Donald Trump’s White House Crypto Summit Disappoints

Donald Trump’s long-awaited White House Crypto Summit left the crypto community underwhelmed with few solid promises. Instead of the expected price surge, Bitcoin saw a slight decline.

Several Trump-aligned crypto executives called his intervention essential for the industry’s survival, though frustrations haven’t yet escalated into a major split.

Summit Fails to Deliver

Last week, Trump announced the inaugural White House Crypto Summit, which sparked high hopes for new regulations. The anticipation even fueled a temporary surge in token prices.

> “Welcome to the first-ever White House Digital Assets Summit. Many of you have fought for this, and it’s an honor to be here with you. Last year, I promised to make America the Bitcoin capital of the world… and we’re taking historic action to deliver on that promise,” Trump claimed.

However, expectations quickly waned. Trump briefly discussed his Crypto Reserve plans, suggested aiding FIFA in launching a token, and delayed implementing friendly regulations. Despite some crypto executives hailing him as a savior, backlash grew:

> “That Summit was the most embarrassing thing I’ve ever witnessed… Is everyone just worshipping Trump?” said popular NFT trader Clemente, critiquing the industry’s shift away from its anti-government roots.

Excessive Deference Causes Pushback

The televised Summit lasted just over 20 minutes, with Trump speaking only briefly. Close allies like Coinbase CEO Brian Armstrong lauded Trump’s efforts to rein in the SEC, implying the industry was “doomed” without his guidance. Such excessive deference and the lack of substantive promises contributed to an overall negative sentiment.

This rhetoric overlooks the community’s resilience and strength, which likely contributed to Bitcoin’s price dip.

While attendees praised Trump’s attempts to limit regulatory overreach, some, like Cameron Winklevoss, called for even more aggressive action.

> “The Crypto Summit is a disgrace… it marks a low point for the presidency and the USA,” remarked financial commentator Peter Schiff.

In the end, the Summit doesn’t seem likely to create a rift between Trump and the community overnight. While dissatisfaction prevailed, there may still be potential benefits, like Armstrong’s announcement of 1,000 new hires at Coinbase. However, the overall impression of the summit remained that of disappointment, lacking significant positive developments for the U.S. crypto market.