First-ever White House Crypto Summit

The first-ever White House Crypto Summit was held on Friday. White House 'Crypto Czar' David Sacks said the main objective was to get feedback and advice from leaders and experts in the cryptocurrency industry for the President's new Strategic Crypto Reserve.

The White House says the main goal for the new strategic reserve is to maximize the bitcoin and other digital assets the federal government has acquired through criminal and civil asset forfeitures. For the new reserve, the government can only buy more bitcoin if it is strategically justified and will "impose no incremental costs on American taxpayers." It was emphasized that no tax funds will be used to buy more bitcoin.

According to the White House, the government is not allowed to sell the bitcoin in the reserve, and it can only be used as a reserve currency.