At a first-of-its-kind crypto summit at the White House, President Donald Trump pledged to make U.S. the global leader in Bitcoin BTC/USD and digital assets, signaling his administration's full embrace of the cryptocurrency industry.

What Happened: On Friday, more than two dozen top crypto executives, including the Winklevoss twins, Coinbase COIN CEO Brian Armstrong, and Kraken executives, gathered at the White House to discuss the future of crypto policy in the U.S., reported the New York Times.

"I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet," Trump said, adding, "We're taking historic action to deliver on that promise."

Earlier, Trump had announced an executive order to establish a national Bitcoin reserve, which he compared to a virtual Fort Knox for digital assets. "Never sell your Bitcoin," he said during the summit.

The summit also highlighted Trump's reversal of Biden-era crypto crackdowns, with his administration ending SEC investigations into Coinbase and Kraken and fast-tracking pro-crypto legal guidance.

Also Read: JPMorgan Questions Viability of US Crypto Reserve, Cites Issues With Smaller Tokens

Why It's Important: Trump's pro-crypto stance marks a dramatic shift in U.S. regulatory policy, positioning the nation to compete in the global digital currency market.

On Friday, it was also reported that Trump’s cryptocurrency project has raised an impressive $350 million through memecoin sales.

After Trump’s address to the joint session of Congress, the value of the Trump memecoin jumped over 6%, making it the most successful meme coin with a market cap exceeding $1 billion in the past 24 hours.

Melania Trump’s official Melania coin also experienced a 5% increase.

Price Action: At the time of writing, Bitcoin is trading at $86,038.33, reflecting a 2.41% decline over the past 24 hours, according to Benzinga Pro data.

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• Vladimir Putin Said ‘Nobody Can Ban Bitcoin,' But Russia Isn't Looking To Follow Donald Trump's Push For A Crypto Reserve

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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