White House Hosts First-Ever Crypto Summit Amid Market Low

The White House has announced its first-ever Crypto Summit, set to take place on March 7, 2023. The event will bring together prominent founders, CEOs, and investors from the crypto industry, along with members of the President's Working Group on Digital Assets. This announcement comes at a time when market sentiment, as indicated by the Crypto Fear and Greed Index, has reached its lowest point since 2022.

The President will host and deliver remarks at the inaugural summit, which will be chaired by David Sacks, the White House's 'AI and Crypto Czar.' Sacks, a South African-American venture capitalist, was appointed to this newly created position in December 2022 to underscore the administration's commitment to the crypto sector. Since taking office, Sacks has prioritized the assessment of a US Bitcoin strategic reserve, a stablecoin regulatory framework, and new SEC guidelines to prioritize crypto.

The White House statement released late Friday emphasized the administration's intent to be "America's first crypto president" and provide "a clear regulatory framework enabling innovation and protecting economic liberty." This announcement comes after four years of uncertainty from an administration that "unfairly prosecuted the digital asset space."

The news of the summit was met with mixed responses from the crypto community. Some members expressed skepticism, recalling the 'Crypto Ball' event that gathered industry movers and shakers in Washington DC ahead of the inauguration. This event coincided with the launch of Trump's memecoin, which soared to a market cap of $14.5 billion within hours before slumping in value by two-thirds, leaving small traders underwater.

Long-term Bitcoin holders and advocates, such as Austrian economist Carl Menger and the Bitcoin Therapist, criticized the event, arguing that 99% of crypto are "online gambling tokens with no purpose or utility." Many others simply implored the president not to launch another memecoin.

The Crypto Summit is expected to address the current state of the crypto industry and discuss potential regulatory frameworks to support its growth. The event will also provide an opportunity for the administration to engage with industry leaders and hear their concerns and ideas for the future of digital assets in the United States.