Washington: American president Donald Trump held a large-scale meeting with the best cryptocurrency leaders at the White House, signaling strong support for industry while seeking to reshape the regulations, despite concerns about conflicts of potential interests because of his financial links with the sector.
Investors in American crypto were the main supporters of Trump’s presidential campaign, contributing millions of dollars to his victory in the hope of putting an end to the deep skepticism of the administration of the Democrat Joe Biden towards digital currencies.
“I think it is prudent to say that the administration wants to end the war against the crypto. We promise to do so,” the president’s CSAR told journalists, “the journalists the Silicon Valley’s investor told the meeting.
Trump now has important financial links with the sector, in partnership with the World Liberty Financial exchange platform and by launching the “Trump” same in January.
First lady Melania Trump announced her own same, $ Melania, one day before the inauguration of her husband’s January 20.
Sacks invited founders, CEO and eminent investors, as well as members of a Trump working group, to develop policies aimed at accelerating the growth of cryptography and giving legitimacy that the industry has long sought.
Trump signed an executive decree establishing a “Bitcoin reserve on Thursday,” said a movement of travel, made a campaign promise to an increasingly important component of his supporters.
The guests of the summit included twins Cameron and Tyler Winklevoss, founders of the Crypto Gemini platform, as well as Brian Armstrong de Coinbase and Michael Saylor, the boss of Major Bitcoin Investor Microstrategy.
“Innovation framework”
For believers, cryptocurrencies represent a financial revolution which reduces dependence on centralized authorities while providing individuals with an alternative to traditional banking systems.
Bitcoin, the most exchanged cryptocurrency in the world, is announced by defenders as a substitute for gold or coverage against the devaluation of money and political instability.
Critics, on the other hand, argue that these assets work mainly as speculative investments with a doubtful real public service that could leave taxpayers for cleaning if the market is blocking.
Asked about the risky nature of investment in cryptography, Sacks said that the adoption by the government of industry did not constitute investment advice and warned that digital currencies were very volatile, encouraging the Americans to speak to an advisor before entering the market.
“My job is not to encourage people to buy crypto. My job is to create an innovation framework for the United States,” he added.
The proliferation of “same” – cryptocurrencies based on celebrities, internet memes or elements of pop culture rather than technical utility – presents another challenge.
A large part of the cryptography industry frowned on these tokens, fearing to tarnish the credibility of the sector, in the midst of the rapid pump and dump scheme reports which leave involuntary buyers to pay for assets that end up without value.
Once hostile to the cryptography industry, Trump has already taken important measures to eliminate regulatory obstacles.
Under Thursday’s prescription, the Bitcoin stock will be made up of digital currency entered in American criminal procedures.
Sacks said that if the previous administrations had kept their digital assets in the past decade, rather than selling them, they would be worth $ 17 billion today.
Trump appointed the defender of cryptography Paul Atkins to direct the Securities and Exchange Commission.
Under Atkins, the SEC abandoned legal proceedings against the main platforms such as Coinbase and Kraken which were initiated during Biden’s mandate.
The previous democratic administration had implemented restrictions on banks holding cryptocurrencies – which have since been lifted – and have enabled the former SEC president, Gary Gensler, to continue an aggressive application.
Sacks said that the Biden administration had treated industry “as criminals” and launched surveys when there were no clear rules on the road.
“The founders of Crypto would tell me again and again, we just want to know what the rules are … and we never told them these rules,” he said.
However, the establishment of these rules will probably require an action by Congress, where cryptographic legislation has remained blocked despite intense lobbying efforts by investors.