TLDR
- Trump signed an executive order establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile
- The White House hosted its first-ever crypto summit with industry executives
- The reserve will initially only include cryptocurrencies already seized by the government
- Bitcoin prices fell after the summit, with some investors disappointed by limited government commitment
- Trump promised to end what he called the “federal bureaucracy’s war on crypto” under Biden
President Donald Trump hosted the first-ever White House cryptocurrency summit on Friday, bringing together top executives from the digital asset industry. The event marked a major change in the government’s approach to an industry that has faced regulatory challenges in recent years.
Trump used the summit to highlight his administration’s more favorable stance toward cryptocurrency. He was joined by Treasury Secretary Scott Bessent and David Sacks, the White House’s newly appointed cryptocurrency and artificial intelligence czar.
The summit follows Trump’s executive order signed Thursday that creates a Strategic Bitcoin Reserve. Trump described the initiative as “a virtual Fort Knox for digital gold to be housed within the United States Treasury.”
The US won the internet and the US should win crypto as well. Today’s Digital Asset Summit confirmed we are on the path to victory. @realDonaldTrump, @DavidSacks, @BoHines, and the Trump Administration are deeply committed to making America the crypto capital of the world and… pic.twitter.com/vRezz4tI2b
— Tyler Winklevoss (@tyler) March 8, 2025
This reserve will initially consist only of digital assets the government already owns. These holdings come from criminal and civil asset forfeiture proceedings rather than new government purchases.
In addition to the Bitcoin reserve, Trump’s order creates a U.S. Digital Asset Stockpile for other cryptocurrencies. David Sacks told reporters that the government will audit its current digital holdings before establishing these reserves.
The Bitcoin reserve is intended as a long-term holding. For the stockpile of other tokens, Treasury and Commerce officials will have authority to make decisions about sales or purchases, as long as these actions are “budget-neutral.”
Trump promised to roll back regulations on cryptocurrency that were implemented during the Biden administration. “My administration also is working to end the federal bureaucracy’s war on crypto, which was really going on pretty wildly during Biden,” Trump said.
The president has stated his goal is to make the United States “the crypto capital of the world.” This represents a dramatic shift for an industry that has faced intense regulatory scrutiny in recent years.
SEC Change of Direction
The Securities and Exchange Commission under Trump has already paused or dismissed legal actions against seven cryptocurrency companies that began during the Biden administration. These companies include Coinbase, Kraken, and Robinhood, whose CEOs attended the White House summit.
Despite the positive messaging, some cryptocurrency investors expressed disappointment. They had hoped for more active government support, such as new cryptocurrency purchases rather than just holding already-seized assets.
Bitcoin prices fell about 3% after the summit concluded. The cryptocurrency was down approximately 7% for the week, trading at $87,000.
Jeff Park, an executive with the Bitwise crypto investment group, voiced his disappointment on social media. “We asked for too little. Having only bitcoin and not the rest of the altcoins in the strategic reserve is not a win,” he wrote.
White House officials clarified several points before the summit. They denied rumors that individuals would be exempt from paying taxes on cryptocurrency gains. They also explained that Trump’s initial announcement had been misinterpreted regarding which cryptocurrencies would be included in the reserve.
The cryptocurrency industry has gained political influence in recent years. According to OpenSecrets, the industry spent nearly $88 million on lobbying Congress between 2012 and 2024. The majority of that spending ($71.4 million) occurred just between 2022 and 2024.
The crypto sector also played a major role in the 2024 election. Industry-related political action committees spent more than $245 million during the election cycle. Nearly half of all corporate dollars in the election came from cryptocurrency interests, according to nonprofit watchdog Public Citizen.
Despite the growing visibility of cryptocurrency at the White House, most Americans still don’t own any digital assets. A 2024 survey by the Pew Research Center found that only 17% of American adults have invested in, traded, or used cryptocurrency. This percentage hasn’t changed since 2021.
The summit attendees included Faryar Shirzad, chief policy officer for Coinbase, who expressed satisfaction with the industry’s changing status. “It’s really extraordinary and gratifying to go from being in exile to being in the room where it happens,” he said before the event.
Other attendees included Shayne Coplan of Polymarket, an online platform for cryptocurrency betting on future events. Coplan praised the administration’s “commitment to collaboration with American innovators” in a social media post.
Bipartisan Support
The cryptocurrency industry has found some bipartisan support in Congress. The Senate recently passed a resolution with wide bipartisan support to recall a Biden administration crypto tax rule. The chamber is also considering a bipartisan bill to create a regulatory framework for payment stablecoins.
Trump himself has entered the cryptocurrency market. He launched his own digital token, $TRUMP, shortly before his inauguration. World Liberty Financial, a firm affiliated with the Trump Organization, controls 80% of the supply and appears to collect fees on sales. This connection has raised concerns about potential conflicts between the president’s business interests and official duties.
In his first week in office, Trump also signed an executive order to ease regulation on the crypto industry. During that same period, he pardoned Ross Ulbricht, founder of the illicit online marketplace Silk Road, which operated using cryptocurrency. Ulbricht had been sentenced to life in prison in 2015 for conspiracy and money laundering.
The cryptocurrency industry’s reputation suffered a major blow in 2022 when the exchange FTX collapsed. Former CEO Sam Bankman-Fried was later sentenced to 25 years in prison for misappropriating billions in customer funds. In a recent interview, Bankman-Fried expressed optimism about the future of cryptocurrency under Trump.
At the White House summit, Trump emphasized his administration’s shift in approach to the industry. “We feel like pioneers,” he said, highlighting his commitment to positioning the United States as a leader in digital financial technology.
