The Trump administration plans to "roll back" Joe Biden’s war on crypto and treat Bitcoin as the "digital Fort Knox for digital gold."
628 Total views Listen to article COINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe on A senior White House official has confirmed that President Donald Trump’s crypto summit on March 7 will not cover taxes but instead focus on rolling back damaging policies pursued by the former Biden administration. “There’s not going to be anything on taxes. You know, the crypto internet is rife with rumors […] I don’t know how some of these things get started,” a senior White House official said in a virtual preview of the crypto summit held at 10:00 am ET. Instead, the summit will be a venue for industry leaders to provide feedback on regulations, which is consistent with President Trump’s promise to end Operation Chokepoint 2.0, the alleged initiative to “de-bank” cryptocurrency companies under the previous administration. “[T]he President promised during the campaign to have a crypto council. He wanted to take in advice and feedback from the industry. That is the purpose of the summit,” they said. The senior White House official confirmed that Bitcoin (BTC) would receive “special treatment” on the federal government’s balance sheet, which is consistent with President Trump’s March 6 executive order establishing the BTC reserve. The intent is for the government to “hold on” to Bitcoin for the long term, the official said while drawing attention to the ill-timed sale of BTC over the past decade, which cost taxpayers billions. Trump’s executive order “provides that Bitcoin will not be sold [and] allows the Secretaries of Treasury and Commerce to develop budget neutral strategies for adding to that reserve. So it won’t cost the taxpayer a dime. But if the Secretaries can figure out how to accumulate more Bitcoin without costing taxpayers anything, then they are authorized to do that,” they said. In this sense, Bitcoin will be treated differently than the “digital asset stockpile,” which includes other cryptocurrencies owned by the federal government. The goal of the stockpile is “responsible stewardship of those assets,” they said. This is a developing story, and further information will be added as it becomes available.
