White House Holds First Crypto Summit Amid Growing Industry Concerns

Washington, D.C:On Friday, the White House hosted its first *Crypto Summit*, gathering leaders from various crypto companies to discuss the tightening regulatory framework under the Biden administration and efforts to ease regulations for the industry.

However, some members of the crypto community expressed disappointment following the summit, as President Donald Trump did not signal stronger active support for the sector, leading to a sharp decline in cryptocurrency prices.

According to international media reports, Bitcoin’s value dropped by nearly 3% during the event and ended the week with a 7% decline, closing around $87,000 USD.

The uncertainty stemmed from President Trump’s announcement on Thursday, in which he signed an executive order to establish a *Strategic Bitcoin Reserve*. This move had been strongly demanded by the crypto community, but the executive order suggested that the digital reserve would only contain Bitcoin seized by federal law enforcement agencies. The decision also outlined the creation of a separate *digital asset stockpile* to store other seized digital tokens, such as Ethereum and Ripple.

However, the order did not clarify when the U.S. government would begin purchasing new cryptocurrencies, though it did indicate that these purchases would be budget-neutral and would not impose additional burdens on taxpayers.