White House Cryptocurrency Summit Live Transcript: “Industry Praises”, But Nothing Else

On the afternoon of March 7, local time in the United States, US President Donald Trump hosted the first cryptocurrency industry summit at the White House, convening representatives of regulatory agencies such as the Treasury Department and crypto industry leaders for closed-door discussions. Although the meeting was promoted as "defining the direction of crypto regulation in the next four years", no substantive policy documents were released throughout the event, and the official live broadcast was interrupted 20 minutes after the opening. In the public meeting process, there were only regulatory officials taking turns to speak, and major crypto industry leaders praising Trump one by one.

"Industry praises", but nothing else

Previously, this first White House crypto summit raised everyone's expectations very high. According to the announcement of David Sacks, White House special adviser on artificial intelligence and cryptocurrency on March 1, participants in the summit included "well-known founders, CEOs and investors in the cryptocurrency industry" and members of the President's Digital Asset Working Group.

At the same time, in the disclosed list, we also saw most of the industry leaders: including House Majority Whip Tom Emmer, House Digital Assets Subcommittee Chairman Bryan Steil, a16z partner Chris Dixon, mining company Mara CEO Fred Thiel, BitGo CEO Mike Belshe, Ripple CEO Brad Garlinghouse, Gemini founders Cameron Winklevoss and Tyler Winklevoss, Robinhood co-founder and CEO Vlad Tenev, Kraken CEO Arjun Sethi, MicroStrategy founder Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, etc., spanning regulation, mining companies, exchanges, custody, etc.

However, less than 20 minutes after the summit began, the live broadcast was disconnected. In less than 20 minutes, Trump, the Secretary of the Treasury, David Sacks and others spoke one after another. After that, everyone in the round table in the room (all participants sat in the room) spoke one by one. Most people's speeches were nothing more than praising Trump's "wisdom and bravery" and how wise it was to end the regulatory hostility in the crypto industry.

After the summit, according to the OKX market, Solana immediately fell below $140, and was temporarily reported at $138 as of press time. XRP also fell below $2.4, and was temporarily reported at $2.37 as of press time.

We compiled the speeches during the live broadcast and put them at the end of the article. Readers can experience the atmosphere on the scene for themselves.

After the live broadcast was disconnected, many people could not hide their disappointment. Some viewers said on the X platform: "This may be the biggest rug we have ever seen." "We have waited for this for a week" "That's it?"

A few regulatory updates mentioned on the scene

Stablecoin legislation delayed by four months

Trump announced at the summit that he plans to push for stablecoin legislation before Congress adjourns in August. This is four months later than the Trump team's original goal of "completing legislation within the first 100 days of his term."

U.S. Treasury Secretary Scott Bessent stated in his speech: "We will end the regulatory crackdown on digital assets. The Biden administration's actions have done nothing but punish innovators." He also promised to "think a lot" about the stablecoin system and emphasized that "President Trump has instructed us to maintain the United States' global reserve currency dominance through stablecoins."

Trump's personal crypto project controversy

When the media asked whether Trump's previously issued controversial Meme coins affected policy making, Sacks responded: "I don't think it has any impact. It has nothing to do with our work here." When asked about Trump's "personal investment" in cryptocurrencies such as Bitcoin, he only said "these are facts without evidence."

Maybe there is more news? Waiting for the US media to report on the summit

Although Bessant emphasized that "Trump will use technology to move the United States forward", the summit did not answer the following key policy issues: the SEC's determination of Ethereum's securities attributes, the coordination mechanism of the differentiated Bitcoin reserve bills of various states, and the controversial issues of cryptocurrency miner tax rules were not involved. The White House only reiterated the overall goal of "providing legal framework clarity for the crypto industry" and did not announce a specific roadmap or timetable.

However, readers should be reminded that since the live broadcast signal only lasted 20 minutes, there may be more discussions and more practical things on the scene after the live broadcast signal is disconnected, and these may be reported on the scene later today by major US media on the scene in text.

The following is the full text of the speeches of the participants on the scene before the live broadcast signal was disconnected (including Trump).

Appendix: Full text of the live broadcast speech:

President Trump:

Thank you, thank you very much, you are doing a great job. Welcome to the first-ever White House Digital Asset Summit. I know that many of you have been working for years to get to this moment, and I am honored to be here with you all at the White House.

I want to especially thank David Sacks, the White House Director of Artificial Intelligence and Crypto, the Secretary of the Treasury - this is David, if you don't know him yet. You all know David, he's doing a great job. In addition, our Secretary of the Treasury Scott Bessent is here, he is a very good Secretary of the Treasury. Thank you, Scott. And Secretary of Commerce Howard Lutnik, wherever you are now, Howard. Hello, Howard, he is dealing with some very important matters, at the center of things, and doing a great job.

Thank you to Kelly Loeffler, the Administrator of the Small Business Administration (SBA), and thank you to Hester Peirce, the Commissioner of the Securities and Exchange Commission (SEC). Thank you to CFTC Acting Chairwoman Caroline Pham, House Majority Whip Tom Emmer, and to Congressman Brian Style, thank you, Brian, thank you very much. Thank you to Digital Assets Committee Director Bo Hines, great job, Bo, great job. In addition, we have many distinguished guests, many of whom are very influential people in this space, some of whom will speak today. I also want to thank Senator Marco Rubio, who is over there. We have brought together many important people who are highly concerned about this topic.

Last year, I promised to make the United States the global Bitcoin superpower and the center of the world for cryptocurrency, and we are taking historic actions to deliver on that promise. Yesterday, around this table, I signed an executive order to formally create the United States Strategic Bitcoin Reserve. This will be a "virtual Fort Knox" for digital gold, stored by the United States Treasury. This is a major move.

As you know, the federal government is already one of the largest holders of Bitcoin in the world, in fact, one of the largest holders of Bitcoin in the world. We have acquired up to 200,000 Bitcoins through civil enforcement and a variety of other legal means, including law enforcement actions. These existing holdings will form the basis of the new reserve.

Unfortunately, however, in recent years, the U.S. government foolishly sold tens of thousands of Bitcoins. If they had not been sold, they would be worth billions of dollars today. But they were sold, mainly during the Biden administration, which was clearly not a wise decision. From today, the United States will follow a rule widely circulated in the Bitcoin circle - "Never sell your Bitcoin." This is their slogan. I don't know if this is right, who knows?

Who knows? But so far, this decision is right, and we will keep it. The Treasury and Commerce Departments will also explore new ways to increase the holdings of Bitcoin reserves, provided that there is no cost to taxpayers. We don't want taxpayers to pay for this. In addition, my executive order also directs federal agencies to inventory all crypto assets currently held by the U.S. government and study how to transfer these assets to the Treasury Department more easily. Non-Bitcoin digital assets will be stored in the new U.S. Digital Asset Reserve and properly managed.

My administration is also working to end the federal bureaucracy's suppression of the crypto industry. This suppression was rampant during the Biden administration until the election, about five months before the election, when he suddenly became a "big supporter" of crypto because he heard how many people supported it, loved it, and respected it. But obviously, this strategy did not work for him, and people saw the truth and promoted the development of groundbreaking innovation and institutional finance. During the Biden administration, regulators pressured banks to close the accounts of cryptocurrency businesses and entrepreneurs, effectively blocking the flow of funds on some exchanges. They used the government as a weapon to crack down on the entire industry. But I am all too familiar with this kind of thing, maybe even more than you. This will all end soon, and we will end Operation Choke Point 2.0.

It's true that some people have been greatly damaged. What they did was ridiculous. But in the end, they had to make concessions, but unfortunately not because they realized their mistakes, but just because they wanted votes. They saw thousands of people opposed to their policies, so they made changes.

I also want to express my strong support for the efforts of lawmakers in Congress who are pushing bills on regulatory clarity for dollar-backed stablecoins and digital asset markets. This is a huge opportunity to promote economic growth and financial innovation, and the impact is far-reaching. I think this is going to be a very promising growth model, and the whole system is very interconnected, and we want to keep it that way. The position of the dollar will remain stable for a long time, and we will make sure that.

I hope that Congress will be able to send relevant legislation to my desk for signature before the August recess. They are actively working with you, and you know many members of Congress, many of whom have firmly supported this process from the beginning.

Finally, I want to congratulate everyone here for being able to come to the White House today. At the same time, there is a person here who knows more about Bitcoin, artificial intelligence, and almost all related fields than anyone else, and that is David Sacks. David, I hope you can make a few remarks.

David Sacks, Commissioner of Cryptocurrency and AI:

Thank you, Mr. President. We are here today because of your leadership, vision, and generosity, and I really appreciate you. We are here because you want to make America great and usher in a golden age for America, which includes the rise of digital assets. We are also here because you love innovators, or as you say, you love people with high IQs. Yes, you admire people with high IQs. And here are about 30 of them today, the top people in the digital asset industry.

In addition, there is one thing I think you value very much, and that is the fairness of the law. This industry has been suppressed and persecuted by the law for the past four years and has been involved in terrible "legal battles." And no one knows better than you what this feels like. So we are very grateful for your understanding of the fairness of the law and your willingness to always fight for what is right and fair. You never back down, even in the face of assassins' bullets, you remain steadfast. This spirit inspires everyone in this room, and it is a great honor.

So I would say it is an honor to work for you. It's an honor to work for a president who works hard every day for the American people. Your administration is moving at the speed of the tech industry, faster than any startup I've ever been a part of. Your administration is executing at an amazing pace, faster than a startup. So I want to thank you again for giving me this opportunity, and I've enjoyed every moment of being a part of it. I've loved working with you, thank you again.

Trump:

Thank you, David, thank you very much.

David Sacks:

Now, I'd like to turn the floor over to Secretary of the Treasury Scott Bessent. Scott, you have the floor.

U.S. Secretary of the Treasury Scott Bessent:

Today, the United States is establishing its leadership in global digital asset strategy as President Trump signs an executive order formalizing the Strategic Bitcoin Reserve and Digital Asset Reserve. The United States must wake up to this reality and stay ahead of other countries in the digital age. We applaud the President's decision to push the nation to leverage the digital assets it already has and formally establish this Bitcoin Reserve. We will use this authority to strengthen the asset side of the U.S. balance sheet. As I have said many times, President Trump is creating assets for the American people, while most presidents have only accumulated debt. A large part of this asset plan will be centered around digital assets, and we will also end the weaponization of regulation of digital assets.

The Biden administration’s policies have not only failed to promote innovation, but have continued to punish innovators. The fact that you have been here until today is a reflection of your tenacity. In this executive order, the Treasury Department has important responsibilities related to tax policy and risk weight assessment. In this regard, I can assure you that we will work closely with the Office of the Comptroller of the Currency (OCC) and the Internal Revenue Service (IRS) to revoke and revise all inappropriate existing guidance. In addition, we will carefully and prudently develop a regulatory framework for stablecoins. As President Trump has directed, we will ensure that the US dollar remains the world's leading reserve currency and use stablecoins to strengthen this position. Thank you!

US Secretary of Commerce Howard Lutnick:

Technology - this is at the core of President Trump's governance philosophy. He understands technology, embraces technology, and uses technology as a driving force for the advancement of the United States. Blockchain and Bitcoin technology are a big part of that vision, and today’s summit is a testament to the leadership of the Trump Administration and the President himself in this space. He not only understands this technology, he’s also actively promoting it. As you said, you’re a pioneer in this space, and this is where we’re going—we’re using blockchain, Bitcoin, and digital assets to advance America, and Donald Trump is leading the charge. We couldn’t be more proud of that. Thank you!

Trump:

Thank you very much, Howard. Thank you, Kelly, and please continue.

SBA Administrator Kelly Loeffler:

Mr. President, thank you! This is truly a historic moment. As a crypto entrepreneur, I’m incredibly proud to be a part of your administration. Your policies are really moving at the same pace as the tech industry. I would say today marks not only the end of the crackdown on crypto, but the end of the crackdown on innovation. Under your leadership, we are truly entering a golden age.

As the Administrator of the Small Business Administration (SBA), I want to emphasize that crypto has a broad application prospect in the small business ecosystem. The SBA will be open to the crypto industry, and we are willing to support this innovative field. So I look forward to working with all of you industry leaders to advance your strategic vision. Thank you!

Trump:

Thank you, Kelly, thank you very much.

House Majority Whip Tom Emmer:

Mr. President, I want to express my deepest gratitude to you. I want to thank you for the amazing team you've assembled, and thank you David. Honestly, this is a conference that no one could have imagined a few years ago. But you had the vision, and you said, we want to bring 21st century financial innovation to America.

I've been in this space for nine years, and I've seen tremendous progress in the industry. And it's all because of your leadership, Mr. President. God bless you, because your efforts will have a profound impact, just like the other policies you're pushing. And the American people are very enthusiastic about this, they're cheering like crazy! Thank you!

Trump:

Thank you, Tom, thank you very much. Thank you, everyone. Who else would like to speak? Please go ahead.

David Sacks:

Does anyone want to say anything? Cameron or Tyler?

Trump:

Do you want to say anything? You're shy, actually, look.

David Sacks:

Cameron, I remember you said something earlier that I found particularly profound. You said that a year ago, you felt more likely to go to jail than to come to the White House. Of course, I don't mean to embarrass you because you did nothing wrong, but that was the environment a year ago. Do you want to say anything?

Gemini founder Cameron Winklevoss:

Actually, that was Tyler who said that.

David Sacks:

Oh, sorry, I still get confused.

Cameron Winklevoss:

Yeah, we never thought that after all the years of trying to push compliance standards, we would encounter such a blow, right on our doorstep. So it's really gratifying to see such a positive change in the environment now. We have always believed that the United States should lead the world in Bitcoin and cryptocurrency. This is our opportunity and we must win this competition. President Trump's efforts in this regard are exciting and we look forward to future cooperation. Thank you David for inviting us to this meeting.

Tyler Winklevoss:

I was just going to say one sentence: Thank you, Mr. President! But Cameron often "occupies" my speech, so this is not the first time (laughs). But what I want to say is that the United States won the Internet era, and the United States should also win the cryptocurrency era. Thank you for your leadership!

Trump:

Thank you, thank you very much. This conference table is full of highly intelligent people, I keep saying that. We need highly intelligent people, so thank you again. Anyone else wants to speak? Please go ahead.

Chainlink Founder Sergey Nazarov:

Welcome everyone! First of all, I want to express my deep gratitude to the President for taking our industry so seriously and actively guiding it in the right direction. I have worked with many central banks and other foreign institutions, and in those occasions, I often wondered, as an American citizen, why can't I help the U.S. financial system move to a higher level and align with the direction the world is going? So, I am very grateful to finally see a more pragmatic and open attitude towards these ideas in the government.

I and many of my peers here firmly believe that cryptocurrencies, blockchains, and Web3 infrastructure will be at the core of the next generation of the financial system. I believe that the United States should continue to lead in this new financial system. I am deeply grateful to see that David Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and other senior government officials have invested so much time and energy. I am really happy for this today, and I think this is a key step for the United States to continue to lead the global financial system.

Trump:

Thank you very much! I have always believed that this area is critical to the United States and we must always stay at the forefront. This is a huge opportunity. As you know, China is also vigorously advancing in related fields and investing heavily as always. But at present, we are far ahead in this field, just as we have done in artificial intelligence and other key technologies, and we must maintain this lead.

So I think today's meeting is very significant. Many of you here today have been working on crypto and blockchain long before people understood the potential of this industry. For this, I want to congratulate you. It is an important thing to be able to attend a meeting like this at the White House, and you have the strong support of the government.