Trump’s crypto summit ‘not going to have anything on taxes’ — White House official

A elder White House authoritative has confirmed that President Donald Trump’s crypto acme connected March 7 volition not screen taxes but alternatively absorption connected rolling backmost damaging policies pursued by the erstwhile Biden administration.

“There’s not going to beryllium thing connected taxes. You know, the crypto net is rife with rumors […] I don’t cognize however immoderate of these things get started,” a elder White House authoritative said successful a virtual preview of the crypto acme held astatine 10:00 americium ET.

Instead, the acme volition beryllium a venue for manufacture leaders to supply feedback connected regulations, which is accordant with President Trump’s committedness to extremity Operation Chokepoint 2.0, the alleged inaugural to “de-bank” cryptocurrency companies nether the erstwhile administration.

“[T]he President promised during the run to person a crypto council. He wanted to instrumentality successful proposal and feedback from the industry. That is the intent of the summit,” they said.

The elder White House authoritative confirmed that Bitcoin (BTC) would person “special treatment” connected the national government’s equilibrium sheet, which is accordant with President Trump’s March 6 enforcement order establishing the BTC reserve.

The intent is for the authorities to “hold on” to Bitcoin for the agelong term, the authoritative said portion drafting attraction to the ill-timed merchantability of BTC implicit the past decade, which outgo taxpayers billions.

Related: President Trump says crypto reserve to see BTC, ETH, SOL, XRP, ADA

US President Donald Trump signs enforcement bid connected March 6 establishing a strategical Bitcoin reserve and abstracted crypto stockpile. Source: Margo Martin

Trump’s enforcement bid “provides that Bitcoin volition not beryllium sold [and] allows the Secretaries of Treasury and Commerce to make fund neutral strategies for adding to that reserve. So it won’t outgo the payer a dime. But if the Secretaries tin fig retired however to accumulate much Bitcoin without costing taxpayers anything, past they are authorized to bash that,” they said.

In this sense, Bitcoin volition beryllium treated otherwise than the “digital plus stockpile,” which includes different cryptocurrencies owned by the national government. The extremity of the stockpile is “responsible stewardship of those assets,” they said.

Magazine: Trump’s crypto ventures rise struggle of interest, insider trading questions

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.