Washington: U.S. President Donald Trump hosted a high-profile summit at the White House on Friday, engaging with the cryptocurrency industry’s key figures in a first-of-its-kind event. The summit focused on Trump’s plan to establish a government-owned strategic reserve of digital assets, with Bitcoin at its core.
Trump welcomed a diverse group of industry leaders, including Zach Witkoff, co-founder of World Liberty Financial, a crypto venture associated with the president. Other prominent attendees included MicroStrategy CEO Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, investors Cameron and Tyler Winklevoss, and entrepreneur David Bailey. The event, held in the White House’s State Dining Room, also brought together top administration officials and lawmakers.
US President Donald Trump wooed the cryptocurrency industry's elite at the White House in a first-of-its-kind summit and promised to enact his vision of making the US into 'the crypto capital of the world' https://t.co/HSQjnbilAE pic.twitter.com/897EAcxj9L
— Reuters (@Reuters) March 8, 2025
Strategic Bitcoin Reserve at the Forefront
A major focus of the summit was Trump’s executive order, signed on Thursday, which formalized plans for a strategic reserve comprising Bitcoin and other digital assets. The order mandates the Treasury and Commerce Departments to devise “budget-neutral strategies” for acquiring Bitcoin without imposing “incremental costs” on taxpayers.
“We don’t want any cost to the taxpayers,” Trump emphasized during the summit.
White House crypto czar David Sacks clarified that the reserve would be capitalized using Bitcoin already owned by the federal government, primarily sourced from assets forfeited in criminal and civil cases.
A Shift in Government-Crypto Relations
The summit marked a notable shift in the U.S. government’s approach toward the cryptocurrency sector, which has faced heightened scrutiny over security and consumer protection issues. Officials and executives praised Trump’s willingness to collaborate with industry leaders, fostering a more constructive dialogue.
“For the first time, industry leaders feel they’re walking into a collaborative discussion,” said Les Borsai, co-founder of Wave Digital Assets, a crypto investment firm. Borsai, who did not receive an invitation to the summit, highlighted the significance of the administration’s newfound openness.
Trump expressed optimism about the future of cryptocurrencies, stating, “We feel like pioneers in a way.”
He added: “From this day on, America will follow the rule that every Bitcoin knows very well, never sell your Bitcoin. That’s a little phrase that they have. I don’t know if that’s right or not. Who the hell knows, right? Who knows? Who knows, but so far, it’s been right, and well, let’s keep it that way.”
Trump’s executive order stipulates that the government’s Bitcoin holdings should remain untouched, reinforcing the administration’s long-term strategy for digital asset management.
Stablecoins and the Future of U.S. Currency
Treasury Secretary Scott Bessent reaffirmed the administration’s commitment to maintaining the U.S. dollar as the world’s reserve currency, stating that stablecoins would play a crucial role in this effort.
Ripple CEO Brad Garlinghouse, who attended the summit, expressed support for Trump’s recognition that the cryptocurrency landscape extends beyond Bitcoin. He noted that XRP, Ripple’s digital asset, is among the four cryptocurrencies Trump has suggested for potential inclusion in the strategic reserve.
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Regulatory Clarity and Market Growth
Attendees voiced optimism about working with an administration that views cryptocurrency as a legitimate asset class. They also stressed the need for clearer regulatory frameworks to support the industry’s growth.
“What everyone really needs to have at this point is clarity on what the level of scrutiny and intensity of regulation will be, who the key regulators will be,” said Yesha Yadav, associate dean and professor of law at Vanderbilt University.
Industry leaders believe regulatory transparency could accelerate approvals for cryptocurrency exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC), boosting market confidence and innovation.
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Ethical Concerns and Business Ties
Despite the enthusiasm surrounding the summit, Trump’s involvement in cryptocurrency has sparked conflict-of-interest concerns. His family has launched several cryptocurrency meme coins, and he retains a stake in World Liberty Financial. While his aides have stated that Trump has relinquished control of his business ventures, external ethics lawyers are reviewing the matter. The White House has not responded to requests for comment.
