his plans for a government-owned stockpile made out of digital assets.
Even more so, the administration officials and lawmakers who came from the White House’s State Dining Room, incorporated the CEO of MicroStrategy, Michael Saylor, as well as the Coinbase co-founder and CEO, Brian Armstrong, as well as investors Cameron and Tyler Winklevoss and entrepreneur David Bailey.
One of the major focuses of this event is Trump’s ability to build a strategic reserve, which contained bitcoin that was formalized in an executive order on Thursday, also allocating a stockpile of other digital assets.
The mentioned order also directed the secretaries of Treasury and Commerce to build “budget-neutral strategies” for acquiring additional bitcoin that have no “incremental costs” on taxpayers.
Yet, Trump also added “We don't want any cost to the taxpayers” at the summit. This reserve will also be capitalized with the help of the bitcoin that are owned by the federal government that is forfeited as part of the criminal or civil asset forfeiture proceedings, reported David Sacks, the White House crypto czar, in a post that he made on the social media platform, X.
Even more so, Sack also said reporters from the White House that creating a bitcoin should have been created a long time ago. The taxpayer funds would also not be used to acquire digital assets, being used protections in place for safeguarding consumers from crypto investments.
However, this plan came as a disappointment for some of the companies which were expecting to buy new tokens. JP Richardson, the co-founder and CEO of Exodus, a bitcoin wallet developer, said “This (strategic reserve) is going to be the biggest point of contention for many of us”. Even though he is one of the owners of the coins, other than bitcoin that Trump has also suggested to include in the reserve. Richardson said “Crypto has made big strides, but it's still a relatively nascent industry,".
It is also worth mentioning that the participants in the industry’s growth, which were invited to the summit, praised Trump for his initiative, which leads to the industry’s growth. Les Borsai, says “For the first time, industry leaders feel they're walking into a collaborative discussion,".
During the summit, Trump also added “We feel like pioneers in a way," and that "From this day on, America will follow the rule that every bitcoin knows very well, never sell your bitcoin. That's a little phrase that they have. I don't know if that's right or not. Who the hell knows, right? Who knows? Who knows, but so far, it's been right, and well, let's keep it that way.", reported Reuters.
More so, Treasury Secretary Scott Bessent also reported at the event that the US was also going to keep the dollar as the world’s reserve currency. Yesha Yadva, associate and dean professor of law from the Vanderbilt University said “What everyone really needs to have at this point is clarity on what the level of scrutiny and intensity of regulation will be, who the key regulators will be”.
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