This process was initiated under an executive order signed by President Donald Trump earlier this year.

According to journalist Eleanor Terrett, who cited a source close to the White House, the reports will be submitted directly to Treasury Secretary Scott Bessent. However, it is noteworthy that this information will not be disclosed to the public. Terrett stated, “It is currently unclear if or when these reports will be made public.”

The US Moves to Establish Digital Reserves

This reporting obligation is part of two new digital reserves created under the executive order signed on March 7: the Strategic Bitcoin Reserve and a broader Digital Asset Stockpile. The Bitcoin reserve will be formed using BTC seized by federal agencies.

David Sacks, the White House official in charge of crypto and AI, described the reserve as a “digital Fort Knox for cryptocurrencies.” According to Sacks, the US government will not sell any BTC in the reserve; instead, it will be held as a long-term store of value.

Sacks previously criticized the sale of 195,000 BTC for only $366 million. He argued that the mistimed sale cost the government billions and that holding onto the BTC could have brought significant profits.

The initial phase of the reserve will be funded by BTC already held by the Treasury. Other federal agencies will assess their legal authority to transfer their holdings into the reserve.

Responsible Crypto Management Through the Digital Asset Stockpile

The digital asset stockpile aims to organize and manage the government’s other crypto assets in a structured way. Sacks said this system would support “responsible stewardship” of these holdings, including potential asset sales when necessary.

On March 2, Trump stated that the reserve would not be limited to Bitcoin and would include altcoins like XRP, Solana, and Cardano. Later, Ethereum and Bitcoin were also officially added to the list.

Trump’s Tariff Decision Shakes the Crypto Market

While Trump’s presidency initially had a positive effect on crypto markets, his recent announcements and tariff implementations caused a significant market downturn.

As part of a new tariff plan announced on April 5, the US imposed a 10% import tax on all countries. Higher rates were applied to certain nations: China at 34%, Japan at 24%, and the European Union at 20%.

Following this move, the crypto market dropped by over 8%, with total market capitalization falling to $2.5 trillion.

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The White House AI and crypto czar David Sacks says Meta’s release of its latest AI model, Llama 4, has pushed the United States into the lead in the global artificial intelligence race.

“For the US to win the AI race, we have to win in open source too, and Llama 4 puts us back in the lead,” Sacks said in an April 5 X post, as speculation continues to mount over the US and China competing for the top spot in the global AI race.

Sacks has been vocal about the AI race since taking on his role following US President Donald Trump’s inauguration on Jan. 20. Just over a week into the job, Sacks said he is “confident in the US, but we can’t be complacent.”

Llama 4 “Best in Their Class for Multimodality,” Says Meta

Sack’s latest comment came after Meta’s AI division said in an X post on the same day that it is introducing the fourth generation of its Llama models: Llama 4 Scout and Llama 4 Maverick.

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“These are our most advanced models yet and the best in their class for multimodality,” Meta said.

Meta said its Llama 4 Scout model has 17 billion active parameters and uses 16 experts.

The company claims it outperforms rival large language models — Gemma 3, Gemini 2.0 Flash-lite, and Mistral 3.1 — “across a broad range of widely accepted benchmarks.”

Meanwhile, Llama 4 Maverick also has 17 billion active parameters but is configured with 128 experts. Meta claimed the Maverick model can outperform GPT-4o and Gemini 2.0 Flash “across a broad range of widely accepted benchmarks.”

It also said Maverick can perform similarly to DeepSeek v3 on “reasoning and coding tasks” despite using only half the active parameters.

Zuckerberg’s Vision Arrives Early

Less than a year ago, in July 2024, Meta CEO Mark Zuckerberg said that in 2025, he expects Llama models to become “the most advanced in the industry.” It has been just over two years since Meta first released the limited version of Llama 1 in February 2023.

At the time, Meta said it was “blown away” by the demand, receiving over 100,000 requests for access.

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White House Crypto and AI Czar David Sacks Meets with UAE Officials

White House crypto and AI czar David Sacks was among several Trump administration officials who recently met with officials from the United Arab Emirates (UAE). The discussions focused on emerging technologies and UAE’s plans to increase its investments in the United States.

UAE National Security Adviser and the country’s president’s brother, Sheikh Tahnoon Bin Zayed Al Nahyan, mentioned in an X post on March 20 that he spoke with Sacks about the impact of AI, “the expanding role of digital currencies,” and “the investment opportunities emerging at their convergence.”

President Donald Trump invited Sheikh Tahnoon to a dinner at the White House on March 18 and shared on Truth Social the next day that he and senior U.S. officials discussed with Tahnoon “ways for their countries to increase their partnership for advancing their economic and technological futures.”

Sheikh Tahnoon Engages in High-Level Discussions on Technology and Investment in the U.S.

The full details of Sheikh Tahnoon’s discussions have not been made public, but Bloomberg reported on March 19 that people familiar with his meeting with Trump said he planned to talk about technology, energy, and UAE’s intentions to increase its investments in the U.S.

Multiple posts on Sheikh Tahnoon’s X account show that he held discussions with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent regarding trade and investment, as well as having a video call with White House cost-cutting czar Elon Musk to discuss government systems.

UAE’s Investment Plans in the U.S. On the Agenda

Sheikh Tahnoon held talks on artificial intelligence (AI) with tech executives including Oracle co-founder Larry Ellison, BlackRock CEO Larry Fink, Microsoft CEO Satya Nadella, and Nvidia CEO Jensen Huang. According to Bloomberg, he plans to discuss how the UAE could gain easier access to computer chips after the Biden administration’s restrictions on chip exports in 2023, as well as the country’s plans to establish technology infrastructure in the U.S.

Sheikh Tahnoon is the chairman of the investment firm MGX, which is reportedly planning to invest $7 billion into a $500 billion “Stargate” AI data center project. MGX also invested $2 billion in Binance and is part of a $1.5 trillion empire controlled by Sheikh Tahnoon, which includes UAE’s sovereign wealth funds, First Abu Dhabi Bank, and the AI firm G42.

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David Sacks Liquidated $200 Million in Crypto and Stocks Before His White House Role

David Sacks and his venture capital firm, Craft Ventures, sold over $200 million in digital assets and crypto-related stocks before starting his role at the White House, which is focused on AI and crypto regulations. According to an official White House memorandum dated March 5, $85 million of this amount was directly attributable to Sacks.

The memorandum noted that Sacks took this step to avoid conflicts of interest and to contribute to crypto regulation in his new role. Additionally, Sacks sold his personal crypto holdings, as well as Craft Ventures’ investments in Bitcoin, Ether, and Solana before President Trump’s inauguration on January 20.

Crypto Market Decline Following Trump’s Presidency

Following Trump’s inauguration, the markets experienced a general downturn, with the crypto sector seeing a sharp decline. Experts attribute this to new tariffs proposed by Trump and uncertainty over the Federal Reserve’s interest rate policies.

Bitcoin hit a record high of $109,000 just before Trump took office, but fell below $80,000 by February 27, erasing all of its post-election gains. As of publication, Bitcoin was trading at $84,155 according to CoinMarketCap data.

Sacks also sold shares in publicly traded companies such as Coinbase (COIN) and Robinhood (HOOD), along with private crypto investments. He also divested from Solana-focused Multichain Capital and Blockchain Capital. At the same time, Craft Ventures sold its holdings in Multichain Capital and Bitwise Asset Management.

Senator Warren Requests Proof from Sacks

Massachusetts Senator Elizabeth Warren, while acknowledging Sacks’ claim of selling all his crypto assets, expressed uncertainty over the timing of these sales.

In a letter sent to Sacks on March 6, Warren stated, “Despite your public statements on X, it remains unclear when exactly you sold your BTC, ETH, and SOL investments, when Craft Ventures divested from Bitwise, and whether people close to you may have profited from the recent price surge.”

Sacks Continues to Advocate for Crypto in His White House Role

Since taking his role at the White House, Sacks has been a strong advocate for the crypto industry. He has supported the idea of a Strategic Bitcoin Reserve and has argued against excessive taxation on the crypto sector.

In a recent appearance on the All In Podcast, Sacks rejected Jason Calacanis’ proposal to introduce a 0.01% tax on all crypto transactions.

“Taxes always start with small rates,” Sacks said. “When income tax was first introduced, it applied to only about a thousand Americans, and lawmakers swore it would never be applied to the middle class,” he added.

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Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

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Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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Bitcoin Acquisition Strategies Considered

According to former Binance Research analyst Jiang Jinze, the U.S. government could take four different approaches to increase its Bitcoin reserves:

• Seized BTC: New BTC could be seized through legal means, but the current Bitfinex case means that the net reserve of around 100,000 BTC is currently seen as sufficient.
• Gold Sale: The government could sell its existing gold reserves to acquire Bitcoin.
• Customs Tariffs: Part of the revenue could be used for Bitcoin purchases, though the Secretary of Commerce has temporarily shelved this option.
• Bitcoin Mining: The government may consider Bitcoin mining using its idle computing resources.

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Michael Saylor’s Proposal to the White House

Michael Saylor has announced that the U.S. is developing strategies for Bitcoin acquisition in line with its “neutral budget” policy. Saylor has reached out to David Sacks, the White House crypto advisor, to discuss the details at a summit.

It remains to be seen whether the U.S. government will implement these strategies.

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The stablecoin market has already seen rapid growth but is largely based offshore, said Sacks, adding that the US now aims to “bring this innovation onshore.”

Stablecoins represent a $227 billion industry, with 97% of the market comprised of US-dollar-backed stablecoins like Tether’s USDt, which alone accounts for over 60% of the total market capitalization, according to CoinGecko data.

Could Stablecoins Be the New Digital Dollar?

Sacks believes the strength of stablecoins lies in their ability to expand the US dollar’s global dominance and bring it into the digital realm.

The Trump crypto czar also pointed out that stablecoins could generate “potentially trillions of dollars” in new demand for US Treasury securities, which could help support the national debt and lower long-term interest rates.

Sacks emphasized the potential benefits of stablecoins in broadening the influence of the US dollar in global finance.

The White House previously committed to promoting the sovereignty of the US dollar, including actions to encourage the development and growth of lawful, dollar-backed stablecoins globally, in an executive order signed by Trump on January 23.

While backing stablecoins, the executive order also banned the issuance of central bank digital currencies (CBDCs), putting the focus squarely on US stablecoins as digital dollars.

USDC is Regulated in the US

As part of its stablecoin strategy, the White House plans to enable legislation supporting stablecoin issuance, Sacks noted. However, Circle’s USD Coin (USDC) is already issued and managed in the US, with the issuer positioning it as “regulated and fully reserved.” USDC is the second-largest stablecoin, accounting for 24% of the total stablecoin market cap.

Unlike USDC, which is widely considered a regulated stablecoin in the US, Tether’s USDT has faced issues in jurisdictions like the European Union, where it has increasingly been labeled a noncompliant stablecoin.

Tether CEO Paolo Ardoino stated in October 2024 that Tether is the “best friend of the US government,” holding more US securities than Germany and “far more than any other competitor or financial institution globally.”

“We are happy to decentralize the ownership of US debt, making the US much more resilient,” Ardoino added.

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Matt Hougan, the investment chief at Bitwise, suggests that President Donald Trump’s January 23 crypto executive order could disrupt the four-year boom and bust cycle that the crypto market has seen over the last decade.

With Trump’s sweeping order and changes at the Securities and Exchange Commission, Hougan noted that “Bitcoin has fully entered the mainstream,” and banks and Wall Street could “aggressively enter the space.”

Hougan also pointed out that crypto exchange-traded funds are “big enough” to attract billions from new investors. However, he believes Trump’s executive order to explore creating a digital asset stockpile and draft a regulatory framework will bring in “trillions.”

Related tweet:

Hougan Expects Shorter and Shallower Pullbacks for Bitcoin in 2026

Bitcoin has historically followed a four-year cycle, with losses seen in 2014, 2018, and 2022, but reaching new peaks in the three years between each pullback. If the cycle continues, the next pullback is expected in 2026.

Hougan stated that the industry will not “fully overcome” the four-year cycle, but he believes that “each pullback will be shorter and shallower than in previous years.”

“The crypto space has matured; there are more buyers and more value-oriented investors than ever before. I expect volatility, but I don’t think I would bet against crypto in 2026,” Hougan added.

Bankruptcies from companies like FTX, Three Arrows Capital, Genesis, BlockFi, and Celsius contributed to the 2022 market crash. Similarly, the SEC’s crackdown on token offerings and Mt. Gox’s collapse were two major catalysts behind pullbacks in previous cycles.

Hougan also noted that the full effect of Trump’s executive order will not be immediately visible, as White House crypto czar David Sacks will need time to craft a regulatory framework. Additionally, Wall Street “behemoths” will require more time to fully grasp crypto’s potential.

Following the SEC’s cancellation of its Staff Accounting Bulletin 121 rule, which previously required financial firms to record crypto holdings as liabilities on their balance sheets, Wall Street banks can now more easily custody crypto assets.

Hougan reiterated Bitwise’s Bitcoin price prediction of $200,000 by the end of 2025, stating that this could be achieved with or without a strategic Bitcoin reserve.

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Microsoft and OpenAI Investigate DeepSeek-Linked Data Leak

Microsoft and OpenAI are investigating whether a group connected to the Chinese AI startup DeepSeek extracted data from OpenAI’s technology infrastructure without permission.

According to Bloomberg’s report on January 29, Microsoft’s security researchers detected large-scale suspicious data extraction through OpenAI’s API in late 2024. As OpenAI’s largest investor, Microsoft reported the issue to the company, noting that it could be a violation of ChatGPT’s terms of service or a breach of data collection restrictions.

On January 20, DeepSeek, based in China, unveiled a new AI model called R-1. Despite significantly lower production costs, the model is said to be competitive with ChatGPT. Following the announcement, U.S. tech and AI stocks saw billions of dollars in value losses.

David Sacks, White House Crypto and AI Advisor, stated in an interview with Fox News on January 28 that there is evidence DeepSeek used OpenAI’s model outputs to train its own AI. Sacks explained that this method, known as “distillation,” allows one AI model to develop similar capabilities by training on the outputs of another model.

Sacks said, “There is significant evidence that what DeepSeek is doing is distilling information from OpenAI’s models, and I don’t think OpenAI is very happy about this.”

OpenAI and U.S. Navy Take Action Against DeepSeek

While OpenAI expressed concerns about Chinese companies attempting to copy U.S. AI models, it refrained from commenting specifically on DeepSeek.

An OpenAI spokesperson told Bloomberg, “Companies in the People’s Republic of China and others are attempting to distill the leading AI models from the U.S.” However, the company did not make a specific statement about DeepSeek’s activities.

The investigation conducted by OpenAI and Microsoft is looking into whether the company’s terms of service were violated and whether data access restrictions were bypassed. This situation highlights the intensifying AI technology competition between the U.S. and China.

Amid these developments, CNBC reported on January 28 that the U.S. Navy has completely banned the use of DeepSeek. This decision was made due to concerns that the Chinese government might use AI to gain access to sensitive data. The decision was announced in an email sent to personnel on January 24.

The message emphasized that DeepSeek posed “security and ethical risks” and that Navy members should “not use this model under any circumstances.”

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Sacks, who now serves as Trump’s White House AI & Crypto advisor, has publicly showcased his strong belief in Solana. During the 50th episode of the All-In Podcast in October 2021, Sacks revealed his early investments in Solana, emphasizing his confidence in the project despite its connection to the FTX collapse in 2022. Remarkably, Sacks held on to his assets, believing in Solana’s recovery and potential as a leading blockchain network.

In December 2023, during the 159th episode of the podcast, Sacks dismissed allegations that he sold his Solana holdings post-FTX, labeling such rumors as baseless. “We are happy campers,” he said, as Solana surged with an impressive annual return of 92%.

The crypto czar has also drawn attention for his bold claims about Solana’s future. Back in 2021, he highlighted the potential for Solana to flip Ethereum, becoming the dominant smart contract platform. While Ethereum remains a giant, Solana’s rapid ascent has been undeniable. Currently, Solana ranks as the fifth-largest cryptocurrency, boasting a market cap of $111 billion, following Bitcoin, Ethereum, Tether, and XRP.

Sacks’ connection to Multicoin Capital further underlines his commitment to Solana’s ecosystem. In 2018, he invested significantly in the firm alongside figures like Marc Andreessen. As a general partner at Craft Ventures, Sacks praised Multicoin for its deep understanding of emerging blockchain technology, calling them “technologists” who excel in the rapidly evolving crypto landscape.

With Sacks taking a prominent role as Trump’s crypto czar, his bullish stance on Solana is expected to shape future discussions in the blockchain and regulatory space. Solana’s continued growth under the endorsement of such influential figures suggests a bright horizon for the network and its supporters.

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