“We are ending last administration’s regulatory war on crypto,”- President Trump

U.S. President, Donald Trump delivered a pre-recorded address at the 2025 Digital Asset Summit in Manhattan on Thursday, urging Congress to enact landmark legislation to regulate stablecoins and bolster the cryptocurrency industry.

Speaking to a standing-room-only crowd, Trump emphasised the transformative potential of digital assets, reiterating his administration’s commitment to positioning the United States as a global leader in financial technology while ensuring the U.S. dollar’s dominance as the world’s reserve currency.

In his address, Trump called on lawmakers to pass “simple, common-sense rules for stablecoins and market structure,” arguing that such measures would unleash “an explosion of economic growth” and enable institutions, both large and small, to innovate and integrate cryptocurrencies into the broader economy.

“With dollar-backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” Trump said. “And many, many years to come, it’ll be at the top, and that’s where we want to keep it.”

His remarks underscored a dual focus that has defined his second term since taking office on January 20: championing cryptocurrencies while safeguarding the greenback’s global status.

More from the Digital Asset Summit

The digital asset summit, held in New York City, attracted industry leaders, policymakers, and innovators eager to hear Trump’s vision for the future of digital finance. While attendees had speculated about potential new policy announcements, such as measures addressing crypto taxes or further action on debanking, Trump instead highlighted his administration’s existing efforts.

“We’re ending the last administration’s regulatory war on crypto and Bitcoin,” he declared, pointing to the cessation of what he called the “lawless Operation Choke Point,” a term used by the crypto community to describe alleged efforts by federal regulators under President Joe Biden to pressure banks into cutting ties with digital asset firms.

“Operation Choke Point went beyond regulation, and I mean far beyond. Frankly, it was a disgrace. But as of January 2025, all of that is over.”

Trump’s administration has moved swiftly to overhaul the U.S. crypto policy since his inauguration. In less than three months, he has signed two executive orders related to digital assets. The first, issued on January 23, established a presidential working group on digital asset markets to develop a federal regulatory framework and evaluate the feasibility of a national digital asset stockpile. 

The second, signed on March 6, created a strategic Bitcoin reserve, capitalising it with approximately 200,000 bitcoins, valued at roughly $17 billion, seized through criminal and civil forfeiture proceedings. This reserve, which Trump has vowed will not be sold, positions Bitcoin as a strategic asset akin to gold or oil.

A separate U.S. digital asset stockpile was also created to hold other seized cryptocurrencies, though the government has not committed to purchasing additional assets with taxpayer funds.

The President’s remarks at the digital asset summit build on a pro-crypto stance that emerged during his reelection campaign, last year. Once a sceptic who dismissed Bitcoin as a “scam” during his first term, Trump reversed course in 2024, courting the industry with promises of regulatory relief and innovation-friendly policies.

His efforts paid off, with crypto firms and executives contributing millions to his campaign and inaugural fund.

At the Bitcoin Conference in Nashville in July 2024, Trump pledged to retain all government-held Bitcoin, a promise he has since fulfilled. His second appearance at a crypto event, this time via video, reinforced his goodwill tour, which has solidified his alliance with an industry that views him as a champion against what it perceives as years of unfair regulatory scrutiny.

Trump’s call for stablecoin legislation comes at a pivotal moment.

Just last week, the Senate Banking Committee advanced a bipartisan stablecoin bill, marking a significant victory for the crypto sector. The legislation aims to provide clarity on the issuance and operation of stablecoins, cryptocurrencies pegged to assets like the U.S. dollar, addressing concerns about consumer protection, market stability, and oversight.

Industry leaders have long argued that regulatory uncertainty has stifled innovation, and Trump’s endorsement could accelerate Congressional action.

“Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security, and wealth for American consumers and businesses alike,” he told the summit attendees.

Crypto and stablecoin regulation; President Trump’s inclusive regulation

The push for stablecoin regulation has also caught the attention of major financial institutions. Earlier this year, Bank of America CEO Brian Moynihan revealed the bank’s interest in launching its stablecoin, contingent on a clear legal framework.

If the Senate bill passes, it could open the floodgates for traditional banks to enter the digital asset space, further mainstreaming cryptocurrencies.

Trump’s Treasury Secretary, Scott Bessent, echoed this sentiment at a White House crypto summit on March 7, stating, “We are going to keep the U.S. dollar the dominant reserve currency in the world, and we will use stablecoins to do that.”

While Trump’s speech was met with enthusiasm from the crypto community, it stopped short of unveiling new policies, disappointing some who had hoped for bold announcements. Instead, he framed his administration’s early actions, halting the sale of seized Bitcoin, convening industry leaders with government officials, and rolling back Biden-era enforcement actions, as evidence of progress.

“It’s an honour to speak with you about how the United States is going to dominate crypto and the next generation of financial technologies,” he said. “And it’s not going to be easy, but we’re way ahead.”

The President’s remarks reflect a broader shift in U.S. policy. Since January, federal regulators, including the Securities and Exchange Commission (SEC), have begun unwinding enforcement actions against crypto firms, a stark contrast to the Biden administration’s aggressive stance.

The SEC’s repeal of Staff Accounting Bulletin 121 in January, which had imposed stringent accounting rules on banks custodying digital assets, further signalled a rollback in regulatory hostility.

As Trump continues to champion digital assets, his administration faces the challenge of balancing innovation with oversight. Critics, including some Democrats on the Senate Banking Committee, have raised concerns about potential conflicts of interest, noting Trump’s ties to World Liberty Financial, a crypto platform launched by his family.

Others question whether a Bitcoin reserve aligns with broader economic goals. Nonetheless, Trump’s message at the Digital Asset Summit was clear: the U.S. must lead the crypto revolution, and stablecoin legislation is a critical next step.