Trump Hosts Innovative Crypto Summit at the White House, Aims for Strategic Digital Asset Reserve
March 7, 2025 (Reuters) – U.S. President Donald Trump recently hosted an unprecedented summit at the White House, focusing on his ambitious plans for a government-owned reserve of cryptocurrencies. Bringing together leading figures from the cryptocurrency industry, the summit underscored the administration’s intent to engage with this rapidly evolving sector.
Welcoming Industry Leaders
The event took place in the State Dining Room with Trump welcoming an array of influential industry professionals, including notable figures such as Zach Witkoff, co-founder of World Liberty Financial—Trump’s own crypto business. Other prominent attendees included Michael Saylor, CEO of MicroStrategy, Coinbase co-founder Brian Armstrong, and twin investors Cameron and Tyler Winklevoss.
A central focus of the summit was Trump’s recent executive order aimed at establishing a strategic reserve of bitcoin and other digital assets. Trump emphasized the importance of creating "budget-neutral strategies" for the acquisition of these assets, stating firmly, “We don’t want any cost to the taxpayers.” The reserve is proposed to be funded by bitcoin that has been forfeited through criminal or civil asset forfeiture proceedings.
A Shift Towards a Government Crypto Reserve
David Sacks, the White House’s designated "crypto czar," illuminated details surrounding the proposed reserve, asserting that the initiative should have been set in motion long ago. He reiterated that taxpayer funds would not be deployed in the acquisition of digital assets and assured that consumer protections were already in place for crypto investments.
Despite this, some industry stakeholders expressed disappointment over the lack of a concrete plan for procuring new cryptocurrencies. The announcement appeared to have a negative impact on bitcoin’s market price, which saw a 3.4% decline, landing at $86,394. ### Diverse Opinions on Crypto Reserves
Reacting to the proposed reserve, JP Richardson, co-founder and CEO of Exodus, voiced concerns that including additional cryptocurrencies—beyond bitcoin—might introduce more risks to the reserve. He remarked, "Crypto has made big strides, but it’s still a relatively nascent industry," hinting at the potential volatility of other coins.
In contrast, those present at the summit were generally optimistic about the new collaborative approach between the administration and the crypto sector. Les Borsai, co-founder of Wave Digital Assets, remarked on the post-event sentiment, stating, “For the first time, industry leaders feel they’re walking into a collaborative discussion,” expressing hope for a more inclusive dialogue.
Regulatory Clarity Needed
Attendees also echoed a deep desire for regulatory clarity moving forward. Yesha Yadav, an associate dean and law professor, emphasized the need for information regarding future regulatory scrutiny, as understanding this landscape could facilitate the approval process for new exchange-traded funds in the cryptocurrency space.
As Trump optimistically framed the future of cryptocurrency in America, he declared, “From this day on, America will follow the rule that every bitcoin knows very well, never sell your bitcoin.” This philosophy aligns with the executive order’s stipulation that the government’s bitcoin holdings should not be sold.
Addressing Conflict of Interest
Despite the enthusiasm surrounding these developments, questions arise regarding Trump’s possible conflicts of interest in the crypto market. He and his family have ventured into cryptocurrency meme coins and operate World Liberty Financial. While aides claim that Trump has relinquished control of his business ventures during the ongoing reviews by external ethics lawyers, the White House did not provide further comments when asked about these concerns.
Looking Ahead
In light of the summit, it remains to be seen how the proposed strategic reserve will be implemented and what impact this will have on the broader cryptocurrency market. Industry leaders are hopeful for a regulatory environment that fosters growth while ensuring consumer protections remain a priority.
For ongoing updates and detailed reporting on this developing story, stay tuned as we follow the implications of the White House’s pivot toward cryptocurrency.
This article was crafted by an editorial team at Reuters, drawing on contributions from multiple reporters in New York and Washington.
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