White House Crypto Summit Live Transcript: "Industry Praise," But Nothing More
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White House Crypto Summit Live Transcript: "Industry Praise," But Nothing More
A political performance full of flattery and slogan-shouting.
Navigating Web3 tides with focused insightsAuthor: jk, Odaily Planet Daily
On the afternoon of March 7, U.S. President Donald Trump hosted the first-ever cryptocurrency industry summit at the White House, bringing together representatives from regulatory agencies such as the Treasury Department and leaders from the crypto industry for a closed-door discussion. Despite being promoted as an event that would "define the direction of crypto regulation over the next four years," no substantive policy documents were released. The official livestream was cut off just 20 minutes after it began. The publicly available agenda featured only rounds of speeches by regulators and glowing praise for Trump from major figures in the crypto industry.
"Industry Applause," But Nothing Else
Prior to the event, expectations had been sky-high for this inaugural White House crypto summit. According to David Sacks, the White House special advisor on AI and cryptocurrency, announced on March 1, participants included “prominent founders, CEOs, and investors from the cryptocurrency industry,” along with members of the president’s Digital Assets Working Group.
The disclosed list indeed included most key industry leaders: Majority Whip Tom Emmer, House Digital Assets Subcommittee Chair Bryan Steil, a16z partner Chris Dixon, Mara Mining 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, among others—spanning regulation, mining, exchanges, custody, and more.
However, less than 20 minutes into the summit, the livestream was abruptly disconnected. In those brief moments, Trump, the Treasury Secretary, David Sacks, and others delivered short remarks, followed by a roundtable where each attendee took turns speaking—most offering nothing more than effusive praise for Trump's "visionary leadership" and applauding his move to end what they described as hostile crypto regulation.
Following the summit, according to OKX market data, Solana immediately dropped below $140, reporting $138 at time of publication, while XRP fell below $2.40, trading at $2.37.
We have compiled and translated the full transcript of the livestreamed portion below for readers to experience the atmosphere firsthand.
Attendees taking turns praising Trump. Source: ABC News
After the livestream ended, many expressed disappointment. Some viewers took to X (formerly Twitter), writing: "This might be the biggest rug pull we’ve ever seen." "We waited a whole week for this?" "That’s it?"
Few Regulatory Updates Mentioned On-Site
Stablecoin Legislation Delayed by Four Months
Trump announced during the summit that he plans to push stablecoin legislation through before Congress adjourns in August—a four-month delay from the initial goal set by his team of passing legislation within the first 100 days of his term.
Treasury Secretary Scott Bessent stated in his speech: "We will end the regulatory crackdown on digital assets. The Biden administration did nothing except punish innovators." He pledged to give the stablecoin framework "serious thought" and emphasized, "President Trump has directed us to maintain America’s dominance in global reserve currencies through stablecoins."
Controversy Around Trump’s Personal Crypto Projects
When asked about whether Trump’s controversial meme coin issuance could influence policymaking, Sacks responded: "I don’t think it has any impact—it’s unrelated to our work here." When questioned about reports of Trump’s personal investments in Bitcoin and other cryptocurrencies, he merely replied, 'Those are facts without evidence.'
Might There Be More News? Awaiting U.S. Media Coverage of the Summit
While Bessent stressed that "Trump will use technology to advance America," the summit failed to address critical unresolved policy issues: the SEC’s classification of Ethereum as a security, coordination mechanisms for state-level Bitcoin reserve bills, or tax rules for cryptocurrency miners. The White House merely reiterated its broad goal of providing "legal clarity" for the crypto industry, without releasing a concrete roadmap or timeline.
However, Odaily Planet Daily reminds readers that since the livestream lasted less than 20 minutes, there may have been further discussions and potentially more substantive outcomes behind closed doors, which could be reported later today by major U.S. media outlets present at the event. We will continue monitoring developments and provide updates accordingly.
Below is the full transcript of all remarks made before the livestream ended—including President Trump’s—translated by Odaily Planet Daily.
Appendix: Full Transcript of Livestreamed Remarks:
President Donald Trump:
Thank you all very much. You’ve done an incredible job. Welcome to the first-ever White House Digital Assets Summit. I know many of you have fought for this moment for years. It’s truly an honor to host you here at the White House.
I want to especially thank David Sacks, the White House lead on AI and crypto. This is David—if you don’t know him yet. Everyone knows David; he’s doing a fantastic job. Also here is our Treasury Secretary Scott Bessent—a tremendous Treasury Secretary. Thank you, Scott. And Commerce Secretary Howard Lutnick—wherever you are, Howard. Hello, Howard. He’s handling some very important matters right now, right at the center of things, doing a great job.
Thank you to SBA Administrator Kelly Loeffler. Thank you to SEC Commissioner Hester Peirce. Thank you to CFTC Acting Chair Caroline Pham. Majority Whip Tom Emmer—thank you. Representative Brian Steil—thank you, Brian, very much. Thank you to Director of the Digital Assets Committee Bo Hines—great job, Bo, excellent work. Many outstanding guests are here today—many of the most influential people in this space. Some will speak shortly. I also want to thank Senator Marco Rubio—he’s over there. We’ve gathered many important figures who deeply care about this issue.
Last year, I promised to make America the global superpower in Bitcoin and the epicenter of cryptocurrency—and we’re taking historic steps to fulfill that promise. Yesterday, right at this table, I signed an executive order formally creating a strategic Bitcoin reserve for the United States. This will become a ‘digital Fort Knox’ for digital gold, stored and managed by the U.S. Treasury. This is a major move.
You all know the federal government is already one of the world’s largest holders of Bitcoin—in fact, among the very largest. Through civil forfeiture and various legal means, including law enforcement actions, we’ve acquired up to 200,000 Bitcoins. These existing holdings will form the foundation of the new reserve.
Unfortunately, in recent years, the U.S. government foolishly sold tens of thousands of Bitcoins. Had they not been sold, they’d be worth billions today. But they were sold—mostly under the Biden administration—which clearly wasn’t a smart decision. From today forward, the U.S. will follow a well-known rule in the Bitcoin community: “Don’t ever sell your Bitcoin.” That’s their slogan. I don’t know if it’s right—who knows?
Who knows? But so far, that decision has proven correct, so we’ll stick with it. The Treasury and Commerce Departments will also explore new ways to grow the Bitcoin reserve, provided there is no cost to taxpayers. We don’t want taxpayers footing the bill. Additionally, my executive order directs federal agencies to conduct a full inventory of all digital assets currently held by the U.S. government and study how these assets can be efficiently transferred to the Treasury. Non-Bitcoin digital assets will be placed into a new U.S. Digital Assets Reserve and properly managed.
My administration is also working to end the bureaucratic assault on the crypto industry by federal agencies—a practice that ran rampant under the Biden administration. Only about five months before the election did he suddenly become a “true believer” in crypto when he realized how many people support it, love it, and respect it. But obviously, that strategy didn’t work for him. People saw through it and pushed forward breakthrough innovations and institutional finance. During the Biden years, regulators pressured banks to shut down accounts for crypto businesses and entrepreneurs, effectively cutting off funding for parts of the exchange ecosystem. They used the power of government as a weapon against the entire industry. But I know all too well what that feels like—maybe even better than you do. This ends now. We will put an end to Operation Choke Point 2.0.
Indeed, many were severely harmed. Their actions were absurd. But in the end, they had to back down—not because they realized their mistakes, but simply because they wanted votes. They saw thousands upon thousands opposing their policies, so they changed.
I also want to express my strong support for legislative efforts by members of Congress pushing bills on dollar-backed stablecoins and regulatory clarity for digital assets. This is a huge opportunity for economic growth and financial innovation—one with profound implications. I believe this can become a highly promising model for growth, and the systems are deeply interconnected—we want to keep it that way. The dollar’s status will remain strong long-term, and we will ensure that.
I hope Congress can deliver relevant legislation to my desk for signing before their August recess. They’re actively working with you, and many of you know these lawmakers—many have been strong supporters from day one.
Finally, I want to congratulate all of you for being here at the White House today. And there’s someone here who knows more about Bitcoin, artificial intelligence, and nearly every related field than anyone else—that’s David Sacks. David, I’d like you to say a few words.
Crypto & AI Czar David Sacks:
Thank you, Mr. President. We’re here today because of your leadership, vision, and generosity—I’m truly grateful. We’re also here because you want to make America great again and usher in a golden age that includes the rise of digital assets. We’re here because you love innovators—or as you say, you like smart people. Yes, you appreciate high-IQ individuals. And today, there are about 30 of them in this room—the top minds in the digital asset industry.
Another thing I believe you deeply value is fairness under the law. This industry has suffered legal attacks and persecution over the past four years—caught in a terrible “lawfare” campaign. No one understands that better than you. So we’re deeply grateful for your commitment to justice and fairness. You never back down—even after being shot by an assassin, you stood firm. That spirit inspires everyone in this room. It’s a tremendous honor.
So let me say, it’s an honor to serve under you. It’s an honor to work for a president who fights every day for the American people. Your administration moves at tech-industry speed—faster than any startup I’ve ever been part of. The execution here is astonishing, even faster than a startup. So once again, thank you for this opportunity. I cherish every moment. I love working with you. Thank you.
Trump:
Thank you, David. Appreciate it.
David Sacks:
Now, I’d like to turn it over to Treasury Secretary Scott Bessent. Scott, please go ahead.
U.S. Treasury Secretary Scott Bessent:
Today, with President Trump signing an executive order to formally establish a strategic Bitcoin reserve and a digital assets reserve, America is asserting its leadership in the global digital asset landscape. America must recognize this reality and lead the world into the digital age. We commend the president for leveraging digital assets already under government control and officially establishing this Bitcoin reserve. We will use this authority to strengthen the asset side of America’s balance sheet. As I’ve said many times, President Trump is building assets for the American people—while most previous presidents only accumulated debt. A significant part of this asset-building plan will revolve around digital assets. At the same time, we will end the weaponization of regulation against digital assets.
The Biden administration’s policies did not foster innovation—they punished innovators. The fact that you’ve persisted until today speaks volumes about your resilience. Under this executive order, the Treasury has key responsibilities regarding tax policy and risk-weight assessments. I assure you, we will work closely with the Office of the Comptroller of the Currency (OCC) and the IRS to repeal and revise all inappropriate existing guidelines. Additionally, we will thoughtfully design a regulatory framework for stablecoins. As President Trump instructed, we will ensure the U.S. dollar remains the dominant global reserve currency, using stablecoins to reinforce that position. Thank you.
U.S. Commerce Secretary Howard Lutnick:
Technology—this is at the heart of President Trump’s governing philosophy. He understands technology, embraces technology, and uses technology as an engine to drive America forward. Blockchain, Bitcoin—these technologies are central to this vision. Today’s summit proves the leadership of the Trump administration and the President himself in this space. He doesn’t just understand the technology—he actively pushes it forward. As you said, you’re a pioneer, and that’s exactly where we’re headed—we’re using blockchain, Bitcoin, and digital assets to advance America, and Donald Trump is leading this transformation. We couldn’t be prouder. Thank you!
Trump:
Thank you, Howard. Thank you. Kelly, please go ahead.
SBA Administrator Kelly Loeffler:
Mr. President, thank you! This truly is a historic moment. As a crypto entrepreneur myself, I am incredibly proud to serve in your administration. Your pace of policy advancement truly matches that of the tech industry. Let me say this: today marks not just the end of the crackdown on crypto—but the definitive end of the crackdown on innovation itself. Under your leadership, we have truly entered a golden era.
As head of the Small Business Administration, I want to emphasize that crypto holds vast potential within the small business ecosystem. The SBA will open its doors to the crypto industry, and we’re ready to support this innovative sector. I look forward to partnering with all of you here today to advance your strategic vision. Thank you!
Trump:
Thank you, Kelly. Appreciate it.
House Majority Whip Tom Emmer:
Mr. President, I want to sincerely thank you. I also want to thank the outstanding team you’ve assembled—and David. Honestly, just a few years ago, a meeting like this would have been unimaginable. But you had the vision—you said: we will achieve 21st-century financial innovation in America.
I’ve been in this space for nine years and have witnessed tremendous progress. And it’s thanks to your leadership, Mr. President. God bless you—for your efforts will have lasting impact, just like your other policies. And the American people are excited—they’re cheering wildly for this! Thank you!
Trump:
Thank you, Tom. Appreciate it. Thank you all. Anyone else? Please go ahead.
David Sacks:
Would anyone like to say something? Cameron or Tyler?
Trump:
Would you like to say something? You’re so shy, really.
David Sacks:
Cameron, I remember you once said something that struck me deeply. You said a year ago, you thought you were more likely to go to prison than to step into the White House. Of course, I don’t mean to embarrass you—you did nothing wrong—but that really reflects the environment a year ago. Do you have anything you’d like to share?
Gemini Co-Founder Cameron Winklevoss:
Actually, that was Tyler who said it.
David Sacks:
Oh, sorry—I still mix you two up sometimes.
Cameron Winklevoss:
Yes, we never imagined that after working so hard for so long, trying to build compliant standards, we’d face such attacks right here at home. So seeing such a positive shift in the environment is truly heartening. We’ve always believed America should lead the world in Bitcoin and cryptocurrency—that this is our opportunity, and we must win this race. President Trump’s efforts in this area are inspiring, and we look forward to future collaboration. Thank you, David, for inviting us to this meeting.
Tyler Winklevoss:
I was just going to say: thank you, Mr. President! But Cameron often takes over my speaking time—so this isn’t the first time (laughs). But let me say: America won the internet era, and America should win the crypto era too. Thank you for your leadership!
Trump:
Thank you both. Very much appreciated. This table is surrounded by brilliant minds—I’ve always said that. We need smart people. So thank you all again. Anyone else? Please go ahead.
Chainlink Founder Sergey Nazarov:
Welcome everyone! First, I want to express my deep gratitude to the President for taking our industry so seriously and guiding it in the right direction. I’ve worked with central banks and institutions abroad, and often wondered—as an American citizen—why I couldn’t help elevate America’s financial system to align with where the world is heading. So I’m truly grateful to finally see a more pragmatic and open-minded approach from the government toward these ideas.
Many of us here firmly believe that cryptocurrency, blockchain, and Web3 infrastructure will form the core of the next-generation financial system. I believe America must maintain its leadership in this new financial architecture. Seeing senior officials like David Sacks, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnik dedicating serious time and effort is deeply encouraging. I’m genuinely happy about today’s developments—they represent a crucial step for America to maintain its global financial leadership.
Trump:
Thank you very much! I’ve always believed this space is vital for America—we must stay at the forefront. It’s a massive opportunity. As you know, China is aggressively advancing in this area, investing heavily as always. But right now, we’re far ahead—just as we are in AI and other key technologies—and we must maintain that lead.
So I think today’s meeting is highly significant. Many of you in this room started working on this industry long ago, when few understood the potential of crypto and blockchain. I want to congratulate you. Being here at the White House for this summit is meaningful—and you have the full support of this government.
Thank you all. This is an important day for you. Thank you, media friends. Thank you all. Please continue.
(Livestream ends here)
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