Cryptocurrency industry leaders gather at White House

President Donald Trump, who has a financial stake in cryptocurrencies, brought crypto founders and investors to the White House Friday for what’s billed as the first-ever “crypto summit.”

Friday’s event, the first of its kind and which was led by White House AI and Crypto Czar David Sacks, attracted a list of who’s who among cryptocurrency company leaders who gathered to discuss digital asset issues and regulation.

Financial Support

Trump’s embrace of crypto is a dramatic departure from how other presidential administrations have dealt with emergent cyber currency. As a candidate, Trump got financial support from many crypto companies.

Summit

The so-called summit comes as Trump holds a stake in crypto company World Liberty Financial, and it’s happening against the backdrop of the administration dropping cases against crypto companies and other corporations across several agencies.

The cases being paused or dropped include accusations of foreign bribery, safety violations, unfair labor practices and environmental crimes.

The Strategic Bitcoin Reserve

Sacks pointed out how Friday’s event follows Trump’s creation of a cryptocurrency strategic reserve. An executive order creating the crypto reserve — the Strategic Bitcoin Reserve — was signed Thursday in the Oval Office and it will be seeded with an estimated 200,000 bitcoins seized in court proceedings.

About E. J. McKay

E.J.McKay is a Shanghai-headquartered investment bank with a special focus on mergers & acquisitions. We are one of the most long standing independent investment banks in China, with core business of mergers & acquisitions and financing advisory.