The White House held its first Crypto Summit, where Donald Trump met with leading representatives of the digital asset industry. The main focus was on discussing the creation of a US state cryptocurrency reserve. White House cryptocurator David Sachs emphasized that no taxpayer funds would be used to purchase assets. However, the lack of clear details about the reserve’s mechanism caused uncertainty among investors, which led to bitcoin’s 3.4% drop to $86,394.
Despite the lack of specifics, the summit showed Trump’s support for the crypto industry. Officials and CEOs praised the administration’s stance to promote the industry, though some expressed concern about potential conflicts of interest due to the Trump family’s involvement in cryptocurrency projects. In addition, the U.S. Department of Management and Monetary Control announced that U.S. banks can conduct certain transactions involving digital assets without prior regulatory approval, marking a significant shift in U.S. financial policy.
