US President Donald Trump Is Steadily Aligning His Administration with the Crypto Industry

On March 20, he addressed a community conference for the first time since being elected. Speaking at the Blockworks Digital Asset Summit

US President Donald Trump is steadily aligning his administration with the crypto industry. On March 20, he addressed a community conference for the first time since being elected.

Speaking at the Blockworks Digital Asset Summit on March 20 in a pre-recorded statement, Trump said the US would take steps to ensure it is the “crypto capital of the world.”

The president lauded the recent regulatory shift in the crypto industry over the previous administration and added: “I am proud of the progress we have made together.”

“We will work closely with Congress to create a clear, fair and proportionate legal framework for digital assets in the United States,” President Trump said.

“And be advised, we are not starting from scratch. We have excellent legislation that is moving quickly through Congress right now. We will fully support the bipartisan Innovative Technology Ecosystem Data Bank and Competition Act, which is also known as the DATA Act.”

The president noted that the administration is focused on completing President Biden’s economic agenda, which includes investing in critical technologies like artificial intelligence and advanced manufacturing.

“We will also continue to take the steps necessary to ensure that the US dollar remains the world’s leading reserve currency. And to that end, I am pleased that we are making great progress on President Biden’s executive order directing the administration to develop a strategy for the responsible development of digital assets.”

“As you know, the president has also commissioned the Working Group on Digital Assets to advise on the best course of action going forward. We will also be working with Congress on legislation for dollar-backed stablecoins, which will help expand the dominance of the US dollar for many, many years to come,” the president continued.

President Trump has signed several pro-crypto executive orders, including the Jan. 23 order commissioning the Working Group on Digital Assets and another establishing a Bitcoin strategic reserve alongside a separate crypto stockpile.

President Trump addresses the Digital Asset Summit. Source: Cointelegraph/Turner Wright

Related: Bitcoin price tags 2-week highs as markets bet big on Trump crypto news

Mixed reactions to the White House Crypto Summit

President Trump hosted the first White House Crypto Summit, bringing together industry executives to discuss the future of crypto regulatory policy on March 7.

During the meeting, Treasury Secretary Scott Bessent said the US would focus on passing stablecoin regulations and touted stablecoins as a way to ensure the US dollar remains the global reserve currency.

Speaking at the Blockworks Digital Asset Summit, Bo Hines, executive director of the Council of Advisers on Digital Assets, said that a stablecoin bill will likely be presented to President Trump in the next two months.

Treasury Secretary Scott Bessent discusses stablecoin plans at the White House Crypto Summit. Source: The Associated Press

The highly anticipated crypto summit fell short of expectations, with the crypto community members having mixed reactions to the event.

Institutional investors and executives tended to characterize the historical nature of the event as a net positive for the industry, while retail investors and the Bitcoin community tended to view the event as underwhelming.

“The White House crypto summit is a gathering of rent-seeking lobbyists pushing state-approved surveillance tokens,” Bitcoin (BTC) maximalist Justin Bechler wrote in an X post.

The price of Bitcoin declined by 7.3% in the days following the White House Crypto Summit and the Bitcoin strategic reserve order, which stipulated that the government could only acquire more BTC through budget-neutral strategies.