The inaugural White House Crypto Summit will be held at 2:30 am Taiwan time on 3/8, with more than 20 crypto executives, investors and celebrities expected to gather at the White House to celebrate the inauguration of the Trump (Donald Trump) administration and plan the future development path under the leadership of this crypto-friendly president.
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ToggleThe Crypto Summit symbolizes a turning point in the crypto industry, and industry insiders are all looking forward to it
For crypto players, this event represents a major shift in the political climate surrounding this asset class after the collapse of Sam Bankman-Fried's FTX.
JP Richardson, CEO of digital wallet provider Exodus, who is expected to attend the summit, said: "This represents a turning point for the industry. If you look back at 2022, you'll find that the Biden administration has been actively hostile to our industry. Now, discussing crypto policy at the White House with the President means that this administration is taking crypto seriously."
Crypto reserves have jumped ahead of the summit, and have been pre-announced
Trump announced last Sunday that he will include BTC, ETH, SOL, XRP and ADA in the crypto asset reserve, boosting the crypto market, including Bitcoin. The crypto market surged and then plummeted sharply, with even crypto czar David Sacks being questioned for conflicts of interest, and many industry insiders expressing doubts about the decision, believing that the inclusion of certain crypto assets could undermine the credibility and utility of the reserve.
This morning, crypto czar David Sacks confirmed that US President Donald Trump has signed an executive order to establish a strategic Bitcoin reserve. This reserve will be capitalized by Bitcoin owned by the federal government, meaning the US government will not spend money to buy additional cryptocurrencies. Bitcoin plummeted to $84K, and the previously named reserve tokens ETH, SOL, XRP and ADA all crashed.
However, Conor Grogan, Coinbase's Head of Product Strategy and Business Operations, said that the latest executive order by US President Trump to establish a strategic Bitcoin reserve could alleviate significant selling pressure.
By my estimation, the US Govt owns 198.109k BTC. This executive order removes ~$18B of sell-side pressure https://t.co/XIv5SSRbBA pic.twitter.com/MN3xnITCNv
— Conor (@jconorgrogan) March 7, 2025
The crypto industry is competing to participate in the Crypto Summit
This summit will be hosted by venture capitalist and White House crypto czar David Sacks, as well as Bo Hines, chairman of the President's Digital Asset Advisory Council.
Attendees include Coinbase CEO Brian Armstrong, Strategy founder Michael Saylor, and Chainlink co-founder Sergey Nazarov. Notably, the US's largest exchange Coinbase and digital asset company Ripple made significant contributions during the last congressional election cycle and also donated to Trump's inauguration ceremony.
Most of the invite lists circling X are fake but this looks correct (though not yet complete). Note that the Digital Asset Summit is not a conference; it's a roundtable. We appreciate all of the interest but need to keep it small to have a meaningful conversation. https://t.co/r60gtdKgWN
— David Sacks (@davidsacks47) March 6, 2025
The SEC has dismissed the lawsuits and investigations of at least 10 crypto currency companies
Christopher Giancarlo, who served as chairman of the Commodity Futures Trading Commission during Trump's first term, said: "I believe this Crypto Summit shows that President Trump has delivered on the promise he made in Nashville." He is now a board member of crypto company Paxos Trust Co.
Since Trump took office, the SEC has dismissed or suspended lawsuits and investigations involving at least 10 crypto currency companies, including Coinbase, Robinhood, Uniswap Labs and OpenSea.
Risk Warning
Crypto currency investment is highly risky, and its price may fluctuate wildly, and you may lose your entire principal. Please carefully assess the risks.
