Major cryptocurrencies experienced a downturn after President Donald Trump delivered scripted remarks at the highly anticipated White House crypto summit on Friday. Bitcoin fell over 2% as Trump addressed a gathering of approximately 30 entrepreneurs, lawmakers, and administration officials, including prominent figures such as Michael Saylor, Chairman of MicroStrategy; Brian Armstrong, CEO of Coinbase; and Treasury Secretary Scott Bessent. Ether, Solana, and XRP also saw declines of more than 2%, 3%, and 4%, respectively.
**Key Highlights:**
1. **Executive Order on Bitcoin Reserves:**
On Thursday, President Trump signed an executive order to convert $17 billion in Bitcoin holdings into a "strategic reserve" and barred government agencies from selling the asset. Trump criticized past administrations for selling Bitcoin, stating, *“Unfortunately, in recent years, the US government has foolishly sold tens of thousands of additional Bitcoin that were worth billions and billions of dollars had they not sold them.”* He emphasized a new policy: *“From this day on, America will follow the rule that every Bitcoin knows very well: never sell your Bitcoin.”*
2. **Strategic Digital Asset Leadership:**
Treasury Secretary Scott Bessent praised the executive order, asserting that it positions the U.S. as a global leader in digital asset strategy. He noted, *“We use this authority to augment the assets side of the United States balance sheet.”*
3. **Ending "Operation Chokepoint 2.0":**
The Trump administration reiterated its commitment to ending "Operation Chokepoint 2.0," an alleged initiative by the Biden administration to push the crypto industry offshore by restricting its access to banking services. In support of this, the Office of the Comptroller of the Currency issued a letter clarifying that national banks and federal savings associations are permitted to engage in crypto-asset custody, certain stablecoin activities, and participation in distributed ledger networks.
4. **Investor Disappointment:**
Despite these developments, investors expressed disappointment, as they had expected more substantial announcements or policy shifts from the White House's inaugural crypto summit.
The summit underscored the administration's focus on bolstering the U.S. position in the digital asset space while addressing regulatory challenges, though market reactions suggest unmet expectations for more transformative measures.
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