Here is all the news and updates from the White House Crypto Summit in Washington, taking place Friday night with President Trump and Crypto Czar David Sacks leading proceedings.
On Friday night, the White House Crypto Summit took place at the White House with a tightly curated invite list of thought leaders, founders and developers from some of the highest capitalized crypto projects.
The White House Crypto Summit attendee list, Source: X
Some of the key updates tonight are:
Trump says U.S. taxpayers have lost over $17 billion due to the U.S. government selling Bitcoin over the years
No BTC in the SBR will be sold off, however, the Treasury will be able to sell assets in the Digital Asset Stockpile.
Rumors about removing capital gains taxes on crypto are untrue. This won’t be addressed at today’s summit.
The U.S. government is working to end Operation Chokepoint 2.0 – the banking industry’s war on crypto.
The purpose of today’s summit is to get feedback from the crypto industry.
Stablecoins are seen as a way to protect the U.S. Dollar
President Trump gave a short speech, largely repeating the announcements from yesterday. President Trump said, “Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet and we’re taking historic action to deliver on that promise.”
I promised to make America the Bitcoin superpower of the world, said Trump, Source: White House
Bitcoin was steady as the Crypto Summit got underway, Source: Bitcoin Liquid Index
The Strategic Bitcoin Reserve
On March 6, 2025, President Donald J. Trump signed an executive order establishing the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile. This move positions the U.S. as a leader in government digital asset strategy.
Source: White House
The Strategic Bitcoin Reserve is to be funded with Bitcoin (BTC) forfeited in criminal or civil asset proceedings. These assets will be maintained as reserve assets and not sold, aiming to leverage Bitcoin’s fixed supply and strategic value. The Secretaries of Treasury and Commerce are tasked with developing budget-neutral strategies to acquire additional BTC without burdening taxpayers.
Concurrently, the U.S. Digital Asset Stockpile will consist of other digital assets obtained through similar forfeitures. The Secretary of the Treasury will oversee its management, including potential sales, to ensure responsible stewardship.
This initiative reflects a strategic approach to managing digital assets under U.S. control, aiming to harness their potential for national prosperity. It also addresses previous disjointed handling of seized cryptocurrencies, centralizing oversight and maximizing value.
President Trump has expressed a commitment to making the United States the “crypto capital of the world,” emphasizing the need to embrace digital assets for economic growth and technological leadership.
Trump Unlikely to Sell Gold to BTC
On Friday, White House Crypto Czar David Sacks clarified that, contrary to speculation, the Trump administration hasn’t yet considered liquidating U.S. government reserve assets, such as gold, to boost its newly unveiled Strategic Bitcoin Reserve. However, he signaled that pivotal federal agencies, including Treasury and Commerce, would soon start evaluating potential asset allocation strategies.
“That discussion hasn’t taken place,” Sacks confirmed to Decrypt when asked about swapping gold holdings for Bitcoin, despite online chatter suggesting otherwise.
“Ultimately, those kinds of decisions rest with the Treasury Secretary and the Secretary of Commerce,” Sacks added, emphasizing that any efforts to expand the reserve must remain budget-neutral. “But we’re not at the stage of having concrete discussions on what those approaches might look like.”
The clarification followed Thursday night’s groundbreaking executive order by President Donald Trump, which formally established a Strategic Bitcoin Reserve. The Reserve will safeguard approximately 200,000 BTC, currently valued at around $17 billion, seized through various criminal and civil enforcement actions.
The announcement by David Sacks, via X
Importantly, the executive order mandates that future strategies for acquiring additional Bitcoin must not burden American taxpayers financially. This insistence on budget neutrality isn’t merely a political move aimed at preserving public approval; it also navigates practical legislative hurdles, as new expenditures generally require Congressional consent.
Earlier Friday, a high-ranking White House official made a bold case for Bitcoin’s unique status, distinguishing it clearly from other crypto assets like Ethereum, Solana, XRP, and Cardano. The reasoning? Bitcoin’s unparalleled security, decentralization, and the absence of a centralized issuer.
Sacks reinforced this viewpoint, vividly describing Bitcoin’s robust security framework by likening its roughly $2 trillion market cap to “the world’s largest bug bounty,” a tempting target that, despite relentless probing, has never succumbed to significant breaches.
“We see Bitcoin as uniquely resilient and valuable,” he underscored.
Meanwhile, the administration plans to handle other cryptocurrencies differently. Altcoins seized by authorities will populate a separate “Digital Assets Stockpile.” Unlike Bitcoin, which the U.S. government plans to hold indefinitely—stored securely in what’s being called a “Digital Fort Knox”—these other digital assets may be periodically liquidated at the discretion of the Treasury Secretary.
In other words, Bitcoin has earned itself a distinctive role in America’s crypto strategy, recognized as uniquely suited to long-term government reserve holdings, while other cryptocurrencies are relegated to short-term, pragmatic management.
Source: https://bravenewcoin.com/insights/the-white-house-crypto-summit-is-underway