First-ever White House crypto summit leaves some investors unhappy
The White House hosted its first-ever “crypto summit” Friday, convening top executives from various digital asset firms to discuss the Trump administration’s commitment to rolling back the aggressive regulatory posture the Biden administration took toward the industry.
The White House hosted its first-ever “crypto summit” Friday, convening top executives from various digital asset firms to discuss the Trump administration’s commitment to rolling back the aggressive regulatory posture the Biden administration took toward the industry.
However, some in the crypto world were left disappointed that the Trump administration did not signal more active support for the industry, leading the prices of the very assets the summit was supposed to acclaim to sag Friday.
The price of bitcoin was down about 3% in late-afternoon trading and was set to finish the week down approximately 7%, to $87,000.
The groundwork for the lackluster reaction was laid late Thursday, when Trump’s “crypto czar,” venture capitalist David Sacks, announced that the president had signed an order to create a “strategic bitcoin reserve.”
While that measure has been aggressively pushed by the crypto community, the order indicated the reserve would only comprise current bitcoin holdings previously seized by federal law enforcement agencies. A separate “digital asset stockpile” would also be created to hold non-bitcoin digital tokens, like ethereum and ripple, that have also been seized in enforcement proceedings.
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