From promises to executive orders: what Trump has actually done for the crypto market in half a term
In 2024, Donald Trump's election campaign was built on unprecedented support for digital assets. Now, at the midpoint of his presidential term, it is time to take stock. The administration positioned itself as the main political force friendly to the industry, but reality turned out to be more complex than campaign slogans.
From Criticism to Support
Trump's path to the status of "crypto president" was winding. Back in 2019, he called Bitcoin a "scam" and a threat to the dollar. However, by 2024, when the crypto business invested a record $238 million in political campaigns and donated $18 million for the inauguration, the rhetoric changed dramatically. Trump promised to make the US the "crypto capital of the planet," fire SEC Chairman Gary Gensler, create a strategic Bitcoin reserve, and halt the development of a digital dollar (CBDC).
Family Tokens and Conflict of Interest
The first steps after the victory drew mixed reactions. The launch of the TRUMP and MELANIA meme coins before the inauguration led to billions of dollars in market capitalization but also sparked a wave of criticism. Experts raised concerns about a possible violation of the constitutional ban on receiving benefits from foreign governments. Simultaneously, the family crypto business developed through the World Liberty Financial project, leading to accusations of a conflict of interest. A House of Representatives report directly called the presidency a "personal financial structure," although The Trump Organization denied these allegations.
Regulatory Reversal and Strategic Reserve
The most significant changes occurred in regulation. In January 2025, Trump signed an executive order to strengthen US leadership in digital finance. The SEC halted its pursuit of Coinbase, Kraken, and ConsenSys, and meme coins were removed from the agency's oversight. In the summer of 2025, Congress passed the GENIUS Act, the first federal law on stablecoin regulation, introducing clear requirements for reserves and audits.
The most prominent promise—creating a strategic Bitcoin reserve—was fulfilled in March 2025. However, the reserve is formed exclusively from confiscated assets (328,322 BTC, or 1.5% of total supply), without new purchases at taxpayer expense. This sparked skepticism among analysts: the mechanism turned out to be less ambitious than expected.
Pardons and "Crypto Winter"
Trump pardoned Binance founder Changpeng Zhao, BitMEX co-founders, and Silk Road creator Ross Ulbricht. These steps were seen as a signal of "settling old debts" to the industry. However, despite the friendly policies, the market faced a "crypto winter" in early 2026. As noted by NPR, political support does not override the market's own cycles. A separate trend was the rise of prediction markets (Polymarket, Kalshi), which received a lenient regulatory regime.
Quantum Security and Conclusions
One of the latest steps was executive orders on transitioning to post-quantum cryptography. This signals to the industry that the state is preparing for the risks quantum computers pose to blockchain protocols.
In summary: most of the loud promises have been formally fulfilled—the reserve has been created, the CBDC has been blocked, and the SEC has changed course. However, the reserve is replenished with confiscated assets, and the president's personal meme coins have become grounds for investigations. The market downturn showed that political support does not guarantee growth.
My assessment: The Trump administration successfully managed the task of normalizing regulation but failed in its attempt to stimulate the market through direct Bitcoin purchases. The industry gained clarity but not growth drivers. Further development will depend on macroeconomics and institutional adoption, not on White House decrees.