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Trump order establishes US Bitcoin reserve
President Donald Trump signed an executive order on Thursday to establish a “strategic Bitcoin reserve” and is hosting a “crypto summit” at the White House.
Fox – LA
President Donald Trump touted a pair of new federal stockpiles for cryptocurrencies in a White House meeting Friday with industry leaders. Trump also backed legislation providing “regulatory certainty” for crypto after years of tougher treatment by former President Joe Biden’s administration.
The crypto summit showcased how much things have changed for a volatile industry that Trump is personally invested in and has lavished with his attention in recent weeks.
Trump signed an executive order promoting digital asset markets shortly after taking office. He followed it up Thursday with another order creating a Strategic Bitcoin Reserve to store federal holdings of the popular cryptocurrency, and a separate Digital Asset Stockpile.
Friday’s White House meeting gave the industry an seat inside the center of American political power.
“Being at the White House is a big deal and you have great support,” Trump told about 30 industry leaders.
Trump was joined by David Sacks, a prominent tech investor who serves as the White House crypto and artificial intelligence czar, Treasury Secretary Scott Bessent and other administration officials who promised favorable treatment for the industry.
“We’re going to position the United States as a leader among nations in the digital asset strategy,” Bessent said.
The crypto industry was rocked in 2022 by the collapse of the FTX exchange. The company’s founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing $8 billion from customers.
Under Biden, federal regulators sought to crackdown on crypto, bringing enforcement actions against companies.
But last month the Securities and Exchange Commission dropped its case against Coinbase, the country’s largest crypto company. Other crypto leaders then announced the SEC also is ending its cases against their companies.
Representative from some of the companies whose cases were dropped, including Coinbase, were on a list of invitees to the White House summit that was posted online and confirmed as accurate but incomplete by Sacks in a post on X.
The White House did not provide a list of those invited, but pointed to Sacks’ X post. A representative from World Liberty Financial, a crypto platform that Trump owns a 60% stake in and features the president prominently on its website, was on the list.
Trump’s financial stake in the industry also includes a pair of cryptocurrency tokens.
Sacks posted on X recently that he sold all of his cryptocurrency prior to Trump taking office.
Sacks complained during the summit that the crypto industry had been “subjected to prosecution and persecution,” comparing it to Trump’s own legal battles. Trump also saw a parallel.
“They weaponized government against the entire industry but I know that feeling also,” he said.
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