GuShiio.com “This is probably the biggest rug we have ever seen”
author| jk, Odaily Planet Daily
On the afternoon of March 7, U.S. local time, U.S. President Donald Trump hosted the first Cryptocurrency Industry Summit at the White House, gathering representatives of regulatory agencies such as the Ministry of Finance and crypto industry leaders for closed-door discussions. Although the meeting was promoted to define the direction of encryption 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.
“The industry praises”, but nothing else
Previously, this White House’s first crypto summit raised everyone’s expectations high. According to David Sacks, White House Special Advisor on Artificial Intelligence and Cryptocurrency, announced on March 1, participants in the summit include well-known founders, CEOs and investors in the cryptocurrency industry, as well as members of the President’s Digital Assets Working Group.
At the same time, in the disclosed list, we also saw most industry leaders: Including House Majority Whip Tom Emmer (Tom Emmer), Brian Steel, Chairman of the House Digital Assets Subcommittee Bryan Steil, a16z partner Chris Dixon (Chris Dixon), Fred Thiel, CEO of mining company Mara (Fred Thiel), BitGo CEO Mike Bercher (Mike Belshe), Ripple CEO Brad Garinhaus Brad Garlinghouse, Gemini founder Cameron Winklevoss Cameron Winklevoss and Taylor Winklevoss (Tyler Winklevoss), Robinhood co-founder and CEO Vlad Tenev (Vlad Tenev), Kraken CEO Arjun Sethi, MicroStrategy founder Michael Saylor, Coinbase co-founder and CEO Brian Armstrong, etc., spanning regulation, mining companies, exchanges, custody and more.
However, less than 20 minutes after the summit began, the live broadcast was disconnected. In less than 20 minutes, Trump, the Treasury Secretary, David Sacks and others spoke one after another. After that, there was a round table in the room (everyone attending the meeting sat around the room), and everyone spoke one by one. Most of the people’s speeches only praised Trump for his “wisdom” and how wise he was to end the hostility to regulation of the crypto industry.
After the summit ended, according to OKX quotes, Solana immediately fell below US$140 and was provisionally quoted at US$138 as of press time. XRP also fell below US$2.4 and was provisionally quoted at US$2.37 as of press time.
We compiled the entire live broadcast speech and placed it at the end of the text so that readers can experience the atmosphere of the scene for themselves.
Everyone at the scene praised Trump one by one. Source: ABCNews
After the live broadcast was disconnected, many people couldn’t hide their disappointment. Some viewers said on platform X:“This is probably the biggest rug we’ve ever seen.” “We’ve been waiting for this all week.””That’s it?”
Few regulatory updates mentioned on site
stablecoin legislation delayed for four months
Trump announced at the summit, plans to promote stablecoin legislation before Congress adjourns in August. This is four months behind the Trump team’s original goal of completing the legislative goal within the first 100 days of its term.
U.S. Treasury Secretary Scott Bessent stated in his speech: We will end the regulatory crackdown on digital assets. The Biden administration did nothing but punish innovators. 34; He also promised to think a lot about the stablecoin system, and emphasized that President Trump has instructed us to maintain the United States ‘dominant position as a global reserve currency through stablecoin.
Trump’s personal encryption project controversy
When asked by the media whether Trump’s previously issued controversial Meme coins affected policy formulation, 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 investments” in cryptocurrencies such as Bitcoin,He only stated that these were facts without evidence.
Maybe there is more news? Waiting for US media coverage of the summit
Although Bessant emphasized that Trump would use technology to move the United States forward, the summit did not answer the following key policy questions: the SEC’s identification of Ethereum’s securities attributes, the coordination mechanism for states ‘differentiated bitcoin reserve bills, and the tax rules for cryptocurrency miners. No controversial issues such as rules were covered. The White House only reiterated its overall goal of providing clarity in the legal framework for the crypto industry, and did not release a specific roadmap or timetable.
However, the Odaily Planet also reminds readers thatSince the live broadcast signal only lasted for 20 minutes, there may be more discussion and more practical things on the spot after the live broadcast signal is disconnected, and these may continue to be reported in words by major U.S. media on the spot later today.Odaily will continue to pay attention to you and keep it updated.
The following is the full text of the speeches of the participants (including Trump) before the live broadcast signal was disconnected. The Odaily Planet Daily compiled it for you.
Appendix: Full text of live speech:
US President Trump:
Thank you, thank you very much, you have done an excellent job. Welcome to the first-ever White House Digital Assets Summit. I know many of you have been fighting for this moment for years, and I am honored to be here with you here at the White House.
I want to pay special tribute to David Sacks, the White House head of artificial intelligence and encryption, Treasury Secretary-this is David, if you don’t already know him. Everyone knows David and he does an excellent job. Also here is our Treasury Secretary Scott Bessent, who is a very good Treasury Secretary. Thank you, Scott. And Commerce Secretary Howard Lutnik, wherever you are right now, Howard. Hello Howard, he is dealing with some very important matters, is at the heart of the matter, and is doing a great job.
Thanks to Kelly Loeffler, Director of the Small Business Administration (SBA), and to Hester Peirce, Commissioner of the Securities and Exchange Commission (SEC). Thank you to Caroline Pham, Acting Chairman of the Commodity Futures Trading Commission (CFTC), Tom Emmer, House Majority Whip, Representative Brian Style, thank you, Brian, thank you very much. Thanks to Bo Hines, Director of the Digital Assets Committee, for a great job, Bo, for a great job. In addition, there are many outstanding guests, many of whom are very influential people in this field, and some of whom will speak today. I also want to thank Senator Marco Rubio, who is right over there. We have gathered many important figures 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’s cryptocurrency, and we are taking historic action to fulfill that promise.Yesterday, at this conference table, I signed an executive order formally creating the United States ‘strategic bitcoin reserve. This will become the “virtual Fort Knox” of digital gold, stored by the U.S. 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 obtained as many as 200,000 bitcoins through civil law enforcement and various other legal means, including law enforcement actions. These existing positions will form the basis for new reserves.
Unfortunately, however, in recent years, the U.S. government has foolishly sold tens of thousands of bitcoins. If they had not been sold, they would be worth billions of dollars today. But they did be sold, mainly during the Biden administration, which was clearly not a wise decision. Starting today, the United States will follow a rule widely circulated in Bitcoin circles-“Never sell your Bitcoin.” This is one of their slogans. I don’t know if this is right, who knows?
Who knows? But so far, the decision has been the right one, and we will keep it. The Ministry of Finance and the Ministry of Commerce will also explore new ways to increase the position 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 directs federal agencies to conduct an inventory of all crypto assets currently held by the U.S. government and study how to more easily transfer those assets to the Treasury Department. Non-Bitcoin digital assets will be stored in the new U.S. digital asset repository and properly managed.
My administration is still working to end the federal bureaucracy’s crackdown on the crypto industry. This crackdown was rampant during the Biden administration, until the election approached, about five months before the election, when he suddenly became a “loyal supporter” of cryptocurrency 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 facts clearly and promoted breakthrough innovation and the development of institutional finance. During the Biden administration, regulators pressured banks to close the accounts of cryptocurrency companies and entrepreneurs, effectively blocking the flow of funds on some exchanges. They use the government as a weapon against the entire industry. But I’m all too familiar with this kind of thing, maybe even better than you.This will all be over soon, and we will end Operation Choke Point 2.0.
Indeed, some people have suffered a lot. What they did was ridiculous. But in the end, they had to make concessions, but unfortunately not because they realized their mistake, but simply because they wanted votes. They saw thousands of people opposing their policies and made changes.
I would also like to express my strong support for the efforts of congressional lawmakers who are pushing bills on dollar-backed stablecoins and regulatory clarity in digital asset markets. This is a huge opportunity to promote economic growth and financial innovation, with far-reaching impacts. I think this will be a very promising growth model, and the whole system is very connected, and we want to keep it that way. The status of the dollar will remain stable over the long term, and we will ensure that.
I hope Congress will be able to bring relevant legislation to my desk for signature before it recess in August.They are actively working with you, and you also know many members of Congress, many of whom have firmly supported this process from the beginning.
Finally, I would like to congratulate all of you for being here today at the White House. At the same time, there is one person here who has more knowledge of Bitcoin, artificial intelligence and almost every related area than anyone else, and that is David Sacks. David, I want you to say a few words.
David Sacks, Cryptocurrency and AI Commissioner:
Thank you, Mr. President. We are here today because of your leadership, vision and generosity, and I really thank you very much.At the same time, we are here because you want to make America great and usher in a golden age for America, including the rise of digital assets. We are here too because you love innovators, or in your words, you like people with high IQs. Yes, you admire people with high IQs very much. There are about 30 people present today, and they are the top figures in the digital asset industry.
In addition, there is another point I think you attach great importance to, and that is the fairness of the law. The industry has suffered legal suppression and persecution over the past four years and has been embroiled in a terrible “legal battle.”And no one knows better than you what it feels like.Therefore, we appreciate your understanding of legal fairness and your always willingness to fight for justice and fairness. You never flinch, and you remain firm even in the face of an assassin’s bullet. This spirit inspires everyone here, which is a great honor.
So, I want to say that it is an honor to work for you.It is an honor to work for a president who works hard every day for the American people. Your government is moving things forward at the speed of the technology industry, faster than even any startup I’ve worked with. Your government’s execution is amazing, even faster than startups.So, I want to thank you again for giving me this opportunity to be a part of it, and I enjoy every moment.I love working with you and thank you again.
Trump：
Thank you, David, thank you very much.
David Sacks：
Now, I want to turn the topic to Treasury Secretary Scott Bessent. Scott, please speak.
U.S. Treasury Secretary Scott Bessent:
Today, as President Trump signs an executive order formally establishing a strategic bitcoin reserve and a digital asset reserve, the United States will establish its leadership position in the global digital asset strategy. The United States must realize this reality and be ahead of other countries in the digital age. We appreciate the president’s decision to push the country to leverage the digital assets it already has and formally establish this Bitcoin reserve. We will use this authorization to strengthen the asset side of the U.S. balance sheet. As I have emphasized many times, President Trump is creating assets for the American people, while most presidents have simply accumulated debt. A large part of this asset plan will focus on digital assets, and we will also end the weaponization of digital assets.
The Biden administration’s policies not only fail to promote innovation, but continue to punish innovators. The fact that everyone here has persisted to this day is a manifestation of your perseverance. In this executive order, the Treasury has important responsibilities related to tax policy and risk-weighting 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 current guidelines. In addition, we will carefully and prudently formulate a regulatory framework for stablecoins. As President Trump has directed, we will ensure that the U.S. dollar continues to serve as the world’s leading reserve currency and use stablecoins to strengthen this position. Thank you all!
U.S. Commerce Secretary Howard Lutnick:
Technology-This is the core of President Trump’s governance philosophy.He understands technology, embraces technology, and uses technology as the driving force for America to move forward.Blockchain and Bitcoin technology are important parts of this vision, and today’s summit demonstrates the leadership of the Trump administration and the president himself in this area. He not only understood the technology, but also actively promoted its development. As you said, you are a pioneer in this field, and this is where we are going-we are using blockchain, Bitcoin and digital assets to move America forward, and Donald Trump is leading this change. We are extremely proud of this. Thank you!
Trump:
Thank you very much, Howard. Thank you, Kelly, please continue.
Kelly Loeffler, Director of the Small Business Administration:
Mr. President, thank you! Today is truly a historic moment.As an entrepreneur in the crypto industry, I am extremely proud to be a member of your government.The speed of your policy advancement is indeed in sync with the technology industry. I want to say that today not only marks the end of the crackdown on cryptocurrencies, but also the official end of the crackdown on innovation.Under your leadership, we have truly ushered in a golden age.
As director of the Small Business Administration (SBA), I would like to emphasize that cryptocurrencies have broad application prospects in the small business ecosystem. The SBA will be open to the crypto industry, and we are willing to support this area of innovation. Therefore, I look forward to working with all industry leaders here to promote the implementation of 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 heartfelt thanks to you. I want to thank you for building this excellent team, and I also want to thank David. To be honest, no one could have imagined such a meeting a few years ago.But you have the foresight, and you said-we want to achieve financial innovation in the United States for the 21st century.
I have been deeply involved in this field for nine years and have witnessed with my own eyes the tremendous progress in the industry. And it’s all thanks to your leadership, Mr. President.May God bless you, as your efforts will have a profound impact, like other policies you are advancing. Moreover, the American people are very enthusiastic about this, and they are cheering crazily for it! Thank you!
Trump:
Thank you, Tom, thank you very much. Thank you all. Who else would like to speak? Please continue.
David Sacks:
Does anyone want to say a few words? Cameron or Tyler?
Trump:
Do you want to say something? You’re very shy, actually, look.
David Sacks:
Cameron, I remember you said something before that I found it particularly profound. You said that a year ago, you felt more likely to go to prison than to the White House. Of course, I’m not trying to embarrass you because you didn’t do anything wrong, but that was the industry environment a year ago. Is there anything you want to say?
Cameron Winklevoss, founder of Gemini:
Actually, it was Tyler who said that.
David Sacks:
Oh, sorry, I still get confused.
Cameron Winklevoss:
Yes, we never imagined that after so many years of hard work and always trying to promote 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 current environment. 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 just wanted to say one thing: Thank you, Mr. President! But Cameron often “occupies” my speech, so this is not the first time (laughter). But what I want to say is that the United States has 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 filled with high-IQ talents, I keep saying that. We need people with high IQ, so thank you again. Does anyone else want to speak? Please continue.
Chainlink founder Sergey Nazarov:
Welcome everyone! First of all, I want to express my deep gratitude to Mr. President for taking our industry so seriously and actively guiding it in the right direction. I have worked with many central banks and institutions in other countries, and on those occasions I often wondered why, as an American citizen, I couldn’t help the American financial system move to a higher level, aligned with the direction the world is heading? Therefore, I am very grateful to finally see that the government has a more pragmatic and open attitude towards these concepts.
I and many of my colleagues here firmly believe that cryptocurrency, blockchain and Web3 infrastructure will become the core of the next generation of financial systems. I believe that the United States should continue to maintain its leadership position in this new financial system. I am deeply grateful to see David Sacks, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and other senior government officials investing their time and energy so seriously. I’m really happy about what happened today, and I think it’s a critical step in the United States being able to continue to maintain its leading position in the global financial system.
Trump:
Thank you very much! I have always believed that this is an area of critical importance to the United States and that we must always be at the forefront. This is a huge opportunity. As you know, China is also vigorously promoting the development of related fields and continues to invest heavily as always. But right now, we are far ahead in this area, just as we have done with artificial intelligence and other key technologies, and we must maintain that lead.
Therefore, I think today’s meeting is of great significance. Many of you here today have been working hard for this industry long ago, when people didn’t understand the potential of encryption and blockchain. I would like to congratulate you on this. Being able to come to the White House to attend such a meeting is an important thing, and you also have the strong support of the government.
Thank you very much, today is an important day for you. Thank you, media friends, thank you all. Please continue.
(The live signal is disconnected here)
