YEREVAN (CoinChapter.com) — Donald Trump’s Crypto Summit left the crypto community disappointed. The event, which lasted just over 20 minutes, lacked policy updates and offered no concrete regulatory changes. Many had expected Trump to provide details on crypto regulations, but the discussion remained vague.
Trump opened the event by stating his goal to make the U.S. the Bitcoin capital of the world. However, his remarks focused on general support for digital assets rather than outlining specific crypto policies. His brief mention of a Crypto Reserve plan did not include any details.
Vague Policy Promises and Unclear Crypto Reserve Plans
Trump acknowledged the importance of digital assets but gave no timeline for implementing new crypto-friendly policies. He suggested that he could help FIFA launch a token, but he did not provide further explanation.
Leading up to the event, many in the crypto industry had speculated on potential announcements regarding SEC oversight, stablecoin regulations, and a clearer legal framework for digital assets. However, none of these topics were addressed in depth. Trump’s policy commitments remained uncertain.
Crypto Executives Support Trump, Community Reacts
Several crypto executives, including Coinbase CEO Brian Armstrong, praised Trump’s stance on crypto regulation and his efforts to curb SEC enforcement. They argued that Trump was key to protecting the industry from strict regulatory measures under Gary Gensler’s SEC.
However, some crypto traders and community members criticized this support. NFT trader Clemente said:
“That Summit was the most embarrassing thing I’ve ever witnessed. Is everyone just worshipping Trump? Meanwhile, he has no idea what he’s reading off of. We used to be cypherpunks, we used to be anti-government. Now we just want the price to go up.”
Bitcoin Price Dips After Underwhelming Summit
Following the Crypto Summit, Bitcoin’s price saw a slight decline. Many in the crypto community had anticipated positive market movement, but the lack of clear policy commitments led to a neutral or negative reaction.
Leading up to the event, expectations had been high. Some analysts believed that pro-crypto policies could create a bullish market trend, but the summit’s lack of announcements left investors uncertain. The crypto market remained stable but did not see the gains many had expected.
Political Influence Sparks Debate in the Crypto Industry
The Crypto Summit was highly publicized, but much of the discussion centered on Trump’s relationship with crypto leaders rather than on crypto regulations. Some figures in the industry, including Cameron Winklevoss, supported a stronger stance against financial regulators.
Critics outside the crypto industry also weighed in. Peter Schiff, a well-known crypto skeptic, wrote:
“The crypto faction that has captured the White House is exactly what our Founding Fathers warned us about. It will be a blight on whatever legacy Trump leaves and marks a low point for the presidency and the USA.”
Unclear Future for Crypto Regulations
Despite the lack of policy updates, some crypto companies are continuing to expand. Coinbase CEO Brian Armstrong announced that the company plans to hire 1,000 new employees, signaling confidence in the crypto market under Trump’s administration.
However, the crypto community remains divided. Without clear regulations, uncertainty could persist in the industry.
