(NewsNation) — President Donald Trump held the first White House “Crypto Summit,” saying he is committed to making the United States a global leader in cryptocurrencies.
At the summit, Trump said, “I thought it was very important that we stay in the front of this one.”
There are many Americans who participate in owning and selling cryptocurrency. Faryar Shirzad, chief policy officer at Coinbase, told NewsNation, “It’s about 50 million Americans who’ve decided to participate in the sector … that’s more people than own an electric vehicle. That’s more than our members of unions.”
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Those in attendance at the summit included Cabinet officials, lawmakers and crypto company executives. Many of these attendees complimented Trump for his leadership when it comes to digital assets, according to The Associated Press.
“He [Trump] wants to have a comprehensive set of policies that ensure the growth of the industry happens in the United States. And yesterday’s summit was a huge part of making that happen,” said Shirzad.
Trump signs executive order on cryptocurrency
On March 6, Trump signed an executive order to “establish a strategic bitcoin reserve and a U.S. digital asset stockpile.” In the order, it claims this will make the U.S. a leader when it comes to digital asset strategy worldwide.
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“I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry. Our country must be the leader in the field,” Trump said.
The Trump administration also appointed David Sacks, tech founder, as the country’s “crypto czar.”
What does Trump’s executive order create?
The Strategic Bitcoin Reserve will ban the U.S. government from selling bitcoin that they have acquired through the forfeiture of criminal and civil assets. Any strategies that are created to receive additional bitcoin are not allowed to “impose … incremental costs on American taxpayers.”
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The strategies will be created by the Treasury and Commerce departments and must be “budget-neutral.”
The executive order also creates the Digital Asset Stockpile, which will hold any cryptocurrencies that have been taken by the government other than bitcoin.
Sacks said Friday that Trump’s work is focused on making the country the world capital in cryptocurrency through “fair and clear regulations that promote innovation,” according to the AP.
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He also made a note that his role isn’t to convince Americans to purchase cryptocurrency.
What is the Fort Knox depository?
This all comes as news of Elon Musk potentially visiting Fort Knox to check on the gold. The United States Bullion Depository is located in Fort Knox, Kentucky, and has stored reserves for the United States since 1937.
Musk posted on X in mid-February, saying, “Who is confirming that gold wasn’t stolen from Fort Knox? Maybe it’s there, maybe it’s not. That gold is owned by the American public! We want to know if it’s still there.”
There has been no evidence so far of any missing gold, and former Secretary of the Treasury Steven Mnuchin told CNBC that it would be easy to have Fort Knox audited.
“The gold was there when I visited it, and I hope nobody’s moved it. I’m sure they haven’t,” he added.
