Underneath a portrait of Abraham Lincoln, over two dozen influential leaders from the U.S. cryptocurrency sector, collectively valued in the billions, convened in the White House on Friday for a meeting with President Trump.
When Mr. Trump made his entrance into the ornate State Dining Room after a brief delay, the executives stood up to applaud him.
“Many of you have been advocating for this for years,” Mr. Trump remarked as the applause quieted down. “It’s a privilege to be here with you at the White House.”
Mr. Trump was conducting a groundbreaking “crypto summit,” engaging directly with the leadership of nearly all major crypto firms in the United States. Though only a small part of the four-hour gathering was broadcast to the public, it vividly showcased Mr. Trump’s recent embrace of the cryptocurrency sector, an unconventional industry that has long faced opposition from U.S. regulators.
A number of executives, including Tyler and Cameron Winklevoss, co-founders of the Gemini crypto exchange, expressed their appreciation to Mr. Trump. They described him as “wonderful” and expressed their “joy” regarding his stance.
“High I.Q. individuals at this table,” Mr. Trump responded.
Since his inauguration, Mr. Trump has initiated a complete overhaul of federal policy regarding crypto. The Securities and Exchange Commission has almost completely reversed an aggressive crackdown on the industry previously undertaken by the Biden administration. The agency has swiftly issued legal guidance to assist crypto companies, halted investigations into major firms, and dismissed lawsuits against two leading exchanges, Coinbase and Kraken.
Executives from both companies were present at the White House event on Thursday, with Coinbase’s CEO Brian Armstrong seated just two seats away from the president.
“It shows that the industry is finally being taken seriously,” commented JP Richardson, head of the crypto firm Exodus, who traveled to Washington for Mr. Trump’s summit. “We believe the technology has the potential to change the world fundamentally. Having this administration acknowledge it is incredibly significant.”
The gathering also highlighted Mr. Trump’s personal stake in the crypto space, a situation that ethics experts have raised concerns about as a potential conflict of interest. Notable guests included Zach Witkoff, the son of Steve Witkoff, a close presidential aide who acts as the administration’s special envoy to the Middle East. The younger Witkoff is a founder of World Liberty Financial, a crypto company that Mr. Trump actively promoted last year, from which he and his family benefit financially.
Having once been skeptical of cryptocurrencies, Mr. Trump embraced digital currencies during his campaign last year as crypto companies invested tens of millions of dollars to support him and other congressional candidates who backed the technology.
Shortly thereafter, Mr. Trump himself ventured into the market. Last fall, he and his sons collaborated with the Witkoffs to establish World Liberty Financial, positioning it as a platform for borrowing and lending in crypto. World Liberty has its own digital currency, WLFI, from which the Trump family derives a portion of the revenues.
Just days before his inauguration, Mr. Trump also began selling a so-called memecoin, a type of cryptocurrency associated with an internet joke or celebrity mascot. This coin, named $Trump, experienced a brief surge before collapsing, resulting in a total loss of $2 billion for investors.
Since winning the presidency, Mr. Trump has taken measures to improve the industry’s future, appointing crypto advocates to significant administration roles and urging federal agencies to forge a new regulatory approach.
On Thursday evening, he signed an executive order to establish a national reserve of Bitcoin and other cryptocurrencies, a proposal presented by crypto executives as a strategy to alleviate the national debt.
Critics have derided the proposal as a scheme designed to enrich a select group of crypto investors. Even some of Mr. Trump’s supporters in the tech community have voiced their grievances.
After Mr. Trump hinted at the reserve announcement on social media last weekend, tech investor Joe Lonsdale noted on X that the government should refrain from spending taxpayer money on “crypto bro schemes.”
However, no dissent was evident during the summit. The atmosphere was friendly, according to Sergey Nazarov, founder of Chainlink, who attended the event. Executives took turns sharing their perspectives on crypto policy, with little room for debate or disagreement.
“This wasn’t a meeting where decisions were made or disclosed,” Mr. Nazarov explained. “It was more of a collaborative brainstorming session.”
In the public segment of the summit, Mr. Trump was flanked by David Sacks, the White House’s crypto policy czar, and Scott Bessent, the Treasury Secretary. Mr. Trump regarded the event as a pivotal moment in the country’s approach to the crypto industry.
“I pledged to make America the Bitcoin superpower of the world and the global crypto hub,” he proclaimed. “We are taking unprecedented steps to fulfill that promise.”
He described the new national Bitcoin reserve as a kind of virtual Fort Knox for the nation’s assets. “Never sell your Bitcoin,” Mr. Trump asserted.
In his remarks, Mr. Sacks commended Mr. Trump’s leadership, stating that the administration was “operating at tech speed.” The industry faced “prosecution and persecution” during the Biden administration, he remarked.
“No one understands that better than you do,” he said to the president.
He then addressed the Winklevoss twins seated across the room.
“You mentioned something earlier that resonated deeply,” Mr. Sacks told them. “A year ago, you believed you were more likely to end up in jail than being welcomed at the White House.”
