Acting Chairman Mark Ueda discusses the suspension of probes, crypto companies, regulations, China's presence in the US market, and halts to efforts to independence in technology.
President Trump signed an executive order late Thursday to establish a strategic Bitcoin Reserve. Crypto Czar David Sachs celebrated the move via X's post.
“This reserve will be capitalized with federal-owned Bitcoin, which has been confiscated as part of a criminal or private property confiscation procedure. This means that taxpayers will not spend a single DIME,” he wrote. “The US government is estimated to own approximately 200,000 bitcoins, but there was no full audit. EO is directing the full accounting of federal digital asset holdings. The US should not deposit Bitcoins in a protected area. They will be held as a valuable repository.
Sachs, a procrypt veteran in Silicon Valley, which shapes future policies on digital assets, has reiterated his criticism of his previous management, which he regarded as dropping the ball to Bitcoin, the largest cryptocurrency in market value.
“Early selling Bitcoin has already cost US taxpayers more than $17 billion in value. Now, the federal government has a strategy to maximize the value of its holdings,” he pointed out.
Sachs also outlined how to use other digital currencies.
“In addition, the Executive Order establishes a US digital asset stockpile consisting of digital assets other than Bitcoin that have been confiscated in criminal or civil lawsuits.”
The move comes on the eve of Friday's roundtable meeting with members of the Presidential Working Group on Digital Assets, which are being billed as the “Digital Asset Summit.”
Participants at Friday's meeting include, but may be added more:
- Tyler and Cameron Winclevos, founder of Gemini
- Vlad Tenev, CEO of Robinhood
- Kraken CEO Arjun Sethi
- Michael Saylor, Founder and Executive Chair of Strategy (formerly MicroStrategy)
- Brian Armstrong, CEO of Coinbase
- Sergey Nazarov, co-founder of ChainLink
- Kyle Samani, Managing Partner at Multicoin Capital
- Zach Witkoff, co-founder of Trump-backed World Liberty Financial
- JP Richardson, CEO of Exodus
- Matt Fan, co-founder of Paradigm
- David Bailey, CEO of Bitcoin Magazine
Last Sunday, ahead of the meeting, Trump went ahead with plans for a strategic reserve for cryptocurrency.
“The US crypto preparation will raise this critical industry after years of corrupt attacks by the Biden administration. That's why my executive order on digital assets has directed the presidential working group to advance crypto strategic reserves, including XRP, SOL and ADA. We will ensure that the US is the global crypto capital.
This is a real-time pricing snapshot of popular cryptocurrencies.
Trump's Crypto Czar condemns the government's lack of bitcoin.
David Sachs (Reuters/BeckDieffenbach/File)
Bitcoin
Ethereum
Solana
XRP
Cardano
Eleanor Terrett from Fox Business contributed to this report.
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