PANews reported on March 8 that the White House held its first cryptocurrency summit. Trump said at the summit that the U.S. federal government will support the development of cryptocurrencies represented by Bitcoin and the digital asset market. U.S. media reported that Trump's policy shift may be due to the huge political donations provided by cryptocurrency investors during last year's U.S. election, and they expect him to end the Biden administration's restrictive policies on cryptocurrencies after he takes office. According to the Wall Street Journal, during last year's U.S. election campaign, the cryptocurrency industry provided more than $130 million in political donations to bipartisan candidates for Senate and House of Representatives who support cryptocurrency through super political action committees.