The Trump administration intends to regard Bitcoin as the “digital Fort Knox for digital gold” and “roll back” Joe Biden’s anti-crypto position.
According to a senior White House official, US President Donald Trump will not discuss taxation at his March 7 crypto summit; instead, he will concentrate on reversing the anti-crypto regulations that the past Biden administration had implemented.
“There won’t be anything about taxes. Rumours abound on the cryptocurrency internet, you know. […] During a virtual preview of the March 7 crypto conference at 2:00 pm UTC, a senior White House official said, “I don’t know how some of these things get started.”
In line with President Trump’s pledge to halt Operation Chokepoint 2.0, the former administration’s purported effort to debank cryptocurrency firms, the conference will instead serve as a forum for business leaders to provide input on legislation.
“The president pledged to establish a crypto council during the campaign. He wanted to learn from the industry’s suggestions and criticism. “That is the summit’s goal,” they said.
In line with President Trump’s executive order on March 6 creating a Bitcoin reserve, the senior White House official said that Bitcoin BTC$88,321 will be given “special treatment” on the federal government’s balance sheet.
The official highlighted the mistimed sales of Bitcoin during the last ten years, which would have been worth billions of dollars today, and said that the government’s goal is to “hold on” to the cryptocurrency for the long run.
Related: According to President Trump, the cryptocurrency reserve should include BTC, ETH, SOL, XRP, and ADA
The presidential order signed by Trump “allows the secretaries of Treasury and Commerce to develop budget neutral strategies for adding to that reserve and provides that Bitcoin will not be sold.” Thus, the taxpayer will not have any financial burden. However, the secretaries are free to do so if they can find out a way to get more Bitcoin without spending any money on taxpayers,” they said.
Bitcoin will be handled differently in this regard than the “digital asset stockpile,” which consists of other cryptocurrencies that are in the control of the federal government. They said that “responsible stewardship of those assets” is the aim of the stockpile.
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