Trump to host inaugural crypto summit at the White House

By Al Mayadeen English
Source: News websites
Today 14:47

The summit will reportedly be led by venture capitalist and White House crypto czar David Sacks, with executive director Bo Hines overseeing its administration.

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Then Republican presidential candidate President Donald Trump speaks at the Bitcoin 2024 Conference, on July 27, 2024, in Nashville, Tenn. (AP)

President Donald Trump will host the White House’s first cryptocurrency summit next Friday, further solidifying his support for the industry.

Trump is expected to speak at the event, which "will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets," according to a White House statement issued on Friday night.

The summit will be led by venture capitalist and White House crypto czar David Sacks, with its administration overseen by working group executive director Bo Hines, the statement added.

Dive deeper

Soon after taking office, Trump signed an executive order to establish the working group, which includes key agencies tasked with advising the White House on digital asset policy and evaluating the creation of a stockpile.

The group consists of the Treasury and Justice Departments, as well as the Securities & Exchange Commission and the Commodity Futures Trading Commission.

Why does it matter?

During his 2024 campaign, Trump, who had previously dismissed crypto as a "scam", vowed to simplify regulations, appoint crypto-friendly figures to oversee the sector, support a stablecoin framework, and create a Bitcoin stockpile. After his election, the industry contributed millions to his inaugural committee.

Although not all of these promises have been realized, Trump’s administration policies and the upcoming summit represent a stark contrast to the Biden administration's tougher regulatory stance following the collapse of the FTX digital-asset exchange and other scandals. Trump has also ventured into the cryptocurrency business, launching a memecoin shortly before his return to office and backing a project called World Liberty Financial, involving his sons.

"The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty," the White House further stated.