Overnight skyrocketing 20%! Trump is sending a big signal, the crypto market is crazy

Source: Trump's White House speech

Compile:Odaily Planet Daily

Original title: On the night of the cryptocurrency explosion, what did Trump say?

The White House organized a “Cow Comes” show!

Core ideas:

Trump explained the results of his administration's policies to promote the development of digital assets at the White House cryptocurrency industry executives meeting.

Stressing that the United States has established a leading global position through executive orders, legislation, and regulatory reforms,

It also called on Congress to pass the CLARITY Act to strengthen competitive advantage.

Key elements:

1. Participants included SEC Chairman Paul Atkins, CFTC Chairman Michael Selig, and executives such as Coinbase, Robinhood, and Ripple.

It highlights the trend of cooperation between the industry and the government; during the conference, BTC once surpassed 70,000 US dollars, ETH increased by nearly 20%, and the market reaction was positive.

2. Trump announced the dismissal of former SEC Chairman Gary Gensler and the termination of “Operation Blockpoint 2.0.”

It also signed an executive order prohibiting CBDC and launching “Project Crypto” to reform the rules.

3. The government establishes US strategic Bitcoin reserves and digital asset reserves to use Bitcoin as a permanent asset of the Treasury;

The GENIUS Act paved the way for widespread adoption of USD stablecoins.

4. The CFTC approved the first Bitcoin perpetual futures contract and promoted Hyperliquid compliance into the US, showing the gradual implementation of the regulatory framework.

5. Trump criticized the high interest rate policy and argued that interest rates should be cut to support growth when economic data is strong;

It was emphasized that the fintech revolution has created jobs and wealth, and the stock market hit a new high 80 times in a year and a half.

6. He called on Congress to pass the CLARITY Act as market structure legislation.

To ensure that the US continues to lead competitors such as China in the fields of encryption and AI.

Editor's note: In the early morning of August 20, Beijing time, the White House held a meeting of cryptocurrency industry executives.

Trump himself attended and delivered a speech. Government executives such as the SEC and CFTC,

Industry representatives such as Robinhood, Coinbase, Ripple, Gemini, a16z, etc.

In addition, senior traditional finance officials such as the Intercontinental Exchange and NASDAQ all participated in the conference.

Perhaps influenced by this clear signal, the cryptocurrency industry soared overnight, and at one point BTC broke the 70,000 US dollar mark.

ETH's increase is close to 20%.

Below is Trump's own statement on his speech at the conference.

Seriously, a group of important people came to the scene today.

If you love the world of finance as much as I do — I really love finance — all of you here today are big names in the financial world,

Strangely enough, you might not know some of them, but anyone in the financial world should know every one of them.

Thank you so much for being here today. We're excited to welcome some of America's best talent in finance, cryptocurrency, and technology.

In Washington, D.C., we are about to welcome the US Commodity Futures Trading Commission (CFTC)

First meeting of the Innovation Advisory Committee (Innovation Advisory Committee).

It's a committee of very smart people who will give us suggestions and tell us what we should do.

Right, Paul (referring to SEC Chairman Paul Atkins)? They'll tell us a few things.

But I think Paul probably knows these issues better than anyone else, and he did a great job.

We're very happy with Paul, and I think everyone thinks the same. He's really amazing.

From the cryptocurrency market and prediction market, to traditional finance, to decentralized finance,

The people in this room are making sure that the future of the commercial market can be created and perfected here in the US.

We are competing with many other countries for control and market share in these markets.

And the profits, jobs, and everything else it creates. And we did a great job.

We are leading the way in every aspect, including artificial intelligence, and by a huge margin.

We want to continue this lead.

I would like to thank CFTC Chairman Michael Selig for his outstanding leadership.

(Find someone first) Michael, come over... (Then suddenly found him around) Why am I so close that I almost didn't recognize you.

At the same time, I would like to thank a very special person, someone who has been respected by everyone for a long time.

I would have liked him to take the role — I wanted him to do this job before he became SEC chairman.

Paul Atkins, you also did an excellent job, and no matter what happened, you did a great job.

You've done so much for the country. So I want to thank you so much. Nicely done. Thank you.

We also welcome Patrick Witt, Executive Director of the President's Digital Asset Advisory Council... and many of the top industry leaders,

Including Coinbase CEO Brian Armstrong, one of the best people in the field.

(To Brian) Where are you? Where did he go? Oh, you look great. You look much younger. Very good condition.

There's also Jeff Sprecher, CEO of Intercontinental Exchange (Intercontinental Exchange).

They have a small institution called the New York Stock Exchange. Yes, he owns the NYSE.

That's a pretty good asset, right?

And Nasdaq CEO Adena Friedman. Thank you very much. You did a great job.

And Robinhood CEO Vlad Tenev, thank you. Glad to meet you.

And Kraken CEO Arjun Sethi. (Shake your head left and right to find someone) No matter where you are, thank you so much.

Thank you all. This is a very good group of people. We have a few others here, and we would have liked them to be there too.

(Keep looking for people all over) Where is Mike (meaning Mike Belshe)?

He is the co-founder, CEO, CTO, and president of BitGo. BitGo is a big player in the cryptocurrency space.

There's also Ripple CEO Brad Garlinghouse. Thank you so much Brad.

Chainlink Labs co-founder Sergey Nazarov. Thank you very much, Sergey, great job.

(Looking for Kraken CEO again) Arjun, are you here? Oh Arjun, I'm still here, and so are you, you haven't left.

Peter Smith (referring to Blockchain.com CEO) also came.

Also, Tyler and Cameron Winklevoss (referring to Gemini's two co-founders),

They are all very good people, very good investors, and Chris Dixon (meaning a16z crypto managing partner) is also here.

I think I've ordered almost everyone. If I missed anyone, by the way...

They gave me four lists, so this is a bit complicated.

You definitely don't want to read the same name more than three times in a row during the “corrupt Joe Biden administration.”

The innovative spirit that once nurtured America has been hit harder than ever before.

This is especially true in the cryptocurrency and other emerging fintech sectors, where we looked like we were about to be completely left behind by China and other countries.

The radical left is trying to stifle these developments with destructive regulation, harsh restrictions, and weaponization.

They used political means to suppress and continue to target the industry, eventually driving innovation overseas.

They just want to kick out innovation. But as the election campaign came to an end -- if you remember --

They suddenly announced that they are very fond of cryptocurrencies,

Because they suddenly discovered that over 100 million people are starting to like Trump even more, just because I support cryptocurrencies.

Originally opposed to cryptocurrencies, they suddenly became very supportive. But by that time, it was too late.

Those days are completely over. It was a very bad time, especially for a lot of good and honest financiers.

On our first day in office, we fired Gary Gensler, the uncontrolled SEC chairman of the Biden administration.

I think we prefer Paul (full applause), right?

The number one person (referring to the SEC chairman) has gotten smarter. BTW, Paul is really much smarter, but anyway,

We fired Gensler and just let him go.

We terminated the so-called “Operation Choke Point 2.0” (Operation Choke Point 2.0) - that is what they named this operation at the time,

This is a form of political weaponization.

We have ended the war on cryptocurrencies once and for all.

And now, the crypto industry is booming. It's developing really well, and no one can stop it.

Of course, China wants to break into this field; they are still experimenting.

I signed a historic executive order prohibiting any attempt to establish a central bank digital currency (CBDC).

We have launched “Project Crypto” to modernize relevant rules so that the US financial market can enter the blockchain technology era.

I established the U.S. Strategic Bitcoin Reserve (U.S. Strategic Bitcoin Reserve) to make Bitcoin a permanent asset of the US Treasury.

The results of this policy have proven to be astonishing.

I also created the U.S. Digital Asset Stockpile (U.S. Digital Asset Stockpile) to host all other digital assets.

That was its mission, and the results were amazing.

About a year ago this summer, I signed a landmark law called the GENIUS Act.

That's the name I gave it. I didn't want to use my name, so I called it the “GENIUS” (GENIUS) Act.

The bill paved the way for widespread adoption of dollar-backed stablecoins.

This policy works very well. Every American can benefit greatly from America's status as a global financial center.

And we want to maintain that position. We are leading the pack by a large margin.

No one can believe how much progress we have made in the past 16 months.

Moreover, there is now more investment capital flowing into the US than any country or period in history.

Funding is pouring in at the trillions of dollars.

America's economic dominance has brought in trillions of dollars of investment and created millions of jobs.

It has also expanded everyone's access to credit and capital, giving every American a chance to achieve the “American Dream.”

We hear the term “American Dream” a lot now. Young people are searching for the American dream again.

Two years ago, they didn't think about that.

New fintech is extending America's dominance into the 21st century.

That's why we're committed to establishing a clear regulatory framework for innovators and builders — like the ones I'm with today.

That way, they can confidently do business in the mainland of the US.

They don't need to travel to other countries to do business.

We're making sure the US not only continues to be the undisputed leader in Bitcoin and cryptocurrencies,

At the same time, they also need to stay ahead in predictive markets, artificial intelligence, and more technology.

And we're leading the way in every field.

I want to tell you that in terms of artificial intelligence, we are far ahead of second place, and China is in second place.

I never wanted to underestimate China. But now, we're a lot ahead.

President Xi Jinping will be visiting on September 24, and we are looking forward to this meeting. We may talk about artificial intelligence, and many other things.

But we're doing a great job now, thanks in large part to everyone here and a few other friends on the committee who will be here in two weeks.

In May of this year, CFTC Chairman Michael approved the first true Bitcoin perpetual futures contract.

It was also listed on an exchange registered with the CFTC. This is the first step.

I understand that Michael is also working to push Hyperliquid to enter the US in a fully compliant and legal manner.

He's working very hard there to move this forward.

We would really like to see interest rates drop.

You know, interest rates used to be like this — many people were probably too young,

Don't know this — interest rates fall every time we publish impressive economic data.

The theoretical basis at the time was that asset values would become better and more valuable for investment, but now,

Whenever we publish strong data (and we keep publishing good data),

But they keep pushing up interest rates because they're afraid of inflation; they shouldn't have done that at all.

They shouldn't be like this; they should let interest rates fall.

When you publish good economic data, you shouldn't push up interest rates as a result.

They have always believed that inflation must be curbed by raising interest rates, but economic growth and success do not lead to inflation; inflation is caused by other factors.

We inherited from the Biden administration the highest level of inflation in US history.

It's driving up prices and everything else, and we're taking it all down.

But as America succeeds, interest rates should be allowed to fall, not rise because of America's success.

At the same time, we are in the early stages of a financial revolution.

Take a look at some of the things that are happening in the financial sector right now. Fintech has created more jobs,

The huge potential for more opportunities and more wealth makes it possible for all Americans to benefit.

And that's exactly what it's doing — creating jobs and huge wealth.

In my opinion, nothing better reflects this than the stock market.

In a very short period of time, about a year and a half, our stock market hit record highs for 80 days.

I haven't watched it today; maybe I shouldn't watch it, I don't want to watch it, but I've heard that things are going well today.

(Calling Intercontinental Exchange CEO) Jeff, the stock market has hit 80 record highs.

No one has ever seen this kind of scene before, right?

And I think we're taking it to another level, maybe a higher level — in terms of how important it is.

401 (k) pension accounts hit record highs almost 40% of the time during my presidency.

This affects tens of millions of Americans, and 401 (k) accounts are now at record levels.

So, two years ago, our country was already “dead.” Now, our country is the hottest country in the world.

No country comes close to us. No other country can compare. Every country will acknowledge this.

So now, we need Congress to take the next step to push for the CLARITY Act.

A fair version of the CLARITY Act will be a landmark piece of structural legislation.

This is a very, very powerful market structure law.

It will keep us ahead of China and continue to be ahead of all other countries. At the same time, it will also open the door to the next round of innovation and the next generation of innovators.

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