Donald Trump to host first crypto summit at the White House on March 7

President Donald Trump will preside over the White House’s first cryptocurrency summit next Friday, further establishing his embrace of the industry.

Trump will deliver remarks at the gathering that “will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets,” the White House said in a statement on Friday night.

The gathering will be headed by venture capitalist and White House crypto czar David Sacks, with oversight from working group executive director Bo Hines, as stated.

Soon after assuming office, the president issued an executive order to form a working group consisting of major agencies that would consult the White House on digital asset policy and assess the establishment of a stockpile. The working group consists of the Treasury and Justice Departments, along with the Securities and Exchange Commission and the Commodity Futures Trading Commission.

In the 2024 campaign, Trump, who previously called crypto a “scam,” vowed to simplify regulations, appoint supportive individuals to manage the industry, endorse a stablecoin framework, and create a Bitcoin reserve. Following his election, the industry contributed millions to his inauguration committee.

Although he has not met every one of those promises, the policies of his administration and the summit signify a clear shift from the Biden administration’s stringent regulatory stance following the collapse of the FTX digital-asset exchange and various other controversies. Trump has also ventured into the cryptocurrency sector, launching a memecoin just before his return to office and endorsing a project with his sons named World Liberty Financial.