Trump’s First Year Back Sparks ‘Complete Reversal’ in U.S. Crypto Policy
One year into his second term, President Trump has spurred a major shift in U.S. crypto policy, bringing both legislative wins and legislative setbacks.Summary
One year after Donald Trump's re-election, the cryptocurrency industry has experienced a wild ride marked by a "complete reversal" of federal crypto policy, transforming the U.S. from a regulation-by-enforcement jurisdiction to one aiming to lead the digital economy. This shift is evidenced by executive orders promoting friendly crypto policies and the passage of the bipartisan GENIUS Act for stablecoins. Furthermore, Trump appointed crypto supporters like Paul Atkins to lead the SEC and Jonathan Gould to the OCC, prioritizing friendly regulations. However, progress on broader legislation, such as the market structure bill, has been stalled by the longest-ever federal government shutdown, which has diverted legislative energy and furloughed necessary staff. Other initiatives, like establishing a government Bitcoin reserve, remain in planning stages. The relationship is complicated by Trump's personal interests in digital assets, leading to potential conflicts of interest, and his declining public approval ratings, which could threaten Republican control in upcoming midterms and potentially slow bipartisan action on crypto legislation.
(Source：CoinDesk)