President Donald Trump is set to welcome cryptocurrency industry leaders to the White House on Friday for an unprecedented “crypto summit.”

The meeting, a significant nod to the digital asset sector that played a crucial role in his re-election campaign, comes just a day after Trump signed an executive order creating a “crypto reserve”—a national stockpile of Bitcoin.

The initiative has drawn criticism, with opponents arguing that it benefits major crypto investors rather than serving broader national interests.

Brian Armstrong, Michael Saylor among key industry leaders expected to attend

According to CoinTelegraph, over 20 high-profile crypto executives have confirmed their attendance.

The roundtable, scheduled to take place from 6:30 pm to 10:30 pm UTC, will feature key figures from both the private sector and the Presidential Working Group on Digital Assets.

Confirmed attendees include Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken CEO Arjun Sethi, and Chainlink cofounder Sergey Nazarov.

Strategy Chairman Michael Saylor, a vocal Bitcoin advocate, will also be present, along with Exodus CEO JP Richardson, Bitcoin Magazine CEO David Bailey, and investors such as Matt Huang of Paradigm and Kyle Samani of Multicoin Capital.

Fox Business reporter Eleanor Terrett noted that invitations were sent out by the White House on Friday morning.

However, it remains unclear whether additional guests, including key administration officials such as Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, will be in attendance.

Stablecoin regulation, regulatory clarity on tokenisation

Led by White House AI and Crypto Czar David Sacks, the summit is expected to focus on key policy discussions, including digital asset regulation and the mechanics of Trump’s newly announced Strategic Bitcoin Reserve.

Among the influential figures attending the summit, Coinbase CEO Brian Armstrong has arguably played the most pivotal role in shaping the industry’s political standing.

Once focused solely on expanding crypto adoption, Armstrong has in recent years transformed into one of Washington’s most active crypto lobbyists.

Armstrong has made it clear that his priority is pushing forward much-needed legislative reforms.

“From our point of view, the next step in the United States that’s the most urgent is getting legislation passed,” Armstrong told CNBC ahead of the Summit, citing stablecoin regulation and broader market structure reforms as immediate priorities.

His views align with growing bipartisan support in Congress for clearer digital asset laws.

Just this week, the Senate voted to overturn two Biden-era crypto regulations, with Senator Ted Cruz calling the move a gateway for further industry-friendly legislation.

Robinhood CEO Vlad Tenev, another prominent attendee, has been vocal about the potential of tokenization to democratize investment access.

In a recent Washington Post op-ed, Tenev argued that blockchain technology could break down barriers in private markets, where access to high-growth companies like SpaceX, OpenAI, and Stripe remains restricted to institutional investors.

“Crypto technology can unlock new ways to trade and invest in all assets, from digital to real-world,” he told CNBC ahead of the event.

“Tokenization will transform investing, but we need regulatory clarity to make it happen.”

Under current SEC regulations, only accredited investors—individuals with a net worth exceeding $1 million or annual earnings above $200,000—can participate in private markets.

Tenev believes reforming these rules and establishing a clear security token registration framework would level the playing field for retail investors.

Bitcoin-only reserve sparks industry debate

Prior to Trump’s executive order on Thursday, speculation swirled over which cryptocurrencies would be included in the Strategic Bitcoin Reserve.

The final announcement confirmed that only Bitcoin would be part of the reserve, despite Trump’s initial Truth Social post mentioning other tokens, including Ether, XRP, Solana’s SOL, and Cardano’s ADA.

The decision led to a sharp market reaction, with SOL, Ether, and Bitcoin each dropping around 5% late Thursday, while ADA plunged nearly 12%.

Trump’s order marks the first time the US government has formally recognized Bitcoin as a strategic asset.

The reserve will be funded exclusively through Bitcoin seized in criminal and civil forfeiture cases, ensuring that taxpayers do not bear any financial burden.

Meanwhile, non-Bitcoin assets seized by the government will be placed in a separate Digital Asset Stockpile managed by the Treasury Department.

With regulatory clarity now a top priority, Friday’s summit could be a defining moment for the future of cryptocurrency policy in the United States.

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US President Donald Trump said Friday that he is “strongly considering” imposing large-scale banking sanctions and tariffs on Russia until a ceasefire and peace agreement is reached with Ukraine.

“Based on the fact that Russia is absolutely ‘pounding’ Ukraine on the battlefield right now, I am strongly considering large-scale banking sanctions, sanctions, and tariffs on Russia,” Trump wrote on Truth Social.

He also urged both countries to begin negotiations immediately, warning, “Get to the table right now, before it is too late. Thank you!!!”

Is Trump soft on Russia?

Trump has faced criticism over his approach to negotiations with Russia and Ukraine, with opponents accusing him of being lenient toward Putin.

He has repeatedly and falsely claimed that Ukraine initiated the conflict.

Critics have noted a shift in US foreign policy under President Donald Trump, with the administration said to be taking a more conciliatory approach toward Russia while pressuring Ukraine to negotiate an end to the war.

This marks a departure from the previous Biden administration, which was more supportive of Ukraine and critical of Russia.

Hours before Trump’s statement, Russia launched a large-scale attack on Ukraine, deploying 261 missiles and drones targeting energy and gas infrastructure, according to Ukrainian officials.

The Trump administration also halted military aid and intelligence-sharing with Ukraine this week, following a heated Oval Office exchange last week between Ukrainian President Volodymyr Zelenskyy, Trump, and Vice President JD Vance.

Tense Oval Office meeting with Zelenskyy

Trump’s remarks come just days after a tense meeting with Ukrainian President Volodymyr Zelenskyy in the Oval Office.

The encounter, which shifted between polite exchanges and heated discussions, highlighted growing friction between the two leaders over the direction of the war and US involvement.

Zelenskyy sought to secure continued US support as Ukraine struggles against Russian forces, but Trump reiterated his push for a swift resolution, emphasizing his belief that prolonged conflict is unsustainable.

He has repeatedly questioned the level of US aid to Kyiv and suggested that a ceasefire was necessary to prevent further escalation.

During the meeting, Trump reportedly expressed skepticism about Zelenskyy’s stance, arguing that Ukraine must be more open to negotiations.

He also warned that continued fighting could increase the risk of broader conflict. “You’re gambling with World War III,” he told the Ukrainian leader, pressing him on why he was resisting a ceasefire.

The exchange occurred during a meeting where both leaders were signing an agreement that would allow the US to access future revenue from Ukraine’s natural resources.

Recent reports from earlier this week suggest that the deal may eventually get signed.

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Mexico intends to considerably increase the number of complying companies selling to the United States under a regional trade agreement in the coming weeks, Economy Minister Marcelo Ebrard said Friday, after Washington suspended tariffs on Mexican goods entering the country under the agreement.

At a presser, Ebrard admitted that a segment of enterprises responsible for 10% to 12% of Mexico’s exports may have substantial difficulty in satisfying the standards of the USMCA, alluding specifically to issues in the car sector.

To address these concerns, Mexico intends to engage directly with automakers in the coming weeks to ensure an easier transition to compliance with the agreement’s terms.

The complex rules of origin established by the USMCA require that a certain amount of car parts, as well as the steel and aluminium used in manufacture, be from inside the region.

According to a Reuters report, while major automakers including General Motors, Ford, and Stellantis have campaigned for tariff exemptions for USMCA-compliant items and welcomed the tariff halt, companies that do not satisfy these compliance requirements may face 25% tariffs.

Ebrard also informed that Mexican officials and US trade authorities are set to meet next week to continue the negotiations regarding fresh tariffs on steel and aluminium coming into the US.

USMCA trade landscape

The USMCA significantly altered commercial relations between Canada, Mexico, and the US.

Currently, more than 50% of Mexico’s exports are compliant to the USMCA.

Ebrard expects that portion to reach 85% to 90% in the next weeks as companies adjust to the new trade rules, which might stabilize economic relations between the two nations.

Having more compliance with USMCA rules may result in a more favourable and predictable trading environment.

Potential challenges ahead

The expectation that greater compliance with the USMCA is on the horizon is a positive one, but specific industries may have difficulty adjusting to the new standards.

Ebrard mentioned the auto sector in particular as an area that could face challenges, saying that not all companies would be able to readily pivot to USMCA standards.

The Mexican government aims to negotiate good terms for its economy while also ensuring a robust economic connection between the countries.

Mexico’s President Claudia Sheinbaum stated on Wednesday that the country may seek new trade partners due to rising economic tensions with the US.

Sheinbaum’s remarks come amid growing uncertainty across various sectors of the Mexican economy, particularly in the automotive industry.

According to Goldman Sachs, the US imported $181.4 billion worth of automobiles and auto parts from Mexico in 2024, accounting for nearly 10% of the country’s economy.

These next negotiations between Mexico and the US might be a crucial opportunity for both countries to effectively manage the challenges of international trade dynamics.

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Federal Reserve Chairman Jerome Powell said Friday that the central bank is in no rush to adjust interest rates, emphasizing that policymakers will wait to assess the impact of President Donald Trump’s economic policies before making any moves.

Speaking at the US Monetary Policy Forum, Powell pointed to ongoing changes in trade, immigration, fiscal policy, and regulation as sources of uncertainty, noting that “it is the net effect of these policy changes that will matter for the economy and for the path of monetary policy.”

Despite growing market expectations for rate cuts later this year, Powell reiterated that the Fed remains in a “wait-and-see” mode, stating:

We do not need to be in a hurry, and are well positioned to wait for greater clarity.”

Market expectations vs Fed’s stance

Traders have increasingly priced in rate cuts, with CME Group’s FedWatch gauge reflecting expectations for three quarter-percentage-point reductions by the end of the year, starting in June.

However, Powell’s remarks suggest the Fed is not committing to a preset path for monetary easing.

“Policy is not on a preset course,” Powell said. “Our current policy stance is well positioned to deal with the risks and uncertainties that we face in pursuing both sides of our dual mandate.”

Fed Governor Adriana Kugler, speaking separately in Portugal, echoed Powell’s caution, citing “important upside risks for inflation” and saying it “could be appropriate to continue holding the policy rate at its current level for some time.”

Fed policymakers are expected to keep the central bank’s key policy rate unchanged at their March 18-19 meeting.

Economic data and inflation outlook

Powell noted that the US economy remains in a “good place” with a “solid labor market” and inflation moving back toward the Fed’s 2% target.

However, he acknowledged ongoing concerns over price pressures, stating, “The path to sustainably returning inflation to our target has been bumpy, and we expect that to continue.”

He also addressed the recent data indicating a rise in consumers’ near-term inflation expectations, but noted that “most measures of longer-term expectations remain stable and consistent” with the Fed’s 2% inflation target.

The Fed’s preferred inflation gauge showed 12-month inflation at 2.5%, or 2.6% when excluding food and energy, with sentiment surveys indicating growing concerns tied to Trump’s tariff policies.

Meanwhile, the latest jobs report showed nonfarm payrolls increased by 151,000 in February, slightly below expectations, while the unemployment rate edged up to 4.1%.

Powell characterized the labor market as “solid and broadly in balance,” highlighting that wage growth continues to outpace inflation, with average hourly earnings rising 0.3% in February and 4% year-over-year.

The remarks indicate that while the Fed is aware of market expectations for rate cuts, policymakers remain cautious, preferring to assess the full impact of Trump’s policies before making any adjustments to monetary policy.

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President Donald Trump said Friday that he is considering imposing reciprocal tariffs on Canadian lumber and dairy products, citing what he called unfair trade practices.

Speaking from the Oval Office, Trump accused Canada of taking advantage of American farmers through high tariffs on dairy imports.

“Canada has been ripping us off for years on tariffs for lumber and for dairy products. 250% — nobody ever talks about that — 250% tariff — which is taking advantage of our farmers. So that’s not going to happen anymore,” Trump said.

He added that the US could introduce tariffs as soon as Friday or early next week. “They’ll be met with the exact same tariff unless they drop it, and that’s what reciprocal means,” he said.

Escalating trade tensions

Trump’s remarks come at the end of a volatile week in trade policy.

Earlier, he imposed 25% tariffs on Mexico and Canada while also doubling levies on Chinese imports to 20%.

On Thursday, he signed executive actions delaying tariffs for nearly one month on all products from Mexico and Canada covered under the USMCA free trade treaty.

The decision followed discussions between Trump and Mexican President Claudia Sheinbaum, as well as negotiations between Canadian officials and the Trump administration.

Although tariffs on Mexican and Canadian goods covered under the USMCA trade agreement have been delayed until April 2, uncertainty remains over the administration’s broader trade strategy.

The US is preparing a set percentage for each country based on existing trade barriers and tariffs on American imports.

Trump’s comments Friday indicated a particular focus on Canadian dairy and lumber, and sector-specific tariffs on metals are expected next week.

Trump defends tariffs

Trump defended his trade policies, claiming they have bolstered US manufacturing, particularly in the auto sector.

“We’ve not only stopped that manufacturing collapse, but we’ve begun to rapidly reverse it and get major gains,” he said, citing the creation of nearly 9,000 auto production jobs.

However, auto industry leaders have expressed concerns about supply chain disruptions from tariffs, especially given the deep integration of North American manufacturing under the USMCA. Some auto-related tariffs were among those delayed until April.

The policy uncertainty weighed on markets, with the Nasdaq 100 Index falling into correction territory on Friday, down more than 10% from its recent high.

Trump, who has previously pointed to the stock market as a sign of his administration’s success, downplayed the decline after markets slumped in response to his tariff plans.

Earlier in the day, Federal Reserve Chairman Jerome Powell said Friday that the central bank is in no rush to adjust interest rates, emphasizing that policymakers will wait to assess the impact of President Donald Trump’s economic policies before making any moves.

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