President of the US, Donald Trump, hosted a first-ever crypto summit at the White House, bringing together government officials and industry representatives. Trump announced that the Treasury and Commerce departments will explore new ways to acquire additional Bitcoin reserves.

In his speech at the White House Crypto Summit, Trump recalled his promise last year to make the US the “world’s Bitcoin superpower” and the “crypto capital of the planet,” stating that they have taken a historic step to fulfill that promise. Pointing to the executive order he signed yesterday regarding the establishment of a Strategic Bitcoin Reserve, Trump stated that the reserve will be a virtual “Fort Knox.” Trump drew attention to the fact that the US federal government is among the largest holders of Bitcoin, with 200,000 Bitcoin, acquired through various lawsuits, including being the foundation of the new reserve. Trump stated that the Treasury and Commerce departments will explore new ways to acquire additional Bitcoin reserves without causing burdens for taxpayers. He also noted that digital assets other than Bitcoin will be held in a new US digital asset stock that will be managed properly.

AIM TO END BUREAUCRACY’S CRYPTO WARS Trump emphasized that they are also working to end the bureaucracy’s war on crypto, supporting the efforts of members of Congress working on laws for the dollar-backed stablecoin and digital asset market. Trump highlighted the huge opportunity for economic growth and innovation in the finance sector, expressing hope that the bill will pass through Congress before the August recess. US Treasury Secretary Scott Bessent explained that they will use the Bitcoin reserve to strengthen the asset side of the US balance sheet. He also stated that they will give serious consideration to stablecoin regulation, emphasizing, “We will maintain the dollar as the dominant reserve currency in the world and we will use stablecoins to do so.” The first-ever Crypto Summit was attended by David Sacks, White House AI and Crypto Czar, Howard Lutnick, US Commerce Secretary, other members of the Digital Asset Markets Working Group, leading figures in the crypto industry, top executives, and investors.

TRUMP’S STAKE IN THE CRYPTO PLATFORM

Criticism arose regarding the Trump family’s launch of crypto meme coins and his stake in the crypto platform World Liberty Financial, raising concerns about a conflict of interest.