Today in crypto: White House hosts first-ever crypto summit

White House ditches crypto council in favor of summits

The White House is set to host its first-ever crypto summit this Friday, replacing the previously promised “crypto council” with a more flexible approach. The summit is expected to be led by AI and Crypto Czar David Sacks, with around 20-25 industry leaders attending.

Confirmed attendees include Michael Saylor (Strategy co-founder), Kyle Samani (Multicoin Capital), and Matt Huang (Paradigm co-founder), alongside major exchange CEOs like Brian Armstrong (Coinbase) and Arjun Sethi (Kraken). Meanwhile, Ripple has yet to confirm CEO Brad Garlinghouse’s presence.

The Trump administration originally planned a permanent crypto council to provide industry leaders direct access to policy discussions. However, infighting within the crypto sector and intense lobbying led the administration to quietly scrap the idea in January. Instead, the White House will hold sporadic summits to engage with industry stakeholders without cementing long-term alliances.

According to Blockchain Association CEO Kristin Smith, the move could help avoid conflicts over which companies get a seat at the table. “A council could have been seen as picking winners and losers,” Smith explained. By hosting periodic summits, the administration allows for a wider range of voices in shaping crypto regulation.

The shift comes as Washington grapples with key policy questions, such as whether stablecoin issuers like Tether should have access to U.S. Treasuries and whether any tokens besides Bitcoin should be included in a federal crypto reserve. With the crypto industry increasingly divided, the summit’s outcome could signal the administration’s long-term stance on regulation and innovation.

Bitcoin miners take a hit as market struggles

It’s not just Bitcoin’s price feeling the pressure—U.S. Bitcoin mining firms are also facing a financial squeeze. According to JP Morgan, the market capitalization of 14 top U.S. public mining companies dropped by 22% in February, losing $6 billion in value.

Major mining firms like Core Scientific, Greenidge, and MARA Holdings saw a decline in revenues, with Bitcoin miners earning an average of $54,300 per EH/s daily—down 5% from the previous month.

Bitcoin’s 10% price dip over the last 30 days has been a key factor. The asset plunged to $78,940 last Friday, largely due to investors taking a risk-off approach amid renewed trade war tensions sparked by President Donald Trump’s tariffs on Canada and Mexico.

The drop has wiped out nearly 20% of Bitcoin’s value since its all-time high of $108,000 in January. While Bitcoin has recovered to around $88,000, uncertainty remains high.

Adding to the pressure, miners with high-performance computing exposure are facing competition from the AI industry. The launch of Deepseek, a Chinese AI model, has further complicated the landscape, as some miners shift their focus to AI-related data processing in search of alternative revenue streams.

AI and blockchain: The future of autonomous finance?

The intersection of artificial intelligence and blockchain is emerging as one of the most promising frontiers in crypto. At ETH Denver 2025, AI and blockchain experts, including Coinbase Developer Platform, OpenMind, and Robonomics, explored how AI-driven agents could function as independent economic participants.

Currently, AI cannot manage transactions autonomously, but developers are integrating AI with blockchain to allow for secure digital asset management and smart contract execution. Coinbase recently launched Agent Kit, a tool that enables AI to manage crypto wallets and execute on-chain transactions without human intervention.

“AI doesn’t naturally interact with blockchain,” said Coinbase Developer Nemil Dalal. “If you want it to send money or manage a wallet, it can’t do that on its own.” However, Agent Kit has already seen 2,000 developers build on it, contributing to over $100 million in on-chain transactions.

The initiative raises both opportunities and risks. AI can automate crypto trading, handle remittances, and manage financial transactions, but it also introduces the risk of AI errors and fraud.

Jan Liphardt, founder of OpenMind, believes blockchain governance will be key to regulating AI-powered financial agents. His team has even encoded Asimov’s Three Laws of Robotics onto the Ethereum blockchain, ensuring AI-driven robots adhere to preset ethical guidelines.

The discussion highlights how AI and crypto are converging, but challenges around trust, security, and governance remain.

Thailand cracks down on illegal crypto operations

In a major crackdown on illicit crypto activities, Thai police have raided five unlicensed crypto firms, arresting 11 employees. The Economic Crime Suppression Division (ECD) launched the operation after discovering the firms had illegally processed over $29 million in transactions.

The firms allegedly acted as intermediaries for foreign investments, requiring customers to deposit funds into e-wallets to facilitate cross-border purchases. However, under Thailand’s 2017 Payment System Act, all e-money firms must register and obtain proper licensing.

Failure to do so not only violates financial regulations but also raises money laundering risks. Thai authorities have increasingly targeted fraudulent crypto activities, with this latest raid following similar enforcement actions earlier in the year.

Notably, Thai police recently proposed banning Polymarket, a crypto-based prediction market, over concerns about economic and social risks. Authorities also froze $2.5 million in illicit crypto last month, arresting two Chinese nationals linked to fraud and human trafficking.

Despite this, Thailand remains one of the most active crypto markets in Southeast Asia. The country ranked 16th in Chainalysis' 2024 Global Crypto Adoption Index and saw $50 billion in crypto transactions last year.

According to Anndy Lian, a Singapore-based blockchain advisor, Thai regulators are focusing on bad actors rather than banning crypto outright. The government has also signaled openness to Bitcoin ETFs and stablecoin regulations, suggesting a measured approach rather than a crackdown on the industry as a whole.

Final thoughts

The crypto industry continues to navigate policy shifts, regulatory crackdowns, and technological advancements. The White House’s crypto summit could set the tone for U.S. regulations, while Bitcoin miners struggle against market downturns and AI disruption.

Meanwhile, AI-driven finance presents new opportunities, but security concerns must be addressed before it becomes mainstream. And in Thailand, authorities are drawing a clear line between illicit activity and legitimate crypto businesses.

As these stories develop, The Crypto Professor will keep you updated on the latest trends shaping the future of digital assets.