(Bloomberg) — President Donald Trump will preside over the White House’s first cryptocurrency summit next Friday, further establishing his embrace of the industry.
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Trump will deliver remarks at the gathering that “will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president’s Working Group on Digital Assets,” the White House said in a statement on Friday night.
The summit will be led by venture capitalist and White House crypto czar David Sacks, and will be administered by working group executive director Bo Hines, according to the statement.
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Shortly after taking office, the president signed an executive order to create the working group from key agencies that would advise the White House on digital asset policy and evaluate the creation of a stockpile.
The working group includes the Treasury and justice departments as well as the Securities & Exchange Commission and the Commodity Futures Trading Commission.
During the 2024 campaign, Trump, who had once derided crypto as a “scam,” promised to streamline regulations, choose friendly figures to oversee the sector, support a stablecoin framework and establish a Bitcoin stockpile. After his election, the industry donated millions of dollars to his inaugural committee.
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While he has not fulfilled all of those pledges, his administration’s policies and the summit itself mark a sharp departure from the Biden administration’s tough regulatory approach after the failure of FTX digital-asset exchange and other scandals. Trump has even gotten into the cryptocurrency business himself, introducing a memecoin shortly before he returned to office and supporting a project involving his sons called World Liberty Financial.
“The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty,” the White House added in the statement.
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