Crypto mornings: First sitting US President Trump addresses crypto summit, banks get crypto clearance

• Donald Trump, first sitting US President in history to speak at a crypto summit, addresses the Blockworks Digital Asset Summit 2025 on Thursday.
• US banks receive clearance to engage in crypto-asset-related activities like custody and providing US Dollar reserves to projects.
• Regulators and policymakers in Hong Kong, the US, and the EU are taking steps to support stablecoin innovation. 
• Bitcoin, Ethereum and XRP pull back in early Thursday, erasing between 1% and 3.35%. 

United States (US) President Donald Trump is set to speak at a key crypto summit, the Blockworks Digital Asset Summit, on Thursday. This marks a watershed moment for the crypto industry as the first sitting US President addresses a summit at a time when executive orders have been signed to promote innovation in the crypto and blockchain sector in the US. 

The stablecoin bill’s passage in Congress and the rise in positive developments in stablecoin innovation worldwide are conducive to the overall growth of the ecosystem and its top tokens. 

Bitcoin (BTC), Ethereum (ETH) and XRP, the top three cryptocurrencies ranked by market capitalization, retrace between 1% and 3.35% in the day, erasing part of the gains led by the Federal Reserve’s (Fed) interest rate decision on Wednesday. 

Donald Trump to speak at Blockworks Digital Asset Summit

President Donald Trump makes history preparing to speak at a crypto summit while holding the highest office in the US. Blockworks Digital Asset Summit announced the President’s plan to speak through a video address at the event on Thursday, the last day of the summit attended by nearly 2,500 institutional participants in crypto. 

Jason Yanowitz, one of Blockworks’ co-founders, said in a tweet on X on Wednesday:

Another important story is the US banks receipt of clearance form the Office of the Comptroller of the Currency (OCC) to engage in crypto-related activities like custody, maintaining US Dollar (USD) reserves for crypto projects, using stablecoins for the facilitation of payment transactions and staking (where the bank would act as a node validator). 

The clarity of involvement in crypto-related activities and providing banking services to crypto firms is considered a pro-crypto action as it enables several stablecoin issuers, exchanges, and projects to avail of US bank services. 

Why this matters 

The crypto industry has faced regulation by enforcement in the US, with over 100 legal actions by federal regulatory agencies. This marks a key milestone as the sector gains recognition with the pro-crypto actions of a sitting US President. 

What to expect 

Fox Business Reporter Eleanor Terret received details from sources that say a big announcement regarding the President’s plans for the next steps in crypto policy are imminently coming from his appearance at the crypto summit on Thursday. There is no official confirmation of the news from the White House.

Stablecoin innovation supported in Hong Kong, US and EU

Stablecoin innovation picked up pace in the US with the passage of a comprehensive regulatory framework for stablecoins through the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bipartisan legislation to provide clarity and structure to the stablecoin market. 

While previous attempts have failed, Congress has renewed its focus and commitment to stablecoin regulations. A Kroll report on financial compliance regulation says, “The Senate Banking Committee Chairman Tim Scott (R-SC) pledged this month that the GENIUS Act will be passed by both chambers and signed into law within the first 100 days of President Donald Trump’s administration.” 

The year 2025 marks the first full year of the European Union’s (EU) Markets in Cryptoasset (MiCA) regulation. Circle and Banking Circle, stablecoin issuers, have received approval to issue the tokens in the EU. In addition, Hong Kong is ready to pass a new stablecoin bill this year, and the monetary authority is running a regulatory sandbox focused on the crypto token category.

Why this matters 

With Congress’ moves and President Trump’s executive orders on crypto, 2025 may be the year that stablecoin legislation is passed and more confidence is built in the token category. 

James Smith, Founder of Elliptic, is quoted in the Elliptic State of Crypto 2025 report:

“Certainly, crypto businesses themselves are already benefiting from the market waking up again, with higher levels of trading and increased revenues. We’re seeing cautious optimism within exchanges and wallet providers and a determination to build on current momentum in 2025 and beyond.” 

What to expect 

Stablecoin regulation has significant implications for the future of the US Dollar as a global reserve currency. With the token category included in the US financial system, crypto market participants can expect a strengthening of the USD’s position in the global economy. 

The use of stablecoins with reserves held in USD could promote the relevance of the US Dollar even in digital transactions, and this has the potential to support US Dollar dominance even as emerging economies focus on the development of their own digital currencies or Central Bank Digital Currencies (CBDCs). 

Another key issue is that stablecoin issuers like Tether and Circle are significant holders of US Treasuries. According to Coindesk, a Bernstein report shows that these entities are the 18th largest holders of treasuries and that the use of stablecoins is lowering barriers to entry for participants in different countries to hold the US Dollar, as a reserve asset, against a stablecoin. 

Bitcoin, Ethereum, XRP erase some gains from FOMC rate decision

Bitcoin, Ethereum and XRP retrace on Thursday. The three largest cryptocurrencies by market capitalization erase some of their gains, led by the Fed’s interest rate decision on Wednesday that powered a rally in the technology-heavy Nasdaq 100 index and cryptocurrencies. 

The crypto market capitalization remains above $2.91 trillion at the time of writing on Thursday as traders continue to react positively and digest the news of the US macroeconomic developments. Trump’s appearance at the crypto summit on Thursday, SEC pulling its appeal against Ripple and the improving sentiment among traders are the key market movers for the three tokens on Thursday.

Why this matters 

Bitcoin could retest the $90,000 resistance, attempt to gain lost ground, and rally towards the $100,000 milestone. This could support a return of institutional interest and retail participation. After weeks of profit-taking, traders could see higher accumulation and interest from new crypto entrants in the Bitcoin ecosystem. 

What to expect 

With a higher likelihood of an XRP Exchange Traded Fund (ETF) approval and the end of a multi-year litigation against Ripple, traders can expect gains in the altcoin, given there is no sudden correction in Bitcoin price. 

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