0:03 The President: Thank you very much. 0:06 (Applause.) 0:13 Well, thank you very much everyone. 0:15 Great honor to have you. 0:17 I know you’ve all been working very hard and very successfully. 0:22 And it’s a wonderful place, the White House. 0:26 I want to begin — is Gianni here from World Cup? 0:29 I want to thank you for this election, 0:31 and they just had a presentation in the Oval Office, 0:34 and I thought this was such a beautiful — 0:38 this is the trophy. This is a big deal. 0:39 The World Cup is the biggest sporting event. 0:41 And Gianni Infantino is my friend for a long time. 0:46 And during my first term, 0:49 we worked out a deal to get the World Cup. 0:51 And then, because of lots of interesting things 0:55 that happened, 0:57 I ended up being president when it showed up. 0:59 I was always disappointed I wasn’t going to make it. 1:02 I was going to serve eight straight. 1:03 Instead, we did it the — we did it the hard way, 1:06 but maybe the more important way. 1:08 So, I will be with you as president, Gianni. 1:11 So, maybe you could just say a few words 1:14 and show how beautiful the World Cup trophy is. 1:18 Thank you. Mr. Infantino: (Inaudible.) 1:19 The President: Yeah, sure. Please. 1:23 Mr. Infantino: This is — The President: Yeah. 1:25 Mr. Infantino: — the famous key. 1:26 The President: That’s a great key. 1:28 Mr. Infantino: You want to open it, President, or shall I? 1:29 The President: Well, you go ahead. 1:31 (Laughter.) I trust you. 1:33 Mr. Infantino: So, this is the new trophy 1:35 of a new competition. 1:36 It’s called the FIFA Club World Cup — 1:39 the 32 best clubs in the world 1:41 with the absolute best players in the world. 1:44 And for the first time in history, 1:46 this competition takes place in United States. 1:49 Opening game on the 14th of June — 1:51 The President: Right. Mr. Infantino: — 1:53 opening day in Miami. 1:54 Final on on the 13th of July, this year, 1:57 in New York/New Jersey. But it’s not that. 1:59 The trophy is special because it has a key 2:04 and because, as you can see, if I manage to do it — 2:15 it’s a bit tricky. (Inaudible.) 2:18 The President: Wow. 2:20 Mr. Infantino: So, this is trophy. 2:21 It is a trophy which represents — 2:24 and that’s why I think it’s interesting 2:26 to show this trophy exactly in this forum here, 2:29 because it represents the past, 2:32 but it’s also projected to the future. 2:34 There is no other sports trophy which looks like that. 2:39 It has engraved a history of the game of soccer — 2:43 or football, as we call it — 2:45 the participating teams on the first edition, 2:49 the stadiums — 2:50 beautiful stadiums in the United States — 2:52 the United States of America 2:53 where this competition will take place. 2:56 So, at the same time, past, present, 3:00 and projected for the future. 3:01 And if I may, President, say another two words 3:04 and then I let you work. 3:07 I’d like to congratulate the president 3:10 and the administration for — 3:11 not only for the World Cup — the Global Cup, the World Cup, 3:15 and the great work done, but also for this initiative 3:20 that you are speaking about here. 3:22 If I may add something in this respect, 3:25 I’m not an expert at all, but FIFA, as you know, 3:29 is a brand which is globally known and a very strong brand. 3:37 The soccer economy in the world is worth around 3:40 $170 billion a year. 3:42 Seventy percent of that, Mr. President, is in Europe. 3:46 So. imagine the potential that there is around the world, 3:51 only in soccer, if we develop it. 3:54 And so, FIFA is very, very interested, 3:59 under my presidency, to develop a FIFA coin — 4:03 to do it from here, from America, 4:07 and to conquer the 5 billion soccer fans in the world. 4:11 So, if there is anyone here who is interested 4:13 to team up with FIFA — (laughter) — 4:15 here we are together with the United States of America, 4:18 and we will conquer the world of soccer with the FIFA coin. 4:22 Thank you very much. 4:24 The President: Thank you. That coin — (applause) 4:30 — that coin may be worth more than FIFA in the end. 4:34 It could be quite a coin, actually. 4:36 (Laughter.) 4:37 Anyway, thank you, Gianni. Great job. 4:39 I just thought you should see this trophy, 4:40 because it’s really — 4:42 you know, it’s the biggest sporting event in the world, 4:44 and we have it here, 4:46 and we appreciate being selected. 4:48 Thank you very much, Gianni. You do a fantastic job. 4:51 And welcome to the first-ever White House 4:54 Digital Asset Summit. I know that many of you 4:57 have been fighting for years for this, 5:02 and it’s an honor to be with you at the White House. 5:06 I want to thank the White House AI and crypto czar, David Sacks. 5:11 Treasury secretary — this is David right here, 5:14 in case you don’t know. You know David. 5:17 And a man who’s doing a great job 5:19 as the secretary of Treasury, Scott Bessent, 5:25 who’s right here. Scott, thank you very much. 5:28 Commerce secretary, Howard Lutnick — 5:29 wherever you may be, Howard. 5:31 Mr. Sacks: Right there. The President: Hi, Howard. 5:32 Secretary Lutnick: How are you? 5:33 The President: He’s doing some interesting work right now 5:35 with all that’s going on. 5:37 He’s right in the middle of it, and doing a great job. 5:40 Thank you. 5:41 SBA Administrator Kelly Loeffler. And hi, Kel. 5:46 SEC Commissioner Hester Peirce. Thank you, Hester. 5:52 Acting CFTC Chairman Caroline Pham. 5:59 House Majority Whip Tom Emmer. Hello, Tom. 6:03 Representative Emmer: Hello, Mr. President. 6:04 The President: Representative Bryan Steil, thank you. 6:07 Representative Steil: Thank you. 6:09 The President: Bryan, thank you very much. 6:10 Digital Assets Council Director Bo Hines. 6:14 Good, Bo. Great job. 6:16 And many other distinguished guests. 6:17 We have a lot of very distinguished people 6:19 around the table. Some of them will be speaking. 6:22 I want to thank Marco Rubio also, who’s right over there. 6:26 And we have tremendous people very interested in this subject. 6:30 And last year, I promised to make America 6:33 the Bitcoin superpower of the world 6:35 and the crypto capital of the planet. 6:37 And we’re taking historic action to deliver on that promise. 6:41 As you know around the table, yesterday, 6:44 I signed an executive order officially 6:46 creating our Strategic Bitcoin Reserve, 6:50 and this will be a virtual Fort Knox for digital gold 6:54 to be housed within the United States Treasury. 6:57 Right? That’s a big thing, Scott. 6:59 (Applause.) That’s good. 7:10 The federal government is already among 7:12 the largest holders of Bitcoin, as you know — 7:16 really one of the largest holders in the world, 7:19 with as many as 200,000 Bitcoin obtained via civil law 7:24 and various other forms of law 7:26 and including enforcement actions. 7:29 These existing holdings 7:30 will form the foundation of the new reserve. 7:34 Unfortunately, in recent years, the U.S. government 7:36 has foolishly sold tens of thousands of additional Bitcoin 7:40 that were worth billions and billions of dollars 7:43 had they not sold them. But they did sell them, 7:45 mostly during the Biden administration, 7:48 and not a good thing to have done. 7:51 From this day on, America will follow the rule 7:54 that every Bitcoin knows very well, never sell your Bitcoin. 7:57 That’s a little phrase that they have. 7:59 I don’t know if that’s right or not. 8:01 Who the hell knows, right? 8:03 (Laughter and applause.) 8:08 Who knows? Who knows? 8:10 But so far, it’s been right, and let’s keep it that way. 8:14 The Treasury and Commerce departments 8:17 will also explore new pathways to accumulate 8:19 additional Bitcoin holdings for the reserve, 8:22 provided it’s done at no cost to the taxpayers. 8:25 We don’t want any cost to the taxpayers. 8:27 In addition, my order directs federal agencies 8:30 to conduct an inventory of all crypto assets 8:34 currently held by the U.S. government and determine 8:36 how they can be transferred easily to the Treasury. 8:41 Non-Bitcoin digital assets will be held 8:44 at a new U.S. digital assets stockpile 8:47 where they will be managed properly. 8:50 My administration also is working to end 8:52 the federal bureaucracy’s war on crypto, 8:55 which was really going on pretty wildly during Biden, 8:58 until the election came about. 9:01 About five months before the election, 9:03 he became a big fan 9:05 because he heard how many people were in favor of it 9:08 and how many people love it and respect it. 9:11 But I guess it didn’t work out too well for him. 9:15 People understood what was going on. 9:17 And paved the way for groundbreaking innovations 9:20 in institutional finance. 9:22 Under the Bitcoin administration, 9:23 regulators strongarmed banks. I mean, they really did. 9:27 They strongarmed banks into closing the accounts 9:30 of crypto businesses and entrepreneurs, 9:32 effectively blocking some money transfers to and from exchanges, 9:36 and they weaponized government against the entire industry. 9:40 But I know that feeling also. 9:42 (Laughter.) Maybe better than you do. 9:44 (Laughter.) 9:45 All of that will soon be over. 9:47 And we are ending Operation Choke Point 2.0. 9:50 (Applause.) 9:51 Participant: Hear, hear! 10:01 The President: No, some people really suffered. 10:02 It was ridiculous what they were doing. 10:04 But in the end, they came around, 10:08 but they came around for the wrong reasons. 10:10 They came around only because they wanted votes 10:13 and they saw that tens of millions of people are — 10:16 you know, were against them because of what they were doing. 10:19 I also want to express my strong support 10:22 for the efforts of lawmakers in Congress 10:24 as they work on bills to provide 10:26 regulatory certainty for dollar-backed stablecoins 10:30 and the digital assets market. 10:32 They’re working very hard on that. 10:34 This is a tremendous opportunity for economic growth 10:37 and innovation in our financial sector 10:39 and will really go a long way. 10:43 I think there’s going to be a tremendous — 10:46 we feel like pioneers, in a way — 10:47 a tremendous method of growth. 10:50 And things are very much tied, 10:54 and we want to keep it that way — the U.S. dollar — 10:57 long into the future. We’re going to keep it that way. 10:59 I hope lawmakers will send that legislation to my desk 11:03 before August recess, if they can. 11:06 And they’re very much working with you. 11:09 And you know a lot of them, and a lot of them were committed 11:12 right from the very beginning. 11:14 So, I just want to congratulate you all 11:15 for being at the White House today. 11:17 And a man who knows more about Bitcoin and AI 11:20 and just about everything else than anybody — David Sacks. 11:24 And I’d like to have you say a few words, David. 11:27 Mr. Sacks: Thank you, Mr. President. 11:28 We’re all here today because of your leadership, 11:30 your vision, and your generosity. 11:32 And I really want to thank you for that. 11:35 I — we’re also here because of your desire 11:37 to make America great 11:38 and to introduce a golden age in America, 11:40 including for digital assets. 11:42 And we’re here because of your love of — of innovators 11:45 or, as you might say, high-IQ people. 11:46 The President: Yeah, high-IQ people. 11:47 (Laughter.) 11:48 Mr. Sacks: We know you lo- — love high-IQ people. 11:49 The President: We like them. Mr. Sacks: And we have — 11:50 we have about 30 of them here in the room today. 11:52 These are the top people in the — 11:53 in the digital asset industry. 11:55 And I — and one other thing that I think that you love is — 11:58 is legal fairness. 12:00 This is an industry that was subjected 12:02 to prosecution and persecution 12:03 for the last four years, horrible lawfare, 12:06 and nobody knows what that feels like better than you do. 12:10 So, we really appreciate the fact 12:11 that you understand legal fairness 12:13 and that you’re always willing to fight for the right — 12:16 for the right thing, for legal fairness. 12:17 You never back down. You stand defiant, 12:19 even in the face of an assassin’s bullet. 12:21 It’s an inspiration to everyone in this room, I think. 12:23 The President: Thank you. 12:24 Mr. Sacks: So, it’s an honor — (applause). 12:26 The President: That’s very nice. Thank you. Thank you. 12:34 Mr. Sacks: So, I just want to say, it’s — 12:35 it’s an honor to work for you. 12:37 It’s an honor to — to work for a president who — 12:39 who works every day to get so much done 12:40 on behalf of the American people. 12:41 Your administration is moving at tech speed. 12:43 It’s really amazing. 12:44 It’s actually faster than any startup 12:46 that I’ve been a part of. (Laughter.) 12:47 Is — your administration moves even faster. 12:49 So, I just want to say thank you for having me be a part of it. 12:52 I’ve enjoyed every minute of it, I love working for you, 12:55 and thank you again for this opportunity. 12:57 The President: Thank you, David, very much. Appreciate it. 12:59 Mr. Sacks: And — (applause). 13:02 The President: Scott. 13:03 Mr. Sacks: And now I just want to pass the ball 13:05 to Secretary Bessent to say something. 13:07 The President: Scott. 13:11 Secretary Bessent: David. 13:13 So, the — today, when President Trump 13:17 has signed the executive order to Establish 13:19 the Strategic Bitcoin Reserve and Stockpile, 13:22 we’re going to position the United States 13:24 as a leader among nations in the digital asset strategy. 13:28 It’s important for the United States to recognize this fact 13:31 and get ahead of the other nations in the digital age. 13:35 We applaud the president’s direction 13:37 to use the digital assets 13:38 already in possession of the nation, 13:41 and we are going to establish this Bitcoin reserve. 13:44 We will use this authority to augment 13:47 the assets side of the United States balance sheet. 13:50 As I’ve said many times, 13:52 President Trump is creating assets for the American people, 13:56 while most past presidents have created debt. 13:59 And a large part of this asset program 14:02 can be in digital assets. 14:05 We are going to end the regulatory weaponization 14:08 against digital assets. 14:10 The Biden administration’s actions 14:12 did nothing other than publish and — punish innovators, 14:16 and that all of you have made it here today 14:19 is really a testament to your fortitude. 14:22 Much of Treasury’s responsibility in this order 14:25 relates to the tax code 14:26 and determinations around risk waivings. 14:29 And I’m here to assure you that we are going to work 14:32 with the controller of the currency, the IRS, 14:35 and we’re going to resend 14:36 and amend all applicable previous guidance. 14:40 And we are going to put a lot of thought 14:43 into the stablecoin regime. 14:45 And as President Trump has directed, 14:48 we are going to keep the U.S. 14:50 the dominant reserve currency in the world, 14:53 and we will use stablecoins to do that. 14:55 Thank you. (Applause.) 14:57 The President: Thank you, Scott. 15:01 Howard. 15:05 Secretary Lutnick: Technology is at the foundation 15:09 of the Trump presidency. 15:12 He understands technology, he embraces technology, 15:16 and he’s going to use technology to drive America forward. 15:21 The blockchain and Bitcoin technology 15:24 are a key part of that thinking and embracing that. 15:29 And here today shows how much a leader 15:33 the Trump administration and our president is. 15:36 He understands it. He embraces it. 15:38 As you said, you’re a pioneer in this place, 15:42 and this is where we’re going. 15:43 We’re using the blockchain. We’re using Bitcoin. 15:47 We are going to use digital assets to pound forward, 15:49 and Donald Trump is leading the way. 15:52 Can’t be more proud of you today. 15:53 The President: Thank you very much. 15:54 Thank you, Howard. (Applause.) 15:59 Kelly, go ahead, please. 16:01 Administrator Loeffler: Thank you, Mr. President. 16:03 This is truly a historic day. And as a crypto founder, 16:06 I couldn’t be more proud to be part of your administration. 16:10 You’re moving at the speed of tech, for sure. 16:12 And I will just say, it’s gr- — 16:14 a great day to have the war on not just crypto, 16:16 but the war on innovation done. And under your administration, 16:20 we are truly going to enter under the gold — 16:22 into the golden age. 16:23 And I’ll just say, as the administrator of the SBA: 16:27 Small business is a tremendous network 16:29 that crypto can be deployed against, 16:31 and so the SBA is open to crypto. 16:35 So, I look forward to working with 16:37 all of the leaders in this room to advance your efforts here. 16:40 Thank you. (Applause.) 16:41 The President: Thank you, Kelly. Thank you very much. 16:45 Tom, please. 16:47 Representative Emmer: Well, Mr. President, 16:48 I want to say thank you. 16:50 I want to thank you for the amazing team 16:52 that you put together. I want to thank you for David. 16:54 I mean this — this kind of a meeting — 16:56 no one in this room could have envisioned 16:58 this just a couple years ago. 17:00 You are the one that has the vision. 17:01 You’re the one that did — 17:02 said we are going to do 21st century finance 17:05 right here in the United States of America. 17:07 I’ve been doing this for nine years. 17:09 It is amazing how far we’ve come, 17:11 and that’s a credit to you, Mr. President, and your leadership. 17:14 And God bless you for doing this, 17:16 because it’s going to make a huge difference 17:18 with everything else you’re doing. 17:19 And, by the way, Americans love it. 17:22 They’re going crazy. Thank you, sir. 17:23 The President: Thank you, Tom. Thank you very much. 17:25 (Applause.) 17:26 Thank you. Thank you very much. 17:29 Anybody else? 17:30 Mr. Sacks: (Inaudible.) 17:31 The President: Go ahead, please. 17:32 Mr. Sacks: Does anyone want to say a couple of words? 17:35 Cameron or Tyler, do you want to — 17:36 Mr. Armstrong: I’ll say — 17:37 The President: You’re very shy in front of the cameras. 17:39 Mr. Sacks: Actually, Cam- — Cameron, I — 17:40 I think you said something earlier 17:41 that I thought was really profound. 17:42 You said that a year ago you thought it would be 17:44 more likely that you’d end up in jail than at the White House. 17:48 Do you — not to put you on the spot, 17:49 because you didn’t do anything wrong, 17:51 but that was the environment a year ago. 17:52 (Laughter.) 17:54 The President: Hi, fellas. 17:55 Mr. Sacks: But do you guys want to say something, 17:57 either one of you? 17:58 Mr. Cameron Winklevoss: Sure. That was actually 18:00 Tyler who said that. (Laughter.) But — but — 18:02 Mr. Sacks: Sorry. I still — I still get mixed up. 18:04 Mr. Cameron Winklevoss: But yeah, 18:05 we never thought that we’d be — 18:07 get attacked the way we did in our backyard 18:10 after trying to do the right thing for so many years 18:13 and always trying to raise the bar 18:15 with respect to regulation. 18:17 So, it’s truly wonderful to see how things have changed 18:20 and how the pendulum has swung back in the way that it has. 18:25 And we’ve always felt that the U.S. should lead in Bitcoin 18:28 and crypto and it’s ours to sort of lead and win. 18:32 And it’s just wonderful what President Trump 18:35 has been doing with this, 18:37 and we look forward to working together. 18:39 And thanks for inviting us, David, and setting this up. 18:43 The President: Thank you. Thank you both. 18:45 Please. 18:47 Mr. Tyler Winklevoss: I was just going to say 18:49 thank you, Mr. President. 18:51 Cameron takes credit for a lot of my things I say, 18:53 so it’s not the first time. (Laughter.) 18:55 But the U.S. won the Internet, and the U.S. should win crypto. 19:01 So, thank you for your leadership on this. 19:02 The President: Thank you both very much. 19:04 High-IQ individuals around this table. 19:06 That’s what I always say, we need high IQ. 19:09 So, thank you very much. 19:10 Would anybody like to say anything? 19:12 Mr. Armstrong: Sure. The President: Please. 19:13 Mr. Sacks: Okay. We’ll come around. 19:15 Mr. Nazarov: I just want to express my deep gratitude 19:18 for the seriousness with which you’re approaching our industry 19:22 and how you’re actually helping guide it in the right direction. 19:25 I work with many central banks in other countries. 19:27 And when I was working there, 19:29 I was wondering why I, as an American citizen, 19:30 can’t help the United States financial system 19:33 reach this higher level 19:35 that the world is on course towards generally. 19:37 The President: Right. 19:38 Mr. Nazarov: And so, I’m very grateful 19:39 that finally there’s been a new level 19:41 of kind of common sense and — 19:43 and adoption of — of these ideas. 19:45 Me and the other people in this room 19:47 do believe that the crypto, blockchain, Web3 infrastructure 19:50 is the next iteration of the financial system, 19:53 and I think that the U.S. should have its leadership position 19:56 continue in that new financial system. 19:58 And I’m — I’m very, very happy to see people like David Sacks, 20:02 Secretary Bessent, Secretary Lutnick 20:04 taking this very seriously with their time, 20:05 and very grateful to them too. 20:07 So, I’m — I’m just overjoyed to see this, 20:10 and I think it is a big part 20:11 of how the U.S. can continue its role 20:14 in the global financial system. So, thank you. 20:16 The President: Thank you very much. 20:18 I thought it was very important 20:19 that we stay in the front of this one. 20:23 This is a big one. 20:25 And as you know, China is pushing forward 20:27 and very strongly as usual, but we’re way in the lead — 20:32 as we are in AI and other things — 20:34 and we want to stay there. 20:36 So, I thought this was very important. 20:37 And we have some brilliant people 20:39 sitting around this table, 20:41 and it’s an honor to have you involved, 20:43 but we want to stay at the forefront of everything. 20:47 And this is a very important day in your lives. 20:49 I know you worked — some of you — very long, 20:51 long before people really understood what was happening. 20:55 And so, I congratulate you. But this is a big day. 20:57 Being in the White House is a big deal, 20:59 and you have great support. 21:01 Thank you all very much. Thank you very much. 21:04 (Applause.) 21:07 Thank you. Please. Thank you very much. 21:10 Thank you, media. Thank you. Please.

🟩 🟢 LEARN ENGLISH WITH GLOBAL NEWS INSIGHTS 🗞️