From campaign slogans to real executive orders: what Trump has (and hasn't) done for the crypto industry halfway through his term
Donald Trump's 2024 election campaign was built on a promise to turn the United States into the world's "crypto capital." Now, at the midpoint of his second presidential term, it's time to take stock. The administration positioned itself as the primary ally of digital assets, and by mid-2026, the overall picture has emerged: some high-profile statements have taken the form of laws, but complex economic initiatives remain stalled in Congress.
The path to this friendly stance was rocky. As early as 2019, Trump called Bitcoin a "scam" and a threat to the U.S. dollar. However, by 2024, the crypto industry had become a powerful source of funding and electoral support, pouring at least $238 million into political campaigns. Rhetoric changed dramatically: Trump promised to fire SEC Chairman Gary Gensler, create a strategic Bitcoin reserve, halt the development of a digital dollar (CBDC), and end regulators' "war" on crypto businesses.
First Steps: Meme Coins and Conflict of Interest
Immediately after the victory, even before the inauguration, Trump launched the TRUMP meme coin, whose market capitalization exceeded $5 billion within hours. It was followed by the MELANIA token. These actions sparked a wave of criticism. Experts and lawmakers accused the president of violating the constitutional ban on receiving benefits from foreign governments. Simultaneously, the family crypto business developed, giving rise to accusations of conflict of interest. Congressman Jamie Raskin published a report claiming the presidency had become a "personal financial structure," increasing the family's wealth by billions of dollars through cryptocurrency schemes.
Regulatory Reversal and the Stablecoin Law
Amid the scandals, the administration began fulfilling its promises. The SEC dropped its pursuit of Coinbase, Kraken, and other major players. In February 2025, the commission officially stated that meme coins are not securities. The culmination was the passage of the GENIUS Act in the summer of 2025—the first federal law regulating payment stablecoins. The document introduced strict requirements for reserves and audits, providing issuers with a legal path to the market.
Strategic Reserve: Loud but Ambiguous
The most prominent promise—creating a strategic Bitcoin reserve—was fulfilled in March 2025. However, the market's joy quickly turned to skepticism. The reserve is formed exclusively from government-confiscated Bitcoins, without new purchases at taxpayer expense. The U.S. share (328,322 BTC) amounts to only 1.5% of the total supply, casting doubt on the proclaimed ambition of a "superpower."
In parallel, Trump pardoned Binance founder Changpeng Zhao and Silk Road creator Ross Ulbricht, which was seen as a signal of loyalty to the industry.
"Crypto Winter" and the Quantum Threat
Despite all the political support, the market noticeably declined in early 2026. As analysts rightly noted, "friendly policy does not guarantee a rising market—the crypto industry lives by its own cycles." At the same time, the administration took an important step toward the future by signing decrees on transitioning to post-quantum cryptography to protect infrastructure.
Analyst's Verdict. Formally, most promises have been fulfilled, but the depth of the changes raises questions. A reserve without active purchases, a stablecoin law without comprehensive market regulation, and family tokens amid investigations—this is more of a "cosmetic repair" than a fundamental restructuring of the system. The market, in turn, has shown that political will does not override macroeconomic cycles and volatility.