U.S. President Donald Trump welcomed top cryptocurrency industry leaders to the White House on Friday, hosting a historic summit focused on his administration’s plans for a government-owned strategic reserve of digital assets. The event, held in the State Dining Room, attracted key industry figures, including Zach Witkoff, a founder of Trump’s own crypto business, World Liberty Financial, as well as prominent executives like MicroStrategy CEO Michael Saylor, Coinbase co-founder Brian Armstrong, investors Cameron and Tyler Winklevoss, and entrepreneur David Bailey.

One of the major topics discussed at the summit was Trump’s newly signed executive order, which outlined plans to create a strategic bitcoin reserve. The order directs the Treasury and Commerce secretaries to develop “budget-neutral strategies” for accumulating additional bitcoin without imposing “incremental costs” on taxpayers. Trump emphasized that taxpayers would not bear any burden for acquiring digital assets, with White House crypto czar David Sacks explaining that the reserve would be built using bitcoin already in the federal government’s possession, obtained through criminal or civil asset forfeiture proceedings.

Sacks stated that the establishment of a bitcoin reserve was long overdue, adding that taxpayer funds would not be used to acquire digital assets and that existing consumer protections would remain in place. However, some market participants were disappointed by the plan, expecting the government to purchase new tokens rather than rely solely on confiscated assets. This sentiment contributed to a decline in bitcoin’s price, which fell by 3.4% to $86,394 following the announcement.

Concerns also arose regarding Trump’s proposal to include four additional cryptocurrencies in the reserve. JP Richardson, CEO of Exodus, expressed skepticism, arguing that while he personally holds the suggested coins, they do not belong in a strategic reserve due to their smaller market size and different functionality, which may introduce additional risk. Despite these concerns, many industry leaders praised Trump’s approach, noting that the administration appeared far more open to collaboration than previous governments, which they felt had been overly restrictive.

Les Borsai, co-founder of Wave Digital Assets, commented on the shift in tone, stating that for the first time, crypto leaders felt they were part of a constructive discussion rather than being targeted by regulators. Trump himself expressed optimism about the industry’s future, declaring that his administration would follow a core bitcoin principle: “Never sell your bitcoin.” He acknowledged that he was unsure of the validity of this approach but added, “Who the hell knows, right? Who knows? But so far, it’s been right, and well, let’s keep it that way.”

Trump’s executive order explicitly states that the government’s bitcoin holdings should never be sold. Treasury Secretary Scott Bessent assured attendees that while the U.S. would maintain the dollar as the world’s reserve currency, stablecoins would play a role in supporting that goal. Meanwhile, Ripple CEO Brad Garlinghouse, who attended the summit, welcomed Trump’s acknowledgment that the cryptocurrency industry extends beyond bitcoin. He highlighted that XRP, Ripple’s digital asset, is among the four cryptocurrencies Trump is considering adding to the government’s reserve.

Industry participants expressed hope that the administration’s new stance would lead to clearer regulations, enabling faster approvals for cryptocurrency exchange-traded funds. Yesha Yadav, associate dean at Vanderbilt University, emphasized the need for regulatory clarity, stating that a well-defined oversight framework could accelerate the approval process for new digital asset investments.

Trump’s personal involvement in the crypto sector has also drawn scrutiny, as his family has launched cryptocurrency meme coins, and he holds a stake in World Liberty Financial, a digital asset platform. Some critics have raised concerns about potential conflicts of interest, though Trump’s aides insist that he has relinquished control over his business ventures, which are currently under review by external ethics lawyers. The White House has yet to comment on these concerns.