Elite figures from the cryptocurrency industry are scheduled to convene with U.S. President Donald Trump at the White House to delve into Trump’s ambitious agenda of positioning the nation as the global “crypto capital.” Notable attendees include Michael Saylor of MicroStrategy, Zach Witkoff from World Liberty Financial, and Vlad Tenev, the CEO of Robinhood Markets. The primary focus of the gathering is expected to center around Trump’s proposal to establish a strategic reserve comprising bitcoin and four other cryptocurrencies, with the aim of leveraging budget-neutral strategies for acquiring additional bitcoin without imposing costs on taxpayers.

The summit, set to commence at 1:30 pm ET, has generated anticipation among participants eager to gain insights into the operational framework of the strategic reserve. David Sacks, the White House’s crypto czar, disclosed that the reserve would be funded with government-owned bitcoin acquired through civil or criminal asset forfeiture procedures. However, diverging views exist within industry leaders regarding the inclusion of the suggested alternative coins in the reserve, with proponents like Brian Armstrong advocating for a bitcoin-only approach.

Industry insiders, including Ripple CEO Brad Garlinghouse, have expressed optimism about collaborating with an administration that recognizes the breadth of the crypto landscape beyond bitcoin. The overarching sentiment is one of optimism, with hopes for a streamlined regulatory landscape that could expedite the approval process for new exchange-traded funds. Nevertheless, Trump’s familial ties to cryptocurrency ventures, coupled with potential conflict-of-interest concerns, have raised questions, though his aides maintain that his business interests are under external review.