Costa News Spain Breaking News | English News in Spain.
Credit: Shutterstock and Waqas. Credit: Shutterstock & Waqas Creatives
Trump said to attendees that “this is a very significant day in your life”, highlighting his administration’s commitment to the industry. The event was led by Trump and David Sacks as “crypto-czar”, signaling a major policy shift. After years of regulatory crackdowns during Joe Biden’s presidency, the administration adopted a more crypto friendly stance.
Among those in attendance were prominent figures such as MicroStrategy’s Michael J. Saylor or Brad Garlinghouse, XRP’s Brad Garlinghouse, and Coinbase’s Brian Armstrong. The summit reinforced Trump’s commitment to support the crypto industry. One of the key takeaways was the creation of a Bitcoin strategic reserve.
Trump’s Bitcoin reserve
The summit focused on Trump’s executive orders to create a federal Bitcoin Reserve. The government will not buy new Bitcoin but instead use Bitcoin that it has already confiscated in criminal cases. Trump said that taxpayer funds will not be used in this project.
“We do not want to cost the taxpayers,” said he, stressing the fact that the plan would not require additional government spending. The order states that the U.S. Government will never sell their Bitcoin reserves.
Crypto Industry has mixed reactions to the White House Summit
Some industry leaders praised government for its engagement with industry. Sergey Nazarov (co-founder of Chainlink) noted “a significant change and enormous amounts of government support”.
Some were disappointed by the U.S. Government’s decision not to actively buy new Bitcoin or other crypto-currencies. JP Richardson of Exodus expressed concern over the inclusion of more digital assets into the reserve. Although he owns the four coins other than Bitcoin that Trump has suggested including in the reserve – XRP, Soland, ADA, and Ethereum – he does not think they have a place in a strategic reserve: “Crypto has made big strides, but it’s still a relatively nascent industry,” cited by Reuters.
Bitcoin prices dropped by 3.4% in response to the announcement.
The summit raised concerns about Trump’s involvement in cryptocurrency. He owns a stake in World Liberty Financial – a crypto platform that he founded – and launched his meme coin previously.
Public Citizen and other critics have expressed concern about possible conflicts of interest.
Despite these concerns the administration seems committed to making the U.S. the global leader in digital assets. Treasury Secretary Scott Bessent said at the summit that America would keep the dollar in place as the world reserve currency, and that stablecoins might play a part.
The summit was primarily centered on U.S. policy, but its effects can be felt worldwide, including in the European Union (EU). The EU is tightening its regulations for digital assets. This includes the recent introduction MiCA.
The White House Crypto Summit is a significant shift in U.S. cryptocurrency policy, which could have a ripple effect on global markets. This includes Europe.
All the latest cryptocurrency news.
