Crypto Summit Leaves Investors Unimpressed, Coinbase CEO Bullish on US Expansion

The White House recently hosted a crypto summit, which initially garnered significant attention but left many crypto investors questioning its substance and outcomes. The summit was a closed-door event, with the exception of a 20-minute televised address by the president and his top advisors. The public portion of the event began with an unexpected unveiling of the 2026 World Cup trophy and remarks from the FIFA president, which left many attendees and viewers confused.

The president used the opportunity to highlight his administration's approach to crypto, contrasting it with that of his predecessor. He emphasized efforts to end the federal bureaucracy’s war on crypto, which he claimed was prevalent during the previous administration. Industry executives in attendance included prominent figures such as Coinbase’s Brian Armstrong, Michael Saylor of Strategy, and the Winklevoss twins. However, those hoping for concrete announcements, such as an executive order or a bill draft, were left disappointed. Industry members expressed gratitude for the invitation but provided few details on any concrete plans, suggesting that none were made during the summit.

Brian Armstrong, CEO of Coinbase, stated that he feels more confident investing in Coinbase’s US business following the summit. He also announced plans to add 1,000 stateside positions to the company. Notably absent from the summit was Sen. Cynthia Lummis, who had introduced a bill to establish a strategic bitcoin reserve. She posted on social media that she was under the weather. David Sacks, a crypto czar, reiterated the Trump team's interest in budget-neutral ways to gain exposure to bitcoin, but no further details about the strategic bitcoin reserve were revealed following the president's executive order.

Despite the lack of concrete outcomes, the summit itself was seen as a significant development. The Winklevoss twins commented that just a year ago, they would have expected to be in jail rather than being guests at the White House. Rumors circulated about another closed-door meeting at the White House the following day, focused on the strategic bitcoin reserve, but this gathering was not expected to include industry executives and investors. The industry is also anticipating more executive orders from the president, potentially addressing issues such as debanking the crypto industry. However, rumors about an executive order declaring crypto capital gains tax-free were deemed unsubstantiated.