A high-ranking White House official has clarified that President Donald Trump’s upcoming crypto summit on March 7 will steer clear of tax-related discussions, instead centering on reversing the anti-crypto stance of the previous Biden administration.
“There won’t be anything about taxes. The crypto space is full of speculation. […] I have no idea where some of these rumors come from,” the official stated during a virtual briefing ahead of the event, set to take place at 2:00 pm UTC on March 7.
Rather than touching on taxation, the summit aims to provide a platform for industry figures to share insights on regulatory matters. This aligns with Trump’s commitment to dismantling Operation Chokepoint 2.0, an initiative reportedly used by the previous administration to restrict banking access for crypto companies.
“The president pledged during his campaign to establish a crypto council. His goal was to listen to industry feedback and recommendations. That’s the main objective of this summit,” the official explained.
It was also confirmed that Bitcoin (BTC) would receive unique treatment on the federal balance sheet, consistent with Trump’s executive order on March 6 to establish a Bitcoin reserve.
The government’s approach is to retain Bitcoin long-term, the official noted, highlighting past instances where selling BTC prematurely resulted in significant financial losses—funds that could have amounted to billions today.
Trump’s executive order specifies that Bitcoin held by the government will not be sold. It further authorizes the Treasury and Commerce secretaries to explore ways to increase Bitcoin reserves without imposing additional costs on taxpayers.
“This means there’s no burden on taxpayers. However, if the secretaries can identify methods to grow the Bitcoin reserve at no cost, they have the authority to proceed,” the official explained.
Bitcoin will be distinguished from the federal government’s broader digital asset holdings, which include other cryptocurrencies. The administration’s objective for these assets is to manage them responsibly, the official added.
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