NEW YORK — President Donald Trump recently delivered a video message at a cryptocurrency conference, emphasizing his belief that the crypto sector will play a crucial role in economic growth. Despite this enthusiastic declaration, he refrained from revealing any new initiatives.

What to know:

• President Trump stated that the crypto sector is poised to become a key player in the financial landscape.
• His remarks were made during a pre-recorded speech at the Digital Asset Summit in New York City.

Trump remarked, “Crypto is ‘as big as you can get’,” a statement that drew a positive response from the audience. His comments come in the wake of his efforts to gather support from the cryptocurrency community, which has shown both financial backing and electoral endorsement for his administration.

In his speech, he mentioned, “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. You will unleash an explosion of economic growth.”

He also acknowledged that his administration has ceased the practice of selling seized bitcoins and has officially engaged with industry leaders.

Trump vowed that his administration is moving away from the restrictive measures introduced by the previous administration concerning cryptocurrencies, stating, “We’re ending the last administration’s regulatory war on crypto and Bitcoin. Operation Choke Point was disgraceful and is now over.”

As speculation grew regarding whether he would unveil changes concerning bank regulations or crypto taxation, it ultimately became clear that he intended to reinforce the prior policies without introducing new ones.

Conclusion

Trump has consistently sought to foster positive relationships with the crypto industry, evidenced by his executive orders and interactions aimed at reversing previous regulatory actions.