The White House announces that it will host the first Cryptocurrency Summit

The White House announced that it will host the first Cryptocurrency Summit on March 7. The summit will be chaired by the newly appointed Czar of artificial intelligence and cryptocurrencies, David Sacks. Presidential advisor Bo Hines, who will oversee its administration, will also attend the event.

In said statement, the White House detailed that President Donald Trump will give a speech at the event alongside numerous cryptocurrency industry members, including investors, CEOs, founders and some of the staff of the Presidential Task Force on Digital Assets. The event's main objective will be to consolidate the Republican leader's vision for digital assets, which was set out in Executive Order 14178, which Trump signed during the first days of his second term. In that order, the U.S. president stated that one of his administration's main policies in economic matters would be to "support the responsible growth and use of digital assets in all sectors of the economy."

Case against Coinbase dropped

The summit will take place a month after Sacks issued his first words as the new czar of artificial intelligence and cryptocurrencies at a press conference. At the conference, he stated, "We want to keep that innovation onshore in the U.S. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States rather than giving it away to other countries."

The White House announcement came just hours after a federal judge approved the Securities and Exchange Commission's (SEC) motion to officially drop its case against the popular digital currency platform Coinbase. The co-founder of the exchange Gemini, Cameron Winklevoss, had revealed earlier in the week that the SEC had reported that it would formally close previous investigations against him.