This analysis dissects policy signals and market reactions before and after the summit, charts the evolution of U.S. regulatory attitudes, and forecasts the medium-to-long-term trajectory of the crypto industry.
I. Introduction: The First White House Crypto Summit and Its Aftermath
On March 7, 2025, the U.S. White House hosted the first-ever "Crypto Summit." Prior to the event, the market widely anticipated the Trump administration would unveil major positive signals, such as announcing additional Bitcoin purchases, integrating more mainstream cryptocurrencies into the "National Crypto Reserve," or introducing clearer regulatory frameworks to sustain market enthusiasm and further boost prices.
Driven by these expectations, Bitcoin surged from 80,000tonearly95,000 in the days leading up to the summit, while other mainstream coins (including ETH, XRP, SOL, and ADA) rose 5%–25%.
However, the summit concluded without any large-scale coin-buying plans or substantive new policies, merely reiterating the existing stance of "supporting the industry with proportionate regulation." As market expectations were dashed, a notable correction followed, with Bitcoin falling 3%–5% the day after the summit and other mainstream coins declining 5%–10%.
Despite this, the marked relaxation in policy and regulatory environment compared to the previous administration still fosters relative optimism among market participants regarding medium-to-long-term regulatory clarity and innovation space. Some investors remain cautiously optimistic about the future evolution of U.S. crypto policies.
To fully grasp the summit’s implications and subsequent market fluctuations, it is essential to review the U.S. government’s regulatory trajectory and policy evolution in the crypto sector. This article comprehensively analyzes market trends before and after the summit, outlines key policy signals, and, from an industry perspective, foresees its enduring impact.
II. Historical Context: The Shift in U.S. Government Attitudes Toward Cryptocurrencies
Early Phase: Prudent Focus on Regulation and Risk Mitigation
Following the 2017 ICO bubble, U.S. regulators (e.g., SEC, CFTC) primarily targeted fraud, money laundering, and illicit capital flows, strengthening enforcement efforts and mandating compliance with Anti-Money Laundering/Know Your Customer (AML/KYC) regulations for cryptocurrency exchanges.
At the time, the U.S. government relied on existing legal frameworks (e.g., securities laws) to regulate cryptocurrencies, without introducing dedicated federal legislation or regulatory sandboxes.
Trump’s First Term and Biden Administration: Fluctuating Attitudes and Intensifying Enforcement
Trump (2017–2020): Generally skeptical of cryptocurrencies. In 2019, Trump publicly expressed disdain for Bitcoin and other crypto assets on social media, arguing they undermined the dollar’s status. During this period, the U.S. government intensified enforcement against ICO fraud cases and proposed tighter regulations for self-hosted wallets in late 2020.
Biden Administration (2021–2024): Despite issuing the Executive Order on Digital Assets in 2022 to coordinate federal agency research on crypto-related issues, enforcement subsequently escalated. The SEC sued major crypto firms like Ripple and Coinbase, exacerbating market concerns about legal risks and, to some extent, deterring institutional investment.
Post-2024 Election: Trump’s Return and the Drastic Shift to "Crypto-Friendly" Policies
In January 2025, Trump resumed office and swiftly signed Executive Order 14178, declaring the U.S. as the "Global Capital of Cryptocurrencies." He revoked many Biden-era regulatory policies, halted lawsuits against crypto exchanges, and appointed former PayPal COO and investor David Sacks as the "Head of AI and Crypto Affairs."
In late February 2025, Trump also signed an executive order to establish a "Strategic Bitcoin Reserve," though this initiative was limited to retaining approximately 200,000 Bitcoins previously seized by the government, with no plans for additional purchases. While this move sent a strong signal of "U.S. government Bitcoin holdings," it dashed market expectations of substantial BTC, ETH, and other crypto acquisitions.
III. Market Expectations and Hype Pre-Summit
Ahead of the summit (March 7), the Trump administration hinted in late February via social media that multiple cryptocurrencies, including BTC, ETH, XRP, SOL, and ADA, might be included in a "new U.S. crypto strategic reserve."
This fueled market expectations of a "major positive announcement" by the Trump administration. Bitcoin surged from 84,000tonearly95,000, while the mentioned coins (BTC, ETH, XRP, SOL, ADA) saw notable gains from late February to early March. The table below summarizes the price movements of these mainstream crypto assets from February 28 to March 3 (pre-summit):
Impact Analysis of the First White House Crypto Summit: What Has Changed in the Market Over a Month Later?
Data indicated the market anticipated the U.S. government would announce more aggressive favorable policies, such as using federal budgets to officially purchase Bitcoin or other mainstream coins, further driving short-term price increases.
Spurred by these expectations, market liquidity surged, with trading volumes and open interest (OI) in derivatives (e.g., futures and options) growing rapidly. Overall market sentiment trended optimistic, with investor imagination of "government endorsement" rapidly amplified.
However, the executive order’s actual content excluded any new procurement plans, merely stating the government would "not sell currently held Bitcoin assets." This limited short-term buying potential, becoming a key factor in the post-summit market correction.
IV. Summit Reality: Clear Policy Direction but Lacking Details
On March 7, the White House hosted the inaugural "Crypto Summit," attracting over 20 key figures from the U.S. crypto industry. While billed as "setting the tone for U.S. crypto regulatory policy over the next four years," the summit did not unveil explicit new policies or large-scale coin-buying plans:
Trump’s Brief Attendance:
Trump participated for approximately 30 minutes at the summit’s opening, stating in a live broadcast to attendees, "The previous administration’s war on cryptocurrencies is over," and emphasizing the government would provide regulatory certainty for the crypto market at the legislative level.
Subsequent closed-door discussions were led by White House Crypto and AI Affairs head David Sacks and Treasury Secretary Scott Bessent. Multiple participants (e.g., former CFTC Chair Chris Giancarlo, MicroStrategy founder Michael Saylor, Paradigm partner Matt Huang, and Robinhood CEO Vlad Tenev) proposed suggestions, including significant government Bitcoin purchases, tokenizing traditional securities, and reassessing criminal charges against Tornado Cash developers. However, these proposals received no immediate commitments or guarantees.
"Friendly but Light-Touch" Regulatory Tone:
Trump reiterated the government would promote the crypto industry through "friendly legislation and light-touch regulation."
While Treasury and SEC representatives did not explicitly promise to withdraw more lawsuits, they indicated future priorities would align with industry needs.
The summit did not issue any new executive orders or immediate bills, signaling the government remains in the "gathering industry opinions and discussing regulatory details" phase.
Mainstream Media Interpretation:
Major financial media outlets (e.g., CNBC, Bloomberg) focused on Trump’s willingness to "provide regulatory certainty for the crypto market" through congressional legislation, noting marked improvements over the previous gray areas and litigation-heavy landscape.
Overall, the summit "set the broad direction but lacked specifics," with short-term market impacts stemming more from "disillusionment with unmet expectations" than disruptive benefits.
V. Post-Summit Market Trends and Technical Analysis
Post-summit, Bitcoin and most mainstream coins experienced a correction. This was primarily due to the market quickly digesting the "gap between expectations and reality," leading to short-term selling pressure and many investors opting to sell or wait on the sidelines.
The table below summarizes the price movements of several major cryptocurrencies from March 7 (post-summit) to late March (March 24):
Impact Analysis of the First White House Crypto Summit: What Has Changed in the Market Over a Month Later?
In general, the market shifted from "optimistic policy expectations" to rationality, beginning to correct "overly high expectations."
Bitcoin’s price corrected short-term after losing the "government additional coin purchases" expectation but did not break key support levels. Ethereum and XRP followed the broader market downtrend, while other mainstream coins mostly "ended short-term rallies, entering consolidation or corrections." In derivatives markets, funding rates turned neutral or slightly negative, and open interest declined, reflecting reduced bullish leverage and diminished short-term speculation. Solana, however, bucked the trend with a slight uptick due to the launch of CME futures and ETFs in mid-March, exhibiting independent price action.
Despite overall short-term declines, many institutions and long-term investors remain bullish about potential future U.S. legislation or guidelines amid significantly reduced medium-to-long-term regulatory risks. Thus, after a cooling-off period, the market could regain buying momentum if the government unveils concrete policy benefits.
VI. Conclusion: Short-Term Crypto Market Volatility, Long-Term Potential Remains Strong
Regulatory and Legislative Direction
While the First White House Crypto Summit did not introduce major new policies or immediate legislative actions, the U.S. government clearly signaled support for a "light-touch regulatory approach to encourage industry development." From a policy perspective, the U.S. may proactively formulate bills or regulatory mechanisms to eliminate previous market ambiguities or uncertainties. If future bills are successfully implemented, they could encourage investments by large financial institutions or tech firms.
Market Sentiment and Institutional Participation
Compared to the previous administration’s stringent crackdowns, regulatory risks have now diminished. Many institutional investors (including investment banks, asset managers, and sovereign wealth funds) are adopting a more inclusive stance toward crypto assets, potentially expanding their digital asset businesses.
In the long run, "national reserves" and "government openness" often serve as key drivers of bull market cycles. Even without large-scale cash purchases this time, the market still anticipates more government collaborations or infrastructure investments in the future.
Long-Term Outlook
Short-term market expectations and actual outcomes diverged, causing prices to retreat from highs. Technical and derivatives data indicate trading sentiment has entered a wait-and-see phase, with investors awaiting clearer policy details or macroeconomic improvements.
In the medium to long term, as long as the U.S. government’s direction of "recognizing crypto assets’ legal status and willingness to formulate clear regulatory rules" remains unchanged, institutional capital and developer ecosystems are expected to continue flowing in. When macroeconomic and regulatory uncertainties gradually clarify, the market may usher in a new wave of growth momentum. Current volatility primarily reflects digestion of "overly high prior expectations" rather than a trend reversal. All eyes are on whether the White House will formalize summit opinions and integrate them into a new regulatory system, which will be a critical driver of subsequent market developments.
