President Trump addressed the White House Digital Assets Summit, outlining key policies for cryptocurrency regulation. He emphasized the need for innovation while ensuring security in digital finance. The speech covered blockchain advancements, investor protections, and future economic strategies. Trump's stance on crypto could shape the industry's regulatory landscape.
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NewsTranscript
00:00Well, thank you very much, everyone.
00:15Great honor to have you.
00:16I know you've all been working very hard and very successfully.
00:22And it's a wonderful place, the White House.
00:26I want to begin, is Johnny here from World Cup?
00:29I want to thank you for this election and they just had a presentation in the Oval Office.
00:34And I thought this was such a beautiful.
00:38This is the trophy.
00:39This is a big deal.
00:40The World Cup is the biggest sporting event.
00:42And Johnny Infantino is my friend for a long time.
00:46And during my first term, we worked out a deal to get the World Cup.
00:51And then because of lots of interesting things that happened, I end up being president when
00:58it showed up.
00:59I was always disappointed.
01:01I wasn't going to make it.
01:02I was going to serve eight straight and said we did it the we did it the hard way, but
01:06maybe the more important way.
01:09So I will be with you as president, Johnny.
01:11So maybe you could just make just say a few words and show how beautiful the World Cup
01:17trophy is.
01:20Yeah, sure.
01:21Please.
01:22Yeah.
01:23That's a great key.
01:24Will you go ahead?
01:27I trust you.
01:30So this is the new trophy of the new competition for the FIFA Cup.
01:35The 32 best clubs in the world with the absolutely best players in the world.
01:46For the first time in history, this competition takes place in the United States.
01:49Opening day on the 14th of June.
01:52Right.
01:53in Miami by the 30th of July this year in New York, New Jersey.
01:58And it's not that.
01:59It's also special because it has a key.
02:04And because, as you can see, if I manage to do that, it's tricky.
02:18Oh.
02:19So this is a trophy.
02:21It is a trophy which represents, and that's why I think it's interesting to show this
02:27trophy exactly in this order here, because it represents the past, but it's also projected
02:33to the future.
02:34There is no other sports trophy which looks like that.
02:39It has engraved the history of the game, of soccer, of football, as we call it, the participating
02:46teams of the first edition, the stadiums, beautiful stadiums in the United States of
02:53America where this competition will take place.
02:56So at the same time, past, present, and projected for the future.
03:01And if I may, President, say another two words, and then I'll let you work.
03:07I'd like to congratulate the President and the administration for the World Cup, the
03:14Bubble Cup, the World Cup, and the great work done, but also for this initiative that
03:20you are speaking about here.
03:22If I may add something in this respect, I'm not an expert at all, but FIFA, as you know,
03:29is a brand which is globally known and a strong brand.
03:36The soccer economy in the world is worth around $370 billion a year.
03:42Seventy percent of that, Mr. President, is in Europe.
03:46So imagine the potential that there is around the world only in soccer if we develop it.
03:54And so FIFA is very, very interested, under my presidency, to develop a FIFA coin to
04:03do it from here, from America, and to conquer the five billion soccer fans in the world.
04:11So if there is anyone here who is interested to team up with FIFA, here we are in the United
04:17States of America, and we will conquer the world of soccer with just the FIFA coin.
04:23Thank you very much.
04:25That coin — that's right.
04:30That coin may be worth more than FIFA in the end.
04:34It could be quite a coin, actually.
04:37Anyway, thank you, Johnny.
04:38Great job.
04:39I just thought you should see this trophy because it's really — you know, it's the
04:42biggest sporting event in the world, and we have it here.
04:46And we appreciate being selected.
04:48Thank you very much, Johnny.
04:49You do a fantastic job.
04:51And welcome to the first-ever White House Digital Assets Summit.
04:56I know that many of you have been fighting for years for this, and it's an honor to be
05:04with you at the White House.
05:06I want to thank the White House A.I. and crypto czar David Sachs, Treasury Secretary.
05:13This is David right here, in case you don't know.
05:15You know David.
05:17And a man who's doing a great job as Secretary of Treasury, Scott Besant, who's right here.
05:26Scott, thank you very much.
05:28Commerce Secretary Howard Lutnick, wherever you may be, Howard.
05:31Hi, Howard.
05:33He's doing some interesting work right now with all that's going on.
05:37He's right in the middle of it and doing a great job.
05:41SBA Administrator Kelly Loeffler.
05:44And thank you.
05:46SEC Commissioner Hester Pierce.
05:50Thank you, Hester.
05:52Acting CFTC Chairman Caroline Pham.
05:59House Majority Whip Tom Emmer.
06:02Hello, Tom.
06:04Representative Brian Stile.
06:08Brian, thank you very much.
06:10Digital Assets Council Director Bo Hines.
06:13Good, Bo.
06:14Great job.
06:15And many other distinguished guests.
06:17We have a lot of very distinguished people around the table.
06:19Some of them will be speaking.
06:21I want to thank Marco Rubio also, who's right over there.
06:25And we have tremendous people very interested in this subject.
06:30And last year, I promised to make America the Bitcoin superpower of the world
06:35and the crypto capital of the planet.
06:37And we're taking historic action to deliver on that promise, as you know, around the table.
06:43Yesterday, I signed an executive order officially creating our strategic Bitcoin reserve.
06:49And this will be a virtual Fort Knox for digital gold to be housed within the United States Treasury.
06:57That's a big thing.
07:10The federal government is already among the largest holders of Bitcoin, as you know.
07:16Really, one of the largest holders in the world with as many as 200,000 Bitcoin obtained
07:22via civil law and various other forms of law and including enforcement actions.
07:28These existing holdings will form the foundation of the new reserve.
07:33Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of additional Bitcoin
07:40that were worth billions and billions of dollars had they not sold them.
07:44But they did sell them, mostly during the Biden administration.
07:48Not a good not a good thing to have done from this day on.
07:52America will follow the rule that every Bitcoin knows very well.
07:56Never sell your Bitcoin. That's a little phrase that they have.
07:59I don't know if that's right or not. Who the hell knows?
08:08Who knows? Who knows? But so far, it's been right.
08:12And we'll let's keep it that way.
08:14The Treasury and Commerce Departments will also explore new pathways to accumulate additional Bitcoin holdings
08:21for the reserve, provided it's done at no cost to the taxpayers.
08:25We don't want any cost to the taxpayers.
08:27In addition, my order directs federal agencies to conduct an inventory of all crypto assets
08:33currently held by the U.S. government and determine how they can be transferred easily to the Treasury.
08:41Non-Bitcoin digital assets will be held in a new U.S. digital asset stockpile where they will be managed properly.
08:50My administration also is working to end the federal bureaucracy's war on crypto,
08:55which was really going on pretty wildly during Biden until the election came about.
09:00About five months before the election, he became a big fan because he heard how many people were in favor of it
09:08and how many people love it and respect it.
09:11But I guess it didn't work out too well for him.
09:14People people understood what was going on and paved the way for groundbreaking innovations and institutional finance.
09:21Under the Bitcoin administration, regulators strong arm banks.
09:26I mean, they really did. They strong arm banks into closing the accounts of crypto businesses
09:31and entrepreneurs effectively blocking some money transfers to and from exchanges.
09:36And they weaponized government against the entire industry.
09:40But I know that feeling also may be better than you do.
09:45All of that will soon be over. And we are ending Operation Chokepoint 2.0.
10:00Now, some people really suffered. It was ridiculous what they were doing.
10:04But in the end, they came around, but they came around for the wrong reasons.
10:09They came around only because they wanted votes.
10:12And they saw that tens of millions of people are, you know, were against them because of what they were doing.
10:19I also want to express my strong support for the efforts of lawmakers in Congress
10:23as they work on bills to provide regulatory certainty for dollar backed stable coins and the digital assets market.
10:32They're working very hard on that. This is a tremendous opportunity for economic growth and innovation in our financial sector.
10:39And we'll really go a long way. I think it's going to be a tremendous, tremendous.
10:45We feel like pioneers in a way of tremendous method of growth.
10:50And things are very much tied. And we want to keep it that way.
10:55The U.S. dollar long into the future, we're going to keep it that way.
10:59I hope lawmakers will send that legislation to my desk before August recess if they can.
11:06And they're very much working with you. And, you know, a lot of them and a lot of them were committed right from the very beginning.
11:13So I just want to congratulate you all for being at the White House today.
11:17And a man who knows more about Bitcoin and AI and just about everything else than anybody.
11:23David Saxon, I'd like to have you say a few words, David.
11:27Thank you, Mr. President. We're all here today because of your leadership, your vision and your generosity.
11:31And I really want to thank you for that.
11:34We're also here because of your desire to make America great and to introduce a golden age in America, including for digital assets.
11:42And we're here because of your love of innovators or, as you might say, high IQ people.
11:47We know you love high IQ people. We have about 30 of them here in the room today.
11:51These are the top people in the digital asset industry.
11:55And one other thing that I think that you love is legal fairness.
12:00This is an industry that was subjected to prosecution and persecution for the last four years, horrible lawfare.
12:06And nobody knows what that feels like better than you do.
12:09So we really appreciate the fact that you understand legal fairness and that you're always willing to fight for the right for the right thing, for legal fairness.
12:17You never back down. You stand to fight even in the face of an assassin's bullet.
12:22It's an inspiration to everyone in this room, I think.
12:24So it's an honor.
12:34So I just want to say it's an honor to work for you.
12:36It's an honor to work for a president who works every day to get so much done on behalf of the American people.
12:41Your administration is moving at tech speed. It's really amazing.
12:44It's actually faster than any startup that I've been part of.
12:47Your administration moves even faster.
12:49So I just want to say thank you for having me be a part of it.
12:52I've enjoyed every minute of it.
12:53I love working for you. And thank you again for this opportunity.
12:56Thank you very much. Appreciate it.
13:03And now I just want to pass the ball to Secretary Besson.
13:06Scott.
13:11David.
13:14Today, when President Trump has signed the executive order to establish the strategic Bitcoin reserve and stockpile,
13:22we're going to position the United States as a leader among nations in the digital asset strategy.
13:28It's important for the United States to recognize this fact and get ahead of the other nations in the digital age.
13:35We applaud the president's direction to use a digital asset already in possession of the nation.
13:40And we are going to establish this Bitcoin reserve.
13:44We will use this authority to augment the asset side of the United States balance sheet.
13:50As I've said many times, President Trump is creating assets for the American people.
13:55While most past presidents have created debt and a large part of this asset program can be in digital assets.
14:05We are going to end the regulatory weaponization against digital assets.
14:10The Biden administration's actions did nothing other than publish and punish innovators.
14:16And that all of you have made it here today is really a testament to your fortitude.
14:22Much of Treasury's responsibility in this order relates to the tax code and determinations around risk weightings.
14:29And I'm here to assure you that we are going to work with the controller of the currency, the IRS,
14:35and we're going to rescind and amend all applicable previous guidance.
14:40And we are going to put a lot of thought into the stablecoin regime.
14:45And as President Trump has directed, we are going to keep the U.S., the dominant reserve currency in the world,
14:53and we will use stablecoins to do that. Thank you.
15:04Technology is at the foundation of the Trump presidency.
15:11He understands technology. He embraces technology.
15:15And he's going to use technology to drive America forward.
15:20The blockchain and Bitcoin technology are a key part of that thinking and embracing that.
15:29And here today shows how much a leader the Trump administration and our president is.
15:36He understands it. He embraces it.
15:38As you said, you're a pioneer in this place.
15:41And this is where we're going.
15:43We're using the blockchain. We're using Bitcoin.
15:46We're going to use digital assets to pound forward.
15:49And Donald Trump is leading the way.
15:51Can't be more proud of you today.
15:53Thank you very much. Thank you, Howard.
15:59Kelly, go ahead, please.
16:01Thank you, Mr. President.
16:02This is truly a historic day.
16:04And as a crypto founder, I couldn't be more proud to be part of your administration.
16:09You're moving at the speed of tech, for sure.
16:12And I will just say it's a great day to have the war on not just crypto, but the war on innovation done.
16:18And under your administration, we are truly going to enter into the golden age.
16:23And I'll just say as the administrator of the SBA,
16:26small business is a tremendous network that crypto can be deployed against.
16:31And so the SBA is open to crypto.
16:34So I look forward to working with all of the leaders in this room to advance your efforts here.
16:41Thank you, Kelly.
16:43Thank you very much.
16:45Tom, please.
16:47Well, Mr. President, I want to say thank you.
16:49I want to thank you for the amazing team that you put together.
16:52I want to thank you for David.
16:54This kind of a meeting, no one in this room could have envisioned this just a couple years ago.
16:59You are the one that has the vision.
17:01You're the one that said we are going to do 21st century finance right here in the United States of America.
17:07I've been doing this for nine years.
17:09It is amazing how far we've come.
17:11And that's a credit to you, Mr. President, and your leadership.
17:14And God bless you for doing this because it's going to make a huge difference with everything else you're doing.
17:19And by the way, Americans love it.
17:21They're going crazy.
17:22Thank you, sir.
17:23Thank you, Tom.
17:24Thank you very much.
17:27Thank you very much.
17:31Go ahead, please.
17:32Does anyone want to say a couple of words?
17:35Cameron or Tyler, do you want to?
17:37You're very shy in front of the camera.
17:38Cameron, I think you said something earlier that I thought was really profound.
17:42You said that a year ago you thought it would be more likely that you'd end up in jail at the White House.
17:47Not to put you on the spot because you didn't do anything wrong, but that was the environment a year ago.
17:53But do you guys want to say something?
17:58Sure.
17:59That was actually Tyler who said that.
18:01Sorry.
18:02I still get mixed up.
18:05But, yeah, we never thought that we'd get attacked the way we did in our backyard after trying to do the right thing for so many years and always trying to raise the bar with respect to regulations.
18:17So it's truly wonderful to see how things have changed and how the pendulum has swung back in the way that it has.
18:24And we've always felt that the U.S. should lead in Bitcoin and crypto, and it's ours to sort of lead and win.
18:32And it's just wonderful what President Trump has been doing with this, and we look forward to working together.
18:39And thanks for inviting us, David, and setting this up.
18:43Thank you both.
18:44Please.
18:47I was just going to say thank you, Mr. President.
18:50Cameron takes credit for a lot of my things I say, so it's not the first time.
18:55But the U.S. won the Internet, and the U.S. should win crypto.
19:00So thank you for your leadership on this.
19:02Thank you both very much.
19:03High IQ individuals around this table.
19:06That's what I always say.
19:07We need high IQ.
19:09So thank you very much.
19:10Would anybody like to say anything?
19:12Please.
19:15I just want to express my deep gratitude for the seriousness with which you're approaching our industry and how you're actually helping guide it in the right direction.
19:25I work with many central banks in other countries.
19:27And when I was working there, I was wondering why I, as an American citizen, can't help the United States financial system reach this higher level that the world is on course towards generally.
19:37And so I'm very grateful that finally there's been a new level of kind of common sense and adoption of these ideas.
19:45Me and the other people in this room do believe that the crypto blockchain Web3 infrastructure is the next iteration of the financial system.
19:53And I think that the U.S. should have its leadership position continue in that new financial system.
19:58And I'm very, very happy to see people like David Sachs, Secretary Besant, Secretary Letnik taking this very seriously with their time and very grateful to them, too.
20:07So I'm just overjoyed to see this.
20:09And I think it is a big part of how the U.S. can continue its role in the global financial system.
20:15So thank you.
20:16Thank you very much.
20:17I thought it was very important that we stay in the front of this one.
20:23This is a big one.
20:24And as you know, China is pushing forward and very strongly, as usual.
20:29But we're way in the lead, as we are in AI and other things.
20:34And we want to stay there.
20:35So I thought this was very important.
20:37And we have some brilliant people sitting around this table.
20:40And it's an honor to have you involved.
20:43But we want to stay at the forefront of everything.
20:46And this is a very important day in your lives.
20:49I know you worked, some of you, very long, long before people really understood what was happening.
20:54And so I congratulate you.
20:56But this is a big day.
20:57Being in the White House is a big deal.
20:59And you have great support.
21:01Thank you all very much.
21:02Thank you very much.
21:03Thank you very much.
21:07Thank you, please.
21:08Thank you very much.
21:10Thank you, media.
21:12Don't miss out.
21:13Log on to OneIndia.com for more updates.