The summit will be chaired by White House A.I. and Crypto Czar David Sacks and hosted by President’s Working Group on Digital Assets executive director Bo Hines. It will host a variety of investors and leading crypto figures.

“After the previous administration unfairly prosecuted the digital asset space, President Trump’s policy vision represents a new era for digital financial technology. The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty,” a White House statement says.

The president cultivated extensive support from the crypto community by promising a “golden age” for digital assets during his campaign, but hopes have dampened over a crash in crypto market value due to his tariff threats.

The crypto market has plummeted by $800 billion since Trump took office in January after it surged to record-highs following his electoral victory in November.

Although Trump has taken a variety of pro-crypto measures, such as signing several pro-crypto executive orders, the Securities and Exchange Commission dropping lawsuits against Coinbase and Consensys, and appointing pro-crypto figures to his administration, his tariff threats have scared crypto investors into wiping out the post-election gains.

Threats of tariffs against Canada, Mexico, China, and the European Union triggered a fall in crypto prices, especially Bitcoin and Ethereum. Bitcoin dropped from an election high of $110,000 to just over $80,000.

Tariffs on energy are especially detrimental to the crypto market as Bitcoin, by far the largest cryptocurrency by market capitalization, and many other blockchains require a lot of energy for mining.

TRUMP TAKES FLURRY OF EXECUTIVE ACTIONS FAVORABLE TO CRYPTO INDUSTRY

Pro-crypto figures in the Trump administration may be hoping Friday’s summit will be a step toward reversing the fortunes of the crypto market, with Trump himself set to speak at the event.

Trump previously spoke at a Bitcoin conference in Nashville, Tennessee on the 2024 campaign trail. He promised the United States would become the “crypto capital of the planet” and that the nation would create a Bitcoin strategic reserve.