At the White House crypto summit, President Donald Trump said he expects stablecoin legislation on his desk before August.
At the White House crypto summit, President Donald Trump said he expects stablecoin legislation on his desk before August and urged lawmakers to pass bills on stablecoins and market structure. He emphasized that keeping the U.S. dollar strong remains a priority. The summit gathered major crypto industry leaders, including Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi, and House Majority Whip Tom Emmer. Officials such as Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, SEC Commissioner Hester Peirce, and CFTC Acting Chair Caroline Pham were also present. The event was planned with input from White House AI and Crypto Czar David Sacks and Bo Hines, the director of Trump’s digital assets working group. Discussions focused on regulatory policies, crypto banking access, and the future role of digital assets in the financial system.
Trump also addressed concerns about "debanking" and called for an end to what he referred to as "Operation Choke Point 2.0." He accused the Biden administration of pressuring banks to cut off crypto companies, making it difficult for businesses to maintain accounts and conduct transactions. He vowed to reverse these policies, stating that his administration would work to ensure fair banking access for crypto businesses. The issue has been a growing concern in the industry, with companies claiming that regulatory actions have hindered their ability to operate in the U.S.
A day before the summit, Trump signed an executive order to create a strategic Bitcoin reserve and a digital asset stockpile. The reserve will be funded using Bitcoin seized by the Treasury Department from criminal and civil asset forfeitures. The digital asset stockpile will hold other cryptocurrencies acquired through similar means. The executive order makes it clear that the government will not purchase additional assets for the stockpile, but it may convert some altcoins into Bitcoin for long-term holdings. Trump had previously mentioned on social media that the reserve could include ADA, XRP, and SOL, which sparked debate among industry leaders. Some, including executives from major exchanges, argued that a reserve with these assets would be less effective than holding only Bitcoin.
Sergey Nazarov, co-founder of Chainlink, who attended the summit, said discussions covered Bitcoin mining, the role of federal crypto reserves, and how digital assets should be positioned within the financial system. He noted that Trump expressed a commitment to reversing regulations that have slowed industry growth and to making the U.S. a leader in the digital asset space.
The shift in policy marks a significant change from the Biden administration’s approach to crypto regulation. Jennifer Schulp, Director of Financial Regulation Studies at the Cato Institute, acknowledged the increased engagement but said more work is needed to create a regulatory framework that allows the industry to compete fairly. Lawmakers are working on stablecoin legislation, and Senator Cynthia Lummis stated that efforts to finalize a regulatory framework for crypto markets are ongoing. Industry leaders have urged policymakers to avoid favoring specific cryptocurrencies and instead create rules that allow for market-driven innovation.
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