Trump Meets with Cryptocurrency Executives at the White House

American President Donald Trump met with several executives from the cryptocurrency sector on Wednesday (19) at the White House. The meeting also included the presence of the heads of the SEC and CFTC, the main American regulators.

Data from CoinGlass indicates that $3 billion were liquidated from the futures market on the same day, making it the eighth largest liquidation in market history.

This is attributed to both the weakening of the dollar due to the announcement of an increase in the size of long-term bond buybacks by the U.S. Treasury and regulatory advances in the U.S.

Beginning his speech, Donald Trump stated that the U.S. is competing with many other countries to control the cryptocurrency market, profit from it, and generate jobs. However, he claims they are "leading by a wide margin".

Following this, the American president repeated his statements made in recent years.

"Under the corrupt administration of Joe Biden, the spirit of innovation that built America was under a serious attack like never before. And nowhere was this more true than in cryptocurrencies and other new financial technologies, where we would be left behind by China and other countries."

Continuing, Trump asserts that the left has tried to strangle the cryptocurrency sector with regulations, using political tools to attempt to drive the crypto industry out of the country.

Regarding what has already been done during his administration, the president recalls signing an executive order prohibiting any attempt to create a CBDC (Central Bank Digital Currency). Furthermore, he also mentions the creation of the U.S. Strategic Bitcoin Reserve and the signing of the Genius Act.

"Every American benefits enormously from our country's position as the financial center of the world, and we want to keep it that way. We are leading by a huge advantage. We have made so much progress in the last 16 months that no one can actually believe it. Young people are pursuing the American dream. They weren't thinking about it two years ago."

In conclusion, Trump also talks about the Artificial Intelligence (AI) sector, interest rate reductions, inflation, China, and other finance-related points.

In addition to Trump, the event also featured Michael Salik, president of the CFTC, Paul Atkins, president of the SEC, and Patrick Witt, executive director of the Presidential Advisory Council on Digital Assets. From the industry, the following names were present:

• Adena Friedman --- CEO of Nasdaq;
• Alana Palmedo --- Managing Partner of Paradigm;
• Arjun Sethi --- CEO of Kraken;
• Brad Garlinghouse --- CEO of Ripple;
• Brian Armstrong --- CEO of Coinbase;
• Chris Dixon --- Founder of a16z crypto;
• Jeff Sprecher --- CEO of ICE/NYSE;
• Mike Belshe --- CTO and president of BitGo;
• Peter Smith --- CEO of Blockchain.com;
• Sergey Nazarov --- Co-founder of Chainlink Labs;
• Tyler and Cameron Winklevoss --- Founders of the Gemini exchange;
• Vlad Tenev --- CEO of Robinhood.

Michael Salik, president of the CFTC, emphasizes that the era of political warfare against cryptocurrencies has come to an end.

"Innovators like the people in this room are welcome at the White House, not forcibly taken to prison. And the new frontier of finance is being built right here in the United States of America."

Paul Atkins, president of the SEC, highlights the country's economic growth, especially due to the increase in the number of companies going public on American stock exchanges.

Although Bitcoin is operating up 23% compared to last week, one of the main beneficiaries of the meeting was Hyperliquid (HYPE), up 36.6% in the same period.

The reason would be Trump's statement about Salik bringing the decentralized exchange to the U.S. "in a completely legal and compliant manner".

The biggest gains, however, go to XRP, developed by Ripple, which has risen 40.3% in the last seven days.

Although Garlinghouse did not speak at the microphone during the event, the executive used social media to comment on the occasion. "It's great to be back today at the White House alongside @realDonaldTrump, @SECPaulSAtkins, @ChairmanSelig, and leaders from across the cryptocurrency sector. The big picture has never been clearer: 67 million Americans own cryptocurrencies today, which represents nearly 1 in 4 people. Crypto is not a marginal sector. And Washington D.C. knows that the crypto voter is alive and active. This president's extraordinary commitment to innovation and his leadership regarding digital assets in the U.S. have been profound. The future is bright."

Finally, in addition to this, the SEC also published a new regulatory proposal for the crypto sector this week, helping to boost market sentiment.

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