U.S. President Donald Trump courted the cryptocurrency industry’s elite at the White House on Friday, hosting a first-of-its-kind summit centered on his plan to establish a government-owned stockpile of digital assets.
Trump welcomed key industry figures, including Zach Witkoff, co-founder of his crypto venture World Liberty Financial, as well as MicroStrategy CEO Michael Saylor, Coinbase co-founder Brian Armstrong, investors Cameron and Tyler Winklevoss, and entrepreneur David Bailey.
A primary focus of the event was Trump’s strategic reserve plan, which he formalized in an executive order on Thursday. The order mandates the creation of a Bitcoin stockpile using digital assets forfeited in criminal or civil cases, with no additional costs to taxpayers. “We don’t want any cost to the taxpayers,” Trump reiterated during the summit.
White House crypto czar David Sacks stated that establishing a Bitcoin reserve was long overdue and confirmed that taxpayer funds would not be used for acquisitions. However, some market participants were disappointed by the lack of a firm plan to purchase new tokens, leading Bitcoin’s price to dip 3.4% to $86,394.
JP Richardson, CEO of Exodus, expressed skepticism over Trump’s proposal to include four other cryptocurrencies in the reserve, arguing that they may pose additional risks. “Crypto has made big strides, but it’s still a relatively nascent industry,” he noted.
Officials and executives at the summit praised Trump’s approach, seeing it as a shift toward collaboration after years of regulatory scrutiny. “For the first time, industry leaders feel they’re walking into a collaborative discussion,” said Les Borsai, co-founder of Wave Digital Assets.
Trump voiced optimism about crypto’s future, telling attendees, “From this day on, America will follow the rule that every Bitcoin knows very well—never sell your Bitcoin.” His executive order explicitly prohibits the sale of the government’s Bitcoin holdings.
Treasury Secretary Scott Bessent emphasized that the U.S. would maintain the dollar as the world’s reserve currency, leveraging stablecoins to support that goal. Ripple CEO Brad Garlinghouse, who attended the summit, welcomed Trump’s acknowledgment that crypto extends beyond Bitcoin, noting that XRP is among the digital assets Trump has proposed adding to the reserve.
Industry leaders expressed hope that the administration’s stance would lead to clear regulatory guidelines and expedite the approval of exchange-traded funds. “What everyone really needs now is clarity on the level of scrutiny and intensity of regulation,” said Yesha Yadav, a Vanderbilt University law professor.
Trump’s involvement in cryptocurrency, including his family’s launch of meme coins and his stake in World Liberty Financial, has raised potential conflict-of-interest concerns. His aides insist he has relinquished control of his business ventures, which are under independent ethical review. The White House has not commented on the matter.
Source: Swifteradio.com
