Trump's Crypto Ambitions: Halfway There, but Still Far from the Promised Paradise
The 2024 election campaign became a turning point: Donald Trump, previously skeptical of digital assets, transformed into their primary political ally. Two years into his presidential term, now is the perfect moment for an interim audit. Which of the loud promises have been realized, and which remain mere campaign rhetoric?
The Trump administration has indeed changed the regulatory landscape. The most significant steps include signing an executive order to create a strategic Bitcoin reserve and passing the GENIUS Act, the first federal law on stablecoins. The SEC has halted its pursuit of major players, including Coinbase and Kraken, and agency head Gary Gensler has left his post. Formally, the "war" on crypto business has ended.
However, beneath the facade of victories lie nuances. The reserve of 328,322 BTC was formed exclusively from confiscated assets — there is no talk of purchases using budget funds. The prediction market has received the "green light," but the broader market structure bill (CLARITY Act) remains stalled in the Senate. The development of the digital dollar has been halted, but this is more of a symbolic victory.
The shadow side of the crypto agenda has been family meme tokens. The launch of TRUMP and MELANIA brought billions of dollars in market capitalization but sparked a wave of criticism and accusations of conflict of interest. Congressmen point out that the presidency is being turned into a tool for personal enrichment through cryptocurrency schemes. For now, this remains at the level of investigations, but the bad taste, as they say, lingers.
Special attention should be paid to the executive order on transitioning to post-quantum cryptography. This is a step that goes beyond market conditions and speaks to a strategic vision: the administration is preparing for the threats that quantum computing poses to blockchain protocols. This is a signal for the entire industry.
My analysis: Trump's political course has given the industry a long-awaited respite and legal frameworks, but has not solved the main problem — market cyclicality. The "crypto winter" of early 2026 clearly showed that even the most friendly regulator cannot eliminate volatility. Investors should remember that political support is not a guarantee of growth, but merely one factor in a complex market ecosystem.