The public part of the White House Crypto Summit from yesterday may be underwhelming for some, but we can extract some ideas.
First of all, it looks like there will be two crypto reserves. The main one for bitcoin (already signed into an executive order), and a separate one for alts. Seems like the opinion of bitcoin maxis prevailed, although they would have probably preferred no alts at all.
The underwhelming part for many, I'm assuming, is that no commitments to buy more bitcoin or alts have been taken. Basically, whatever comes from seizures builds up the reserves. For the bitcoin reserve, ways to buy more that "don't burden the taxpayers" are analyzed.
So... it is possible that the US will buy bitcoin, but it's unclear when or how much.
The promise that was made was to "never sell bitcoin", and currently the US has 200k of them. Well... we'll see if "never" means until the next administration.
Yeah, let's see how many non-dollar stablecoins we'll have... The AI seems to think we'll have a couple...
In my opinion, the focus of Trump's administration will be less on bitcoin and alts, and more on USD-backed stablecoins. While they might look into offering a good climate for crypto companies based in America (the mention of XRP, SOL, and ADA was not random, in my opinion, despite what crypto veterans might feel about one or the other), the biggest win for America in their MAGA quest would be to proliferate the USD-backed stablecoins, and maybe hurt other competitors for them, as a way to extend the hegemony of the USD into the digital assets age.
I'm also sure many big companies are looking for regulatory clarity on stablecoins, so they can include them into their businesses, or even create their own, new currencies. I wonder what the big retailers will do? Integrate an existing stablecoin or create their own? If a network like VISA comes up with its own stablecoin quickly enough, they (the retailers) might not go through the trouble (read risk) of creating their own.
On this subject, according to reports, Trump mentioned he wants to have stablecoin legislation on his desk by August recess, which is a few months over the original deadline of the first 100 days, so let's see what happens.
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