- The White House Crypto Summit confirmed the creation of a Strategic Bitcoin Reserve, sparking optimism among industry leaders but failing to rally Bitcoin prices
- President Trump expects a clear cryptocurrency regulatory framework by August, aiming to reshape the U.S. crypto landscape with long-term implications
- Coinbase CEO Brian Armstrong expressed enthusiasm, citing regulatory clarity as a game-changer for the industry and hinting at potential involvement in the U.S. Bitcoin Reserve
Fresh out of today’s Crypto Summit held at the White House, Coinbase CEO Brian Armstrong left the meeting very optimistic about the future of his company, and also the entire cryptocurrency market.
The biggest announcement of the summit was the confirmation that the U.S. will create a Strategic Bitcoin Reserve. President Trump also confirmed his expectation that U.S. regulators will deliver a clear cryptocurrency regulatory framework by August, which will then be presented to Congress for a vote.
Bitcoin itself did not react favorably to the news coming from the Summit. However, Brian Armstrong was one to leave the room extremely satisfied with what was talked about during the meeting.
Addressing reporters at the White House podium after the summit, Armstrong stated that he plans to hire 1,000 workers in the United States “directly as a result of this regulatory clarity and leadership from President Trump.”
In a later interview with CNBC, Armstrong was even more enthusiastic, arguing that Trump had “ breathed life back into this industry”.
Will Coinbase Provide Custody Services to The U.S. Bitcoin Reserve?
In the same CNBC interview, the Coinbase CEO was asked about the possibility of Coinbase being a custodian of the nearly $18 billion Bitcoin reserve owned by the United States Government.
Coinbase already has a history as a crypto custodian, providing the service to several high-profile institutional clients, including crypto hedge funds, ICO teams, family offices, and high-net-worth individuals.
When asked if his firm would be willing to provide custody services to the American Government, Armstrong said:
“That wasn’t discussed today, but I think there should be a fair and transparent process for various companies to bid on that. Coinbase has proudly provided crypto custody and trading services to the U.S. government for many years, working with various agencies. I hope we get to throw our hat in the ring as well.”
The Crypto Summit has undoubtedly set the stage for significant developments in the U.S. cryptocurrency landscape. While the market’s immediate reaction was lukewarm, the long-term implications of a Strategic Bitcoin Reserve and a clear regulatory framework could reshape the industry.
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