President Trump offered praise to the crypto world on Thursday, suggesting that the industry will “unleash an explosion of economic growth.”
“Pirators like you will be able to improve banking and payment systems and promote the privacy, security, security and wealth of American consumers and businesses,” Trump said in a virtual statement at the Digital Assets Summit in New York.
“You will help unleash an explosion of economic growth and expand your control of the US dollar with the dollar-backed stubcoin,” he continued.
The president's forecast of economic growth due to the code comes as tariffs in his administration have shaken up the stock market and spurred fears of a recession.
Trump, who has become a leading industry supporter, shunned the administration's crypto-related achievements on Thursday, pointing to the White House Script Summit earlier this month and the executive order that established Bitcoin's strategic reserves and digital assets stockpiling.
He also targeted former President Biden. He accused the federal government of “silly” selling digital assets. Assets seized by the government while disrupting financial crimes are set to form the basis for Trump's reserves and stockpiles.
“The federal government will allow it to maximize the value of its holdings, rather than silly selling just a small portion of its long-term value,” Trump said.
The president also denounced what Republican lawmakers and the crypto industry labelled “Operation Chalk Point 2.0.”
Some have accused Biden-era financial regulators who targeted the industry as Crypto-related businesses and individuals have lost access to bank accounts in recent years.
The name is a play from a controversial Obama-era initiative that discourages banks from working with certain “high-risk” businesses, such as payday lenders and firearm retailers.
“We are ending the last administration's regulatory war on crypto and bitcoin, which includes the suspension of chokepoint 2.0 for lawless operations,” Trump said. “Chalkepoint operations are beyond regulations and I'm far beyond that.”
“It was a form of legal government weaponization. Frankly, it was a dishonorable,” he continued. “But as of January 20, 2025, it's all over.”
