Key takeout
- Donald Trump praised Peter Van Balkenberg’s Senate testimony as Bitcoin’s best explanation.
- The Trump administration has promoted encryption-friendly initiatives and regulations, moving towards a custody stance.
Trump on Sunday Share A video on the true social with Peter Van Balkenberg, executive director of CoinCentre, showing a detailed breakdown of Bitcoin. He praised it as “the biggest explanation of Bitcoin of all time.”
The video features Vanbalkenberg’s testimony before a Senate committee on banking, housing and urban issues at a 2018 hearing entitled “Exploring the Cryptocurrency and Blockchain Ecosystem.”
“Bitcoin is the world’s first cryptocurrency and works for the world’s first public blockchain network,” Vanbalkenberg said in him. testimony. “You can send and receive value to anyone in the world who has nothing but a computer and an internet connection.”
He also addresses potential vulnerabilities in traditional financial systems, with increasing concentrations of intermediaries for companies managing key infrastructures, warning that their obstacles have more severe consequences.
Trump, who criticised Bitcoin and digital assets in his first term, emerged as a supporter of crypto in his second presidency, becoming the first pro-cryptic president in US history.
His administration has implemented several code-friendly initiatives, including signing executive orders. Establish a strategic Bitcoin reserve Use government-designated coins.
on friday, Trump enacted the Genius Act. This establishes federal standards for regulating US parlors.