U.S. President Donald Trump hosted various crypto executives on Friday.
Welcome to State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. I’m your host, Nikhilesh De. U.S. President Donald Trump hosted a White House summit a day after signing an executive order establishing a Bitcoin reserve. |
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Donald Trump and David Sacks (Anna Moneymaker/Getty Images) |
Donald Trump hosted crypto executives and members of his own staff on Friday, largely in a symbolic gesture of how much friendlier his administration would be toward the industry than former President Joe Biden's administration was. It was a moment of vindication for much of the U.S. crypto industry: The U.S. government is embracing digital assets. |
The crypto industry clearly won big during the 2024 election, and it's only just beginning to see what that means. Questions of how it actually should or shouldn't be regulated are now up in the air.
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"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," Trump said Friday in his opening remarks.
The administration has already taken a number of crypto-friendly actions to date, ranging from overturning SEC Staff Accounting Bulletin 121 to pardoning Ross Ulbricht to appointing a crypto and AI czar. Late last Friday, Trump announced he would host a summit, and on Sunday named five digital assets as part of a U.S. crypto reserve.
The actual reserve he signed into an executive order is composed of just Bitcoin that the government already holds, but Trump said Friday the other assets he mentioned — ether (ETH), cardano (ADA), solana (SOL) and XRP (XRP) — will be part of a "new digital asset stockpile, where they will be managed properly."
The government already has around 200,000 BTC through past seizures, a senior White House official said, and plans to conduct an audit to verify how much crypto it actually has.
The industry is responding. Coinbase CEO Brian Armstrong said he intends to hire 1,000 people over the next year in the U.S., following the dismissal of an SEC suit against his exchange (Coinbase donated heavily over the last election cycle to a crypto PAC, as well as to Trump's inaugural committee).
Trump said he was directing his staff — including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent — to see how else the government could acquire coins without spending taxpayer dollars. |
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| 20:00 UTC (3:00 p.m. ET) The U.S. President hosted a White House crypto summit. |
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| (The Wall Street Journal) The Journal wrote a deep dive into Donald Trump's evolution from crypto skeptic to proponent, encouraged by the possibility of securing funds and votes. |
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If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram. See y’all next week! |
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