The Trump encryption summit shows that the industry is responsible

“This is a very important day in your life. ” Washington.

“The government representatives have expressed a negative system towards the encryption industry, and that the system is now ending,” says Sergey Nazarov, co -founder of Chainlink, who attended the summit. “There is a large shift and huge quantities of support.”

“Very open and acceptable”

Over the past few years, the encryption industry has withstood the procedures for enforcement against them by the administration of President Joe Biden. The Securities and Exchange Committee in Biden, led by Gary Ginserler, sought to take strict measures against encryption companies that he considered violating securities laws, and protecting investors from tremendous fraud and fraud that spreads in the world of encryption, such as Terra Luna and FTX. This has led to lawsuits against large and small companies, including Coinbase.

After Trump’s election, many members of the Council of Ministers appointed close ties with the industry, such as Ai & Crypto Czar David Sacks, Trade Minister Howard Lottenic, and Treasury Secretary Scott Payette. Several enforcement measures, including the case against Coinbase, have been since then Decline. It was the most supportive commissioner at the Supreme Education Council, most notably Hester Pears, high: she is now leading SEC encryption work.

All of these officials were present at the top, as well as Tom Amir, the majority of the house. “I didn’t expect the people who were top at the top,” says Nazarov. “Everyone who came from the industry was able to speak and provide their views. All the senior government, I think, were very open and acceptable.”

Trump led himself a public press conference in addition to a special conference with executives. In his public statements, he mocked Biden for his anti -Arab position, he asked Congress to pass bills on Stablecoins and the framework of digital assets before the August holiday, for some reason, allowed FIFA Gianni Infantino President to show the World Cup Football Cup and Pittensing the idea of ​​creating Qiin FIFA. “This currency may be more than FIFA at the end,” Trump said in response. (Trump’s Mimi currency initially made millions of dollars in commercial fees alone, although it has since decreased from its peak of $ 75 to $ 12).

The industry participants at the summit included the Brian Armmarong of Coinbase, Michael Silor from Microstrategy, Winklevoss Twins, and Zach Witkoff, co -founder of Trump’s Crypto, World Liberty Financial. Completely, the participants gave more than $ 11 million to Trump’s opening committee, According to the objectionCritics have raised many questions about conflicting interests. “When the encryption companies are spent More than a hundred million “Robert Wessman, co -chair of the public citizen, in an e -mail statement to time,” Robert Weissman, co -chair of the public citizen, wrote in the e -mail statement to the time, “Robert Weissman, co -chair of the public citizen, wrote in the email statement to the time:” Robert Wessman wrote the co -chair of the General Citizen in a statement By e -mail to time, “dollars in the 2024 elections have created a new book to buy political power on a large scale in America.”

“People who should be in front of him are in front of him, but there are also people who should not be in front of him in front of him,” says Avic Roy, co -founder and head of the Research Foundation for Research on Equal Opportunities. “One of the challenges in public policy is always: How does a person distinguish in the position of the president between people who press only and people who feel the public spirit?”

After the summit, Trump’s office from the Currency Observer (OCC) Exposed directives Allow the banks to keep the encoded currency, and asked them to do their diligence around the risks. This was another indication that the Trump administration would not closely organize the industry. “This industry was fairly suppressed from its capabilities in the American system,” says Nazarov. “They want to go completely in the other direction.”

Read more: Inside the chess match that paid the Federal Reserve to $ 3.6 billion in the stolen bitcoin currency

Trump encryption reserves

The summit came a day after Trump’s release Executive order Announcing the establishment of the Bitcoin Federal Reserve. When Trump presented the idea earlier this week, many people expressed his concerns: that Trump will impose taxes to buy encryption, and that he creates risks by including smaller and volatile coins such as Cardano and XRP in the suggestion.

But the executive is a little bit. It announced that the United States will not buy any new bitcoin coins, but simply hold the cryptocurrencies they seized in seizures. Andrew O’Neill, the administrative director of the S& P Global TransIns, launched a “mainly symbolic” arrangement in a statement until a time.

Those familiar with the industry chanted the decision to focus mainly on a separate bitcoin reserve, which effectively reduces the importance of other encryption projects – that The founders pressed Trump for support. “It was clear that it was clear that a favorite result as well -related people were able to obtain the government to buy their symbols without any clear strategic justifications for doing this,” Roy says. “Bitcoin is a special case; it does not have the CEO.”

The executive also calls for a full audit of US ‘Crypto Holdings, which is estimated to include about 20000 Bitcoin (deserves around it 17 billion dollars). Yashha Yadaf, a law professor at Vanderbelt, a specialist in regulating encryption and securities, says the audit will be important to determine the amount of this useful bitcoin, and how much you may need to be returned to fraud victims. A large part of Bitcoin’s Bitcoin Bit for BitFinex, which the US government seized in 2022: “Whether it is excited to follow every single victim in this case, whether the victims have come up, and their claims have not been dealt with – and this is something that should be seen.”