U.S. President Donald Trump addressed the Coinbase State of Crypto Summit through a virtual speech. He spoke to leaders in finance, technology, and the blockchain industry, stating his commitment to advancing cryptocurrency in the United States.The gathering united players in the crypto field to talk about regulations, adoption of digital assets and government collaborations.

President Trump took the opportunity to outline the plans of his administration to enhance the role of America in the international crypto market. He stressed that the United States must be the leader in the use of Bitcoins and blockchain technology.

Trump Reiterates U.S. Bitcoin Dominance Agenda

During the summit, Trump described himself as the “first crypto president.” He said that his administration has reversed digital asset policies introduced under the Biden administration. Trump claimed those policies restricted growth and innovation in the crypto sector.

He stated, “We have ended the Biden administration’s unfair restrictions on digital currencies.” Trump also said his government created the Presidential Working Group on Digital Assets to guide policy on crypto technologies.

He further revealed two new programs: a U.S. Strategic Bitcoin Reserve and a Digital Asset Stockpile. According to Trump, these are part of a broader effort to help the U.S. maintain leadership in global crypto adoption.

Termination of Operation Choke Point 2.0

President Trump said his team had ended Operation Choke Point 2.0. This program, he noted, was seen as a barrier to digital asset companies. He explained that such restrictions hurt American innovation in blockchain and digital finance.

According to industry data from Coin Center and the Blockchain Association, Operation Choke Point 2.0 was believed to target crypto firms by cutting off access to banking services. Trump subsequent added that with the termination of this policy, his administration had created possibilities to allow crypto startups in the U.S. to get access to capital and growth.

His audience could understand the message well: American developers and businesses must not be restricted by ambiguous or antagonistic regulations.

Support for the GENIUS Act and Dollar-Backed Stablecoins

President Trump also commented on current legislative initiatives backing stablecoins. He announced his support of the Electronic Notes and Improved US Stability (GENIUS) Act issued by the Government.

The recently Senate cloture voted bill (68-30), the GENIUS Act, seeks to offer an explicit framework for dollar-backed stablecoins. The bill aims to have federally compliant issuers and, at the same time, encourage innovation in finance.

Trump stated, “We are working with Congress to pass the GENIUS Act.” He said the Act would help provide stability and legal certainty for stablecoin developers and users.

Coinbase CEO Discusses Bitcoin as a Check on Deficit Spending

Coinbase CEO Brian Armstrong also spoke during the summit. He focused on Bitcoin’s role in modern finance. Armstrong said, “Bitcoin could act as a check on global deficit spending.” He added that continued government borrowing could lead to Bitcoin becoming a global reserve asset.

This viewpoint aligns with on-chain data trends from Messari and Glassnode. Both analytics platforms show increased institutional interest in Bitcoin as a hedge against fiat devaluation.

The CEO stressed that blockchain can help governments adopt better financial systems through transparency and efficiency.

Regulatory Progress with the CLARITY Act and Public Engagement

Trump also referred to the CLARITY Act. This law is supposed to give the crypto industry a legal framework. It specifies what digital assets are commodities or securities.

The purpose behind the introduction of the Act was to avoid legal ambiguity, particularly with regard to enforcement proceedings, involving the SEC and CFTC. The Blockchain Association expressed delight in the Act as a movement towards reasonable regulation.

Trump ended the summit with a note of support. He applauded the people and praised the whole crypto sector to be successful. He reasoned that it is the right moment the U.S. takes the lead in blockchain technology and Bitcoin advancement.