Original｜Odaily Planet Daily
Author: jk
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 regulatory agencies such as the Ministry of Finance and crypto industry leaders for a closed-door discussion. Although the meeting was promoted as defining the direction of crypto regulation in the next four years, no substantive policy documents were released during the entire event, and the official live broadcast was interrupted 20 minutes after the opening. In the public meeting process, there were only regulatory officials taking turns to speak, and major crypto industry leaders praising Trump one by one.
Praise from the industry, but nothing else
Previously, the first crypto summit at the White House raised everyone’s expectations very high . According to David Sacks, White House special adviser on artificial intelligence and cryptocurrency, on March 1, the participants of the summit included well-known founders, CEOs and investors in the cryptocurrency industry and members of the President’s Digital Asset Task Force.
At the same time, in the disclosed list, we also saw most of the industry leaders: including House Majority Whip Tom Emmer, House Digital Assets Subcommittee Chairman Bryan Steil, a16z partner Chris Dixon, mining company Mara CEO Fred Thiel, BitGo CEO Mike Belshe, Ripple CEO Brad Garlinghouse, Gemini founders Cameron Winklevoss and Tyler Winklevoss, Robinhood co-founder and CEO Vlad Tenev, Kraken CEO Arjun Sethi, MicroStrategy founder Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, etc., spanning regulation, mining companies, exchanges, custody, etc.
However, less than 20 minutes into the summit, the live broadcast was disconnected. In less than 20 minutes, Trump, the Treasury Secretary, David Sacks and others spoke one after another, and then everyone in the round table (all participants sat in the room) spoke one by one. Most of the speeches were nothing more than praising Trumps wisdom and bravery and how wise it was to end the regulatory hostility in the crypto industry.
After the summit, according to the OKX market, Solana immediately fell below $140, and was temporarily reported at $138 as of press time. XRP also fell below $2.4, and was temporarily reported at $2.37 as of press time.
We have compiled the entire live broadcast and placed it at the end of the article so that readers can experience the atmosphere of the scene for themselves.
Everyone at the scene praised Trump one by one. Source: ABCNews
After the live broadcast was disconnected, many people could not hide their disappointment. Some viewers said on the X platform: This may be the biggest rug we have ever seen. We have been waiting for this for a week. Thats it?
A few regulatory updates mentioned on the scene
Stablecoin legislation delayed by four months
Trump announced at the summit that he plans to push for stablecoin legislation before Congress adjourns in August. This is four months later than the goal originally set by the Trump team to complete legislation within the first 100 days of his term.
U.S. Treasury Secretary Scott Bessent stated in his speech: We will end the regulatory crackdown on digital assets. The Biden administrations actions have done nothing but punish innovators. He also promised to put a lot of thought into the stablecoin system and emphasized that President Trump instructed us to maintain the United States dominance in the worlds reserve currency through stablecoins.
Trumps personal crypto project controversy
When asked by the media whether Trumps previously issued controversial Meme coin affects policy making, Sacks responded: I dont think it has any impact. It has nothing to do with our work here. When asked about Trumps personal investment in cryptocurrencies such as Bitcoin, he only said these are facts without evidence.
Maybe there is more news? Waiting for US media coverage of the summit
Although Bessant emphasized that Trump will use technology to move America forward, the summit did not answer the following key policy issues: the SECs determination of Ethereums securities attributes, the coordination mechanism of the differentiated Bitcoin reserve bills of various states, and the tax rules for cryptocurrency miners were all not involved. The White House only reiterated the overall goal of providing legal framework clarity for the crypto industry and did not announce a specific roadmap or timetable.
However, Odaily Planet Daily also reminds readers that since the live broadcast signal only lasted 20 minutes, there may be more discussions and more practical things on the scene after the live broadcast signal is disconnected, and these may be reported live in text by major American media on the scene later today. Odaily will continue to pay attention to you and keep you updated.
The following is the full text of the speeches of the participants at the meeting (including Trump) before the live broadcast signal was disconnected, compiled for you by Odaily Planet Daily.
Appendix: Full text of the live broadcast speech:
President Trump:
Thank you, thank you very much, you are doing a great job. Welcome to the first-ever White House Digital Asset Summit. I know many of you have been working for years to get to this moment, and I am honored to be here with you all at the White House.
I want to especially thank David Sacks, the White House AI and encryption chief, the Secretary of the Treasury -- this is David, if you dont know him. You all know David, hes doing an incredible job. Also, we have Secretary of the Treasury Scott Bessent here, who is an incredible Secretary of the Treasury. Thank you, Scott. And Secretary of Commerce Howard Lutnik, wherever you are right now, Howard. Hi, Howard, hes working on some very important things, hes at the heart of it, and hes doing an incredible job.
Thank you to Kelly Loeffler, Administrator of the Small Business Administration. Thank you to Hester Peirce, Commissioner of the Securities and Exchange Commission. Thank you to Caroline Pham, Acting Chair of the Commodity Futures Trading Commission. Thank you to Tom Emmer, the House Majority Whip. Thank you to Congressman Brian Style. Thank you, Brian. Thank you very much. Thank you to Bo Hines, Director of the Digital Assets Committee. Great job, Bo. Great job. And we have many distinguished guests, many of whom are very influential people in this space, and some of whom will be speaking today. I also want to thank Senator Marco Rubio, who is over there. We have brought together many important people who are very concerned about this topic.
Last year, I pledged to make America the global Bitcoin superpower and the world’s center for cryptocurrency, and we are taking historic action to deliver on that promise. Yesterday, around this table, I signed an executive order to formally create the United States Strategic Bitcoin Reserve. This will be a “virtual Fort Knox” for digital gold, stored by the U.S. Treasury. This is a big move.
As you know, the federal government is already one of the largest holders of Bitcoin in the world, in fact, one of the largest holders of Bitcoin in the world. We have acquired up to 200,000 Bitcoins through civil enforcement and a variety of other legal means, including law enforcement actions. These existing holdings will form the basis of the new reserve.
Unfortunately, however, in recent years, the US government has foolishly sold tens of thousands of bitcoins. If they had not been sold, they would be worth billions of dollars today. But they were indeed sold, mainly during the Biden administration, which was obviously not a wise decision. From today, the United States will follow a rule widely circulated in the Bitcoin circle - Never sell your Bitcoin. This is one of their slogans. I dont know if this is right, who knows?
Who knows? But it’s the right decision so far, and we’ll keep it that way. The Treasury and Commerce departments 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 this. In addition, my executive order directs federal agencies to inventory all crypto assets currently held by the U.S. government and to study how to more easily transfer these assets to the Treasury Department. Non-Bitcoin digital assets will be stored in the new U.S. Digital Asset Reserve and properly managed.
My administration is also working to end the suppression of the crypto industry by the federal bureaucracy. This suppression was rampant during the Biden administration until the election, about five months before the election, he suddenly became a big supporter of crypto because he heard how many people supported it, loved it, and respected it. But obviously, this strategy did not work for him, and people saw the truth and promoted breakthrough innovation and institutional finance. During the Biden administration, regulators pressured banks to force them to close the accounts of cryptocurrency businesses and entrepreneurs, effectively blocking the flow of funds to some exchanges. They used the government as a weapon to crack down on the entire industry. But I am all too familiar with this kind of thing, maybe even more familiar with it than you are. This will all end soon, and we will end Operation Choke Point 2.0.
Its true that some people were greatly harmed. What they did was ridiculous. But in the end, they had to give in, not because they realized their mistakes, but because they wanted votes. They saw that thousands of people were against their policies, so they changed.
I also want to express my strong support for the efforts of lawmakers in Congress who are pushing bills to provide regulatory clarity on dollar-backed stablecoins and digital asset markets. This is a huge opportunity to promote economic growth and financial innovation, and the impact is far-reaching. I think this is going to be a very promising growth model, and the whole system is very interconnected, and we want to keep it that way. The status of the dollar will remain stable for a long time, and we will make sure that it does.
I hope Congress will have legislation on my desk for my signature before we adjourn in August. They are working with you, and you know many of the members of Congress, many of whom have been committed to this process from the beginning.
Finally, I want to congratulate everyone here today for being here at the White House. Also, there is a person here who knows more about Bitcoin, artificial intelligence, and pretty much everything related than anyone else: David Sacks. David, Id like you to say a few words.
David Sacks, Cryptocurrency and AI Specialist:
Thank you, Mr. President. We are here today because of your leadership, vision, and generosity, and I really appreciate you. We are also here because you want to make America great and usher in a golden age for America, which includes the rise of digital assets. We are also here because you love innovators, or as you say, you love people with high IQs. Yes, you admire people with high IQs very much. And here today are about 30 of them, the top people in the digital asset industry.
And then theres something I think you value very much, and thats the fairness of the law. This industry has been legally oppressed and persecuted for the past four years, and has been involved in terrible legal battles. And no one knows what that feels like better than you. So were very grateful for your understanding of the fairness of the law, and your willingness to always fight for what is right and fair. You never back down, even in the face of an assassins bullet, you remain steadfast. That spirit is an inspiration to everyone in this room, and its a great honor.
So I want to say, its been an honor to work for you. Its been an honor to work for a president who fights hard every day for the American people. Your administration is moving at the speed of the tech industry, faster than any startup Ive ever been a part of. Your administration is executing at an amazing pace, even faster than a startup. So I want to thank you again for giving me this opportunity, and Ive loved every moment of being a part of this. I love working with you, thank you again.
Trump:
Thank you, David, I appreciate it.
David Sacks:
Now, Id like to turn the floor over to the Secretary of the Treasury, Scott Bessent. Scott, you have the floor.
U.S. Treasury Secretary Scott Bessent:
Today, the United States will establish its leadership in global digital asset strategy as President Trump signs an executive order formally establishing the Strategic Bitcoin Reserve and Digital Asset Reserve. The United States must wake up to this reality and stay ahead of other countries in the digital age. We applaud the Presidents decision to push the country to utilize the digital assets it already has and formally establish this Bitcoin Reserve. We will use this authority to strengthen the asset side of the U.S. balance sheet. As I have repeatedly stressed, President Trump is creating assets for the American people, while most past presidents have only accumulated debt. A large part of this asset plan will revolve around digital assets, and at the same time, we will end the regulatory weaponization of digital assets.
The Biden administration’s policies have not only failed to promote innovation, but have continued to punish innovators. The fact that you have been here until today is a reflection of your tenacity. In this executive order, the Treasury Department’s important responsibilities involve tax policy and risk weight assessment. In this regard, I can assure you that we will work closely with the Office of the Comptroller of the Currency (OCC) and the Internal Revenue Service (IRS) to revoke and revise all inappropriate existing guidelines. In addition, we will carefully and prudently develop a regulatory framework for stablecoins. As President Trump has directed, we will ensure that the US dollar remains the worlds leading reserve currency and use stablecoins to strengthen this position. Thank you!
U.S. Secretary of Commerce Howard Lutnick:
Technology - this is at the heart of President Trumps vision. He understands technology, embraces technology, and uses it as a force to move America forward. Blockchain and Bitcoin technology are an important part of this vision, and todays summit is a testament to the leadership of the Trump Administration and the President himself in this area. He not only understands this technology, but he is also actively promoting its development. As you said, you are a pioneer in this field, and this is where we are going - we are using blockchain, Bitcoin, and digital assets to move America forward, and Donald Trump is leading this change. We are very proud of this. Thank you!
Trump:
Thank you very much, Howard. Thank you, Kelly, and please go ahead.
Small Business Administration Administrator Kelly Loeffler:
Thank you, Mr. President! Today is truly a historic moment. As a crypto entrepreneur, I am incredibly proud to be a part of your administration. Your policies are truly moving at the same pace as the tech industry. I would say today marks the end of not only the crackdown on crypto, but the crackdown on innovation. Under your leadership, we are truly entering a golden age.
As the Director of the Small Business Administration (SBA), I want to emphasize that cryptocurrencies have broad application prospects in the small business ecosystem. The SBA is open to the crypto industry and we are willing to support this innovative field. Therefore, I look forward to working with all the industry leaders present to advance your strategic vision. Thank you!
Trump:
Thank you, Kelly, I appreciate it.
House Majority Whip Tom Emmer:
Mr. President, I want to express my deepest gratitude to you. I want to thank you for the great team you have assembled, and I want to thank David. Honestly, no one would have imagined a meeting like this a few years ago. But you had the vision, and you said - we want to achieve 21st century financial innovation in the United States.
Ive been in this field for nine years and Ive seen tremendous progress. And its all thanks to your leadership, Mr. President. God bless you, because your efforts will have a profound impact, just like the other policies you are promoting. And the American people are so enthusiastic about this, they are cheering like crazy! Thank you!
Trump:
Thank you, Tom, thank you very much. Thank you, everybody. Who else would like to speak? Go ahead.
David Sacks:
Anyone want to say a few words, Cameron or Tyler?
Trump:
Do you want to say something? Youre shy, actually, look.
David Sacks:
Cameron, I remember you said something earlier that really struck me. You said a year ago, you felt more likely to go to jail than to be in the White House. Of course, I dont mean to embarrass you because you did nothing wrong, but that was the environment a year ago. Do you guys want to say anything?
Cameron Winklevoss, founder of Gemini:
Actually, that sentence was said by Tyler.
David Sacks:
Oh, sorry, I still get confused.
Cameron Winklevoss:
Yes, we never thought that after all the years of trying to push for compliance standards, we would face such a blow right on our doorstep. So it is really gratifying to see such a positive change in the environment now. We have always believed that the United States should lead the world in Bitcoin and cryptocurrency, and this is our opportunity and we must win this competition. President Trumps efforts in this regard are exciting, and we look forward to future cooperation. Thank you David for inviting us to participate in this meeting.
Tyler Winklevoss:
I was just going to say: Thank you, Mr. President! But Cameron often takes over my speech, so this is not the first time (laughs). But what I want to say is that America won the Internet era, and America should also win the cryptocurrency era. Thank you for your leadership!
Trump:
Thank you, thank you very much. This is a table full of smart people, I keep saying that. We need smart people, so thank you again. Anyone else want to speak? Go ahead.
Chainlink founder Sergey Nazarov:
Welcome everyone! First, I want to express my deep gratitude to the President for taking our industry so seriously and for 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 wondered, as an American citizen, why cant I help the US financial system move to a higher level and be in line with the direction the world is going? So, I am very grateful to finally see a more pragmatic and open attitude towards these ideas in the government.
I and many of my peers here firmly believe that cryptocurrencies, blockchains, and Web3 infrastructure will be at the heart of the next generation of the financial system. I believe that the United States should continue to lead in this new financial system. I am deeply grateful to see that David Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and other senior government officials have invested so much time and energy in this. I am really happy for what happened today, and I think this is a key step for the United States to continue to lead the global financial system.
Trump:
Thank you so much! Ive always believed that this is an area that is so important to the United States that we have to stay ahead of the curve. This is a huge opportunity. As you know, China is also making a strong push in this area, and its investing heavily as always. But right now, we are far ahead in this area, just as we are in artificial intelligence and other key technologies, and we have to maintain that lead.
So I think todays meeting is very significant. Many of you here today have been working on crypto and blockchain long before people understood the potential of this industry. For this, I want to congratulate you. It is an important thing to be able to attend a meeting like this at the White House, and you have the strong support of the government.
Thank you very much, its an important day for you today. Thank you, media friends, thank you everyone. Please continue.
(The live signal is disconnected here)
