Before the central bank's significant annual meeting, the cryptocurrency circle is holding a conference in Jackson Hole, with officials from the Federal Reserve, SEC, and Donald Trump Jr. in attendance

The cryptocurrency industry is demonstrating unprecedented political influence at Jackson Hole. Three days before the Federal Reserve Chairman attends the Jackson Hole Central Bank Annual Meeting, the Wyoming Blockchain Summit has already kicked off locally, attracting participation from senior Federal Reserve officials, the new SEC Chairman, and members of the Trump family.

On August 19, media reports indicated that the new Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, Eric Trump, the son of Trump, and two Federal Reserve governors listed as candidates to succeed Powell will attend this blockchain summit held in Jackson Hole.

This summit is taking place three days ahead of the annual central bank meeting at the Jackson Lake Lodge hosted by the Kansas City Fed. Michelle Bowman, the Vice Chair responsible for supervision at the Federal Reserve, told attendees that the U.S. is "at the beginning of what seems to be a significant transformation that will change the way we think about money, value, and the structure of the financial system."

Analysts pointed out that this event marks the climax of what Goldman Sachs analysts previously described as the "Summer of Stablecoins." With the Trump administration fully supporting the industry and passing comprehensive regulatory legislation, significant funds have flowed into stablecoins and other crypto products this year, pushing the global cryptocurrency market value to approximately $4 trillion for the first time.

Federal Reserve Governors, SEC Officials, and Trump’s Son to Attend

Senior Federal Reserve officials have shown a clear policy openness towards cryptocurrency innovation. In addition to Bowman delivering a speech on banking system innovation, Federal Reserve Governor Christopher Waller will also speak on payment technology.

These two Federal Reserve governors are seen as potential candidates to succeed Powell when his term ends in May next year.

The attendance of SEC Chairman Paul Atkins further reinforces the supportive signals from the regulatory level. Under the push from the Trump administration, the U.S. has established a clear policy framework for the development of the industry through comprehensive cryptocurrency regulatory legislation.

Eric Trump will share the stage with executives from his supported cryptocurrency mining company, American Bitcoin, to discuss the topic "The Future of Bitcoin in the U.S."

Analysts say that Eric Trump will support the expansion plans of American Bitcoin alongside his brother Donald Trump Jr., reflecting the Trump family's direct investment involvement in the cryptocurrency industry.

As previously mentioned in articles, the two sons of Trump are supporting a U.S. cryptocurrency company to acquire firms in Asia to stockpile cryptocurrencies in large quantities.

Additionally, Republican Senators Cynthia Lummis from Wyoming and Tim Scott from South Carolina will also deliver speeches. Both are co-sponsors of the "Genius Act," a Senate bill that establishes a regulatory framework for stablecoins, which was signed into law by Trump earlier this year

"Summer of Stablecoins" Reaches Its Peak

Analysts point out that this event also marks the peak of the "Summer of Stablecoins" described by Goldman Sachs analysts earlier. In addition to officials from the Federal Reserve and SEC attending, traditional financial giants are actively embracing blockchain.

Jenny Johnson, CEO of Franklin Templeton, led a discussion on "Embracing Blockchain" on Tuesday, showcasing the positive attitude of traditional asset management companies towards crypto technology.

Reports indicate that the unofficial theme of the conference focused on the current "cryptocurrency treasury company craze" sweeping the U.S. stock market, exploring how to combine Nasdaq tools with tokens to optimize fund management strategies. This trend is driving more traditional financial institutions to actively participate in the cryptocurrency market.

According to a report, thanks to a relaxed regulatory environment, Bitcoin prices have continued to soar, leading to the explosive growth of so-called "cryptocurrency treasury companies." These companies raise funds by issuing stocks or bonds to purchase tokens, providing investors with a channel to indirectly invest in cryptocurrencies through the stock market.

The conference was sponsored by cryptocurrency exchange Kraken and Anthony Scaramucci's investment platform Salt. Attendees noted that this year's blockchain summit holds special significance due to the market surge and the increasing political influence of cryptocurrencies.

One attendee stated, "Cryptocurrency practitioners are taking over the entire city for such events, and this year's conference will reach levels unattainable by traditional financial activities." This statement reflects the strong mobilization capability and market confidence exhibited by the cryptocurrency industry after gaining policy support.

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