Washington is committed to establishing a regulatory framework for cryptocurrencies

US President Donald Trump is moving towards establishing a clear legal framework for the cryptocurrency market, and the White House confirmed in a statement on cryptocurrencies that the US administration is committed to establishing a clear regulatory framework for the cryptocurrency market, with the aim of promoting innovation and protecting economic freedom.

A statement issued by the White House revealed that US President Donald Trump will hold a cryptocurrency summit next Friday, in a move that reflects Trump’s increasing support for this industry, which has been and continues to be the subject of widespread controversy in economic and regulatory circles.

The summit is expected to discuss 4 main points: regulation, institutional adoption, technical innovation, and investments. The biggest challenge facing cryptocurrencies remains the lack of broad international acceptance, as investments in this field are still focused mainly on individuals, while the participation of major financial institutions is still limited.

Trump had issued an executive order shortly after taking office 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 creating 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.

According to the statement, Trump is scheduled to deliver a speech during the summit, which will bring together a group of prominent founders, CEOs and investors in the crypto sector, in addition to members of the President’s Task Force on Crypto Assets.

The summit will be led by venture capitalist David Sachs, known as the “White House Crypto Czar”, while the Task Force’s Executive Director Bo Hines will be responsible for managing the event, according to the official statement.

Last January, when Trump entered the White House to assume his duties as President of the United States, data showed that the new cryptocurrency bearing Trump’s name rose dramatically overnight, rising by 19,000% from its opening price, as trading on January 20, 2025, exceeded the value of the cryptocurrency at $58, amid crazy demand for Trump’s currency, making it one of the 12 largest cryptocurrencies in the world in less than two days.

David Sachs, known as the White House “crypto czar,” is leading the Trump Crypto Summit scheduled for March 7, 2025, while Bo Hines, the executive director of the working group, is overseeing the organization and management of the event. Sachs, who serves as the US president’s advisor on artificial intelligence, confirmed that creating a strategic reserve of Bitcoin is still under consideration, a move that could represent a major shift in the US government’s policy towards digital assets. During a press conference, he explained that the US administration seeks to regulate stablecoins to support the dollar’s ​​global dominance, in addition to establishing a clear regulatory framework for the cryptocurrency sector that ensures integration with traditional financial systems. He also revealed government plans to announce an official communication mechanism between the US government and the cryptocurrency sector, with the aim of enhancing cooperation between the public and private sectors, reducing risks, and taking advantage of the economic and technological opportunities provided by digital assets.