Author: Techub Crypto Strategy

——From Regulatory Games to Ecological Reconstruction, Who is Defining the Future of Crypto?

On March 7, 2025, the White House held its first cryptocurrency industry summit. This closed-door meeting, led by the Trump administration, is viewed by the industry as a key milestone in the transition of cryptocurrency from marginal innovation to mainstream acceptance, due to its "all-star" lineup and forward-looking agenda. From exchange giants and Wall Street capital to blockchain protocol founders, various forces converged in Washington to engage in a fierce battle on the balance of regulation and innovation. How will this meeting reshape the rules and landscape of the global crypto market? The following is an in-depth analysis from three dimensions: participant backgrounds, core topics, and potential impacts.

Participant Map: A Trio of Power, Capital, and Technology

Although the list of 50 attendees for this summit has not been fully disclosed, according to the White House statement, the meeting was led by "crypto czar" David Sacks, who is responsible for AI and cryptocurrency affairs at the White House, and managed by Bo Hines, Executive Director of the Digital Asset Advisory Committee. Attendees included not only leaders from companies like Coinbase and MicroStrategy but also members of the Presidential Digital Asset Working Group, highlighting the Trump administration's comprehensive outreach to the crypto industry.

(The above image shows only a portion of the attendees)

1. Exchanges and Financial Services Giants: Pioneers of Compliance

Brian Armstrong (Coinbase CEO), as the head of the largest compliant exchange in the U.S., has pushed for the "Digital Asset Market Structure Act" (DAMA) through lobbying in recent years, aiming for the SEC to clarify token classification standards. Armstrong publicly stated before the meeting: "Regulation should not be the enemy of innovation, but a shield to protect users."

Vlad Tenev (Robinhood CEO), whose platform attracted over 20 million young users with zero-commission crypto trading, faced SEC scrutiny over its "payment for order flow" model. Tenev may advocate for a retail-friendly regulatory framework to balance market access and risk control.

Arjun Sethi (Kraken CEO), whose company was recently sued by the SEC over staking services, may focus his remarks on "modernizing regulatory approaches," emphasizing the controversies surrounding the applicability of traditional securities laws to on-chain activities like staking and lending.

2. Bitcoin Fundamentalists: Evangelists of Decentralization

Michael Saylor (MicroStrategy Founder), holding over 200,000 BTC as a "Bitcoin whale," has consistently argued that "Bitcoin is digital gold." His remarks are expected to emphasize Bitcoin's monetary policy independence and oppose the potential erosion of crypto assets by CBDCs.

David Bailey (Bitcoin Magazine CEO), as a spokesperson for the Bitcoin core community, may criticize "overregulation" for undermining the spirit of decentralization, calling for the protection of miners' rights and innovations in privacy technology.

3. Capital Manipulators: Drivers of Institutionalization

Matt Huang (Paradigm Co-Founder), a top Silicon Valley crypto venture capital firm that has led investments in star projects like Uniswap and FTX, may propose "incremental regulation," advocating for a sandbox mechanism for DeFi protocols.

Kyle Samani (Managing Partner at Multicoin Capital), known for betting on disruptive projects like Solana and Helium, may emphasize that "regulation needs to adapt to a multi-chain ecosystem" to avoid a repeat of Ethereum's centralization issues.

4. Protocol Builders: Pioneers of Technological Implementation

Sergey Nazarov (Chainlink Co-Founder), whose Chainlink oracles provide data support for a DeFi ecosystem worth over $100 billion, may call for the establishment of "on-chain compliance infrastructure," such as verifiable KYC oracle networks.

Jp Richardson (Exodus CEO), representing a self-custody wallet provider, suggests that the meeting may discuss standards for private key management, balancing user asset control with anti-money laundering requirements.

5. Representatives of Emerging Forces: Voices for Globalization and Liberalism

Zach Witkoff (World Liberty Fund Co-Founder), an organization dedicated to promoting financial inclusion through cryptocurrency, may propose the concept of "regulatory exemption zones" to allow developing countries to experiment with cryptocurrency policies.

Core Topics: Coexistence of Division and Consensus

Despite the Trump administration's high-profile outreach to the crypto industry, recent market volatility has been severe—Bitcoin fell from a high of $109,800 in January to a low of $78,200, nearly erasing all gains post-election. Analysts point out that the market urgently needs two catalysts: the Federal Reserve's interest rate cuts or the Trump administration's introduction of a clear regulatory framework.

1. Regulatory Framework: Where Can the SEC's "Iron Fist" Strike?

Token Classification Stalemate: The SEC insists on the "Howey Test" principle, deeming most tokens as securities; companies like Coinbase demand dynamic classification based on the actual use of tokens (e.g., governance, payment).

DeFi Regulatory Vacuum: Should protocols like Uniswap bear "exchange" responsibilities? Paradigm may propose "developer immunity for protocols, with front-end interfaces subject to regulation."

Cross-Border Enforcement Challenges: The U.S. Department of Justice is focused on mixers like Tornado Cash, but the decentralized nature of the technology complicates accountability.

2. Financial Stability: Are Cryptocurrencies a "Source of Risk" or a "Cure"?

Priority of Stablecoin Legislation: Circle (the issuer of USDC) advocates for stablecoin regulation to be prioritized over CBDCs to avoid a double impact on the dollar system.

Too Big to Fail (TBTF) Controversy: If systemically important institutions like Coinbase were to go bankrupt, should a "crypto deposit insurance fund" be established?

Exploration of Counter-Cyclical Tools: MicroStrategy proposes allowing companies to include a combination of government bonds and Bitcoin on their balance sheets to hedge against fiat currency inflation risks.

3. Technological Innovation: Who Can Define the Standards for Next-Generation Infrastructure?

Modular Blockchain Controversy: Celestia's modular architecture challenges Ethereum's "all-in-one chain" model, and regulation may influence technological route choices.

ZK-Rollup Compliance Paradox: How to balance privacy and regulatory transparency? The "compliant ZK-SNARKs" proposal previously suggested by Vitalik Buterin may become a compromise option.

AI and Crypto Integration: Worldcoin's iris-scanning identity protocol is under investigation in multiple countries, and the summit may discuss standards for on-chain storage of biometric data.

4. Polarized Narratives on Price Predictions:

Standard Chartered's Wild Prediction: Analyst Geoff Kendrick predicts Bitcoin could hit $500,000 during Trump's presidency, citing surging institutional demand and increased regulatory certainty;

Real-World Constraints: If the Federal Reserve delays interest rate cuts or the regulatory framework remains ambiguous, the market may again fall into "policy-induced panic selling."

Potential Impacts: Five Predictions for 2025-2030

The consensus and divisions from this summit will profoundly influence the industry's direction over the next five years:

1. Regulation: From Wild Growth to "Licensing 2.0"

The U.S. may introduce a "federal crypto license" to replace the current state-level MTL (Money Transmission License) system, leading to skyrocketing compliance costs for exchanges and accelerating the elimination of small platforms. The SEC may issue "non-security statements" for the top 50 tokens by market cap, clearing obstacles for institutional entry.

2. Market Structure: Institutions Swallowing, Retail Investors Retreating

Bitcoin ETFs from asset management giants like BlackRock and Fidelity could exceed $500 billion in scale, controlling pricing power. Retail investors may shift towards "compliant DeFi" products, such as tokenized government bond funds, where yield competition replaces speculative trading.

3. Technological Path: Innovation Trade-offs Under Compliance Priority

Privacy coins (like Monero) may be delisted entirely, and Zcash may be required to enforce transparent transaction modes. Ethereum L2 may need to embed "regulatory modules," such as automatically reporting large transactions to authorities.

4. Geopolitical Finance: Dollar Stablecoin Alliance vs. Multipolar Reserves

The U.S. may collaborate with G7 countries to establish a "Stablecoin Standards Committee," incorporating USDT and USDC into the IMF's Special Drawing Rights (SDR) basket. Emerging market countries may accelerate the development of their own stablecoins, such as Nigeria's eNaira and cryptocurrency interoperability protocols.

5. Social Controversies: Energy, Fairness, and AI Ethics

Bitcoin mining may be included in a "green bond" framework, using carbon credit trading to offset emissions controversies. DAOs (Decentralized Autonomous Organizations) may gain "limited legal personality," but their decision-making algorithms will need to undergo anti-discrimination reviews.

Conclusion: The Summit's Promises and the Market's Bets

Trump's role in the summit is essentially a high-stakes political gamble—to harvest crypto votes and capital support by loosening regulations while shaping "American crypto hegemony" as part of his legacy. Although the White House statement promises to "provide a clear regulatory framework to promote innovation," the market's real anxiety lies in whether this policy dividend can offset the uncertainties of the Federal Reserve's interest rate policies and geopolitical conflicts.

As Chainlink founder Sergey Nazarov warned after the meeting: "When cryptocurrencies become political tools, their fate becomes tied to the power games in Washington." This summit may have won the industry a breather, but the tug-of-war between decentralized idealism and centralized power is destined to be an endless game.

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