End of Government's War with Cryptocurrencies; Unveiling of New Crypto Policies

Donald Trump announced at the first cryptocurrency summit at the White House that the government's war with the crypto industry has ended and a new path for supporting this sector has begun. Criticizing the policies of Joe Biden's administration, he stated that the previous government targeted this industry by blocking the accounts of cryptocurrency companies. At this summit, Trump unveiled new policies, including the establishment of a 'strategic Bitcoin reserve' that will hold 200,000 Bitcoins seized by the government without selling them as part of a long-term strategy. This decision came after it was revealed that the U.S. has held 400,000 Bitcoins over the past decade but sold half of them, incurring a loss of $17 billion. The Treasury and Commerce Departments have been tasked with finding ways to increase the government’s digital assets without imposing costs on taxpayers. The Securities and Exchange Commission has also closed several cases against crypto companies, including Coinbase and Ripple, and formed a special task force to regulate new laws. David Sachs, head of AI and cryptocurrencies at the White House, regarded the policy shift as a response to unnecessary past restrictions. Trump concluded by stating that he expects the cryptocurrency legislation to be passed before Congress's summer recess and emphasized, 'From now on, America will follow an important principle like Bitcoin users: never sell your Bitcoin!' On Thursday, the U.S. President signed an executive order establishing a government reserve of Bitcoin. This move is considered a significant step towards the potential mainstream acceptance of cryptocurrencies in the economy. According to this new order, the U.S. government will retain Bitcoins previously seized in criminal and civil cases, which is estimated to be around 200,000 Bitcoins.