Trump Hosts First-Ever Cryptocurrency Summit at White House
President Donald Trump convened a landmark summit at the White House on Friday, bringing together leaders from the cryptocurrency industry for the first time. The discussion centered on his administration’s digital asset reserve strategy. The event was attended by prominent figures, including Jack Whitcoff, co-founder of Trump’s own crypto venture World Liberty Financial, as well as MicroStrategy CEO Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, investors Cameron and Tyler Winklevoss, and entrepreneur David Bailey, among others, Reuters reported.
The primary agenda of the summit revolved around Trump’s new plan to establish a strategic reserve incorporating Bitcoin and other digital assets. The initiative was formally announced through an executive order issued on Thursday. According to the order, the Treasury and Commerce Secretaries have been directed to explore ways to acquire crypto assets without incurring additional budgetary expenses.
Trump stated, “We do not want to spend taxpayers’ money on this.” White House Crypto Coordinator David Sacks clarified that the capital for the strategic reserve would be sourced from Bitcoin confiscated by the government through criminal or civil forfeiture cases.
Many market analysts had anticipated a concrete plan for government-led cryptocurrency acquisitions, and its absence led to a 3.4% drop in Bitcoin’s price, bringing it down to $86,394.
Exodus CEO JP Richardson voiced skepticism over the strategy, remarking, “This strategic reserve will be controversial. While Trump mentioned storing Bitcoin along with four additional coins, I do not believe they are suitable for a reserve.”
Despite concerns, attendees praised Trump’s initiative, expressing satisfaction over the administration’s collaborative approach toward the crypto industry. Les Borsai, co-founder of Wave Digital Assets, commented, “For the first time, industry leaders have the opportunity for open dialogue with the administration.”
Trump, expressing optimism about the future of cryptocurrency, declared, “We are, in a way, leading the way.” He further stated, “From today, America will follow a popular Bitcoin policy—‘Never sell Bitcoin.’”
The executive order explicitly affirms that the government’s Bitcoin holdings will never be sold.
Meanwhile, Treasury Secretary Scott Bessent underscored the U.S. government’s commitment to maintaining the dollar’s status as the world’s reserve currency, emphasizing that stablecoins would play a role in achieving this objective.
Brad Garlinghouse, CEO of Ripple, welcomed Trump’s stance on cryptocurrency, stating, “I appreciate Trump’s recognition that the world of cryptocurrency extends beyond Bitcoin.” Notably, XRP, the digital asset associated with Ripple, is among the coins proposed for the strategic reserve.
However, Trump’s involvement in the cryptocurrency industry, including his family’s meme coin projects, has raised concerns over potential conflicts of interest. While his aides have asserted that Trump has transferred control of his business and that independent legal reviews are being conducted, questions regarding ethical implications persist.
The White House has not issued any official comments on the matter.
