(Bloomberg) – President Donald Trump will host the White House’s first cryptocurrency summit next Friday, establishing more industry embrace.
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Trump will make his remarks at a gathering that “it includes the crypto industry’s prominent founders, CEOs, investors and members of the president’s working group on digital assets.”
The summit will be led by venture capitalist and White House Crypto Czar David Sacks and managed by Bo Hines, executive director of the working group, according to the statement.
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Shortly after taking office, the president advised the White House on digital asset policies and signed an executive order to create a working group from key institutions assessing the creation of reserves.
The working groups include the Ministry of Finance and the Department of Justice, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
During the 2024 campaign, Trump, who once debated cryptography as a “fraud,” has committed to streamlining regulations, choosing friendly people to oversee the sector, supporting the stubcoin framework, and establishing a stockpile of Bitcoin. After his election, the industry gave millions of dollars to his first committee.
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Although he fails to meet all of these pledges, his administration’s policies and the summit itself show a sharp departure from the Biden administration’s strict regulatory approach after the FTX digital asset exchange and other scandals failings. Trump entered the cryptocurrency business himself, introducing Memocoin just before he took office, supporting a project involving his son, known as World Liberty Financial.
“The administration is committed to providing a clear regulatory framework, enabling innovation and protecting economic freedom,” the White House added in the statement.
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