President Trump offered praise for the crypto world Thursday, suggesting the industry will “unleash an explosion of economic growth.”
“Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike,” Trump said in virtual remarks at the Digital Asset Summit in New York.
“You will unleash an explosion of economic growth and, with the dollar-backed stablecoin, help expand the dominance of the US dollar,” he continued.
The president’s prediction of economic growth stemming from crypto comes as his administration’s tariffs have roiled the stock market and spurred fears of a recession.
Trump, who has become a key proponent of the industry, ticked off his administration’s crypto-related accomplishments Thursday, pointing to the White House crypto summit earlier this month and his executive order establishing a bitcoin strategic reserve and digital asset stockpile.
He also took aim at former President Biden, who he accused of “foolishly” selling digital assets held by the federal government. Assets seized by the government while disrupting financial crimes are set to form the basis of Trump’s reserve and stockpile.
Trump argued it “will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what Biden did.”
The president also slammed what Republican lawmakers and the crypto industry have labeled “Operation Choke Point 2.0.”
As companies and individuals associated with crypto have lost access to their bank accounts in recent years, some accused Biden-era financial regulators of targeting the industry.
The name is a play on a controversial Obama-era initiative that discouraged banks from working with certain “high-risk” businesses, such as payday lenders and firearm retailers.
“We’re ending the last administration’s regulatory war on crypto and bitcoin, and that includes stopping the lawless Operation Choke Point 2.0,” Trump said. “Operation Choke Point went beyond regulation, and I mean far beyond.”
“It was a form of lawful government weaponization. Frankly, it was a disgrace,” he continued. “But as of January 20, 2025 all of that is over.”
