President Donald Trump hosted the first White House Digital Asset Summit on Friday, with a handful of major crypto executives and relevant members of his administration.
Trump repeated his promises from his Thursday executive order to establish a Strategic Bitcoin Reserve, and to never sell America’s Bitcoin.
- “From this day on, America will follow the rule that every Bitcoiner knows very well: never sell your bitcoin,” he said during the opening livestream. “That’s a little phrase that they have, I don’t know if that’s right or not. Who the hell knows.”
- In addition, the order tasked Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick with exploring ways to acquire additional bitcoin that imposed no new costs on taxpayers. Though it also established a “digital asset stockpile” for altcoins, the order does not prevent the government from sending them, and will not involve additional purchases for the stockpile.
- Treasury Secretary Scott Bessent said that the government would rescind all previous guidance related to the tax code and risk weightings with cryptocurrency, and promote US dollar stablecoins to keep the US dollar dominant across the world.
- Crypto executives across the roundtable applauded the President for taking a welcoming approach to the digital assets industry, rather than a hostile one.
- “The US should have its leadership continue in this new financial system,” said Sergey Narzarov of Chainlink. “I am overjoyed to see this. This is how the US will continue its role in the Global financial system.”
- Others at the roundtable included Ripple CEO Brad Garlinghouse, Coinbase CEO Brian Armstrong, Gemini co-founder Cameron and Tyler Winklevoss, and Strategy founder and executive chairman Michael Saylor.
- The bulk of the meeting is not being aired publicly, but David Sachs stated that the roundtable was kept small to inspire “meaningful conversation.”
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