Witkoff, a close friend of the president\u2019s who serves as the administration\u2019s special envoy to the Middle East. The younger Mr. Witkoff is a founder of World Liberty Financial, a crypto business that Mr. Trump heavily promoted last year \u2014 and from which he and his family profit directly.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Once a crypto skeptic, Mr. Trump embraced digital currencies on the campaign trail last year, as crypto firms spent tens of millions of dollars to back him as well as congressional candidates who supported the technology.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Soon, Mr. Trump entered the market himself. Last fall, he and his sons worked with the Witkoffs to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/09\/16\/technology\/trump-crypto-world-liberty-financial.html\" title=\"\">start World Liberty Financial<\/a>, promoting it as a platform for borrowing and lending in crypto. World Liberty has its own digital currency, WLFI, and the Trump family receives a cut of the sales.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Just days before his inauguration, Mr. Trump also started selling a so-called memecoin, a type of cryptocurrency tied to an internet joke or a celebrity mascot. The coin, called $Trump, briefly surged and then crashed, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/09\/us\/politics\/trump-crypto-memecoin.html\" title=\"\">costing<\/a> investors a cumulative $2 billion.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since winning the election, Mr. Trump has taken steps to boost the industry\u2019s prospects, appointing crypto supporters to top administration posts and calling for federal agencies to develop a new approach to regulation.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On Thursday night, he signed an executive order to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/03\/06\/technology\/trump-crypto-reserve-executive-order.html\" title=\"\">create a national reserve of Bitcoin<\/a> and other cryptocurrencies. Crypto executives pitched the plan as a strategy to chip away at the national debt.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Skeptics have attacked the proposal as a scheme to enrich a small number of crypto investors. Even some of Mr. Trump\u2019s supporters in the <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/03\/03\/business\/dealbook\/trump-crypto-bitcoin-reserve.html#:~:text=Critics%20of%20all,crypto%20bro%20schemes.%E2%80%9D\" title=\"\">technology<\/a> world have joined in the criticism.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After Mr. Trump teased the reserve announcement on social media last weekend, Joe Lonsdale, a prominent tech investor, <a class=\"css-yywogo\" href=\"https:\/\/x.com\/jtlonsdale\/status\/1896245689488920748\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">wrote<\/a> on X that the government shouldn\u2019t waste money on \u201ccrypto bro schemes.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">None of that dissent was on display at the summit. The meeting was cordial, said Sergey Nazarov, a founder of the crypto company Chainlink, who attended the event. One by one, the executives shared their views on crypto policy, with little time for debate or disagreement.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis wasn\u2019t a meeting where things were being decided or disclosed,\u201d Mr. Nazarov said. \u201cThis was more of a collaborative brainstorming type of session.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In the public portion of the summit, Mr. Trump sat between David Sacks, the White House\u2019s crypto policy czar, and Scott Bessent, the Treasury secretary. Mr. Trump hailed the event as a turning point in the nation\u2019s treatment of the crypto industry.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cI promised to make America the Bitcoin superpower of the world and the crypto capital of the planet,\u201d he said. \u201cWe\u2019re taking historic action to deliver on that promise.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">He said the new national Bitcoin stockpile would create a virtual Fort Knox for the nation\u2019s holdings. \u201cNever sell your Bitcoin,\u201d Mr. Trump said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In his own remarks, Mr. Sacks praised Mr. Trump\u2019s leadership, saying the administration was \u201cmoving at tech speed.\u201d The industry had been subject to \u201cprosecution and persecution\u201d under the Biden administration, he said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cNobody knows what that feels like better than you do,\u201d Mr. Sacks said to the president.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Then he turned to the Winklevoss twins, sitting on the other side of the room.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cYou said something earlier that I thought was really profound,\u201d Mr. Sacks told them. \u201cA year ago, you thought that it would be more likely that you\u2019d end up in jail than at the White House.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/03\/07\/technology\/trump-crypto-summit.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sitting beneath a portrait of Abraham Lincoln, more than two dozen of the most powerful figures in the U.S. cryptocurrency<\/p>\n","protected":false},"author":1,"featured_media":11274,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[2882,123,502,1178,114,133,3773,219,1861,1321,113,111,176,1320,3348],"class_list":["post-11273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-coinbase-inc","tag-computers-and-the-internet","tag-conflicts-of-interest","tag-corporations","tag-donald-j","tag-executive-orders-and-memorandums","tag-kraken-payward-inc","tag-regulation-and-deregulation-of-industry","tag-securities-and-exchange-commission","tag-steven","tag-trump","tag-united-states-politics-and-government","tag-virtual-currency","tag-witkoff","tag-world-liberty-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>At Crypto Summit, Trump Says U.S. Will Be 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