Commerce Secretary Howard Lutnick expects the government to advance crypto support
The US government is considering establishing a strategic Bitcoin reserve, with Commerce Secretary Howard Lutnick confirming that plans will be unveiled at the upcoming White House Crypto Summit tomorrow. The proposal, led by the Trump administration, aims to give Bitcoin a central role in the country’s cryptocurrency holdings, though it may also include assets like Ether, Cardano, Solana and XRP.
We were promised a Strategic Bitcoin Reserve, not a smattering of altcoins.
I will benefit financially from the proposed structure and I still think it is a bad idea. pic.twitter.com/XL1lzuNjHv
— Anthony Pompliano 🌪 (@APompliano) March 3, 2025
President Trump has expressed interest in making Bitcoin the primary reserve asset, but debate has emerged over the inclusion of other cryptocurrencies. While some argue that only Bitcoin qualifies as a decentralized store of value, others believe a diversified reserve could strengthen the US position in the crypto market. Even long-time Bitcoin skeptic Peter Schiff acknowledged the logic of a Bitcoin-only reserve while criticizing the inclusion of altcoins.
The announcement comes amid broader discussions about the role of digital assets in the US economy. Crypto Czar David Sacks emphasized that the administration is prioritizing the feasibility of a Bitcoin reserve, viewing it as a potential sovereign wealth asset. Republican Senator Cynthia Lummis, a strong crypto advocate, has also been pushing for a national Bitcoin reserve, arguing that it could help reduce the fiscal deficit without raising taxes and position the US as a leader in the global Bitcoin market.
The upcoming summit is expected to clarify the government’s stance, with key industry figures like Michael Saylor, Sergey Nazarov, and Brian Armstrong attending. The event reflects Trump’s broader effort to establish the US as a global hub for blockchain and cryptocurrency innovation. Meanwhile, the SEC has launched a task force to create clearer regulatory guidelines, as uncertainty in the crypto space has driven many firms offshore.
