The White House Digital Assets Summit set for Friday (March 7) reportedly may include President Donald Trump’s announcement of several executive actions related to crypto.
Actions that have been discussed, but may or may not happen, include the government using crypto it confiscates in criminal cases to establish a national stockpile, creating a reserve for bitcoin that would buy more of that digital currency, and changing the tax treatment of crypto, Bloomberg reported Thursday (March 6), citing unnamed sources.
The event at the White House is expected to bring together more than two dozen crypto industry leaders invited by Trump, as well as White House crypto czar David Sacks and the director of the President’s Council of Advisers on Digital Assets, Bo Hines, according to the report.
An executive order signed by Trump on Jan. 23 established a Presidential Working Group on Digital Asset Markets that will work to develop a federal regulatory framework governing digital assets and consider the creation of a “strategic national digital assets stockpile.”
The order also directed departments and agencies to identify regulations and other actions affecting the digital asset sector that should be rescinded or modified; prohibited agencies from doing anything to promote central bank digital currencies (CBDCs); and revoked the Biden administration’s Digital Assets Executive Order and the Treasury Department’s Framework for International Engagement on Digital Assets.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” Trump wrote in the executive order. “It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
It was reported that the executive order on digital assets aligned stablecoins with the government’s efforts to maintain the global supremacy of the dollar.
The executive order aims to protect the dollar, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
The order also blocked a potential competitor to stablecoins by barring development of a central bank digital currency (CBDC).
Source: Report: White House Digital Assets Summit to Spotlight Crypto-Related Executive Actions |
