US President Donald Trump hosted a cryptocurrency summit at the White House, which saw major industry players, government representatives, and legislators in attendance. The agenda of the summit was Trump’s proposal to establish a Bitcoin Strategic Reserve through seized crypto funds.
White House Crypto Summit: Trump Calls For Seized Cryptos To Build Bitcoin Strategic Reserve
US President Donald Trump’s crypto summit at the White House highlighted strategies for a Bitcoin reserve with the aim to use seized digital assets to create the reserve rather than pass on the burden to taxpayers
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White House Crypto Summit
The summit gathered top figures from the crypto industry, including Michael Saylor (MicroStrategy CEO), Brian Armstrong (Coinbase CEO), Cameron and Tyler Winklevoss, and David Bailey, alongside government officials in the White House’s State Dining Room.
According to Reuters, Trump addressed concerns surrounding digital assets, stating that his administration aims to support crypto innovation while ensuring financial stability.
What is Bitcoin Strategic Reserve
A key focus of the summit was Trump’s executive order, which formally establishes a Bitcoin Strategic Reserve. The reserve will consist of Bitcoin seized through criminal and civil asset forfeiture cases and will not require government funds for acquisitions.
David Sacks, the White House crypto czar, explained that the initiative aims to strengthen the US financial position while ensuring that taxpayers bear no additional burden.
Altcoins including XRP, Solana (SOL), and Cardano (ADA) will be part of the newly-created US digital asset reserve. Also, forfeiture procedures will be used to obtain these assets instead of taxpayer money.
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Trump’s Stance on Crypto
Trump reaffirmed his support for cryptocurrency during the summit, emphasising that the US government should not sell its Bitcoin holdings. He stressed that the strategic reserve would be built without imposing financial burdens on taxpayers.
“I thought it was very important that we stay in the front of this one. We don’t want any cost to the taxpayers,” Trump said at the summit.
He also acknowledged the long-standing support for Bitcoin among crypto enthusiasts. “From this day on, America will follow the rule that every Bitcoin knows very well, never sell your Bitcoin,” he said.
Trump’s statement highlighted his administration’s pro-crypto stance, though some market participants remained sceptical about how the reserve would function in practice.
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