The full text of the White House Cryptocurrency Summit Live Streaming: "Industry praises", but nothing else

Author｜jk, Odaily Planet Daily

On the afternoon of March 7, local time in the United States, US President Donald Trump hosted the first cryptocurrency industry summit at the White House, convening representatives of the Ministry of Finance and other regulatory agencies and leaders of the crypto industry. Although the meeting was advertised as "defining the direction of encrypted supervision in the next four years", no substantive policy documents were issued throughout the event, and the official live broadcast footage was interrupted 20 minutes after the opening. In the open meeting process, only regulatory officials took turns to speak, and major crypto industry leaders praised Trump one by one.

"Engineering praises", but nothing else

Previously, the White House's first crypto summit raised everyone's expectations very high. According to the White House Special Adviser for Artificial Intelligence and Cryptocurrency on March 1, participants in the summit include "prominent founders, CEOs and investors in the cryptocurrency industry" and members of the President's Digital Assets Working Group.

At the same time, on the disclosed list, we also see most industry leaders: including Tom Emmer, the House Majority Whip, Bryan Steil, Chairman of the House Digital Assets Subcommittee, Chris Dixon, a16z partner, Fred Thiel, CEO of mining company Mara, Mike Belshe, CEO of BitGo, Brad Garlinghouse, Brad Garlinghouse, Gemini founder Cameron Winklevoss and Tyler Winklevoss, Vlad Tenev, Robinhood CEO, Arjun Sethi, Kraken CEO, Michael Saylor, MicroStrategy founder, Brian Armstrong, Coinbase CEO, etc., spans supervision, mining companies, exchanges, custody, etc.

However, in less than 20 minutes after the summit began, the live broadcast screen was disconnected. In just less than 20 minutes, Trump, Treasury Secretary, David Sacks and others spoke one after another, and then the room round table (all participants sat around the room). Everyone spoke one by one. Most of the people's speeches were nothing more than praising Trump's "wise and powerful" and how wise it was to end the crypto industry's regulatory hostility.

After the summit, according to OKX market, Solana immediately fell below $140, and was temporarily reported at $138 as of press time, and XRP also fell below $2.4, and was temporarily reported at $2.37 as of press time.

We compiled the entire live broadcast and put it at the end of the article, so readers can experience the atmosphere on their own.

 Everyone at the scene praised Trump one by one. Source: ABCNews

After the live broadcast screen was disconnected, many people could not hide their disappointment. Some viewers said on X platform: " This is probably the biggest rug we've ever seen." "We've been waiting for this for a week" "That's it?"

A few regulatory updates mentioned on site

Stablecoin legislation delays for four months

Trump announced at the summit that he plans to push for stablecoin legislation before Congress adjourns in August. This is four months delayed from the Trump team 's initial goal of "complete legislation within the first 100 days of term" .

In his speech, Treasury Secretary Scott Bessent stated: "We will end the regulatory crackdown on digital assets. The Biden administration's actions do nothing but punish innovators." He also promised to "thousands of thinking" about the stablecoin system and emphasized that "President Trump instructed us to maintain the US's global reserve currency dominance through stablecoins."

Trump's personal crypto project controversy

When asked whether Trump's previous controversial Meme coins were impacting policymaking, Sacks responded: " I don 't think this has any impact, it has nothing to do with our work here. " When asked about Trump's "personal investment" in cryptocurrencies such as Bitcoin, he simply said "these are facts without evidence."

Maybe there is more news? Waiting for US media reports on the summit

Although Becente emphasized that "Trump will use technology to drive the United States forward", the summit did not answer the following key policy questions: the SEC's determination of Ethereum's securities attributes, the coordination mechanism of state-differentiated Bitcoin reserve bills, and the tax rules for cryptocurrency miners were not covered. The White House only reiterated its overall goal of "will provide clarity of the legal framework for the crypto industry" and did not release a specific roadmap or timetable.

However, Odaily Planet Daily also wants to remind readers that since the live broadcast signal lasts only 20 minutes, there may be more discussion and more practical things on site after the live broadcast signal is disconnected, and these may continue to be reported in text later today by major American media on site. Odaily will continue to pay attention to you and keep it updated.

The following is the full text of the speeches of participants on site before the live broadcast signal was disconnected (including Trump), compiled by Odaily Planet Daily for you.

Appendix: Full text of live broadcast speech:

US President Trump:

Thank you everyone, thank you very much, you have done a great job. Welcome to the first White House Digital Assets Summit in history. I know that many of the people here have been working hard for this moment for many years, and I am deeply honored to be able to gather with everyone in the White House.

I would like to thank David Sacks, the White House head of artificial intelligence and cryptocurrency, for the Secretary of the Treasury - this is David, if you don't know him yet. Everyone knows David, and he does a great job. In addition, our Treasury Secretary Scott Bessent is here, who is a very outstanding Treasury Secretary. Thank you, Scott. And Commerce Secretary Howard Lutnik, no matter where you are now, Howard. Hello Howard, he is dealing with some very important matters, at the heart of the incident, and doing a great job.

Thanks to Kelly Loeffler, Director of the Small Business Administration (SBA), and to Hester Peirce, Commissioner of the Securities and Exchange Commission (SEC). Thanks to Caroline Pham, Acting Chairman of the Commodity Futures Trading Commission (CFTC), House Majority Whip Tom Emmer, and thanks to Rep. Brian Style, thank you, Brian, thank you very much. Thanks to Bo Hines, Director of the Digital Assets Committee, for doing a great job, Bo, and doing a great job. In addition, there are many outstanding guests, many of whom are extremely influential in this field today, some of whom will speak today. I also want to thank Senator Marco Rubio, who is there. We have gathered many important people who are highly concerned about this topic.

Last year, I promised to make the United States a global Bitcoin superpower and the center of the world's cryptocurrency, and we are taking historic action to deliver on that promise. Yesterday, at this conference table, I signed an executive order to formally create the strategic bitcoin reserves of the United States. This will become the "virtual Fort Knox" of digital gold, stored by the U.S. Treasury Department. This is a major move.

As we all know, the federal government is already one of the largest Bitcoin holders in the world, and in fact, one of the largest Bitcoin holders in the world. We have obtained up to 200,000 Bitcoins through civil law enforcement and a variety of other legal means, including law enforcement actions. These existing positions will become the basis for new reserves.

Unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of bitcoins. If they weren't sold, they would be worth billions of dollars now. But they did get sold, mainly during the Biden administration, which was obviously not a wise decision. Starting today, the United States will follow a widely circulated rule in the Bitcoin circle - "Never sell your Bitcoin." This is their slogan. I don't know if this is right, who knows?

Who knows? But so far, this decision was correct and we keep it. The Ministry of Finance and Commerce will also explore new ways to increase the holdings of Bitcoin reserves, provided that there is no cost to taxpayers. We don't want taxpayers to pay for it. In addition, my executive order directs federal agencies to take stock of all crypto assets currently held by the U.S. government and to study how to transfer these assets to the Treasury Department more easily. Non-bitcoin digital assets will be stored in the new U.S. digital assets reserve and properly managed.

My administration is also working to end the federal bureaucracy's crackdown on the crypto industry. This suppression was rampant during the Biden administration until the election was approaching, and about five months before the election, he suddenly became a "loyal supporter" of cryptocurrencies because he heard how many people supported it, loved it, and respected it. But obviously, this strategy didn't work for him, people saw the facts and promoted breakthrough innovation and the development of institutional finance. During the Biden administration, regulators pressed banks to close accounts of cryptocurrency companies and entrepreneurs, effectively blocking the flow of funds on some exchanges. They use the government as a weapon to strike the entire industry. But I am very familiar with this kind of thing, and I may even have a better understanding than you. This will all end soon, and we will end Operation Choke Point 2.0.

Indeed, some people have suffered a lot. Their approach is extremely absurd. But in the end, they had to make concessions, but unfortunately it was not because they realized their mistakes, but because they wanted votes. They saw thousands of people opposed their policies and therefore made changes.

I also want to express my firm support for the efforts of Congress legislators who are pushing bills on the clarity of the regulatory regulatory standards of the dollar-backed stablecoins and digital assets markets. This is a huge opportunity to promote economic growth and financial innovation, and has a far-reaching impact. I think this will become a very promising growth model, and the whole system is very closely linked, and we want to keep that way. The dollar's status will remain stable for a long time, and we will ensure that.

I hope Congress can submit relevant legislation to my desk for signature before the adjournment in August. They are actively working with you and you know many members of Congress, many of whom have strongly supported the process from the outset.

Finally, I would like to congratulate everyone here on coming to the White House today. At the same time, there is a person here who has more knowledge in Bitcoin, artificial intelligence and almost all related fields than anyone else, that is David Sacks. David, I hope you can make a few words.

David Sacks, Cryptocurrency & AI Specialist:

Thank you, Mr. President. We’re here today because of your leadership, vision and generosity and I really thank you very much. At the same time, we are here because you want to make America great and to usher in a golden age belonging to America, including the rise of digital assets. We are here too because you love innovators, or, in your words, you like people with high IQs. Yes, you really appreciate people with high IQ. There are about 30 people present today, and they are top figures in the digital asset industry.

In addition, there is another point I think you attach great importance to, that is, the fairness of the law. This industry has suffered legal suppression and persecution in the past four years and has been involved in a terrible "legal war". And no one knows better than you how this feels. Therefore, we greatly appreciate your understanding of legal fairness and you are always willing to fight for justice and fairness. You never back down, even in the face of the assassin's bullet, you remain unwavering. This spirit inspired everyone here, which is a great honor.

So, I want to say, it is a glory to be able to work for you. It is a glory to be able to work for a president who is working hard for the American people every day. Your government is advancing everything at the pace of the tech industry, even faster than any startup I have ever been involved in. Your government has amazing execution, even faster than a startup. So, I want to thank you again for giving me this opportunity to be a part of it and I enjoy every moment. I love working with you, thank you again.

Trump:

Thank you David, thank you very much.

David Sacks:

Now, I want to hand over the topic to Treasury Secretary Scott Bessent. Scott, please speak.

U.S. Treasury Secretary Scott Bessent:

Today, as President Trump signs an executive order to formally establish strategic Bitcoin reserves and digital asset reserves, the United States will establish its leadership in the global digital asset strategy. The United States must be aware of this reality and be ahead of other countries in the digital age. We appreciate the president's decision, who pushes the country to use digital assets that it already has and formally builds this Bitcoin reserve. We will use this authorization to enhance the asset side of the U.S. balance sheet. As I have emphasized many times, President Trump is creating assets for the American people, and most successive presidents are just accumulating debt. A large part of this asset plan will revolve around digital assets, and we will also end the weaponization of regulation of digital assets.

The Biden administration’s policies not only fail to promote innovation, but instead continue to punish innovators. And everyone here can persevere until today is a reflection of your perseverance. In this executive order, the important responsibilities of the Ministry of Finance 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 global dominant reserve currency and use stablecoins to strengthen this position. Thank you everyone!

U.S. Secretary of Commerce Howard Lutnick:

Technology - This is the core of President Trump's governance philosophy. He understands technology, embraces technology, and uses technology as the driving force that drives America forward. Blockchain and Bitcoin technology are a big part of this vision, and today’s summit demonstrates the Trump administration and the president himself’s leadership in this field. He not only understands this technology, but also actively promotes its development. As you said, you are a pioneer in this space, and that's where we are heading – we are using blockchain, bitcoin and digital assets to drive the U.S. and Donald Trump is leading this change. We are extremely proud of it. Thanks!

Trump:

Thank you very much, Howard. Thank you, Kelly, please continue.

Kelly Loeffler, Director of Small Business Administration:

Thank you, Mr. President! Today is really a historic moment. As an entrepreneur in the crypto industry, I am extremely proud to be a member of your government. Your policy advancement speed is indeed synchronized with the technology industry. I want to say that today not only marks the end of the suppression of cryptocurrency, but also the official end of the suppression of innovation. Under your leadership, we have truly ushered in the golden age.

As Director of the Small Business Administration (SBA), I would like to emphasize that cryptocurrencies have broad application prospects in the small business ecosystem. SBA will be open to the crypto industry and we are willing to support this area of ​​innovation. Therefore, I look forward to working hand in hand with all the industry leaders here to promote the implementation of your strategic vision. Thanks!

Trump:

Thank you, Kelly, thank you very much.

House Majority Whip Tom Emmer:

Mr. President, I would like to express my sincere gratitude to you. I want to thank you for this outstanding team and David. To be honest, no one could have imagined such a meeting a few years ago. But you have vision, you said - we want to achieve financial innovation in the 21st century in the United States.

I have been deeply engaged in this field for nine years and have witnessed the tremendous progress of the industry with my own eyes. And it's all thanks to your leadership, Mr. President. May God bless you because your efforts will have a profound impact, like other policies you are advancing. Moreover, the American people are very enthusiastic about this and they cheer for it wildly! thank you!

Trump:

Thank you, Tom, thank you very much. Thank you everyone. Who else is willing to speak? Please continue.

David Sacks:

Is anyone willing to say a few words? Cameron or Tyler?

Trump:

Do you want to say something? You guys are shy, actually, look.

David Sacks:

Cameron, I remember you said something before, which I find very profound. You said a year ago, you felt that you were more likely to go to jail than to come to the White House. Of course, I'm not trying to embarrass you because you did nothing wrong, but that was indeed the industry environment a year ago. Do you want to say something?

Cameron Winklevoss, founder of Gemini:

Actually, that sentence was said by Tyler.

David Sacks:

Oh, sorry, I'll still be confused.

Cameron Winklevoss:

Yes, we never thought that if we had worked hard for so many years and were always trying to promote compliance standards, we would encounter such a blow, which would happen at our doorstep. So, it is really gratifying to see such a positive change in the current environment. We have always believed that the United States should lead the world in the fields of Bitcoin and cryptocurrencies. This is our opportunity and we must win this competition. President Trump’s efforts in this regard are exciting, and we look forward to future cooperation. Thank you David for inviting us to this meeting.

Tyler Winklevoss:

I just wanted to say one thing: Thank you, Mr. President! But Cameron often "occupies" my speech, so this is not the first time (laughs). But what I want to say is that the United States has won the victory in the Internet era, and the United States should also win the victory in the cryptocurrency era. Thank you for your leadership!

Trump:

Thank you, thank you very much. This conference table is surrounded by talented people with high IQs, and I keep saying that. We need talent with high IQ, so thank you again. Anyone else wants to speak? Please continue.

Chainlink founder Sergey Nazarov:

Welcome everyone! First, I want to express my deep gratitude and thank the President for treating our industry with such a serious attitude and actively guiding it in the right direction. I have worked with many central banks and institutions in other countries, and on those occasions I often wonder why, as a U.S. citizen, can’t I help the U.S. financial system to a higher level and align with the direction the world is moving forward? So, I am very grateful and finally see that the government has a more pragmatic and open attitude towards these ideas.

Many of my colleagues here believe that cryptocurrencies, blockchain and Web3 infrastructure will become the core of the next generation of financial systems. I think the United States should continue to maintain its leadership in this new financial system. I am deeply grateful to see David Sacks, Finance Minister Scott Bessent, Commerce Minister Howard Lutnick and other senior government officials devoted their time and energy so seriously. I am really sincerely happy about all this today, and I think it is a key step for the United States to continue to be ahead in the global financial system.

Trump:

Thank you so much! I always think that this field is crucial to the United States and we must always be at the forefront. This is a huge opportunity. As you know, China is also vigorously promoting the development of related fields and making great efforts as always. But for the moment, we are far ahead in this field, and as we do with AI and other key technologies, we must maintain this leading position.

So, I think today's meeting is of great significance. Many of you here today have already started working for this industry a long time ago when people didn’t understand the potential of encryption and blockchain. I would like to congratulate you on this. It is an important thing to be able to come to the White House to attend such a meeting, and you also have firm support from the government.

Thank you very much, today is an important day for you. Thank you, media friends, thank you everyone. Please continue.

(The live broadcast signal is disconnected here)