Publish: 14:56, 09 Mar, 2025

Trump vows support for crypto industry

Online Desk
Trump vows support for crypto industry
Photo - Collected

President Donald Trump said Friday he’s committed to making the US a world leader in cryptocurrencies as industry leaders heaped praise on him for reversing what they said had been unfair attacks on digital assets by the previous administration, reports UNB.

“I thought it was very important that we stay in the front of this one,” Trump said at the first-ever White House “Crypto Summit.”

A former crypto-skeptic, Trump has warmly embraced an industry that’s shown him significant love in return and spent heavily to help him win last year’s election.

“It’s truly wonderful to see how things have changed and how the pendulum has swung back,” Cameron Winklevoss, the co-founder of the crypto exchange Gemini, told Trump.

The summit included crypto company executives, cabinet officials and lawmakers, many of whom took turns raving about Trump’s leadership on digital assets. The emboldened industry said it was unfairly treated by the Biden administration and helped Trump and other Republicans score wins in the last election.

Trump reiterated his eagerness to help the crypto industry with friendly legislation and light-touch regulations.

Friday’s summit was the latest in a series of actions the new Trump administration has taken to try and boost the crypto industry. Notably, that’s included the Securities and Exchange Commission dropping several enforcement actions against large crypto companies, including those whose leaders were at Friday’s summit.

On Thursday, Trump signed an executive order establishing a “Strategic Bitcoin Reserve,” which essentially bars the US government from selling bitcoin – currently valued at about $17 billion – it has acquired through criminal and civil asset forfeiture.

The order also allows the Treasury and Commerce Departments to come up with “budget-neutral” plans for the government to acquire additional bitcoin, though no details of what those plans might look like have been released.

The order is a significant boost for bitcoin’s credibility and legitimacy. The oldest and most popular cryptocurrency, bitcoin has gone from an experiment by libertarian cryptography enthusiasts to an asset worth $1.7 trillion in less than two decades.

“Bitcoin is special,” said David Sacks, the Trump administration’s “crypto czar,” told reporters Friday.

Trump’s order also creates a “Digital Asset Stockpile,” where the government will hold seized cryptocurrencies other than bitcoin. On Sunday, Trump sent crypto prices on a short-lived surge after a surprise announcement that he wanted the government to hold lesser-known cryptocurrencies XRP, solana and cardano.

It’s unclear why Trump named those specific cryptocurrencies and not others. His announcement caused a stir in the crypto community about whether the government would pick winners and losers among various types of cryptocurrencies.

Yesha Yadav, a professor at Vanderbilt Law School, said it’s clear the Trump administration wanted to avoid getting dragged into that kind of fight with the way the executive order was worded.

“It’s unsurprising that the Trump EO from yesterday has been quite neutral,” she said.

Trump’s foray into crypto has included backing a personal meme coin and other ventures to enrich himself and his family. Those moves have drawn swift criticism from Democrats and even some crypto enthusiasts who support Trump.

Bd-pratidin English/Tanvir Raihan

Topic

More News
Turksat expands satellite internet access across Syria to boost digital services
Turksat expands satellite internet access across Syria to boost digital services
AI set to transform 47% of UK job roles by 2030, say tech leaders
AI set to transform 47% of UK job roles by 2030, say tech leaders
Apple’s patent envisions Apple Pencil drawing anywhere even in the sky
Apple’s patent envisions Apple Pencil drawing anywhere even in the sky
Jack Dorsey’s Bitchat like WhatsApp with internet-free messaging
Jack Dorsey’s Bitchat like WhatsApp with internet-free messaging
OpenAI to release web browser in challenge to Google Chrome
OpenAI to release web browser in challenge to Google Chrome
Linda Yaccarino exit as CEO of Elon Musk’s X
Linda Yaccarino exit as CEO of Elon Musk’s X
Pathao Pay launched nationwide with pay card, cashback offer
Pathao Pay launched nationwide with pay card, cashback offer
ChatGPT tests 'study together' feature to promote collaborative learning
ChatGPT tests 'study together' feature to promote collaborative learning
Alien planet lashed by huge flares from its 'angry beast' star
Alien planet lashed by huge flares from its 'angry beast' star
Apple's top AI executive Ruoming Pang leaves for Meta
Apple's top AI executive Ruoming Pang leaves for Meta
German space capsule lost carrying ashes of 166 people
German space capsule lost carrying ashes of 166 people
Spotify unveils 'Jam,' a social in-car feature for Android Auto
Spotify unveils 'Jam,' a social in-car feature for Android Auto
Latest News
Chinese dam a ticking bomb, says Arunachal CM
Chinese dam a ticking bomb, says Arunachal CM
21 minutes ago | International
GP opens ‘Grameenphone One’ to transform digital ecosystem for next-gen users
GP opens ‘Grameenphone One’ to transform digital ecosystem for next-gen users
27 minutes ago | Corporate Corner
Al Mahmud’s 89th birth anniversary being celebrated Friday
Al Mahmud’s 89th birth anniversary being celebrated Friday
51 minutes ago | Special
Rain likely across country
Rain likely across country
1 hour ago | National
'LA's loneliest bachelor': How a mateless Hollywood puma inspired the world's biggest animal bridge
'LA's loneliest bachelor': How a mateless Hollywood puma inspired the world's biggest animal bridge
1 hour ago | Special
Chinese students sleep in libraries, tents as heatwave grips eastern China
Chinese students sleep in libraries, tents as heatwave grips eastern China
1 hour ago | International
Rizvi calls for early elections, rejects reform rhetoric
Rizvi calls for early elections, rejects reform rhetoric
2 hours ago | National
Children queuing for supplements killed in Israeli strike
Children queuing for supplements killed in Israeli strike
2 hours ago | International
Turksat expands satellite internet access across Syria to boost digital services
Turksat expands satellite internet access across Syria to boost digital services
2 hours ago | Tech
Russia’s drone war escalates, straining Ukraine’s defenses, civilian morale
Russia’s drone war escalates, straining Ukraine’s defenses, civilian morale
3 hours ago | International
No scope for electoral alliance with Jamaat, door not closed for NCP: Salahuddin
No scope for electoral alliance with Jamaat, door not closed for NCP: Salahuddin
3 hours ago | National
Foreign investment declining for four reasons
Foreign investment declining for four reasons
3 hours ago | Special
Trump threatens 35% tariff on Canadian goods, hints at global trade escalation
Trump threatens 35% tariff on Canadian goods, hints at global trade escalation
3 hours ago | Economy
AI set to transform 47% of UK job roles by 2030, say tech leaders
AI set to transform 47% of UK job roles by 2030, say tech leaders
4 hours ago | Tech
Villages submerged across Bangladesh as floodwaters rise
Villages submerged across Bangladesh as floodwaters rise
4 hours ago | National
Riders beat Guyana Amazon Warriors by eight runs
Riders beat Guyana Amazon Warriors by eight runs
4 hours ago | Sports
Custom houses open today and tomorrow
Custom houses open today and tomorrow
4 hours ago | Economy
Commerce adviser meets US trade representative as tariff talks continue
Commerce adviser meets US trade representative as tariff talks continue
4 hours ago | National
UK to begin returning migrants to France in weeks under new bilateral deal
UK to begin returning migrants to France in weeks under new bilateral deal
4 hours ago | International
Russia and US hold 'frank' talks on Ukraine war
Russia and US hold 'frank' talks on Ukraine war
5 hours ago | International
Online registration, postal voting for expatriates to cost nearly Tk48 crore: EC
Online registration, postal voting for expatriates to cost nearly Tk48 crore: EC
5 hours ago | National
Former Janata Bank chairman Abul Barkat arrested over corruption allegations
Former Janata Bank chairman Abul Barkat arrested over corruption allegations
5 hours ago | Economy
Sri Lanka crush Bangladesh in first T20I by 7 wickets
Sri Lanka crush Bangladesh in first T20I by 7 wickets
16 hours ago | Sports
Only completely orphans in politics want PR system: Rizvi
Only completely orphans in politics want PR system: Rizvi
16 hours ago | National
Jahangir calls for more US cooperation in Bangladesh's security sector
Jahangir calls for more US cooperation in Bangladesh's security sector
17 hours ago | National
Broadcasting system will be modernized prioritizing public interest: Mahfuj
Broadcasting system will be modernized prioritizing public interest: Mahfuj
17 hours ago | National
Controversial ‘Sir’ directive from Hasina’s rule revoked
Controversial ‘Sir’ directive from Hasina’s rule revoked
18 hours ago | National
Parties on consensus over forming caretaker government: Ali Riaz
Parties on consensus over forming caretaker government: Ali Riaz
19 hours ago | National
Bangladeshi expats to vote by postal ballot in next election: EC
Bangladeshi expats to vote by postal ballot in next election: EC
19 hours ago | National
CA urges all to cooperate with government in building healthy nation
CA urges all to cooperate with government in building healthy nation
19 hours ago | National
Most Read
All students of 984 schools pass SSC, 134 schools record zero pass rate
All students of 984 schools pass SSC, 134 schools record zero pass rate
23 hours ago | National
Snack smart for liver health, but don’t skip medical care
Snack smart for liver health, but don’t skip medical care
23 hours ago | Lifestyle
Tk 5,971 cr earned by exporting jute, shrimp, other goods from Khulna: EPB
Tk 5,971 cr earned by exporting jute, shrimp, other goods from Khulna: EPB
23 hours ago | Economy
100% pass recorded in 984 institutions
100% pass recorded in 984 institutions
22 hours ago | National
Case filed against Prothom Alo, CID to investigate the complaint
Case filed against Prothom Alo, CID to investigate the complaint
21 hours ago | National
Fakhrul calls for speedy completion of election preparations
Fakhrul calls for speedy completion of election preparations
21 hours ago | National
Council of Advisers discusses ongoing flood situation in Feni, Noakhali
Council of Advisers discusses ongoing flood situation in Feni, Noakhali
21 hours ago | National
Mirza Fakhrul thanks Dr. Yunus for his instructions on election preparations
Mirza Fakhrul thanks Dr. Yunus for his instructions on election preparations
22 hours ago | National
BIMSTEC seeks joint efforts to achieve plastic-smart Bay of Bengal region
BIMSTEC seeks joint efforts to achieve plastic-smart Bay of Bengal region
23 hours ago | National
Controversial ‘Sir’ directive from Hasina’s rule revoked
Controversial ‘Sir’ directive from Hasina’s rule revoked
18 hours ago | National
Jahangir calls for more US cooperation in Bangladesh's security sector
Jahangir calls for more US cooperation in Bangladesh's security sector
17 hours ago | National
Sri Lanka crush Bangladesh in first T20I by 7 wickets
Sri Lanka crush Bangladesh in first T20I by 7 wickets
16 hours ago | Sports
Only completely orphans in politics want PR system: Rizvi
Only completely orphans in politics want PR system: Rizvi
16 hours ago | National
Villages submerged across Bangladesh as floodwaters rise
Villages submerged across Bangladesh as floodwaters rise
4 hours ago | National
Search for survivors after Houthis sink 2nd Red Sea cargo ship
Search for survivors after Houthis sink 2nd Red Sea cargo ship
20 hours ago | International
Strict drives against banned polythene by joint forces to begin: Environment Advisor
Strict drives against banned polythene by joint forces to begin: Environment Advisor
19 hours ago | National
Former Janata Bank chairman Abul Barkat arrested over corruption allegations
Former Janata Bank chairman Abul Barkat arrested over corruption allegations
5 hours ago | Economy
CA urges all to cooperate with government in building healthy nation
CA urges all to cooperate with government in building healthy nation
19 hours ago | National
1284 more arrested in 24hrs
1284 more arrested in 24hrs
23 hours ago | National
Parties on consensus over forming caretaker government: Ali Riaz
Parties on consensus over forming caretaker government: Ali Riaz
19 hours ago | National
Broadcasting system will be modernized prioritizing public interest: Mahfuj
Broadcasting system will be modernized prioritizing public interest: Mahfuj
17 hours ago | National
Russia and US hold 'frank' talks on Ukraine war
Russia and US hold 'frank' talks on Ukraine war
5 hours ago | International
Custom houses open today and tomorrow
Custom houses open today and tomorrow
4 hours ago | Economy
Bangladeshi expats to vote by postal ballot in next election: EC
Bangladeshi expats to vote by postal ballot in next election: EC
19 hours ago | National
Online registration, postal voting for expatriates to cost nearly Tk48 crore: EC
Online registration, postal voting for expatriates to cost nearly Tk48 crore: EC
5 hours ago | National
Foreign investment declining for four reasons
Foreign investment declining for four reasons
3 hours ago | Special
Commerce adviser meets US trade representative as tariff talks continue
Commerce adviser meets US trade representative as tariff talks continue
4 hours ago | National
AI set to transform 47% of UK job roles by 2030, say tech leaders
AI set to transform 47% of UK job roles by 2030, say tech leaders
4 hours ago | Tech
Trump threatens 35% tariff on Canadian goods, hints at global trade escalation
Trump threatens 35% tariff on Canadian goods, hints at global trade escalation
3 hours ago | Economy
UK to begin returning migrants to France in weeks under new bilateral deal
UK to begin returning migrants to France in weeks under new bilateral deal
5 hours ago | International