On Friday, key figures in the digital assets industry are set to convene at the White House, both to celebrate Donald Trump's re-election and to discuss the future of the sector under the president’s industry-friendly administration.
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Among the attendees will be Coinbase Global Inc. CEO Brian Armstrong, Bitcoin advocate Michael Saylor, formerly of MicroStrategy Inc., and Vlad Tenev of Robinhood Markets Inc. They are scheduled to gather at 1:30 p.m. Eastern Time for the White House Digital Assets Summit. The invitation to attend was extended by Trump, according to a document seen by Bloomberg News.
For those who support the digital asset industry, the summit marks a significant shift in the political landscape, especially following the regulatory actions triggered by the downfall of Sam Bankman-Fried’s FTX.
“This is a pivotal moment for the industry,” said JP Richardson, CEO of Exodus Movement Inc., a digital wallet provider based in Omaha, Nebraska, who will be attending the event. “Looking back to 2022, the Biden administration was openly hostile to our industry. Now, being at the White House and discussing crypto policy with the president shows that this administration is taking crypto seriously.”
The summit comes just days after Trump announced on his Truth Social platform that the U.S. would include three lesser-known digital tokens—SOL, XRP, and ADA—in his proposed crypto reserve. The announcement briefly sparked a crypto rally, although critics questioned the value of the project and the tokens involved.
Critics have raised concerns about the crypto-reserve plan, casting doubt on its viability and the specific tokens Trump highlighted.
The event is expected to set the stage for several executive actions focused on crypto, with a variety of proposals under consideration, according to people familiar with the discussions. One possibility is that Trump could announce the government will stop selling cryptocurrencies seized in criminal cases and instead use them to build a national reserve.
Additionally, Trump might issue an executive order to establish an official Bitcoin reserve, which would involve purchasing more Bitcoin. Another potential action could involve changes to how crypto taxes are handled, though such a proposal would likely require Congressional review and approval, according to sources familiar with the matter.
These actions are still being reviewed, and it's uncertain whether they will be finalized or undergo modifications.
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