Trump, who positioned himself as a “crypto president,” oversaw a wave of crypto-friendly measures early in his administration. Among the industry’s biggest wins were the Securities and Exchange Commission’s swift reversal of Biden-era crypto accounting guidance and the dismissal of lawsuits against major platforms including Coinbase and Binance. Additionally, Congress passed a landmark law establishing federal rules for dollar-pegged crypto tokens, while bank regulators eased restrictions on banks’ dealings with crypto firms and conditionally approved bank licenses for crypto companies.
These changes, combined with Trump’s creation of a bitcoin stockpile and SEC approval of new crypto products, helped push bitcoin to record highs and increased adoption, though critics warn of potential investor and systemic risks.
Despite the progress, core industry challenges remain unresolved. Legislation addressing crypto market structure and clarifying exemptions from SEC rules has stalled in the Senate due to disagreements over anti-money-laundering provisions and decentralized finance regulations. Industry executives warn that without this legislation, firms could be vulnerable under future administrations less favorable to crypto.
“This year’s been a good year for crypto … notwithstanding that there’s a lot of work left to be done,” said Miller Whitehouse-Levine, CEO of the Solana Policy Institute, speaking at the Reuters NEXT conference.
Trump’s crypto-friendly policies were bolstered by significant campaign contributions from the industry. According to Federal Election Commission data, crypto companies and executives donated more than $245 million in the 2024 election cycle to promote pro-crypto candidates. These efforts contributed to early legislative gains, including a House-passed bill providing long-sought legal clarity on which tokens are considered securities or commodities.
But with Congress turning attention to the 2026 midterm elections, the bill’s fate remains uncertain. “The big elephant in the room is that this industry has spent millions of dollars trying to get legislation across the line,” said Sheila Warren, CEO of Project Liberty Institute.
Meanwhile, crypto firms are pursuing regulatory workarounds, including an SEC “innovation exemption” expected to be unveiled next year, which could allow companies to launch new products without immediate risk of enforcement action. Coordination between the SEC and the Commodity Futures Trading Commission under Trump appointees is also expected to streamline oversight and attract institutional investors.
“It is making an impact,” said Les Borsai, co-founder of Wave Digital Assets, referring to policy and personnel changes. “With increasing clarity, institutional investors should become much more comfortable entering the space.”