Despite fierce backlash from the cryptocurrency community over his proposed strategic crypto reserve

President Donald Trump is set to unveil plans for it at the White House Crypto Summit on Friday. Commerce Secretary Howard Lutnick said Bitcoin would receive a “unique status” under Trump's framework

President Donald Trump is planning to unveil proposals for a strategic cryptocurrency reserve at the White House Crypto Summit on Friday, despite fierce backlash from the crypto community, reported The Pavlovic Today.

Also Read: Bitcoin Surges 7% After Trump's Pro-Crypto Plans Revealed: Plans For A Strategic Bitcoin Reserve

Trump's proposed crypto reserve has sparked heated debate since its announcement last week. While the crypto community largely opposes the idea and prefers an all-Bitcoin focus, Trump seems intent on launching the initiative.

During the interview, Lutnick said that Trump's framework would grant Bitcoin a “unique status” compared to other cryptocurrencies, which would be subject to different regulations.

On Sunday, Trump shifted his attention from a Bitcoin-only reserve to a more diversified approach. He proposed a reserve that would include Bitcoin, often recognized for its inflation-hedging capabilities, alongside Ether, XRP, Solana, and Cardano.

On Thursday morning, Bitcoin experienced a surge of over 7% following the news, reaching a price point of nearly $88,000.

The size, timeline, and management of the proposed crypto reserve are yet to be determined. There are varying opinions on whether the Federal Reserve or another entity should oversee the initiative.

"So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently," Lutnick said of Trump's stance. He added that Trump views a strategic Bitcoin reserve as crucial for America's financial well-being.

Aiming to establish the U.S. as the leading global hub for crypto, President Trump will host the inaugural White House Crypto Summit on Friday. The event will be co-chaired by David Sacks and Bo Hines.

The summit aims to bring together key players in the crypto ecosystem to help develop a clear regulatory framework that encourages innovation and positions the U.S. at the forefront of the Web3 revolution.

The administration is planning to use the summit to unveil a proposal for a strategic cryptocurrency reserve. This initiative has faced criticism from prominent figures in the crypto industry, who argue that the president should focus on an all-Bitcoin reserve.