White House Announces First-Ever Crypto Summit

The White House announced on February 28 that President Trump will host and deliver remarks at the first ever White House Crypto Summit on Friday, March 7.

According to the announcement, the summit will bring together “prominent founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets.

The gathering will be hosted by White House A.I. & Crypto Czar David Sacks. It will be administered by the Working Group’s Executive Director Bo Hines.

Summit follows major industry wins

The White House Crypto Summit announcement caps a week of victories for the digital asset industry.

Just hours before the White House press release, a federal judge approved the Securities and Exchange Commission’s motion to withdraw its case against Coinbase.

This development followed earlier announcements from ConsenSys CEO Joe Lubin and Gemini co-founder Cameron Winklevoss that the SEC had informed their respective companies it would terminate its investigations into those firms.

The SEC also announced its intention to hit stop on its case against Justin Sun and TRON.

These regulatory shifts align with statements made by David Sacks during his first public remarks as Trump’s crypto czar earlier this month.

Speaking at a February 4 press conference alongside congressional leaders, Sacks emphasized the administration’s commitment to aid in crypto development.

“We want to keep that innovation onshore in the U.S.,” Sacks stated, adding,

“Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries.”

While the White House has not yet released a complete list of summit attendees, the event is expected to bring together key stakeholders from across the digital asset ecosystem.

National Bitcoin reserve discussions continue

Senator Cynthia Lummis provided additional context on the administration’s crypto initiatives during a conference in New York.

The Wyoming Republican, who sponsors a bill calling for the U.S. to establish a Bitcoin reserve, suggested that while progress continues, implementation may take longer than many industry participants hope.

“My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government,” Lummis told attendees at a conference hosted by crypto personality Anthony Pompliano. “States are incubators of innovation.”

She also noted international momentum on similar initiatives, adding that

“We’re seeing the United Arab Emirates purchase Bitcoin. You’re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so.”

The upcoming White House Crypto Summit may provide an opportunity for the administration to clarify its position on a national Bitcoin reserve and other key policy questions that have emerged following the January executive order.