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Crypto Leaders Discuss Strategic Reserves at Trump's Summit

President Trump engaged with leaders in the cryptocurrency industry at the White House on Friday, hosting a summit centered on his proposal for a government-controlled reserve of digital assets. Among the attendees were prominent figures like Zach Witkoff from his own World Liberty Financial venture, MicroStrategy CEO Michael Saylor, Coinbase co-founder Brian Armstrong, investors Cameron and Tyler Winklevoss, and entrepreneur David Bailey.

The summit focused on Trump's aim to secure bitcoin, outlined in an executive order to create a reserve of digital assets without burdening taxpayers financially. Trump emphasized at the summit, "We don't want any cost to the taxpayers." The proposed reserve would be funded using bitcoin seized by the federal government in legal proceedings, affirmed White House crypto advisor David Sacks.

Despite expectations for concrete token acquisitions, the lack of a detailed plan left some dissatisfied, contributing to a 3.4% drop in bitcoin's value. CEO JP Richardson questioned the inclusion of additional coins in the reserve, emphasizing the industry's relative youth and differences in functionality.

Invited officials commended Trump for fostering industry growth and collaborative discourse. A wave of optimism surrounded the administration's recognition of cryptocurrencies as a mainstream asset class, with hopes for clear regulatory guidance. Attendees looked forward to streamlining the approval process with key regulators like the Securities and Exchange Commission.

A notable mention was Treasury Secretary Scott Bessent's confirmation of maintaining the dollar as the world's reserve currency through stablecoins. Industry leaders expressed enthusiasm for the administration's expanded view beyond bitcoin, particularly Ripple CEO Brad Garlinghouse, advocating for recognition of XRP in the reserve.

The summit concluded with Trump expressing optimism for the future of the crypto industry, highlighting the importance of holding bitcoin. The executive order outlined that the government should retain its bitcoin holdings. Meanwhile, concerns arose regarding Trump's family ties to cryptocurrency meme coins and World Liberty Financial, prompting inquiries into potential conflicts of interest, though aides clarified Trump's distancing from business operations.