US President Donald Trump is hosting the first ever crypto summit at White House and will welcome cryptocurrency executives and investors, signaling a dramatic reversal for an industry that has faced regulatory scrutiny and skepticism from financial authorities.
The high-profile summit – scheduled to start at 1.30pm ET (12am IST on Saturday) – follows Trump’s executive actions, including signing an executive order establishing a Strategic Bitcoin Reserve, designed to support the cryptocurrency sector, which both the president and industry insiders claim was unfairly targeted during the Biden administration.
“It's really extraordinary and gratifying to go from being in exile to being in the room where it happens,” said Faryar Shirzad, chief policy officer for Coinbase, the largest U.S.-based cryptocurrency exchange,as per the Washington Post.
Trump, who promised during his reelection campaign to make the United States "the crypto capital of the world," has already taken concrete steps toward that goal. The president even launched his own digital currency, $TRUMP, shortly before his inauguration.
The White House Crypto Summit is expected to focus on blockchain’s role in maintaining US financial dominance, according to CNBC.
Chainlink’s Sergey Nazarov emphasises the need for tokenizing key markets like treasuries and real estate to shape the future of finance. Robinhood’s Vlad Tenev advocates for tokenization to democratize private markets, arguing that blockchain can grant everyday investors access to high-value companies like OpenAI and SpaceX.
However, regulatory clarity is essential. Tenev calls for SEC reforms to allow broader participation in private markets, ensuring retail investors benefit from opportunities traditionally reserved for the wealthy.
Trump establishes a Strategic Bitcoin Reserve
The summit comes hours after tech investor David Sacks, who serves as the president's artificial intelligence and cryptocurrency czar, announced that Trump had signed an executive order establishing a Strategic Bitcoin Reserve, to be funded using cryptocurrency assets seized by the federal government through criminal or civil asset forfeiture proceedings.
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