From campaign promises to real executive orders: interim results of Trump's crypto policy
The 2024 election campaign was built on the promise of making the U.S. the global crypto capital. Now, at the midpoint of the presidential term, it's time to assess which of Donald Trump's bold statements have turned into real actions and which remain mere rhetoric.
The administration positioned itself as the most crypto-friendly in history. By mid-2026, the picture has become clearer: some ambitious initiatives have been implemented, but complex economic bills are stuck in the legislative labyrinths of Congress.
From Criticism to Support: A Complete Reversal
It's worth recalling that Trump's path to the status of "crypto president" was rocky. As early as 2019, he called Bitcoin a "scam" and a threat to the dollar. However, by 2024, the rhetoric had changed dramatically. The crypto industry became a powerful source of funding: at least $238 million was spent on political campaigns, and $18 million on the inauguration, of which $4.9 million came from Ripple Labs.
Fulfilled Promises
The most significant step was the creation of a strategic Bitcoin reserve. The executive order was signed in March 2025. The reserve is formed from assets confiscated by the state, without purchases at taxpayer expense. As of now, the U.S. holds 328,322 BTC, which is 1.5% of the total supply. For comparison, China holds 190,000 BTC.
Another important achievement is the passage of the GENIUS Act, the first federal law on stablecoin regulation. It introduced clear requirements for reserves, audits, and issuance, opening a legal path for issuers to the U.S. market.
The SEC has completely changed course: lawsuits against Coinbase, Kraken, ConsenSys, and Cumberland have been dropped, and memecoins have been officially excluded from the regulator's oversight. The development of a digital dollar (CBDC) has also been blocked.
Notably, pardons were granted to key industry figures: Binance founder Changpeng Zhao, BitMEX co-founders, and Silk Road creator Ross Ulbricht. These steps sent a powerful signal to the market.
Controversial Points and Unfulfilled Promises
The launch of the family memecoins TRUMP and MELANIA sparked a wave of criticism and accusations of conflict of interest. TRUMP's market cap exceeded $5 billion within hours, with an FDV reaching $27 billion. This raised concerns that the president was using his office for personal enrichment and triggered investigations.
A broader bill on the structure of the crypto market (the CLARITY Act) has not yet passed all stages of approval. Although it was approved by the Senate Banking Committee, the final vote is still pending.
Challenges and Prospects
Despite the friendly policies, the market faced a "crypto winter" in early 2026. This clearly demonstrates that political will does not override market cycles. However, it's worth noting the flourishing of prediction markets like Polymarket, which received a soft regulatory regime and became a notable part of the crypto economy.
Analyst's conclusion: The Trump administration formally fulfilled most of its bold promises, creating a precedent for state support of the crypto industry at the highest level. However, the real impact on the market has been twofold. On one hand, we have clear regulatory frameworks for stablecoins and a strategic reserve. On the other, the president's personal memecoins and conflict of interest undermine trust in the institution, while the lack of progress on the CLARITY Act leaves the market in limbo. The key lesson here is: political support is a powerful tool, but it does not guarantee success. The market operates by its own rules, and even the most crypto-friendly president cannot eliminate volatility.