After the White House announced the cryptocurrency summit this week, President Trump explained some details on the 'Truth Social' platform, specifically mentioning strategic reserves.
After years of malicious suppression by the Biden administration, America’s cryptocurrency reserves will drive the development of this key industry, which is why my executive order on digital assets directs the presidential working group to advance a cryptocurrency strategic reserve plan that includes XRP, SOL, and ADA.
I will ensure that America becomes the global capital of cryptocurrency.
We are making America great again!
This caused the price of Bitcoin to soar above $88,000...
President Trump will host the first White House Cryptocurrency Summit on March 7, where industry leaders will convene to discuss regulatory policies, stablecoin regulations, and the potential role of Bitcoin in the U.S. financial system.
According to an announcement by David Sachs, the 'AI and Cryptocurrency Head' at the White House, posted on March 1 on platform X, attendees will include 'prominent founders, CEOs, and investors from the cryptocurrency industry,' as well as members of the presidential digital asset working group.
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This summit will be hosted by Sachs and organized by the executive director of the working group, Bo Hines.
Source: David Sachs.
Sachs was appointed as the White House Head of Cryptocurrency and AI on December 6, 2024. In the announcement, Trump wrote that his responsibility is to 'develop a legal framework that provides the clear rules the crypto industry has sought, allowing it to thrive in the U.S.'
Trump also added that part of Sachs' responsibilities will be to 'protect' free speech online, 'guiding us away from the biases and censorship of big tech companies.'
Source: Donald Trump.
Trump has previously stated that he intends to make cryptocurrency policy a national priority, positioning the U.S. as a global center for blockchain innovation. The upcoming summit may set the tone for cryptocurrency regulation in the next four years.
Joe Dole, the Chief Legal Officer of the NFT market Magic Eden, stated in an interview with CoinTelegraph that Sachs has only two years to implement pro-cryptocurrency policies before the midterm elections in the U.S. in 2026.
Dole believes that the threat of government gridlock may hinder regulation, and this administration must push for pro-cryptocurrency policies while still controlling both houses of Congress.
Stablecoin and Bitcoin reserve regulation remain the focus.
Although there are currently no further details regarding the summit agenda, stablecoin regulation and legislation related to potential Bitcoin strategic reserves have been the focus of regulatory discussions in the U.S.
Jeremy Aler, co-founder of Circle, the second-largest stablecoin issuer globally, stated that global stablecoin issuers should be required to register with U.S. authorities. This announcement came days after the White House issued the above announcement.
Aler stated that for the sake of consumer protection, dollar-based stablecoin issuers should not be granted a 'free pass' to 'ignore U.S. law and operate arbitrarily anywhere while selling to the U.S.' Aler told Bloomberg:
Whether you are an offshore company or located in Hong Kong, if you want to offer dollar-denominated stablecoins in the U.S., you should register in the U.S. just as we do elsewhere.
Given that Sachs previously stated that stablecoins could 'expand the dollar's dominance internationally,' the upcoming summit may provide more insight into forthcoming stablecoin legislation.
Attention to establishing Bitcoin strategic reserves in the U.S. is also rising. Data from Bitcoinlaws shows that at least 24 states have proposed legislation related to potential Bitcoin reserves so far.
U.S. states proposing Bitcoin reserve legislation. Source: Bitcoinlaws.
However, according to Nexo's scheduling analyst Ilya Karlchev, state-level Bitcoin reserve initiatives may not represent a key moment for Bitcoin; unless large-scale purchases are announced, these initiatives are merely 'symbolic gestures.'
Karlchev told CoinTelegraph: 'Unless the hearing announces recent purchasing plans or significant policy shifts, the market's reaction may be mild, as Texas's supportive stance on cryptocurrency is already well known.'
Over the past five years, Bitcoin's average return rate has exceeded 1077%, demonstrating the profit potential of a long-term holding strategy.
