Trump Ends Biden’s "War on Crypto," Promises Clear Rules at Coinbase Summit

- President Trump ended "Operation Choke Point 2.0," described as Biden's "war on crypto." - Pledged clear regulations and claimed credit for creating a national Bitcoin reserve. On June 12, 2025, CoinDesk reported President Trump addressed the Coinbase Crypto Summit, where he made several significant statements about the U.S. cryptocurrency industry. President Trump announced the termination of what he termed the Biden administration’s “war on crypto,” also known as Operation Choke Point 2.0, an operation industry analysts perceived as actions by financial regulators and banks to limit crypto businesses' activities. On June 12, at the Coinbase Crypto Summit, President Trump stated he ended this “unfair war” to empower American innovators. Additionally, on June 12, at the Coinbase Crypto Summit, President Trump pledged to implement “clear-cut” and “simple market frameworks.” He stated these frameworks aim to position the U.S. as a leader in the future of cryptocurrency and Bitcoin, further emphasizing that clear regulations are essential for fostering growth and innovation in the crypto sector. Furthermore, President Trump claimed credit for establishing the first U.S. Strategic Bitcoin Reserve, a digital asset stockpile created by an executive order in March. As reported by CoinDesk on June 12, White House AI and crypto tsar David Sacks has compared this initiative to a “digital Fort Knox.” However, some have raised concerns about the transparency and nature of these holdings, questioning whether they represent new acquisitions or a re-categorization of existing government-held Bitcoin. President Trump also highlighted his administration's crypto-related achievements, including the formation of a presidential working group on digital assets and the appointment of Paul Atkins, who has a reputation for his pro-innovation stance, as Chair of the Securities and Exchange Commission (SEC). Moreover, on June 12, at the Coinbase Crypto Summit, President Trump mentioned that people call him the “first crypto president,” a designation he considers an honor. Looking forward, President Trump revealed plans to create more dollar-backed stablecoins and implement additional regulations to solidify U.S. leadership in the cryptocurrency space. He also referenced ongoing legislative efforts, such as the GENIUS Act for stablecoins and the CLARITY Act for market structure, which are currently advancing through Congress. Following President Trump's speech, reports from the June 12 summit indicated that Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire discussed their companies' evolution and the overall significance of digital currencies, acknowledging this technology's growing global impact. According to the latest market data, as of June 12, 21:16 UTC, Bitcoin (BTC) is trading at $106,262.74, with a 2.647% decrease in the past 24 hours.