The first digital asset summit in the White House has come to an end, no new policy has been released, Trump reiterated that the market fell after previous policies

Author: Weilin, PANews

As expected, the White House’s first digital asset summit was indeed no surprises, but a performance show between Trump and crypto industry supporters.

At 4:40 am on March 8, Beijing time, US President Trump delivered a brief speech at the first White House Digital Assets Summit. He said that last year, I promised to make the United States a global Bitcoin superpower and the world's crypto capital. We are taking historic action to deliver on this promise and advised: “From today, the United States will follow the rules that every bitcoin holder knows – never sell your bitcoin.”

Trump mentioned that the day before the summit, he signed an executive order to establish strategic Bitcoin reserves and digital asset reserves, and said that he would terminate the "Slaying Action 2.0" against the crypto industry under the Biden administration.

Trump: "Never sell your Bitcoin", build a strategic reserve of Bitcoin,

and end "Strike Action 2.0"

Trump said at the opening ceremony that he welcomed to the first White House Digital Assets Summit. I know many of you have been fighting for this for years and it’s an honor to be together with you in the White House. Last year, I promised to make the United States a global Bitcoin superpower and the world's crypto capital. We are taking historic action to deliver on this promise, as you all here know.

There were many crypto policy officials and business executives present, and the meeting participants sitting next to Trump were: White House Artificial Intelligence and Crypto Tsar David Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Small Business Administration Director Kelly Loeffler, SEC Commissioner Hester Peirce, House Majority Whip Tom Emmer, and CFTC Acting Chairman Caroline Pham. Bryan Steil, chairman of the House Digital Assets Subcommittee, and Bo Hines, White House Digital Asset Policy Advisor.

It is reported that this is the first time the United States has held a White House Digital Assets Summit. Speaking on this historic event, Trump said: "Yesterday, I signed an executive order to formally create our strategic Bitcoin reserves, which will become a digital 'Fort Knox' for storing digital gold and belong to the U.S. Treasury Department." He stressed that the federal government has held a large amount of Bitcoin, about 200,000, and these Bitcoins were obtained through various enforcement actions.

Trump focused on criticizing past federal policies, especially during President Biden’s administration, noting that the administration “foolly sold tens of thousands of bitcoins that would be worth billions of dollars if they didn’t sell them.” He put forward a new guiding principle for the new administration and advised: “From today, the United States will follow the rules that every bitcoin holder knows—never sell your bitcoin.”

Trump also directed the Treasury and Commerce Departments to find cost-free ways to increase Bitcoin holdings. Trump assured attendees: “The Treasury and the Commerce Department will also explore new ways to accumulate more Bitcoin for reserves, provided that there is no cost to taxpayers.”

Speaking about regulatory issues, Trump stressed plans to end Operation Choke Point 2.0 and criticized the Biden administration for pressured banks to close accounts related to crypto businesses. "Regulators have forced banks to close accounts of crypto businesses and entrepreneurs," Trump said, promising that under his leadership, this practice will be ended.

Trump finally expressed his support for Congress in legislative work on stablecoins and digital assets, and urged the passage of relevant regulatory regulations as soon as possible before the recession in August to provide clear guidance. According to previous plans, the initial goal was to submit legislation within 100 days of its term, but the timeline has been extended by four months.

The new policy was not mentioned below expectations and caused a brief

market decline. The guests gave a collective speech

After Trump's speech, White House AI and cryptocurrency director David Sacks, U.S. Treasury Secretary Scott Bessent, U.S. Commerce Secretary Howard Lutnick, Director of the Small Business Administration Kelly Loeffler, House Majority Whip Tom Emmer all mentioned some crypto policies, but there was no latest disclosure of progress, and they expressed their gratitude to Trump.

Among them, U.S. Treasury Secretary Scott Bessent said, "In this executive order, the important responsibilities of the Treasury Department involve tax policies and risk weight assessments. In this regard, I can assure you that we will work closely with the Office of the Supervisor of the Currency (OCC) and the Internal Revenue Service (IRS) to revoke and revise all inappropriate current guidelines. In addition, we will carefully and prudently formulate a stablecoin regulatory framework. As President Trump directs, we will ensure that the US dollar continues to be the leading global reserve currency and use stablecoins to strengthen this position."

As guests present, Gemini founder Cameron Winklevoss and Chainlink founder Sergey Nazarov also expressed his gratitude for the shift in crypto policy under the Trump administration.

However, as Trump did not announce more substantial progress in crypto policy, Bitcoin price continued to decline after the White House Digital Assets Summit, falling below the $86,000 range after the live broadcast ended.

In addition to the attendees mentioned above, according to the previous list, many crypto industry leaders attended the summit include Strategy founder Michael Saylor, Coinbase Lianchuang and CEO Brian Armstrong, a16z partner Chris Dixon, mining company Mara CEO Fred Thiel, BitGo CEO Mike Belshe, Ripple CEO Brad Garlinghouse, Gemini founder Cameron Winklevoss and Tyler Winklevoss, Robinhood Lianchuang and CEO Vlad Tenev, Kraken CEO Arjun Sethi and other crypto industry leaders.

Before this meeting, market rumors were rumored that Trump would announce that cryptocurrency sales would be exempt from capital gains tax, but senior White House officials later confirmed that the digital asset summit hosted by Trump would not involve tax issues, but instead focus on revoking the former Biden administration's restrictive policies and listening to industry feedback on regulation.

Before the White House crypto summit began, David Sacks, director of artificial intelligence and cryptocurrency at the White House, said in an interview that Bitcoin has important strategic significance to the United States due to its scarcity and long-term reserve value. When discussing strategic Bitcoin reserves and digital asset reserves, it said that the reason ADA, SOL and XRP were mentioned is that they rank in the top five in market capitalization, which does not mean that the government has a special preference or policy tendency towards these assets.

According to Fox reporter Eleanor Terrett, the founder of Strategy submitted a document on digital assets to the Presidential Working Group and the US SEC Encryption Task Force. The document became one of the topics of discussion at the White House Crypto Summit, and the cover of the document mainly revolves around digital asset terms, policy vision and goals. The core goals include:

1. “Build a sound framework to promote the crypto revival.”
2. “Unlock the potential of the crypto industry and promote global economic growth.”
3. “Become a banker in the world by revitalizing capitalism and property rights systems.”

In general, although no major policy progress was announced after the White House Digital Assets Summit, the market is still looking forward to Trump's future crypto policy. After this historic summit, whether the crypto market's crypto policies around the Trump administration can truly drive industry changes will remain the focus of attention.