The White House Summit will induce clarity of regulations

Under President Donald Trump, the US government is working to establish clear regulations for the crypto industry.

In a meeting Friday with crypto industry executives at the White House, Trump announced he had asked Congress to pass the crypto law before the August break.

The White House Summit causes clarity in regulations – Industry Reaction

Coinbase CEO Brian Armstrong takes into account the history of development. He cites two important achievements from a recent summit at the White House. This is clearer regulatory clarity and the establishment of a strategic Bitcoin reserve in the United States. Armstrong said the development has led to economic growth in the US and his company will employ around 1,000 people as growth is renewed.

Related: The US Congress is targeting crypto bills by 2025.

Based on the results of the summit, well-known crypto attorney John Deaton noted that the US crypto industry is about to enter a new era. In his latest post on X, Deaton highlighted that the US plans to establish the Stablecoin Act as part of a regulatory restructuring that will bring about major changes in the crypto industry.

Landmark Reform on the Horizon: Stubcoins, Exchanges, Taxes

In the meantime, Deaton pointed out that the US government would introduce a new market structure to replace the 1930 statute and the 1946 case law, and would be applied to modern blockchain and AI technologies. Additionally, centralized exchange monitoring is carried out, preventing the mixing of customer funds. This protects central exchange users in the event of bankruptcy.

Deaton hopes that the new regulatory structure will provide accredited investor regulations reforms, including tax policy reforms in the crypto industry. Overall, well-known crypto attorneys believe Trump’s latest move is a step in the right direction for the American crypto industry.

Bank gets green light for use of Stablecoin & Blockchain

Emphasizing the latest procedures by the authorities, another well-known crypto attorney, Jeremy Hogan, said the US Secretary’s office has explicitly granted an interpretation that would allow banks to use distributed ledgers and stablecoins for their banking activities.

Related: 27 US states introduce Bitcoin and crypto bills amid growing institutional interest

According to the letter section, banks can verify, store and record payment transactions by acting as nodes of INVNs. Similarly, banks may use INVN and associated Stablecoins to promote other acceptable payment activities.