From campaign slogans to presidential decrees: an analysis of Trump's crypto policy at the halfway point
The 2024 election campaign was marked by unprecedented support for digital assets from Donald Trump. Today, at the midpoint of his second presidential term, we can conduct a clear analysis of which promises became reality and which remained mere rhetoric. The administration positioned itself as the crypto industry's main political ally, and by mid-2026, the picture is becoming quite clear.
From Criticism to Support: The Evolution of a Stance
Trump's journey from skeptic to crypto advocate was swift. In 2019, he called Bitcoin a "scam" and a threat to the dollar. However, by 2024, with crypto businesses investing at least $238 million in political campaigns (surpassing traditional lobbying) and $18 million donated to the inauguration, the rhetoric had changed dramatically. Promises to make the US the "crypto capital of the planet" and a "mining superpower," to fire SEC Chairman Gary Gensler, and to create a strategic Bitcoin reserve became a decisive signal for the industry.
Family Meme Tokens: Conflict of Interest from the Start
The first steps after the victory drew mixed reactions. The launch of the TRUMP meme coin on January 18, 2025 (via CIC Digital LLC) attracted $5 billion in market capitalization within hours, with FDV reaching $27 billion. The MELANIA token followed. This sparked a wave of criticism and accusations of violating constitutional prohibitions on receiving benefits from foreign governments. A report by House Representative Jamie Raskin dated November 25, 2025, directly points to the transformation of the presidency into a "personal financial structure." The Trump Organization denies the allegations, but the stain remains.
Regulatory Reversal and Laws
After the inauguration, pressure began to ease. An executive order on January 23, 2025, initiated a review of SEC cases against Coinbase, Kraken, ConsenSys, and Cumberland. In February, the SEC stated that meme coins are not securities. In the summer of 2025, Congress passed the GENIUS Act — the first federal law on stablecoins, introducing requirements for reserves and audits. Simultaneously, the CLARITY Act is advancing, having passed a key vote in the Senate Banking Committee (15 to 9).
Strategic Bitcoin Reserve: A Bold Promise with Nuances
The most prominent promise was fulfilled on March 6, 2025. The reserve was created from 328,322 BTC confiscated by the state (1.5% of the total supply). However, the plan met with skepticism: there is no mechanism for replenishment via taxpayers, raising questions about its strategic value. For comparison, China holds 190,000 BTC in reserve.
Pardons and "Crypto Winter"
Trump pardoned Binance founder Changpeng Zhao, BitMEX co-founders, and Ross Ulbricht. However, despite the friendly policies, the market faced a "crypto winter" in early 2026. As noted by NPR, "industry-friendly policies do not guarantee a rising market — the crypto industry lives by its own cycles." Simultaneously, prediction markets (Polymarket, Kalshi) flourished, receiving a lenient regulatory regime.
Quantum Protection and Conclusions
On June 22, 2026, Trump signed two executive orders on transitioning to post-quantum cryptography, signaling serious state preparation for future threats to blockchain protocols.
My analysis: Most of the major promises have been formally fulfilled — the reserve has been created, CBDC has been blocked, and the SEC has changed course. However, the reserve is replenished through confiscations rather than purchases, reducing its market impact. The president's personal meme coins became a source of conflict of interest, and the market downturn showed that political support does not eliminate volatility. Despite investigations, there have been no tangible consequences for the administration so far. The main takeaway: the crypto industry gained access to power, but this does not guarantee sustainable growth — the market still lives by its own cycles, and investors should remain cautious.