The White House Crypto Summit’s outcome has left investors disappointed, with many feeling that the event was a missed opportunity for bold announcements about cryptocurrency adoption.
The much-anticipated White House Crypto Summit on Friday ended with a whimper rather than a bang for cryptocurrency traders. The event, led by President Trump, failed to deliver the bold announcements about a U.S. strategic crypto reserve that investors had been expecting.
Investors had pinned high hopes on President Donald Trump’s pro-crypto stance, expecting a prominent feature of major altcoins in a U.S. strategic crypto reserve. However, the summit delivered a more subdued outcome: a framework for stablecoin legislation before August and assurances of a lighter regulatory touch—moves that failed to ignite the market as anticipated.
The market’s reaction was swift, with XRP dropping 3.5% in the past 24 hours to nearly $2.4, down from a high of $2.98 earlier in the week. Cardano‘s ADA fell over 5%, while Solana‘s SOL shed 4% to hover around $138 as of Asian afternoon hours Saturday.
By contrast, bitcoin held up better, trading at $86,000—down 2.5% in the past 24 hours but showing relative resilience compared to the altcoin bloodbath. The summit’s failure to deliver on expectations has left investors disappointed, with many feeling that the event was a missed opportunity for bold announcements about cryptocurrency adoption.
Despite the market’s reaction, the U.S. government’s decision to hold onto its bitcoin could set a precedent for other countries and potentially drive global institutional adoption of cryptocurrencies. As Vincent Chok, CEO of First Digital, noted: ‘The U.S.’ prioritisation of Bitcoin as a reserve asset not only legitimises its status as ‘digital gold’ but also sets a precedent that could accelerate regulatory frameworks and drive institutional adoption worldwide.’
Vincent Chok is a Singaporean entrepreneur and businessman.
He co-founded the online education platform, GetSmarter, which was later acquired by Coursera in 2018.
Chok's entrepreneurial ventures focus on innovation and digital transformation in the education sector.
Prior to founding GetSmarter, he held various leadership roles in companies such as PwC and Accenture.
The White House Crypto Summit’s outcome has left many wondering what the future holds for cryptocurrency regulation. While the event may have fallen short of expectations, it is clear that the U.S. government is taking steps towards a more supportive environment for cryptocurrencies. As regulators and investors alike continue to navigate this complex landscape, one thing is certain: the world of cryptocurrency will never be the same again.
Cryptocurrency regulation has evolved significantly since Bitcoin's introduction in 2009.
Initially, governments were uncertain about how to classify and regulate cryptocurrencies.
However, as their popularity grew, regulatory frameworks began to emerge.
In 2013, the US Department of Homeland Security seized assets from 'Silk Road' , a darknet marketplace that accepted Bitcoin.
This marked one of the first times authorities had taken action against cryptocurrency-related activities.
Since then, numerous countries have established laws and guidelines for cryptocurrency usage, trading, and taxation.
