President Donald Trump held a groundbreaking crypto summit at the White House, bringing together government officials and industry representatives for the first time. Trump announced that the Treasury and Commerce Departments will explore new ways to acquire additional Bitcoin for reserves.

During his speech at the White House Crypto Summit, Trump recalled his promise last year to make the U.S. the “world’s Bitcoin superpower” and the “crypto capital of the planet,” stating that they took a historic step to fulfill this promise. Referring to the executive order he signed yesterday to establish a Strategic Bitcoin Reserve, Trump said that the reserve would be a virtual “Fort Knox.” Trump highlighted that the federal government is among the largest Bitcoin holders, with possessions including 200,000 Bitcoins acquired through various litigations forming the foundation of the new reserve. Trump stated that the Treasury and Commerce Departments would explore new ways to accumulate additional Bitcoin for the reserve, under the condition that it would not burden taxpayers. He also mentioned that non-Bitcoin digital assets would be held in a new U.S. digital asset stock managed appropriately.

AIM TO END BUREAUCRACY’S CRYPTO WAR Trump emphasized their efforts to end the bureaucracy’s war on crypto, expressing support for Congress members working on bills for dollar-backed stablecoins and the digital asset market. Trump underscored that this presented a tremendous opportunity for economic growth and innovation in the financial sector, expressing hope for the bill to pass through Congress before the August recess. U.S. Treasury Secretary Scott Bessent explained that they would utilize the Bitcoin reserve to strengthen the asset side of the U.S. balance sheet. Bessent highlighted that they would consider stablecoin regulations, stating, “We will keep the dollar as the dominant reserve currency globally, and we will use stablecoins to achieve this.” The inaugural Crypto Summit was attended by White House AI and Crypto Czar David Sacks, U.S. Commerce Secretary Howard Lutnick, other members of the Digital Asset Markets Working Group, prominent figures in the crypto industry, top executives, and investors.

TRUMP’S STAKE IN THE CRYPTO PLATFORM

The launch of meme coins by the Trump family and President Trump’s stake in the crypto platform World Liberty Financial sparked criticisms about a potential conflict of interest.