- The OCC confirmed that banks can custody crypto following Trump’s statement to end “Operation Choke Point 2.0.”
- President Donald Trump mentioned that the US government will not sell any of its Bitcoin holdings.
- Trump also shared that the Treasury and Commerce Departments will explore ways to accumulate additional Bitcoin for the strategic reserve.
In the White House Crypto Summit on Friday, President Donald Trump addressed several plans to foster a suitable regulatory environment for crypto in the US.
Trump mentioned that the Treasury and Commerce Departments would work to terminate “Operation Choke Point 2.0.”
Bitcoin reserve and banking regulations stand out during White House Crypto Summit
The inaugural White House Crypto Summit took place on Friday, hosting several leaders in the crypto industry alongside many federal agency heads.
The roundtable event was packed with federal executives, including Crypto Czar David Sacks, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.
Regulatory agencies, including Crypto Task Force head Hester Peirce and Commodity Futures Trading Commission (CFTC) acting Chair Caroline Pham, were also present.
President Donald Trump shared key points relating to cryptocurrency regulations, highlighting some of the previous administration’s mistakes.
Trump mentioned that his administration will end regulatory issues surrounding banks managing crypto assets for clients. He particularly addressed the controversial debanking initiative, “Operation Choke Point 2.0,” which the Biden administration allegedly established.
Operation Choke Point 2.0 prevents banks from providing custody of crypto assets and financial services to digital asset companies.
The move to “ending Biden’s Operation Choke Point 2.0” will be championed by the Office of the Comptroller of the Currency (OCC). The OCC issued an announcement following the Summit, stating that banks can now custody a range of crypto assets, including stablecoins.
Furthermore, Trump mentioned that the US government would not sell any of its Bitcoin holdings under his administration. He noted that the Bitcoin held by the government would be converted into a strategic reserve according to his executive order earlier on Thursday.
“Last year, I promised to make America the Bitcoin superpower of the world and we’re taking historic action to deliver on that promise,” Trump said at the summit.
President Trump also shared that he has ordered the Treasury and Commerce Departments to provide new ways for the government to acquire more Bitcoin for the reserve.
Additionally, Trump stated that a separate digital asset stockpile would be created for non-Bitcoin assets. The stockpile may include altcoins such as Ether (ETH), XRP, Cardano (ADA) and Solana (SOL), which the president had previously mentioned would be part of the crypto reserve.
The crypto market has yet to react positively to the news, marking a 3% decline on Friday following the summit.
