A senior White House official has confirmed that US President Donald Trump’s crypto summit on March 7 will not cover taxes but instead focus on rolling back the anti-crypto policies pursued by the former Biden administration.
“There’s not going to be anything on taxes. You know, the crypto internet is rife with rumors. […] I don’t know how some of these things get started,” a senior White House official said in a virtual preview of the crypto summit held on March 7 at 2:00 pm UTC.
Instead, the summit will be a venue for industry leaders to provide feedback on regulations, which is consistent with President Trump’s promise to end Operation Chokepoint 2.0, the previous administration’s reported initiative to debank cryptocurrency companies.
“The president promised during the campaign to have a crypto council. He wanted to take in advice and feedback from the industry. That is the purpose of the summit,” they said.
The senior White House official confirmed that Bitcoin (BTC) would receive “special treatment” on the federal government’s balance sheet, which is consistent with President Trump’s March 6 executive order establishing a BTC reserve.
The intent is for the government to “hold on” to Bitcoin for the long term, the official said while drawing attention to the ill-timed sales of BTC over the past decade, which would have been valued at billions of dollars today.
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US President Donald Trump signs executive order on March 6 establishing a strategic Bitcoin reserve and separate crypto stockpile. Source: Margo Martin
Trump’s executive order “provides that Bitcoin will not be sold [and] allows the secretaries of Treasury and Commerce to develop budget neutral strategies for adding to that reserve. So, it won’t cost the taxpayer a dime. But if the secretaries can figure out how to accumulate more Bitcoin without costing taxpayers anything, then they are authorized to do that,” they said.
In this sense, Bitcoin will be treated differently than the “digital asset stockpile,” which includes other cryptocurrencies owned by the federal government. The goal of the stockpile is “responsible stewardship of those assets,” they said.
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This is a developing story, and further information will be added as it becomes available.