TRENDING

Home » White House Grants Bitcoin Special Status as Crypto Summit Kicks Off

White House Grants Bitcoin Special Status as Crypto Summit Kicks Off

by Oscar phile phile
0 comment

In a landmark move, the White House has confirmed that Bitcoin (BTC) will receive special treatment among digital assets as the U.S. government establishes a national Bitcoin reserve. President Donald Trump’s executive order, signed on Thursday night, sets Bitcoin apart as a strategic reserve asset while other cryptocurrencies will be stockpiled only from government seizures.

200,000 BTC to Form the Initial Reserve

A senior White House official revealed that the new Bitcoin reserve will begin with approximately 200,000 BTC—already in government possession. However, while the initiative signals strong institutional recognition of Bitcoin, it does not yet involve active BTC purchases. The administration is exploring ways to inject new funds into the reserve without relying on taxpayer money.

Meanwhile, the federal government has initiated an audit to determine the total crypto assets in its control. The results will dictate how non-Bitcoin cryptocurrencies will be managed within the separate reserve stockpile.

Crypto Industry Leaders Meet at White House Summit

Friday’s crypto summit at the White House is a pivotal moment for the industry. High-profile executives from leading crypto firms—including Coinbase, Ripple, Kraken, Gemini, Chainlink, and Robinhood—are attending to discuss policy direction with the Trump administration.

President Trump himself is expected to make an appearance at the 3 p.m. event, where he will outline the significance of the new executive order. The meeting reflects the administration’s growing engagement with the crypto industry, marking a dramatic shift from the regulatory uncertainties that plagued the sector in past years.

Congress Signals Stronger Crypto Support

The Republican-led Congress has recently shown an increase in pro-crypto sentiment. Just this week, the Senate voted overwhelmingly to repeal a contentious crypto tax rule introduced by the Internal Revenue Service (IRS) during the Biden administration.

Although Trump’s executive order provides a strong foundation for the Bitcoin reserve, it does not carry the permanence of legislation. The White House official noted that additional legislative backing would be welcome to solidify Bitcoin’s role as a U.S. reserve asset.

A Turning Point for Crypto in the U.S.

The establishment of a Bitcoin reserve represents a historic moment for the cryptocurrency industry in the U.S. Once viewed with skepticism by regulators, the sector now finds itself at the center of policymaking discussions.

While industry leaders are hopeful about future developments, questions remain about how the government plans to expand and manage the Bitcoin reserve without triggering market disruptions. For now, the move signals an unprecedented embrace of Bitcoin at the highest levels of U.S. governance.

Related Posts :

footer logo

@2023 – All Right Reserved.

Incubated bydesi crypto logo