Cryptocurrency industry leaders met with Donald Trump at the White House to strategize on making the United States the “crypto capital of the world.” The Friday summit included discussions on the recent executive order signed by Trump, which established a strategic reserve of cryptocurrency.
Former President Donald Trump hosted a meeting with cryptocurrency executives to discuss the future of digital assets. During the summit, Trump expressed his positive outlook, thanking attendees and calling them “pioneers.” The meeting included CEOs from Coinbase, Robinhood, and Ripple, among others.
Trump also revealed plans for a “digital Fort Knox for digital gold” – a strategic reserve of cryptocurrency for the United States. This reserve will contain Bitcoin and four other cryptocurrencies.
David Sacks, a tech investor whom Trump has named his “crypto czar,” praised the administration’s proactive approach to the digital asset industry. Sacks stated the industry “was subjected to persecution, and no one understands that better than you do.”
Attendees focused on the details of the strategic reserve, which will be stocked with Bitcoin forfeited by the federal government. JP Richardson, co-founder and CEO of Exodus, expressed reservations about including the four other cryptocurrencies, while Coinbase CEO Brian Armstrong posted on X that a Bitcoin-only reserve was “probably … the best option.”
Brad Garlinghouse, the CEO of Ripple, who also attended the summit, hailed Trump’s recognition that “we live in a multichain world” stretching beyond bitcoin. XRP, the coin tied to Ripple, is one of the four other cryptocurrencies Trump has suggested may be added to a crypto reserve.
Yesha Yadav, the associate dean and a professor of law at Vanderbilt University, emphasized the need for regulatory clarity to avoid any lack of proper scrutiny. Trump’s family has launched cryptocurrency meme coins and he also holds a stake in World Liberty Financial, which has sparked some conflict-of-interest concerns.
