Major tokens slumped after President Donald Trump shared canned remarks at the White House’s highly-anticipated crypto summit Friday.

Bitcoin dropped more than 2% as Trump addressed a room of about 30 entrepreneurs, lawmakers, and administration officials, including Michael Saylor, the chairman of Strategy, Coinbase CEO Brian Armstrong, and Treasury Secretary Scott Bessent.

Ether, Solana, and XRP fell more than 2%, 3%, and 4%, respectively.

On Thursday, Trump signed an executive order to convert $17 billion in Bitcoin holdings into a “strategic reserve” and prohibit government agencies from selling that Bitcoin.

“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,” Trump said.

“From this day on, America will follow the rule that every Bitcoin knows very well: never sell your Bitcoin. That’s a little phrase that they have. I don’t know if that’s right or not.”

Bessent said Trump’s executive order would make the US “a leader among nations in the digital asset strategy.”

“We use this authority to augment the assets side of the United States balance sheet,” Bessent said.

Trump and other administration officials also repeated a pledge to end “Operation Chokepoint 2.0,” an alleged attempt by the administration of president Joe Biden to force the crypto industry offshore by cutting its access to bank services.

To that end, the Office of the Comptroller of the Currency on Friday published a letter stating crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations.”

But investors appeared to be hoping for more from the White House’s first-ever crypto summit.

Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at aleks@dlnews.com.