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The crypto world is hoping a White House summit on Friday will take it one step closer to getting what it wants from a GOP-led Washington, providing some stability to a market trying to regain the upward momentum it had in the aftermath of Donald Trump’s election victory.
The White House said in a statement that Trump is expected to host and deliver remarks at the “crypto summit” before prominent CEOs, founders, and investors from the industry.
The attendees are expected to include Coinbase Global (COIN) CEO Brian Armstrong, Strategy’s (MSTR) Michael Saylor, Chainlink Labs CEO Sergey Nazarov, and Exodus CEO JP Richardson.
They will be joined by several key members of Trump’s administration, including AI and crypto czar David Sacks and Bo Hines, executive director of a presidential working group on digital assets.
A lot of the discussion is expected to focus on Trump’s talk of a US strategic reserve of cryptocurrencies and the possibility of moving legislation through Congress that could provide more clarity about regulatory oversight of digital assets.
“A big part of it is bringing the leading CEOs of the largest US crypto projects … [with] the private sector and say, ‘Okay, how do we really accomplish Donald Trump’s call to make the US the crypto capital of the planet,’” Perianne Boring, CEO of the Digital Chamber, told Yahoo Finance.
The meeting comes after a period of extreme volatility for digital assets. The price of bitcoin (BTC-USD), the world’s largest cryptocurrency, has whipsawed this week following its worst correction since a 2022 meltdown.
It climbed Wednesday to hover around $90,000. Bitcoin is still down significantly from its all-time high above $109,000 on the day of Trump’s inauguration in January.
Martin Leinweber, digital asset research and strategy director for indexing firm MarketVector, told Yahoo Finance the crypto world had become too euphoric about how quickly Trump could deliver on his promises to the industry.
“There was too much hopium priced in since November for Trump and how good he and his team is for crypto, because it takes longer than just a few weeks to come up with how to do all of this,” Leinweber said.
How the Trump administration might deliver on its promise of a crypto reserve isn’t clear.
The president said Sunday in a social media post on Truth Social that such a reserve would include bitcoin, ethereum (ETH), XRP (XRP), solana (SOL), and cardano (ADA). He had not previously spelled out which digital assets would be included.
Technically, the president can take a step toward a stockpile by stopping any selling of the seized and forfeited crypto assets already managed by the US Marshals Service, but to make the reserve permanent or incorporate a buying program, the preferred route is passing legislation in Congress.
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