Crypto Summit Director: Building a strategic reserve for America of Bitcoin is still considered

David Sachs, the venture capitalist known as the “crypto czar” in the White House, will lead the Trump Crypto Summit scheduled for March 7, 2025, while Bo Hines, the executive director of the working group, will oversee the organization and management of the event.

An official statement issued by the White House on Friday confirmed that Trump will participate in a speech at the summit, which will bring together prominent figures from founders of companies, CEOs, and investors in the field of cryptocurrencies, in addition to members of the Presidential Task Force on Crypto Assets. The official statement from the White House stated that “the US administration is committed to establishing a clear regulatory framework that promotes innovation and protects economic freedom.”

Shortly after taking office, Trump issued an executive order to form a working group that includes representatives of federal agencies concerned with crypto assets, with the aim of providing advice on policies followed in this field, in addition to studying the possibility of establishing a strategic reserve for cryptocurrencies. The group includes representatives from the Treasury and Justice Departments, as well as the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

Despite Trump’s previous criticism of cryptocurrencies and describing them as “fraudulent,” his position has changed significantly in his 2024 campaign, where he pledged to ease regulatory restrictions on the sector, choose industry-friendly figures to oversee them, support a clear regulatory framework for stablecoins, and work to create a strategic reserve for Bitcoin.

After winning the election, the crypto industry donated millions of dollars to support his inauguration. Although Trump has not fulfilled all of his campaign promises, his administration’s policies and the upcoming summit represent a major shift from the strict approach adopted by President Joe Biden’s administration, especially after the collapse of the FTX trading platform and the scandals that rocked the sector. Trump himself has also entered the world of cryptocurrencies, launching the “meme” coin shortly before returning to the White House, and supporting a joint project with his sons under the name “World Liberty Financial.” In the context of expectations about high legislation for cryptocurrencies in America, David Sachs confirmed last February that the United States is still studying the establishment of a strategic reserve of Bitcoin by administration officials, in a move that could constitute a major shift in the US government’s policies towards digital assets. Sachs works as an advisor to the US President for artificial intelligence. Speaking during a press conference held yesterday, Sachs stressed that the strategic reserve of Bitcoin is one of the most prominent files that the economic and technological team appointed by President Donald Trump is working on, explaining that the project requires more time and the establishment of a clear legal framework regulating the cryptocurrency sector before moving forward with its implementation. During the conference, Sachs discussed in detail the vision of the new US administration for the cryptocurrency sector, explaining that current policies aim to regulate stablecoins and support their use in a way that contributes to strengthening the dominance of the US dollar globally. He pointed out that the administration is working to establish a clearer regulatory framework for this sector, ensuring integration between traditional financial systems and advanced digital technology. He also revealed that there are government plans to announce an official communication mechanism between the US government and the digital currency sector, a step aimed at enhancing cooperation between the public and private sectors, reducing the risks associated with cryptocurrencies, while taking advantage of their advanced economic and technological capabilities.