Breaking News! Trump to Host Cryptocurrency Summit at the White House Next Friday

The White House stated in a release on Friday evening that Trump will speak at the summit, "Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President's Digital Assets Working Group."

Earlier: Former Yale Football Player Promoted to Key Crypto Position at the White House

Shortly after taking office, the President signed an executive order establishing a working group composed of major agencies to provide policy recommendations on digital assets to the White House and assess the establishment of a reserve.

The working group includes the Treasury Department, the Justice Department, as well as the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In the 2024 campaign, Trump, who previously mocked cryptocurrency as a "scam," promised to simplify regulations, choose friendly figures to oversee the industry, support a stablecoin framework, and establish a Bitcoin reserve. After being elected, the industry donated millions of dollars to his inauguration committee.

Previously: Trump Signs Executive Orders Related to Cryptocurrency and Artificial Intelligence

Although he has not fulfilled all these promises, his administration's policies and the summit itself mark a significant shift from the Biden administration's harsh regulatory approach following the failure of FTX and other scandals. Trump even ventured into the cryptocurrency business himself, launching a memecoin shortly before his return to office and supporting a project called World Liberty Financial that involves his son.

The White House added in the statement: "The government is committed to providing a clear regulatory framework that promotes innovation and protects economic freedom."