President Donald Trump hosted a groundbreaking cryptocurrency 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 for reserves.

During 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 this promise. Referring to the decree signed yesterday establishing the Strategic Bitcoin Reserve, Trump stated that this reserve will be a virtual “Fort Knox.” Highlighting that the federal government is among the largest Bitcoin holders, Trump reported having 200,000 Bitcoins, including those obtained through various lawsuits, which will form the basis of the new reserve. Trump stated, “The Treasury and Commerce departments will explore new ways to acquire additional Bitcoin for reserves, provided it does not burden taxpayers.” He also noted that digital assets other than Bitcoin will be held in a new US digital asset stock and managed appropriately.

AIM TO END BUREAUCRACY’S WAR ON CRYPTO Trump emphasized that they are working to end bureaucracy’s war on crypto, supporting efforts by members of Congress working on legislation for dollar-backed stablecoins and the digital asset market. Trump highlighted that this presents a tremendous opportunity for economic growth and innovation in the financial 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. Emphasizing that they will carefully consider stablecoin regulation, Bessent stated, “We will keep the dollar as the dominant reserve currency in the world and will use stablecoins to do so.” The first Crypto Summit, attended by figures like White House AI and Crypto Czar David Sacks, US Commerce Secretary Howard Lutnick, other members of the Digital Asset Markets Working Group, leading names in the crypto industry, top executives, and investors.

TRUMP’S CRYPTO PLATFORM SHARES

Criticism arose from the launch of meme coins by the Trump family and his ownership of shares in the crypto platform World Liberty Financial, leading to allegations of a conflict of interest.