Trump Hosts Cryptocurrency Summit! U.S. Bitcoin Reserve Plan to Be Revealed Soon
This Friday, the White House will host a landmark cryptocurrency summit, personally chaired by former President Donald Trump. This summit marks a pivotal moment for the U.S. digital asset strategy, with expectations to unveil more details about the strategic Bitcoin reserve and discuss the federal government’s regulatory framework for cryptocurrency.
Trump Signs Executive Order
Reports indicate that Trump will sign an executive order prior to the summit, officially launching the strategic Bitcoin reserve plan. The plan aims to change the federal government’s attitude towards cryptocurrency holdings, primarily funded by Bitcoin (BTC) seized through criminal and civil asset forfeiture cases. This initiative sharply contrasts with past government practices of auctioning off seized cryptocurrency, which often missed opportunities for significant appreciation in the value of cryptocurrencies.
Trump’s cryptocurrency advisor David Sacks estimates that past sell-offs may have cost taxpayers up to $17 billion. Sacks is expected to lead discussions at the summit, which will also feature industry leaders and members of Trump’s cryptocurrency task force.
Regulatory Framework and Policy Strategy
In addition to Sacks, key regulatory figures such as Acting SEC Chair Mark Uyeda and Acting CFTC Chair Caroline Pham will also attend the summit, expected to outline a regulatory framework to protect investors. Bo Hines, Executive Director of the President’s Digital Asset Task Force, will lead the dialogue to formulate a policy strategy for digital assets.
Bitcoin as 'Digital Gold'
The White House describes Bitcoin as 'digital gold', emphasizing the strategic importance of becoming one of the first countries to establish a Bitcoin reserve. This stance stands in stark contrast to the previous Biden administration's strict regulatory attitude towards digital assets.
Wrapped Bitcoin (wBTC) and MOVE tokens valued at $1.5 million.
