President Trump embraced cryptocurrency during his campaign, including during this visit to a cryptocurrency-themed bar called Pubkey in New York City on Sept. 18.
Spencer Platt/Getty Images
A groundbreaking summit on cryptocurrency is scheduled at the White House this Friday, marking a pivotal moment in the Trump administration’s approach to digital assets. This event signifies a departure from the previous administration’s stance, highlighting President Trump’s evolving perspective on crypto.
Initiated by Trump’s campaign promises, the event underscores his ambition to transform the U.S. into the “crypto capital of the planet.” His involvement with World Liberty Financial, a crypto enterprise he co-founded in September 2024, and his own meme coin further illustrate his commitment to this vision.
Details regarding the summit’s structure or attendees remain under wraps. However, it will be led by David Sacks, the White House’s AI and crypto expert, alongside Bo Hines, a consultant on digital assets.
Sacks announced on social media the initiation of a cryptocurrency strategic reserve through an executive order. This reserve, seeded with approximately 200,000 bitcoins seized via legal proceedings, aims to establish a “digital Fort Knox.” While the government plans to acquire more bitcoin, other digital assets seized will not be expanded upon beyond legal acquisitions.
Trump: “My attitude is different”
Trump has voiced criticism of the Biden administration’s strict regulatory measures on cryptocurrency, particularly through the Securities and Exchange Commission.
In September, Trump noted, “You have a very hostile SEC. … They’ve been very hostile toward crypto, toward all of it, and extremely hostile like nobody can believe. My attitude is different. If we don’t do it, China’s going to do it. China’s doing it anyway.”
Recent policy shifts include the rollback of several investigations and lawsuits against crypto businesses. Additionally, Trump has revealed intentions to establish a government cryptocurrency strategic reserve. The Senate has also nullified a Biden-era mandate requiring certain crypto businesses to report to the IRS.
The summit aims to lay the groundwork for a comprehensive regulatory framework for cryptocurrency. Campbell Harvey, a finance professor at Duke University, remarked, “Over the past four years, at least, the regulatory complex has been very combative, almost in a warlike situation, against the innovators in the space. So it’s time to step back and to look at the possible benefits of this new technology and weigh them against the costs.”
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