NEW YORK: President Donald Trump, who has several links with the cryptography industry, will welcome the best players in the sector at a white house summit on Friday, because the land benefits from a renewed momentum after his election.
The United States Crypto community has rallied behind Trump’s campaign, contributing millions of dollars to its victory over Joe Biden, whose administration has tightened the regulations and expressed its skepticism towards digital currencies. Now they see their support pay dividends.
Trump also placed in space in space, by associating with Exchange Platform World Financial Financial and by launching his own “Trump” even in January while his wife Melania did the same – movements that caused accusations of conflict of interest.
The investor of the president “Crypto Czar”, “the investor of the Silicon Valley, David Sacks, will convene the founders, CEO and leading investors with members of a Trump working group to develop policies aimed at accelerating cryptographic growth and providing the legitimacy that the industry had been wanting for a long time.
The guests will include the Cameron and Tyler Winklevoss twins, founders of Platform Gemini, with information that Brad Armstrong de Coinbase and Michael Saylor, the boss of Major Bitcoin Investor Microstrategy, will also be present.
The resurgence of cryptography is suspended from the fate of FTX, the exchange of crypto once leader who collapsed spectacular when his CEO Sam Bankman was found that he had massively frauded customers. He is now serving a period of 25 years in an American prison.
For believers, cryptocurrencies represent a financial revolution which reduces dependence on centralized authorities while offering individuals the freedom of traditional banking systems.
Bitcoin, the most exchanged cryptocurrency in the world, is announced as an alternative to gold or as a coverage against the devaluation of money and political instability.
Cryptography warnings
Critics maintain these assets work mainly as speculative investments with a doubtful real public service, warning that excessive deregulation could leave taxpayers to clean market accidents.
The organizations responsible for the application of laws see digital assets as a means of whitening poorly acquired money.
The proliferation of “same” – cryptocurrencies based on celebrities, internet memes or pop culture rather than technical utility – presents another challenge.
A large part of the cryptography industry frowned on this practice because they fear targeting the company, in the midst of the rapid pump and rescue scheme reports which leave involuntary buyers to pay for assets that end up without value.
Despite its previous hostility towards cryptocurrencies, Trump adopted technology, declaring its intention to make the United States a global crypto power.
Its administration has already taken important measures to eliminate regulatory obstacles.
On Sunday, Trump confirmed the plans for a strategic cryptocurrency reserve where the US government would file for assets in digital foreign currency acquired mainly from judicial crises.
Jacob Phillips of Lombard Finance described this potential decision as “one of the strongest endorsements that the industry has ever seen,” noting that several founders and teams have already moved to the United States in response to the improvement of the regulatory climate.
Trump also appointed the lawyer for cryptography Paul Atkins to direct the Securities and Exchange Commission (SEC).
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 administration had implemented restrictions on banks holding cryptocurrencies (since raised) and enabled the former president of SEC, Gary Gensler, to continue the aggressive application despite the absence of clear legal frameworks.
‘Pivotal moment’
Addressing ethical problems, Sacks has announced on X that he had given in his assets and investments in substantial cryptography, industry figures quickly guaranteeing his integrity.
The summit of Friday “marks a pivotal moment for the digital asset industry”, according to Elitsa Taskova de Nexo, a platform of financial services of cryptocurrency.
However, a significant change will probably require the action of the congress, where cryptographic legislation has remained blocked despite intense efforts of investor lobbying, including Trump Ally Marc Andreessen, influential venture capital.
Some legislators remain hesitant, disturbed by scandals and recurring reports of market accidents, theft and scams.
The recent $ 1.5 billion flight from the Bybit platform highlights the risks that cryptocurrencies are still present.
Nevertheless, Dante disappears from Circle, who emits the ECUPONNE USDC fished in dollars, sees an increasing bipartite support for cryptographic legislation.
It has attributed this consensus emerging to proposals which include strong transparency and anti-money laundering requirements alongside consumers and market protections.
