President Donald Trump is set to host the inaugural cryptocurrency summit at the White House next Friday. This event marks a significant step in his administration’s engagement with the crypto industry.
What Happened: The summit will feature speeches from Trump and include key figures such as founders, CEOs, and investors from the cryptocurrency sector, along with members of the president’s Working Group on Digital Assets, according to a statement from the White House.
David Sacks, a venture capitalist and the White House’s crypto czar, will lead the event, with Bo Hines serving as the executive director.
Shortly after assuming office, Trump signed an executive order establishing a working group to advise on digital asset policy.
This group comprises the Treasury and Justice Departments, the Securities & Exchange Commission (SEC,) and the Commodity Futures Trading Commission (CFTC.)
During his 2024 campaign, Trump pledged to streamline regulations and support a stablecoin framework, a promise that has yet to be fully realized.
The administration’s approach contrasts with the previous administration’s stringent regulatory stance following the collapse of the FTX exchange.
Trump’s involvement in the crypto space includes launching a memecoin and supporting World Liberty Financial, a project involving his sons.
Price Action: Reacting to the news, major cryptocurrencies like Bitcoin BTC/USD, Dogecoin DOGE/USD, Ethereum ETH/USD, and others surged.
BTC shot past the $85,000 mark, while Dogecoin surged more than 10% over the past 24 hours at the time of writing.
Why It Matters: The upcoming summit is pivotal as it comes amid a complex landscape for cryptocurrencies.
Geoff Kendrick, Standard Chartered's Head of Digital Assets Research, recently expressed optimism about the crypto market’s medium-term prospects under Trump’s administration. He highlighted the removal of SAB 121, which has eased restrictions on U.S. financial institutions entering the crypto space.
However, the initial excitement surrounding Trump’s presidency and its potential deregulatory impact on the crypto industry has begun to wane. As discussed at a Denarii Labs panel, legal experts are questioning whether the administration can fulfill its blockchain promises or if international competitors will capitalize on the opportunity first.
Additionally, recent market volatility, such as Bitcoin’s slide below $85,000 following Trump’s EU tariff threats, underscores the challenges facing the crypto sector. The summit could provide clarity on the administration’s direction and its potential impact on the market.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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