Original | Odaily
Author | jk
On the afternoon of March 7, local time in the United States, US President Donald Trump hosted the first Crypto Industry Summit at the White House, convening representatives from the Treasury Department and other regulatory agencies, as well as leaders from the crypto industry, for a closed-door discussion. Although the meeting was touted as "defining the direction of crypto regulation for the next four years," no substantive policy documents were released, and the official live stream was interrupted after the first 20 minutes. In the publicly available meeting agenda, there were only segments where regulatory officials took turns speaking and each of the major crypto industry leaders praised Trump one by one.
"Industry Praise," but Nothing Else
Previously, this first White House Crypto Summit had raised everyone's expectations very high. According to an announcement by White House AI and Crypto Advisor David Sacks on March 1, the summit participants included "well-known crypto founders, CEOs, and investors," as well as members of the President's Digital Assets Working Group.
Additionally, the disclosed list included most industry leaders: House Majority Whip Tom Emmer, House Digital Assets Subcommittee Chair Bryan Steil, a16z partner Chris Dixon, 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, and others, spanning regulators, miners, exchanges, and custodians.
However, in less than 20 minutes after the summit began, the live stream was cut off. In less than 20 minutes, Trump, the Treasury Secretary, and David Sacks spoke in succession, followed by a roundtable discussion (with all attendees seated in the room), where most people's remarks were nothing more than praising Trump as "wise and mighty," and how it was so wise to end the hostility towards the crypto industry.
After the summit ended, according to OKX market data, Solana immediately fell below $140, currently trading at $138, and XRP also fell below $2.4, currently trading at $2.37.
We have compiled the full transcript of the live stream speeches and included them at the end of the article, so readers can experience the atmosphere on site.
Everyone on site praised Trump one by one. Source: ABCNews
After the live stream was cut off, many people could not hide their disappointment. Some viewers on the X platform said: "This may be the biggest rug pull we've ever seen." "We waited a week for this?" "Is that it?"
Regulatory Updates Mentioned by a Few
Stablecoin Legislation Delayed by Four Months
Trump announced at the summit that he plans to push for stablecoin legislation before Congress adjourns in August, a four-month delay from the initial target of "within the first 100 days of the administration."
Treasury Secretary Scott Bessent stated in his speech: "We will end the regulatory assault on digital assets. The Biden administration has done nothing but punish innovators." He also promised to "think deeply" about the stablecoin system and emphasized that "President Trump has instructed us to maintain America's global reserve currency status through stablecoins."
Controversy over Trump's Personal Crypto Project
When asked by the media whether Trump's controversial MEME coin issuance would affect policy-making, Sacks responded: "I don't think it has any impact, it's unrelated to the work we're doing here." When asked about Trump's "personal investments" in Bitcoin and other cryptocurrencies, he simply stated "those are unsubstantiated claims."
Perhaps There is More News? Waiting for US Media's Coverage of the Summit
Although Bessent emphasized that "Trump will use technology to propel America forward," the summit did not address key policy issues such as the SEC's classification of Ethereum as a security, the coordination mechanism for state-level Bitcoin reserve laws, and the tax rules for crypto miners. The White House only reiterated the overall goal of "providing legal framework clarity for the crypto industry" without releasing a specific roadmap or timeline.
However, Odaily reminds readers that since the live stream signal was cut off after only 20 minutes, there may have been more discussions and more substantive content on site after the signal was lost, which may be reported by the major US media outlets later today. Odaily will continue to follow the developments and provide updates.
The following is the full transcript of the on-site speakers' remarks (including Trump) before the live stream was cut off, compiled by Odaily.
Appendix: Full Transcript of On-Site Live Stream Remarks:
US President Trump:
Thank you all, thank you very much, your work has been outstanding. Welcome to the first-ever White House Digital Assets Summit. I know many of you have been working towards this moment for years, and I'm honored to be here with you all today at the White House.
I want to especially thank White House AI and Crypto Advisor David Sacks - David, if you haven't met him yet, you all know David, he's done an incredible job. And of course, our Treasury Secretary Scott Bessent, he's a fantastic Treasury Secretary. Thank you, Scott. And Commerce Secretary Howard Lutnik, wherever you are, Howard. Hello, Howard, he's handling some very important matters, right at the center of the action, and doing a fantastic job.
Thank you to SBA Administrator Kelly Loeffler, thank you to SEC Commissioner Hester Peirce. Thank you to CFTC Acting Chair Caroline Pham, House Majority Whip Tom Emmer, and Congressman Brian Steil, thank you, Brian, very much. Thank you to Digital Assets Committee Director Bo Hines, great job, Bo, really fantastic work. And many other distinguished guests, many of the most influential people in this field are here today, and some will be speaking. I also want to thank Senator Marco Rubio, he's right over there. We have assembled a lot of people who are deeply focused on this topic.
Last year, I promised to make America the global Bitcoin superpower and the world center of crypto currency, and we are taking historic action to deliver on that promise. Yesterday, at this very table, I signed an executive order to formally establish America's strategic Bitcoin reserve. This will be the "virtual Fort Knox" for digital gold, stored and managed by the US Treasury. This is a major move.
As you all know, the federal government is already one of the largest Bitcoin holders in the world, in fact, the largest Bitcoin holder in the world. Through civil enforcement and other legal means, including law enforcement actions, we have acquired up to 200,000 Bitcoins. These existing holdings will form the foundation of the new reserve.
Here is the English translation of the text, with the specified terms translated as instructed: However, unfortunately, in recent years, the U.S. government has foolishly sold tens of thousands of Bit. If they had not been sold, they would now be worth billions of dollars. But they were indeed sold, mainly during the Biden administration, which was clearly not a wise decision. From today on, the U.S. will follow a rule widely circulated in the Bit circle - "never sell your Bit." This is their slogan. I don't know if this is right, who knows? Who knows? But so far, this decision is correct, and we will stick to it. The Treasury Department and the Department of Commerce will also explore new ways to increase the holdings of Bit reserves, provided that there is no cost to taxpayers. We do not want taxpayers to bear the cost. In addition, my executive order also instructs federal agencies to inventory all crypto assets currently held by the U.S. government and study how to more conveniently transfer these assets to the Treasury Department. Non-Bit digital assets will be stored in the new U.S. Digital Asset Reserve and properly managed. My administration is also working to end the federal bureaucratic system's suppression of the crypto industry. This suppression was rampant during the Biden administration until about five months before the election, when he suddenly became a "loyal supporter" of cryptocurrencies, because he heard how many people support it, love it, and respect it. But obviously, this strategy did not work for him, as people saw the facts and drove breakthrough innovation and the development of institutional finance. During the Biden administration, regulators pressured banks to shut down the accounts of crypto companies and entrepreneurs, effectively cutting off the flow of funds to some exchanges. They used the government as a weapon to attack the entire industry. But I am all too familiar with such things, and may even have more experience than you. All this will soon come to an end, and we will end "Operation Choke Point 2.0". Indeed, some people have suffered greatly. Their approach is extremely absurd. But in the end, they had to make concessions, unfortunately not because they realized their mistakes, but only because they wanted votes. They saw thousands of people opposing their policies, and that's why they made the change. I also want to express my firm support for the efforts of congressional lawmakers who are pushing for bills on stablecoin backed by the dollar and regulatory clarity for the digital asset market. This is a huge opportunity to promote economic growth and financial innovation with far-reaching implications. I believe this will become a highly promising growth model, and the connections between the entire system are very close, and we hope to maintain this state. The status of the dollar will remain stable in the long term, and we will ensure this. I hope Congress can submit the relevant legislation to my desk for signing before the August recess. They are actively cooperating with you, and you also know many members of Congress, many of whom have been steadfast supporters of this process from the beginning. Finally, I want to congratulate all of you for being here at the White House today. And there is one person here who knows more about Bit, AI, and almost every related field than anyone else, and that is David Sacks. David, I hope you can say a few words. Crypto and AI Commissioner David Sacks: Thank you, Mr. President. We are gathered here today because of your leadership, vision and generosity, and I am truly grateful. At the same time, we are here because you want to make America great again 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 would say, you like smart people. Yes, you greatly appreciate smart people. And today there are about 30 of the top figures in the digital asset industry here. Furthermore, there is one thing I believe you value greatly, and that is the fairness of the law. This industry has suffered legal suppression and persecution over the past four years, embroiled in a terrible "legal war". And no one knows better than you what that feels like. So we are deeply grateful for your understanding of legal fairness, and that you have always been willing to fight for justice and fairness. You never back down, even in the face of assassin's bullets, you remain steadfast. This spirit has inspired everyone here, and it is a great honor. So I want to say that it is an honor to work for you. To work for a president who is fighting every day for the American people is an honor. Your government is moving forward on matters at the speed of the tech industry, even faster than any startup company I've been involved with. The execution power of your government is amazing, even faster than startups. So I want to thank you again for giving me this opportunity to be a part of it, I enjoy every moment. I love working with you, and thank you again. Trump: Thank you, David, thank you very much. David Sacks: Now I'd like to turn the floor over to Treasury Secretary Scott Bessent. Scott, please speak. U.S. Treasury Secretary Scott Bessent: Today, with the signing of the executive order by President Trump, establishing a strategic Bit reserve and a digital asset reserve, the U.S. will establish its leadership position in the global digital asset strategy. The U.S. must recognize this reality and lead other countries in the digital age. We appreciate the President's decision to leverage the digital assets already in the government's possession and formally establish this Bit reserve. We will use this authorization to strengthen the asset side of the U.S. balance sheet. As I have emphasized many times, 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 weaponization of regulation against digital assets. The Biden administration's policies not only failed to drive innovation, but constantly punished innovators. And the fact that you all are here today is a testament to your resilience. In this executive order, the Treasury Department's important responsibilities include tax policy and risk weighting assessment, and in this regard, I can assure you that we will work closely with the OCC and the IRS to revoke and revise all inappropriate existing guidelines. In addition, we will carefully and prudently develop a stablecoin regulatory framework. As President Trump has directed, we will ensure that the dollar continues to be the dominant global reserve currency, and use stablecoins to strengthen this position. Thank you all! U.S. Secretary of Commerce Howard Lutnick: Technology - this is the core of President Trump's governing philosophy. He understands technology, embraces technology, and uses technology as the driving force to move America forward. Blockchain and Bit technology are an important part of this vision, and today's summit demonstrates the leadership of the Trump administration and the President himself in this field. He not only understands this technology, but is actively promoting its development. As you said, you are the pioneers in this field, and this is the direction we are moving in - we are using blockchain, Bit and digital assets to drive the development of America, and Donald Trump is leading this transformation. We are immensely proud of this. Thank you! Trump: Thank you very much, Howard. Thank you, Kelly, please continue. Small Business Administration Administrator Kelly Loeffler: Mr. President, thank you! Today is truly a historic moment. As a crypto industry entrepreneur, I am incredibly proud to be a member of your administration. Your policy implementation pace is indeed in sync with the tech industry. I want to say that today not only marks the end of the crackdown on cryptocurrencies, but also the official end of the crackdown on innovation. Under your leadership, we have truly entered a golden age. As the SBA Administrator, I want to emphasize that cryptocurrencies have broad application prospects in the small business ecosystem. The SBA will open up to the crypto industry, and we are willing to support this innovative field. Therefore, I look forward to working with the industry leaders here to implement your strategic vision. Thank you! Trump: Thank you, Kelly, thank you very much.House Majority Whip Tom Emmer:
Mr. President, I want to express my sincere gratitude. I want to thank the excellent team you have assembled, and also thank David. To be honest, a meeting like this would have been unimaginable a few years ago. But you have the foresight, and you said - we need to achieve 21st century financial innovation in America.
I have been deeply engaged in this field for nine years, and I have witnessed the industry's tremendous progress. And this is all thanks to your leadership, Mr. President. God bless you, because your efforts will have far-reaching impacts, just like the other policies you are pushing forward. And the American people are very enthusiastic about this, they are cheering wildly for it! Thank you!
Trump:
Thank you, Tom, thank you very much. Thank you all. Who else would like to speak? Please go ahead.
David Sacks:
Would anyone like to say a few words? Cameron or Tyler?
Trump:
Do you guys want to say anything? You're a little shy, actually, look at you.
David Sacks:
Cameron, I remember you said something before that I thought was really profound. You said that a year ago, you thought you were more likely to go to prison than to come to the White House. Of course, I don't mean to embarrass you, because you didn't do anything wrong, but that was the industry environment a year ago. Do you guys have anything you want to say?
Gemini Co-Founder Cameron Winklevoss:
Actually, that was something Tyler said.
David Sacks:
Oh, sorry, I still get you guys mixed up.
Cameron Winklevoss:
Yes, we never imagined that after working so hard for years and always trying to promote compliance standards, we would face such a backlash, right in our own backyard. So seeing the environment transform so positively now is really gratifying. We've always believed that America should lead the world in Bitcoin and crypto, this is our opportunity, and we have to win this competition. President Trump's efforts in this regard are inspiring, and we look forward to future collaboration. Thank you, David, for inviting us to this meeting.
Tyler Winklevoss:
I was just going to say: Thank you, Mr. President! But Cameron often "takes" my speaking time, so this is not the first time (laughs). But what I want to say is that America won the victory of the internet era, and America should also win the victory of the crypto era. Thank you for your leadership!
Trump:
Thank you all, thank you very much. This meeting table is surrounded by high-IQ talents, I've always said that. We need high-IQ talents, so thank you all again. Does anyone else want to speak? Please go ahead.
Chainlink Founder Sergey Nazarov:
Welcome everyone! First, I want to express my deep gratitude, thanking the President for taking our industry so seriously and actively guiding it in the right direction. I have collaborated with many central banks and other institutions in other countries, and in those settings, I often wondered why, as an American citizen, I couldn't help elevate America's financial system to a higher level, in line with the direction the world is moving? So I am very grateful to finally see the government taking a more pragmatic and open-minded approach to these ideas.
Many of us here and many of our peers firmly believe that cryptocurrencies, blockchain, and Web3 infrastructure will become the core of the next-generation financial system. I believe America should maintain a leading position in this new financial system. I am grateful to see government leaders such as David Sacks, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick dedicating time and effort so seriously. I am truly delighted by all of this today, and I believe this is a key step for America to continue to maintain a leading position in the global financial system.
Trump:
Thank you very much! I've always believed that this field is crucial for America, and we must always be at the forefront. This is a huge opportunity. As you know, China is also aggressively pushing the development of related fields, investing as always. But for now, we are far ahead in this field, just as we have done in artificial intelligence and other critical technologies, and we must maintain this lead.
So I believe today's meeting is of great significance. Many of you here today have been working for this industry long before people understood the potential of crypto and blockchain. For this, I congratulate you. To be able to come to the White House for a meeting like this is an important thing, and you also have the firm support of the government.
Thank you all very much, today is an important day for you. Thank you all, my media friends, thank you. Please continue.
(The live feed cuts off here)
