The claim that "crypto is pointless" and unfixable by the White House stems from a prominent February 26, 2026, opinion piece in The New York Times by Jared Bernstein and Ryan Cummings.

 

Crypto Is Pointless. Not Even the White House Can Fix That.

The claim that "crypto is pointless" and unfixable by the White House stems from a prominent February 26, 2026, opinion piece in The New York Times by Jared Bernstein and Ryan Cummings. They argue that the cryptocurrency industry's core products remain "basically useless" despite receiving unprecedented support and regulatory leniency under the current administration.

 

Key Criticisms and Market Performance

The authors and other critics highlight several factors they believe demonstrate crypto's lack of utility:

Fundamental Worthlessness: Critics argue that crypto assets have "almost zero legal use cases" and primarily serve as tools for scammers or pure speculation.

Price Collapse: Despite the administration’s "crypto-friendly" posture, Bitcoin has fallen nearly 50% since October 2025, dropping below $70,000 as of late February 2026.

Regulatory Backfire: Critics suggest that by removing "jack-booted-regulator" oversight, the administration inadvertently "pulled back the curtain" on the industry, revealing that many assets lack intrinsic value once the speculative euphoria fades.

Current White House Strategy (2026)

Contrary to the "pointless" narrative, the White House is actively pushing a pro-innovation agenda intended to cement the U.S. as the "crypto capital of the world":

The CLARITY Act: The administration has set an informal March 1, 2026, deadline for Congress to resolve disputes on the Digital Asset Market Clarity Act. This bill aims to provide a clear federal framework, distinguishing between securities and commodities to reduce market uncertainty.

The GENIUS Act: Enacted in July 2025, this law establishes the first federal regulatory framework for stablecoins, which the Treasury believes could grow into a $3 trillion market.

Strategic Reserves: The administration has established a Strategic Bitcoin Reserve and a Digital Assets Stockpile, with seized Bitcoin holdings reported to have grown to over $15 billion as of February 2026.

Ongoing Stalemate

Despite these efforts, the White House faces significant friction. A February 3, 2026, meeting between the White House, major U.S. banks, and crypto firms ended in a stalemate over "stalled" market structure legislation, with the payment of interest on stablecoins remaining a major sticking point. While the administration pursues a "market-driven path," skeptics maintain that no amount of regulation can create utility for an asset they view as a "technological dead end".