Trump says crypto will 'unleash an explosion of economic growth'
President Trump offered praise for the crypto world Thursday, suggesting the industry will “unleash an explosion of economic growth.”
“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,” Trump said in virtual remarks at the Digital Asset Summit in New York.
“You will unleash an explosion of economic growth and, with the dollar-backed stablecoin, help expand the dominance of the US dollar,” he continued.
The president’s prediction of economic growth stemming from crypto comes as his administration’s tariffs have roiled the stock market and spurred fears of a recession.
Trump, who has become a key proponent of the industry, ticked off his administration’s crypto-related accomplishments Thursday, pointing to the White House crypto summit earlier this month and his executive order establishing a bitcoin strategic reserve and digital asset stockpile.
He also took aim at former President Biden, who he accused of “foolishly” selling digital assets held by the federal government. Assets seized by the government while disrupting financial crimes are set to form the basis of Trump’s reserve and stockpile.
Trump argued it “will allow the federal government to maximize the value of its holdings instead of foolishly selling them for a fraction of their long-term value, which is exactly what Biden did.”
The president also slammed what Republican lawmakers and the crypto industry have labeled “Operation Choke Point 2.0.”
As companies and individuals associated with crypto have lost access to their bank accounts in recent years, some accused Biden-era financial regulators of targeting the industry.
The name is a play on a controversial Obama-era initiative that discouraged banks from working with certain “high-risk” businesses, such as payday lenders and firearm retailers.
“We're ending the last administration's regulatory war on crypto and bitcoin, and that includes stopping the lawless Operation Choke Point 2.0,” Trump said. “Operation Choke Point went beyond regulation, and I mean far beyond.”
“It was a form of lawful government weaponization. Frankly, it was a disgrace,” he continued. “But as of January 20, 2025 all of that is over.”
Topics
-
Trump’s Trade War Will Slow Global Economic Growth, OECD Says
Growth outlooks in the United States and several other countries are projected to slow this year and next, as uncertainty on trade and economic policy takes a toll.The New York Times - 2d -
At Crypto Summit, Trump Says U.S. Will Be ‘the Bitcoin Superpower’
The first-of-its-kind event at the White House with top crypto executives showcased the president’s embrace of the once-renegade industry.The New York Times - Mar. 8 -
Federal Reserve cuts US economic growth outlook amid Trump tariffs
Officials raise inflation forecast to 2.7% this year, as Fed chair Jerome Powell says uncertainty is ‘remarkably high’. Officials at the US Federal Reserve cut their US economic growth forecasts ...The Guardian - 1d -
Bank of America's CEO says economic growth is 'better than people think' and the Fed should stay on hold
The Bank of America CEO said Wednesday that consumers are continuing to spend and growth should be solid though slower this yearCNBC - 1d -
Trump trade wars are slowing global growth and fuelling inflation, says OECD
Economic organisation downgrades forecasts for growth in UK as well as US, Canada and Mexico due to tariffs. Business live – latest updates Donald Trump’s trade wars are splintering the global ...The Guardian - 3d -
Trump could be a catalyst for a global pro-crypto shift, Binance CEO says
Binance CEO Richard Teng said he expects Trump's "pro-crypto" legislation in the U.S. to spur regulators in other parts of the world to follow suit.CNBC - Mar. 13 -
S&P 500 falls further, down 10% from all-time high, as mood sours on Trump's tariff threats
The economic chaos unleashed by President Donald Trump has pushed the S&P 500 into a correction.NBC News - Mar. 13 -
Trump administration sends a clear message to the oil and gas industry: 'You're the customer'
The officials leading Trump's energy agenda downplayed climate change and called for more energy production to support economic growth and national security.CNBC - 5d -
An Uncertain Economic Moment Poses a Big Test for the Fed
The U.S. central bank prepares to meet under a cloud of concern about the economic hit from President Trump’s tariffs.The New York Times - 3d
More from The Hill
-
Top House Democrats urge McMahon, Trump administration to reverse decision on Department of Education
Top House Democrats urged Education Secretary Linda McMahon and the Trump administration to reverse a Thursday move to begin dismantling the Department of Education. “Students, teachers, and ...The Hill - 5h -
McMahon says Trump admin will 'do everything legally' in dismantling of Education Department
Secretary of Education Linda McMahon said Thursday President Trump is committed to using legal measures to dismantle the Department of Education. “I think he was correct in saying that we were ...The Hill - 7h -
Connolly calls for investigation into Lutnick encouraging Americans to buy Tesla stock
House Oversight and Accountability Committee ranking member Rep. Gerry Connolly (D-Va.) requested an investigation into Commerce Secretary Howard Lutnick’s comments urging Americans to buy Tesla ...The Hill - 7h -
Carville blasts Democrats for focusing too much on urban voters
Democratic strategist James Carville on Thursday blasted Democrats for focusing too much on urban voters. “I think it was always the time for Democrats to campaign hard in rural areas,” Carville ...The Hill - 8h -
Lawmakers worry US will give up military command of NATO
Welcome to The Hill's Defense & NatSec newsletter {beacon} Defense &National Security Defense &National Security The Big Story Lawmakers worry US will give up military command of NATO Former ...The Hill - 8h
More in Politics
-
Top House Democrats urge McMahon, Trump administration to reverse decision on Department of Education
Top House Democrats urged Education Secretary Linda McMahon and the Trump administration to reverse a Thursday move to begin dismantling the Department of Education. “Students, teachers, and ...The Hill - 5h -
Teachers protest cuts to education funding
Teachers across the country are protesting against federal cuts in education. This comes as President Trump signed an executive order to dismantle the Department of Education. NBC News' Morgan ...NBC News - 6h -
McMahon says Trump admin will 'do everything legally' in dismantling of Education Department
Secretary of Education Linda McMahon said Thursday President Trump is committed to using legal measures to dismantle the Department of Education. “I think he was correct in saying that we were ...The Hill - 7h -
Connolly calls for investigation into Lutnick encouraging Americans to buy Tesla stock
House Oversight and Accountability Committee ranking member Rep. Gerry Connolly (D-Va.) requested an investigation into Commerce Secretary Howard Lutnick’s comments urging Americans to buy Tesla ...The Hill - 7h -
Carville blasts Democrats for focusing too much on urban voters
Democratic strategist James Carville on Thursday blasted Democrats for focusing too much on urban voters. “I think it was always the time for Democrats to campaign hard in rural areas,” Carville ...The Hill - 8h