Forward Guidance Newsletter Segment

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

The White House crypto summit—distinct from the Blockworks Digital Asset Summit—dominated headlines on Friday. As the dust settled over the weekend, crypto investors were left wondering what, if anything, was actually accomplished.

The summit was a closed-door affair, except for a 20-minute televised address from Trump and his top lieutenants.

A quick note: The public portion of the afternoon inexplicably commenced with the unveiling of the 2026 World Cup trophy and remarks from FIFA president Gianni Infantino, leaving some executives in the room visibly confused.

Trump later emphasized how his approach to crypto differs from that of his predecessor:

> “My administration also is working to end the federal bureaucracy’s war on crypto, which was really going on pretty wildly during Biden.”

Industry executives in attendance included Coinbase’s Brian Armstrong, Michael Saylor of Strategy (formerly MicroStrategy), and the Winklevoss twins—who crypto czar David Sacks admitted he cannot tell apart. Join the club.

Those hoping for an executive order, bill draft, or a major announcement from the CFTC or SEC were left disappointed. Industry members present were diplomatic in thanking the president for the invitation but offered few details on any concrete plans. Perhaps because none were made.

Armstrong told reporters Friday afternoon that he feels “more confident” investing in Coinbase’s US business and announced plans to add 1,000 stateside positions.

Sen. Cynthia Lummis, who introduced a bill last year to establish a strategic bitcoin reserve, was notably absent from the summit due to illness, as she posted on X. Sacks reiterated that the Trump team seeks budget-neutral ways to gain exposure to bitcoin, but no further details emerged after Trump’s executive order Thursday night regarding the strategic bitcoin reserve.

Even though little seems to have transpired at the White House on Friday, the gathering of the president with industry executives marks a notable development. The Winklevoss twins reportedly mentioned at the summit that just a year ago, they would have been more likely to expect imprisonment than being invited as White House guests.

Rumor has it that another closed-door meeting is scheduled at the White House, focusing on the strategic bitcoin reserve, and it will not include industry executives and investors, according to informed sources.

The industry is also anticipating more executive orders from the president, particularly on issues like debanking the crypto sector. Reports about an executive order declaring crypto capital gains tax-free have been dismissed as unsubstantiated rumors.