{"id":832416,"date":"2025-03-08T08:11:59","date_gmt":"2025-03-08T14:11:59","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/08\/heres-what-happened-in-crypto-today\/"},"modified":"2025-03-08T08:11:59","modified_gmt":"2025-03-08T14:11:59","slug":"heres-what-happened-in-crypto-today","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/08\/heres-what-happened-in-crypto-today\/","title":{"rendered":"Here\u2019s what happened in crypto today"},"content":{"rendered":"
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Today in crypto, the White House Crypto Summit marked a \u201ctruly historic day at the White House,\u201d according to Crypto.com CEO Kris Marszalek, the US Office of the Comptroller of the Currency (OCC) has reduced \u201cthe burden\u201d on how US banks can engage with crypto-related activities, and the White House crypto czar David Sacks emphasized Bitcoin\u2019s scarcity and its potential long-term benefits for the US.<\/p>\n

Trump turned crypto from \u201coppressed industry\u201d to \u201ccenterpiece\u201d of US strategy<\/h2>\n

US President Donald Trump has placed cryptocurrency at the center<\/a> of his economic strategy, marking a major policy shift for the US blockchain industry, according to Crypto.com CEO Kris Marszalek.<\/p>\n

Trump hosted<\/a> a White House Crypto Summit on March 7, signaling that he intends to make crypto policy a national priority<\/a> and make the US a global hub for blockchain innovation.\u00a0<\/p>\n

The summit marked a \u201ctruly historic day at the White House,\u201d Marszalek said in a March 8 X post.<\/p>\n

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Source: <\/em>Kris|Crypto.com<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Marszalek credited Trump with reversing policies like Operation Chokepoint 2.0, which allegedly led to crypto and tech firms being denied banking services under the Biden administration.<\/p>\n

The difficulties of finding banking partners may indeed be a thing of the past for crypto firms after the US Office of the Comptroller of the Currency (OCC) eased its stance<\/a> on how banks can engage with crypto just hours after Trump vowed to end<\/a> the prolonged crackdown restricting crypto firms\u2019 access to banking services.<\/p>\n

OCC lays out crypto banking after Trump vows to end Operation Chokepoint 2.0<\/h2>\n

The US Office of the Comptroller of the Currency (OCC) has eased its stance on how US banks can engage with crypto just hours after US President Donald Trump vowed to end the prolonged crackdown restricting crypto firms\u2019 access to banking services.<\/p>\n

\u201cCrypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations,\u201d the OCC said in a March 7 statement<\/a>.<\/p>\n

The OCC confirmed in a document titled Interpretive Letter 1183<\/em> that OCC-supervised financial institutions no longer need \u201csupervisory nonobjection\u201d to engage with crypto-related activities.<\/p>\n

\"Texas,
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Source: <\/em>Brian Armstrong<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

\u201cToday\u2019s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC,\u201d Acting Comptroller of the Currency Rodney E. Hood said.<\/p>\n

The agency said it made the decision because OCC staff now have a better grasp of crypto and want to roll back its earlier stringent rules to \u201cencourage responsible innovation and enhance transparency.\u201d<\/p>\n

\u201cWe\u2019ve decided Bitcoin is scarce, it\u2019s valuable\u201d for US strategic reserve \u2014 David Sacks<\/h2>\n

White House crypto czar David Sacks has further elaborated<\/a> on the US government\u2019s decision to treat Bitcoin as a special reserve asset, calling it a \u201cscarce\u201d digital resource that could benefit the country over the long term. <\/p>\n

In a March 7 interview with Bloomberg Technology<\/a>, Sacks said, \u201cWe\u2019ve decided that Bitcoin is scarce, it\u2019s valuable, and that it\u2019s strategic for the United States to hold on to this as a long-term reserve asset.\u201d<\/p>\n

Sacks was referring specifically to the roughly 200,000 Bitcoin (BTC) currently in the US government\u2019s possession. However, he acknowledged that the exact number of BTC held by the government is unknown because there\u2019s never been a comprehensive audit.<\/p>\n

\u201cWe\u2019re going to do a full government-wide audit to find out what digital assets we actually have so they can be safeguarded and moved into a strategy that maximizes their long-term value,\u201d he said.<\/p>\n

President Donald Trump\u2019s March 6 executive order<\/a> calling for a strategic Bitcoin reserve and digital asset stockpile directed federal agencies to conduct a full audit of their cryptocurrency holdings.<\/p>\n

\"Texas,
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David Sacks said the US government will build a strategic digital asset stockpile. Source: <\/em>Bloomberg Technology\u00a0<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n