Five proposals were submitted for official consideration at this cryptocurrency summit.

Author: Veronica Irwin

Translation: Deep Tide TechFlow

On March 7, the first White House cryptocurrency summit was held in Washington, D.C. Before the official live broadcast began, attendees had a rare opportunity to present specific policy recommendations directly to the White House crypto team and top regulatory agencies.

Although President Trump did not participate in this closed-door meeting, the lineup was still impressive, featuring heavyweights such as "crypto czar" David Sacks, Executive Director of the President's Digital Asset Advisory Committee Bo Hines, Treasury Secretary Scott Bessent, SEC Commissioner Hester Peirce, CFTC Acting Chair Caroline Pham, SBA Administrator Kelly Loeffler, and House Majority Whip Tom Emmer.

During the closed-door meeting, David Sacks invited attendees to propose policy directions that the White House should prioritize in the future. While the discussions were strictly confidential, according to "Unchained," five proposals were submitted for official consideration.

Former CFTC Chairman Chris Giancarlo: Authorize "White Hat Hackers" to Protect National Interests

Former CFTC Chairman Chris Giancarlo was the only representative to attend the summit during Trump's first term. He proposed that the U.S. government should reintroduce a policy tool that has been in existence for over 200 years—the Letters of Marque and Reprisal. This tool would authorize private companies to act on behalf of the government to attack foreign adversaries' websites and seize their assets. Giancarlo suggested that a modernized version of the Letters of Marque could allow the U.S. government to hire private companies (i.e., "white hat hackers") to combat foreign cyber threats, such as the North Korean-backed hacking group Lazarus, which is alleged to have stolen over $6 billion.

Historically, the Letters of Marque were used to authorize private vessels to attack enemy fleets and turn over captured property. However, this policy also led to piracy issues. Giancarlo's proposal aims to modernize this tool to protect the security of America's digital assets.

It is reported that Treasury Secretary Scott Bessent expressed strong interest in this proposal and requested related commentary articles written by Giancarlo and CoinFund Managing Partner and President Chris Perkins for further study.

MicroStrategy Co-Founder Michael Saylor: The U.S. Should Massively Purchase Bitcoin

MicroStrategy Co-Founder Michael Saylor proposed at the meeting that the U.S. government should make large-scale purchases of Bitcoin. According to "CoinDesk," Saylor stated that he hopes the U.S. government will hold 5% to 25% of the global Bitcoin supply over the next 20 years, which translates to approximately 1,050,000 to 5,250,000 Bitcoins, with a current total value ranging from $83 billion to $417 billion.

Saylor's proposal is more radical than Senator Lummis's Bitcoin Bill, which suggests that the U.S. purchase 1 million Bitcoins over the same period, accounting for 5% of the total supply. However, due to political divisions within Congress and insufficient Republican support, the bill has previously failed to pass. Additionally, critics point out that government ownership of such a large amount of Bitcoin could contradict the core principle of Bitcoin's decentralization and may lead to centralization within the Bitcoin ecosystem.

Legal experts indicate that unlike the budget-neutral strategy promised by the president through executive orders, the federal government may need congressional approval to directly purchase Bitcoin. According to the Constitution, the power of fiscal expenditure lies with Congress. However, some Bitcoin advocacy organizations have drafted potential executive orders to attempt to bypass congressional restrictions.

Furthermore, according to "CoinDesk" and photos of Saylor's notes circulating on social media, he also proposed a new classification method for crypto assets to help address the current uncertainties in digital asset regulation. He categorized crypto assets into four types: security tokens used for capital creation; asset tokens backed by securities or commodities; digital currencies; and store-of-value tokens used for capital preservation.

Paradigm Co-Founder and Managing Partner Matt Huang: Call for Justice for Tornado Cash Developer Roman Storm

Paradigm Co-Founder and Managing Partner Matt Huang did not propose new policy recommendations at the summit but instead urged the government to revisit a neglected case: the Department of Justice's charges against Tornado Cash developer Roman Storm. Huang called for the DOJ to reconsider the charges against Storm for money laundering, unregistered fund transfers, and violations of sanctions.

Tornado Cash is a decentralized cryptocurrency mixer based on the Ethereum blockchain, primarily designed to provide privacy protection for users by obfuscating transaction paths. In the six months prior to being sanctioned by the U.S. Treasury's Office of Foreign Assets Control (OFAC), Tornado Cash processed over $2.8 billion in transactions. However, in August 2022, OFAC sanctioned Tornado Cash, citing its failure to prevent sanctioned entities (such as the North Korean hacking group Lazarus) from using the tool for illegal activities. A year later, Tornado Cash developer Roman Storm was indicted.

Advocates for the DeFi industry believe this case could have far-reaching implications for the entire decentralized finance (DeFi) sector. If Tornado Cash's developers are held liable for the actions of third parties, it could hinder the development of privacy-protecting tools and create a chilling effect on DeFi projects. Currently, the SEC has dropped several civil lawsuits against crypto companies, but the U.S. Department of Justice has not taken further action on this criminal case. Paradigm has donated $1.25 million for Storm's legal defense to support his trial scheduled for April. Huang previously stated on social media platform X: "This case attempts to hold software developers criminally liable for the misconduct of third parties, which could have serious implications for the crypto industry and the broader tech sector."

BTC Inc and Bitcoin Magazine CEO David Bailey: Urging the U.S. to Urgently Establish Bitcoin Reserves

BTC Inc and Bitcoin Magazine CEO David Bailey called for the White House to take urgent action to purchase Bitcoin on a large scale at the summit. He proposed pushing for the passage of Senator Lummis's Bitcoin Bill, which plans for the U.S. government to hold 1 million Bitcoins over the next 20 years. Bailey emphasized the importance of incorporating strategic Bitcoin reserves into the federal legal framework to avoid future government reversals of this plan due to policy changes.

Bailey also pointed out that the U.S. needs to act quickly to compete with other countries. For example, El Salvador and Bhutan have begun accumulating Bitcoin, while countries like Germany, Brazil, and Poland are also considering establishing Bitcoin reserves. He even suggested that the U.S. could collaborate with Bitcoin miners to provide resources like hydroelectric power in exchange for miners contributing computing power to the strategic Bitcoin reserves.

Additionally, Bailey proposed using strategic Bitcoin reserves to issue Bitcoin-backed government bonds. He explained that debt backed by appreciating assets like Bitcoin could reduce the U.S. government's interest expenses while enhancing the attractiveness of government bonds.

Robinhood Markets CEO Vlad Tenev: Promoting Asset Tokenization to Reshape Investment Landscape

Robinhood Markets CEO Vlad Tenev raised an important topic at the summit: using blockchain technology to tokenize traditional financial instruments (such as equity in private companies).

Tenev believes that asset tokenization will provide American businesses with a global competitive advantage. He explained, "This is beneficial for companies because it attracts more potential shareholders; beneficial for global investors because it allows them easier access to high-quality companies; and beneficial for entrepreneurs because it makes it easier for them to raise funds."

Furthermore, Tenev advocated for relaxing the current wealth thresholds for accredited investors, allowing ordinary people to purchase tokenized equity and invest in companies that are not yet publicly listed. Currently, the accredited investor standard in the U.S. requires individuals to have a net worth exceeding $1 million or an annual income of $200,000 (with a combined income of $300,000 for couples or partners). This threshold prevents many ordinary investors from participating in early investment opportunities in high-growth companies.

In a previous op-ed, Tenev criticized this wealth threshold, arguing that it unfairly limits the investment potential of ordinary people. He suggested that the SEC should allow investors to self-certify their understanding of investment risks rather than relying solely on wealth standards. This change would provide more ordinary people with the opportunity to participate in private market investments, fundamentally transforming the investment landscape in the U.S.

It is worth noting that Robinhood's investment platform is centered around lowering investment barriers, primarily serving low- and middle-income groups. If the scope of tokenized assets expands, this platform and its user base will directly benefit.

Future Outlook

Although the government representatives at the summit did not commit to adopting any specific proposals, a White House insider stated that the main purpose of the summit was to gather feedback and opinions from the crypto industry. He revealed, "The summit was very successful and received high recognition from government and industry leaders."

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