In This Article:
The Trump administration will be hosting the first-ever crypto summit at the White House on Friday. Coinbase Global (COIN) CEO Brian Armstrong and Strategy (MSTR) co-founder and executive chairman Michael Saylor are among the crypto executives and leaders who will be in attendance.
Yahoo Finance senior reporter Jennifer Schonberger breaks down comments from the White House's AI and crypto czar, David Sacks, and the talking points on President Trump's strategic crypto reserve plans ahead of the event.
Earlier this week, Trump announced that the US strategic crypto reserve would be comprised of cryptocurrencies ethereum (ETH-USD), Solana (SOL-USD), XRP (XRP-USD), cardano (ADA-USD), and bitcoin (BTC-USD).
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This post was written by Luke Carberry Mogan.
White House set to host its first crypto summit tomorrow on Friday. Here with more on what to expect is our Fed correspondent, Jennifer Schonberger, Jen.
Good morning, Shauna. Executives from the biggest crypto firms are set to gather in Washington at the White House on Friday for the first ever crypto summit hosted by President Donald Trump. Among the attendees, Coinbase CEO, Brian Armstrong, and Microstrategies, Michael Saylor. Also expected at the event, AI and crypto Czar, David Sachs, and Bo Hines, executive director of the Presidential Working Group on Digital Assets. The expectation is for a formal announcement of a US strategic cryptocurrency reserve. Sachs tweeted on Sunday, quote, "President Trump has announced a crypto strategic reserve consisting of Bitcoin and other top cryptocurrencies. This is consistent with his week one EO." The president said the reserve would include more than just Bitcoin listing Ethereum, Ripple, Solana, and Cardano. The presidential working group led by Hines was tasked with delivering a report evaluating the creation of a national crypto stockpile and criteria for establishing it by late July. The first step is tabulating how much crypto the government already has through seizures from criminals and other means. From there, there are questions about how this could be put together and safeguarded from hackers. Technically, the president can take a step toward a stockpile by, uh, stopping any selling selling of seized crypto assets already managed by the US Marshals Service, but to make the reserve permanent or include a purchasing program, an act of Congress through legislation is the preferred route. Back to you.
All right, Jen, thanks.
