President Donald Trump will host the first cryptocurrency summit in the White House next Friday, which will strengthen his support for cryptocurrencies. The event will feature the founders and CEOs of the leading crypto platforms as well as members of the president’s Working Group on Digital Assets.
The summit will be presided over by venture capitalist and White House crypto czar David Sacks, while Bo Hines, the working group’s executive director, will manage the administration. Trump will speak at the event, which will demonstrate that he remains a supporter of digital assets, according to a Bloomberg report.
In the very beginning of his presidency, Trump issued an executive order to establish the working group, which is comprised of the Treasury and Justice Departments, the SEC, and the CFTC.
Their function is to provide recommendations on the digital asset policy and consider the establishment of a national Bitcoin fund. In his 2024 campaign, Trump promised to reduce crypto regulation, fill agencies with friendly officials, back a stablecoin bill, and accumulate Bitcoin.
Though he has not delivered all these promises, the current administration has taken a more friendly approach to cryptocurrencies than Biden. Trump’s personal interest in crypto has also increased.
He released a memecoin before going back to office and endorsed World Liberty Financial, which is associated with his sons. “The administration is dedicated to a clear set of rules, fostering innovation, and preserving economic freedom,” the White House said.
By doing so, Trump sustains his positive stance on the crypto industry, which will likely lead to the expansion of the digital asset market in the United States.
