The crypto world is hoping a White House summit on Friday will take it one step closer to getting what it wants from a GOP-led Washington, providing some stability to a market trying to regain the upward momentum it had in the aftermath of Donald Trump’s election victory.

The White House said in a statement that Trump is expected to host and deliver remarks at the "crypto summit" before prominent CEOs, founders, and investors from the industry. 

The attendees are expected to include Coinbase Global (COIN) CEO Brian Armstrong, Strategy’s (MSTR) Michael Saylor, Chainlink Labs CEO Sergey Nazarov, and Exodus CEO JP Richardson. 

They will be joined by several key members of Trump’s administration, including AI and crypto czar David Sacks and Bo Hines, executive director of a presidential working group on digital assets.

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A lot of the discussion is expected to focus on Trump’s talk of a US strategic reserve of cryptocurrencies and the possibility of moving legislation through Congress that could provide more clarity about regulatory oversight of digital assets.

“A big part of it is bringing the leading CEOs of the largest US crypto projects ... [with] the private sector and say, ‘Okay, how do we really accomplish Donald Trump's call to make the US the crypto capital of the planet,’” Perianne Boring, CEO of the Digital Chamber, told Yahoo Finance.

The meeting comes after a period of extreme volatility for digital assets. The price of bitcoin (BTC-USD), the world’s largest cryptocurrency, has whipsawed this week following its worst correction since a 2022 meltdown.

It climbed Wednesday to hover around $90,000. Bitcoin is still down significantly from its all-time high above $109,000 on the day of Trump's inauguration in January.

Martin Leinweber, digital asset research and strategy director for indexing firm MarketVector, told Yahoo Finance the crypto world had become too euphoric about how quickly Trump could deliver on his promises to the industry.

“There was too much hopium priced in since November for Trump and how good he and his team is for crypto, because it takes longer than just a few weeks to come up with how to do all of this,” Leinweber said.

How the Trump administration might deliver on its promise of a crypto reserve isn’t clear.

The president said Sunday in a social media post on Truth Social that such a reserve would include bitcoin, ethereum (ETH), XRP (XRP), solana (SOL), and cardano (ADA). He had not previously spelled out which digital assets would be included.

Technically, the president can take a step toward a stockpile by stopping any selling of the seized and forfeited crypto assets already managed by the US Marshals Service, but to make the reserve permanent or incorporate a buying program, the preferred route is passing legislation in Congress.

The presidential working group led by Hines is tasked with delivering a report that will "evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile" by late July.

“The first thing we have to do is get an accounting of what the government has,” Hines recently told the Wall Street Journal.

Allison Joyce via Getty Images

On Friday the industry participants in the summit are likely to probe the purpose of such a digital asset reserve if it were to expand beyond bitcoin, which is viewed widely as a store of value.

“With the strategic bitcoin reserve, it was always, we're gonna buy bitcoin, we're gonna hold it, and we're gonna use it to pay down the debt,” said Boring, the CEO of a Washington-based crypto trade group.

“With the introduction of a strategic crypto reserve where you have many different types of cryptocurrencies, it kind of opens the question back up, of like, well, what are we accomplishing with this?” Boring added.

Another crucial topic will be the work being done on two pieces of legislation — one governing stablecoins and another setting overall regulation across the crypto market. These are currently working through the House and Senate.

There was one legislative victory this week when the Senate voted to repeal a Biden-era rule stating that decentralized finance platforms, or DeFi, report customer information to the IRS.

Leinweber of MarketVector said of the summit that “it’s super important that these people meet. You didn't have that last year.”

However, he is not sure it will meet the short-term expectations of crypto traders who want to see more movement.

“They can start the discussion,” Leinweber added. “They can push it towards certain directions, but at the end of the day, you have the rule of law so Congress has to approve these things.”

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