President Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulatory policies, stablecoin regulation, and the potential role of Bit in the U.S. financial system.
According to the announcement posted on March 1 by David Sacks, the White House Commissioner for Artificial Intelligence and Crypto Affairs, the attendees will include renowned founders, CEOs, and investors from the Crypto industry, as well as members of the President's Digital Assets Working Group.
The summit will be hosted by Sacks and organized by the working group's executive director, Bo Hines.
Sacks was appointed as the White House Commissioner for Crypto and AI Affairs on December 6, 2024, and Trump wrote in the announcement that he will "work to develop a legal framework to provide the necessary clarity for the Crypto industry to thrive in America."
Trump added that one of Sacks' responsibilities will be to "protect" online free speech and "steer us away from the biases and censorship of Big Tech."
Source: Donald Trump
Trump has previously stated that he intends to make Crypto policy a national priority and turn the U.S. into a global Blockchain innovation hub. The upcoming summit may set the tone for Crypto regulation over the next four years.
Joe Doll, the General Counsel of Non-Fungible Token (NFT) marketplace Magic Eden, told Cointelegraph that Sacks only has two years to push Crypto-friendly policies before the 2026 U.S. midterm elections.
Doll pointed out that the threat of government gridlock could impede the regulatory process, and the current administration must push Crypto-friendly policies while still controlling both chambers of Congress.
Stablecoin and Bit reserve regulation remain focal points
Although the details of the summit's agenda have not been released, Stablecoin regulation and legislation related to potential strategic Bit reserves remain at the core of the U.S. regulatory discussion.
A few days after the White House's announcement, Circle (the company behind the world's second-largest Stablecoin) co-founder Jeremy Allaire stated that Stablecoin issuers globally should be required to register with U.S. authorities.
Citing consumer protection, Allaire argued that U.S. dollar-based Stablecoin issuers should not be granted "exemptions" that allow them to "ignore U.S. laws and operate freely anywhere and sell into the U.S." In an interview with Bloomberg, Allaire said:
"Whether you're an offshore company or headquartered in Hong Kong, if you want to provide your U.S. dollar Stablecoin in the U.S., you should register in the U.S. just like we do everywhere else."
Given that Sacks previously stated that Stablecoins could "perpetuate the global dominance of the U.S. dollar," this summit may further clarify the upcoming Stablecoin legislation.
Interest in domestic strategic Bit reserves is also on the rise. According to Bitcoinlaws data, at least 24 states have introduced legislation related to potential Bit reserves.
However, state-level Bit reserve initiatives may not be a game-changer for Bit; unless they announce significant purchases, these measures are merely a "symbolic gesture," according to Iliya Kalchev, an analyst dispatched by Nexo.
Kalchev told Cointelegraph that "unless the hearings reveal near-term purchase plans or a major policy shift, the market reaction is likely to be muted, as Texas' pro-Crypto stance is already widely known."
Bit has delivered an average annual return of over 1,077% over the past five years, demonstrating the lucrative potential of a long-term holding strategy.
