NEW YORK, MAR 6 (AFP/APP/DNA):US President Donald Trump, who has multiple ties to the crypto industry, will host the sector’s top players at a White House summit on Friday, as the field enjoys renewed momentum following his election.
The US crypto community rallied behind Trump’s campaign, contributing millions of dollars towards his victory over Joe Biden, whose administration tightened regulations and expressed skepticism toward digital currencies. Now, they’re seeing their support pay dividends.
Trump has waded into the space personally as well, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
The president’s “crypto czar,” Silicon Valley investor David Sacks, will convene prominent founders, CEOs, and investors with members of a Trump working group to craft policies aimed at accelerating crypto growth and providing the legitimacy the industry has long wanted.
Guests will include twins Cameron and Tyler Winklevoss, founders of platform Gemini, with reports that Brad Armstrong of Coinbase and Michael Saylor, the boss of major bitcoin investor MicroStrategy, will also be in attendance.
Hanging over the crypto resurgence is the fate of FTX, the once-leading crypto exchange that collapsed spectacularly when its CEO Sam Bankman-Fried was found to have defrauded clients massively. He is now serving a 25-year term in a US jail.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Bitcoin, the world’s most traded cryptocurrency, is heralded as an alternative to gold or as a hedge against currency devaluation and political instability.
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