Author: Veronica Irwin; Translated by: Deep Tide TechFlow

On March 7, the first White House Crypto Summit was held in Washington. Before the official live broadcast began, participants received a rare opportunity to directly make specific suggestions to the White House crypto team and top regulators.

Although President Trump himself did not participate in the closed-door meeting, the conference lineup was still strong, including "Crypto Tsar" David Sacks, Executive Director of the President's Digital Assets Advisory Committee Bo Hines, Treasury Secretary Scott Bessent, SEC Commissioner Hester Peirce, acting chairman of the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham, SBA Director Kelly Loeffler, and House Majority Whip Tom Emmer, all of them were present.

At the closed-door meeting, David Sacks invited participants to propose directions that the White House should pay priority attention in the future. Although the discussions in the meeting are strictly confidential, according to Unchained, five proposals were submitted for official consideration.

Former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Chris Giancarlo: Authorizes "white hat hackers" to protect interests

Former CFTC Chairman Chris Giancarlo is the only representative to attend the summit during Trump's first term. He proposed that the United States should re-enable a tool that has been around for more than 200 years, "Letters of Marque and Reprisal." This tool empowers private company representatives to take action to attack foreign opponents’ websites and confiscate their assets. Giancarlo suggested that a modern privateer could allow the United States to hire private companies (i.e., “white hat hackers”) to combat foreign cyber threats, such as the North Korean-funded hacker group Lazarus, which has allegedly stolen more than $6 billion in funds.

Historically, Privateer has been used to authorize private ships to attack enemy fleets and hand over seized property. However, this has also caused the piracy problem. Giancarlo’s proposal aims to re-utilize this tool in a modern way to protect the security of digital assets in the United States.

The Treasury Secretary Scott Bessent is reported to have shown great interest in the proposal and requested a commentary article written by Giancarlo and CoinFund managing partner and president Chris Perkins on Cointelegraph for further research.

MicroStrategy co-founder Michael Saylor: The United States should buy bits on a large scaleCoin

MicroStrategy co-founder Michael Saylor proposed at the meeting that the United States should buy large quantities of Bitcoin. According to CoinDesk, Saylor said he hopes the U.S. holds 5% to 25% of the global Bitcoin supply, or about 1,050,000 to 5,250,000 bitcoins, with the current total value of these bitcoins between $83 billion and $417 billion in the next 20 years.

Saylor's proposal is more radical than the Bitcoin bill proposed by Senator Lummis. The latter suggests that the United States purchase 1 million bitcoins during the same period, accounting for 5% of the total supply. However, the bill had not been passed due to differences within Congress and insufficient Republican support. Furthermore, critics point out that holding such a large scale of Bitcoin may violate the core concept of Bitcoin decentralization and may lead to the centralization of the Bitcoin ecosystem. Legal experts say that unlike the budget neutral strategy promised by the president through executive orders, the federal government may need to obtain Congress’ approval to buy bitcoin directly. According to the Constitution, the power of fiscal expenditure is in the hands of Congress. However, some Bitcoin advocacy groups have drafted potential executive orders in an attempt to bypass congressional restrictions.

In addition, according to reports from CoinDesk and photos of Saylor notes circulating on social media, he also proposed a new method of classification of crypto assets to help address uncertainties in current digital asset regulation. He divided crypto assets into four categories: securities tokens for capital creation; asset tokens backed by securities or commodities; digital currencies; and stored-value tokens for capital preservation.

Paradigm Co-founder and Managing Partner Matt Huang: Calling for justice for Tornado Cash developer Roman Storm

Paradigm Co-founder and Managing Partner Matt Huang did not make new suggestions at the summit, but instead hopes to revisit a neglected case: the Justice Department’s allegations against Tornado Cash developer Roman Storm. Huang called on the Justice Department to reconsider allegations of money laundering, unregistered capital transfers and sanctions violations.

Tornado Cash is a decentralized cryptocurrency mixer based on the Ethereum blockchain. Its main function is to provide privacy protection for users through obfuscating transaction paths. Tornado Cash handled more than $2.8 billion in transactions within six months before being sanctioned by the U.S. Treasury Office of Foreign Assets Control (OFAC). However, in August 2022, OFAC imposed sanctions on Tornado Cash on the grounds that it failed to prevent sanctioned entities such as North Korean hacker group Lazarus from taking advantage of theTools conduct illegal activities. A year later, Roman Storm, the developer of Tornado Cash, was sued.

The DeFi industry advocates believe that this case could have a profound impact on the entire field of decentralized finance (DeFi). If developers of Tornado Cash are held accountable for third-party misconduct, this could hinder the development of privacy protection tools and have a chilling effect on DeFi projects. At present, the SEC has withdrawn several civil lawsuits against crypto companies, but the U.S. Department of Justice has not yet taken further action on the criminal case. Paradigm has donated $1.25 million to Storm's legal defense in support of its trial to be held in April. Huang once said on social media platform X: "This case attempts to put software developers in criminal responsibility for the bad behavior of third parties, which may have serious implications for the crypto industry and the broader technology sector."

BTC Inc and Bitcoin Magazine CEO David Bailey: Promoting the U.S. Emergency Establishment of Bitcoin Reserves

BTC Inc and Bitcoin Magazine CEO David Bailey called on the White House to take urgent action to buy Bitcoin on a large scale at the summit. He proposed to push the passage of the Bitcoin bill proposed by Senator Lummis, which plans to allow the United States to hold 1 million bitcoins over the next 20 years. Bailey stressed that it is crucial to include strategic bitcoin reserves in the federal legal framework, so that it can avoid the overturning of this plan due to changes in the future.

Bailey also pointed out that the United States needs to act quickly and compete with others. For example, El Salvador and Bhutan have begun to accumulate Bitcoin, and Germany, Brazil, Poland and others are also considering establishing Bitcoin reserves. He even suggested that the United States could cooperate with Bitcoin miners to provide resources such as hydropower in exchange for miners to contribute computing power to strategic Bitcoin reserves.

In addition, Bailey proposes to use strategic Bitcoin reserves to issue Bitcoin-backed Treasury bonds. He explained that debt backed by appreciation assets such as Bitcoin can reduce U.S. interest expenses while increasing the attractiveness of Treasury bonds.

Robinhood Markets CEO Vlad Tenev: Promote asset tokenization and reshape the investment landscape

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

Tenev believes that asset tokenization will bring global competitive advantages to American companies. He explained: "This is good for the company because it attracts more potential shareholders; it is good for global investors because they canMore convenient access to high-quality businesses; good for entrepreneurs because they can raise funds more easily. ”

In addition, Tenev advocates relaxing the current wealth threshold for qualified investors so that ordinary people can also purchase tokenized equity and thus invest in companies that have not yet been listed. Currently, the U.S. qualified investor standard requires individual net assets exceeding $1 million, or annual income of $200,000 (the joint income of couples or partners must reach $300,000). This threshold prevents many ordinary investors from participating in early investment opportunities in high-growth companies.

Tenev In a column published earlier, he criticized this wealth threshold, believing that it unfairly limits the investment potential of ordinary people. He suggested that the SEC should allow investors to self-certify by demonstrating an in-depth understanding of investment risks, rather than relying solely on wealth standards. This change will give more ordinary people the opportunity to participate in private market investment and completely change the investment ecology in the United States.

It is worth mentioning that Robinhood's investment platform is based on lowering the investment threshold as its core concept, mainly serving low-income and middle-income groups. If the scope of tokenized assets is expanded, the platform and its user base will directly benefit. Future Outlook

Although the representatives of the summit did not promise to adopt any specific proposals, a White House source said that the main purpose of the summit was to listen to opinions and feedback from the crypto industry. He revealed: "The summit was very successful and highly recognized by industry leaders. ”