Summary:
Donald Trump invites crypto leaders to discuss making the U.S. the “crypto capital of the world.”
A new executive order creates a strategic reserve of cryptocurrencies for the federal government.
The reserve will include Bitcoin and potentially four other cryptocurrencies.
Industry leaders express optimism about collaborating with the government on crypto regulations.
Concerns raised about the inclusion of smaller coins in the strategic reserve, with calls for a Bitcoin-only option.
Cryptocurrency industry leaders are gearing up to meet with Donald Trump at the White House on Friday, where they will discuss his ambitious vision to position the U.S. as the “crypto capital of the world.” This meeting follows Trump’s recent executive order establishing a strategic reserve of cryptocurrencies for the federal government.
Among those attending are Michael Saylor, co-founder of MicroStrategy, and Vlad Tenev, CEO of Robinhood Markets. The discussions are anticipated to revolve around the details of the strategic reserve, which will reportedly include Bitcoin and four additional cryptocurrencies. Trump has directed the Treasury and Commerce secretaries to devise “budget-neutral strategies” for acquiring more Bitcoin without incurring costs to taxpayers.
Les Borsai, co-founder of Wave Digital Assets, noted that industry leaders feel they are entering a collaborative discussion for the first time. The strategic reserve will be funded by Bitcoin forfeited through legal proceedings, according to David Sacks, the White House’s crypto czar.
JP Richardson, CEO of Exodus, expressed concerns, suggesting that while he supports including Bitcoin, the other proposed coins may pose more risks due to their smaller market roles. Meanwhile, Brian Armstrong from Coinbase advocated for a Bitcoin-only reserve as the optimal choice.
Brad Garlinghouse, CEO of Ripple, emphasized the need for clarity regarding regulations, which could expedite the approval of new exchange-traded funds (ETFs) by the SEC. Despite potential conflict-of-interest concerns surrounding Trump’s business interests in crypto, his aides assert that he has delegated control of these ventures to outside ethics lawyers. The White House has yet to respond to inquiries regarding these matters.
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