What new initiatives does the White House Crypto Summit have in terms of cryptocurrency reserve plans?

At the White House crypto summit on March 7, the cryptocurrency reserve program presented many new measures. President Trump signed an executive order announcing the establishment of a strategic Bitcoin reserve, which is capitalized by about 200,000 Bitcoins obtained by the federal government through criminal or civil asset confiscation procedures. The U.S. government has made it clear that it will not sell the Bitcoin deposited in the reserve, aiming to use it as a means of store of value.

The executive order also establishes a U.S. digital assets reserve that consists of digital assets other than Bitcoin confiscated in criminal or civil proceedings. Moreover, except for the assets acquired in the asset confiscation process, the government will not acquire other assets for the reserve, and the Ministry of Finance is responsible for managing it to achieve effective supervision of the digital assets held by the government.

In terms of reserve asset selection, it is very interesting. Trump previously posted on social media, considering including Bitcoin, Ethereum, Ripple (XRP), Solana and Cardano (Cardano) in the new cryptocurrency strategic reserves. After the news came out, the value of related cryptocurrencies soared. Among them, the price of Bitcoin rose by about 8%, Ethereum rose by 8.3%, Ripple broke through US$2.93/pc, up by more than 30%, Solana broke through US$178/pc, up by more than 24% during the day, and Ada rose by nearly 72% during the day.

Judging from the funding source and management strategy of the reserve plan, the strategic Bitcoin reserve emphasizes that it will not sell the Bitcoin in the reserve, avoiding repeating the mistake of selling Bitcoin too early, causing US taxpayers to lose more than $17 billion in potential value. The Secretary of the Treasury and the Secretary of Commerce have the right to formulate a budget neutral strategy to obtain more Bitcoin, and cannot increase taxpayer costs. The US digital asset reserve also follows similar principles. In addition to confiscating assets, no longer purchases of assets. The Secretary of Finance will determine management strategies, which covers potential sales strategies, etc.

At the regulatory level, the summit focuses on the top-level design of stablecoins and the overall regulatory framework. According to Cointelegraph, Trump adviser David Sax advocates strengthening the hegemony of the dollar through stablecoins, which may have an impact on federal regulatory schemes. A draft bill promoted by the House Financial Services Committee shows that stablecoin institutions with issuances of over 10 billion US dollars may be included in the Federal Reserve's regulatory system to build a two-tier regulatory structure between the federal and state governments. At the same time, the 21st Century Financial Innovation and Technology Act proposed in 2023 is expected to usher in substantial progress at the summit. The core of the bill is to coordinate the regulatory rights and responsibilities of the SEC and CFTC, thereby building a digital asset supervision paradigm that takes into account innovation and security.

In terms of tax policy, the summit may discuss crypto-related tax reforms. According to BeInCrypto, tax reforms may be part of the agenda and may affect investors’ tax burdens, or involve simplifying crypto transaction tax reports, or providing tax incentives to boost industry growth. This series of measures aims to create a more favorable policy environment for the cryptocurrency reserve program, promote the healthy and orderly development of the cryptocurrency industry in the United States, and help the United States achieve its strategic goal of "cryptocurrency capital".