Trump to address industry leaders at first Crypto Summit on Friday, as regulators abandon key lawsuits
Quick Take
- U.S. President Donald Trump will address crypto industry leaders at an inaugural Crypto Summit at the White House on Friday.
- The conference comes amid a widespread withdrawal of regulatory actions and investigations against companies in the crypto industry.
- Gemini co-founder Cameron Winklevoss said the SEC’s closure of their investigation against his company marked “another milestone to the end of the war on crypto.”
President Donald Trump will host the federal government's first Crypto Summit on Friday, the White House announced, as cryptocurrency prices recover modestly from their recent plunge.
Trump will address "prominent founders, CEOs, and investors from the crypto industry" at the event, which will be chaired by AI & Crypto Czar David Sacks and run by Bo Hines, the director of Trump's working group on digital assets and a relatively little-known figure in the crypto industry.
"After the previous administration unfairly prosecuted the digital asset space, President Trump’s policy vision represents a new era for digital financial technology," a White House statement says.
The Crypto Summit comes soon after a number of high-profile lawsuits and investigations against companies in the cryptocurrency space were dropped by Trump's Securities and Exchange Commission, currently helmed by Mark T. Uyeda until the Senate confirms (or rejects) Trump's nominee, crypto-friendly former regulator Paul Atkins.
In recent days, the SEC dropped its lawsuit against Coinbase, withdrew investigations into Gemini, OpenSea, Uniswap, and Robinhood, and a resolution in its case against Justin Sun may soon follow. A U.S. judge also recently struck down the agency's case against PulseChain and Hex founder Richard Heart, born Richard Schueler, on jurisdictional grounds, though the agency may file an amended complaint.
"While this marks another milestone to the end of the war on crypto, which already includes the SEC’s withdrawal of the Coinbase lawsuit and the closing of investigations into OpenSea, Robinhood, and UniSwap, it does little to make up for the damage this agency has done to us, our industry, and America," Gemini co-founder Cameron Winklevoss wrote on X Wednesday.
The summit's announcement came as crypto prices stabilized after a large-scale selloff in recent days; U.S.-based spot Bitcoin ETFs had their first day of net inflows on Friday, though BlackRock's IBIT has continued its outflow streak. The price of Bitcoin is up about 2.4% in the past 24 hours, according to The Block's Bitcoin Price page.
Trump's Official Trump memecoin is up about 18% from its low of around $11.24 on Friday to its current price of $13.28, according to The Block's Official Trump Price page.
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