US Secretary of Commerce Howard Lutnick confirmed that the Trump administration will announce plans for the strategic Bitcoin Reserve at the White House Script Summit on March 7th.
In an interview with Pavlovic today, Lutnick revealed that Bitcoin (BTC) is likely to have special status in the country’s national cryptocurrency reserves, including Ether (ETH), Solana (SOL), Cardano (ADA) and XRP (XRP).
“The president definitely believes there is a strategic preparation for Bitcoin,” Secretary Rutnick said. “Now there’s the question of how to handle other cryptocurrencies. And I think the model will be announced when we do that on Friday.”
President Donald Trump has faced criticism since he announced on social media that the country’s crypto sanctuary would include non-Bitcoin assets. Critics say that centralized altcoins should not be included with Bitcoin. This is the only decentralized product that can be used as a storage for long-term wealth.
Source: Anthony Pompliano
Even infamous Bitcoin critic Peter Schiff refused to invest in digital assets when digital assets were valued under $100, saying that while he doesn’t understand the rationale behind the BTC-only reserve, it does not include altcoins.
Source: Peter Schiff
In response, Lutnick repeated Trump’s interest in a Bitcoin-only stockpile without dismissing other assets in the proposed basket.
“So I think Bitcoin is one thing, and then other currencies, other crypto tokens, will be treated differently.
Related: As Trump Tank Bitcoin, PMI provides a roadmap for what’s coming next
White House Script Summit gains traction
President Trump is scheduled to hold his first White House Script Summit on March 7th, with up to 25 participants confirmed so far. The invitation list includes strategy founder Michael Saylor, Chainlink co-founder Sergei Nazarov, and Coinbase CEO Brian Armstrong.
Source: Eleanor Terrett
The summit reflects the US government’s historic pivot on digital assets under President Trump, who has vowed to make America the world’s blockchain and crypto capital during elections.
Under Trump, the Securities and Exchange Commission has established a cryptographic task force to pave the sector’s “smart regulatory path.” The task force has already met with several industry representatives to better understand their regulatory issues.
Meanwhile, the House Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence is engaged with industry experts on a variety of issues, ranging from institutions to which institutions should be more empowered in the spot market than Crypto.
Related: Trump’s crypto venture causes conflicts of interest, insider trading questions
