Trump's New Crypto Policies: A Year of Promises and Controversies

Since taking office in January 2025, President Trump’s policy actions in the cryptocurrency sector have been swift and distinctive. A series of executive orders, personnel appointments, and legislative pushes are attempting to turn his campaign promise of “building a crypto-friendly America” into reality.

However, alongside the policy benefits, controversies over personal market involvement, interference with financial regulators, and policy uncertainties have made this “crypto revolution” filled with complex games and risks.

I. Campaign Promises: High-profile Embrace of the Crypto Industry

Trump’s attitude toward cryptocurrencies has undergone a thorough public transformation. During his first term, he harshly criticized cryptocurrencies as “a disaster waiting to happen,” believing they lacked intrinsic value. However, this stance shifted 180 degrees during the 2024 election cycle.

This shift is closely linked to the massive political donations from the crypto industry. Trump’s team became the first major party campaign to accept cryptocurrency donations, receiving various digital assets like Bitcoin and Ethereum through channels such as Coinbase. A political action committee called “Trump 47” quickly raised substantial crypto donations. At the Nashville Bitcoin Conference in 2024, Trump made a series of core promises, establishing his image as the “Crypto President”:

● Relaxed Regulation and Crackdown: Promised to halt regulatory actions dubbed “Operation Chokepoint 2.0” (alleged government efforts to restrict crypto businesses through the banking system) and ordered federal agencies to stop “attacking” cryptocurrencies.

● Support for Bitcoin Mining: Declared a desire for “all Bitcoin to be mined in the U.S.” and pledged to enhance America’s mining competitiveness by increasing electricity production.

● Establishment of Advisory Bodies: Planned to create a “Bitcoin and Cryptocurrency Presidential Advisory Committee” to provide direct policy communication channels for the industry.

● Opposition to Central Bank Digital Currencies (CBDC): Clearly opposed government-issued digital currencies, aligning with the libertarian ideals of the crypto community.

These promises successfully garnered support from many crypto practitioners and investors, making the crypto industry an important source of campaign funds and political allies.

II. Policy Implementation: From Executive Orders to Legislative Advancement

After taking office, the Trump administration took a series of concrete actions, with speed and scope exceeding many observers’ expectations.

1. Signing Key Executive Orders to Set Policy Tone

Just three days into his term, on January 23, 2025, Trump signed an executive order titled “Strengthening America’s Leadership in Digital Financial Technologies.” Considered a flagship document of his crypto policy, its core points include:

● Protecting individuals and entities’ rights to use public blockchain networks for legitimate purposes without undue interference.

● Encouraging the development of legitimate USD stablecoins and consolidating the dollar’s position in the global digital economy.

● Establishing a “Presidential Digital Asset Market Working Group” led by the Treasury Secretary, Attorney General, and Commerce Secretary to coordinate policies.

2. Reshaping Regulatory Agencies and Directions

Trump swiftly appointed crypto-friendly officials to key regulatory agencies, reversing the regulatory atmosphere of the Biden era:

● At the Securities and Exchange Commission (SEC), he first appointed Republican Commissioner Mark Uyeda as Acting Chair, then nominated long-time pro-deregulation advocate Paul S. Atkins as Chair. The SEC quickly revoked the so-called “Staff Accounting Bulletin No. 121” (which required classifying crypto assets as liabilities), and established a “Crypto Assets Special Working Group” led by crypto-friendly Commissioner Hester Peirce, aiming to foster an environment that encourages innovation rather than enforcement.

● The government also set up the “Office of Digital Assets and AI Affairs,” led by prominent venture capitalist David Sacks, responsible for coordinating crypto policies and legislation.

3. Promoting Congressional Legislation for a Long-term Framework

While executive orders can be implemented quickly, a clear and lasting legal framework requires legislation in Congress. The Trump administration prioritized pushing comprehensive crypto legislation.

● Market Structure Act: Aims to resolve long-standing jurisdictional disputes between the SEC and the CFTC, clarifying classifications and regulatory authorities for various digital assets. The House version, the “Clear Act,” was passed in July 2025, with a Senate hearing considered a key milestone in January 2026.

● Stablecoin Legislation: Major progress was made in 2025 on legislation like the “GENIUS Act,” which seeks to establish a federal regulatory framework for stablecoins. The deadline for drafting related regulations is July 18, 2026, but disputes over “stablecoin reward arrangements” and other issues continue.

● Trump stated at the Davos World Economic Forum in January 2026 that a comprehensive crypto bill is expected to be submitted soon and that passing this legislation will be a government priority.

4. Symbolic Measures: Bitcoin Strategic Reserves

In March 2025, Trump signed an executive order announcing the establishment of a U.S. Bitcoin Strategic Reserve, calling Bitcoin “digital gold.” According to the latest information, the plan is still underway, but funding is strictly limited to assets seized and confiscated by law enforcement, without using public funds to buy on the open market. This is largely seen as a political symbol, linking Bitcoin to national strategic interests.

III. Controversies and Risks: Personal Interests, Central Bank Interventions, and Uncertainty

Despite rapid policy progress, Trump’s crypto strategy is accompanied by significant controversies and potential risks.

1. Deep Personal Market Involvement

Trump and his family members are heavily involved in the crypto market, raising serious concerns about conflicts of interest:

● Before taking office, he launched a personal-themed “Meme Coin”—$TRUMP coin. The coin’s price surged due to his influence, but reports indicated his team sold off holdings after the price rose, potentially earning hundreds of millions of dollars, causing many retail investors to suffer losses. This highly speculative, value-less personal token issuance has been criticized as leveraging presidential influence for market manipulation.

● Trump’s adult children are also actively involved in NFT and blockchain investments. The family-linked “World Free Finance” platform directly engages in crypto asset trading. This “both referee and player” situation damages the credibility of policy.

2. Market Disruption from Statements and Policies

Trump’s statements can immediately and significantly impact the crypto market. For example, comments about “delaying tariffs on China” or “using cryptocurrencies to settle national debt” can trigger instant market rallies; subsequent policy reversals or tariff threats may cause sharp declines and liquidations. This “statement-driven market” pattern intensifies speculation and instability, with accusations of exploiting informational advantages for dual-sided market manipulation.

3. Long-term Risks from Interfering with Federal Reserve Independence

To stimulate the economy (and potentially benefit risk assets like cryptocurrencies in the short term), Trump has frequently publicly pressured Fed Chair Powell to cut interest rates rapidly and significantly, even considering appointing a more “obedient” successor after Powell’s term ends on May 15, 2026. Such political interference with central bank independence could undermine the dollar’s credibility and financial stability in the long run, creating unpredictable foundational risks for the crypto market.

IV. Outlook for 2026: Key Milestones Shaping the Future

2026 will be a critical year for the formation of the U.S. crypto regulatory framework. The following dates are crucial:

1. January 2026: Senate Market Structure Bill hearing, SEC may introduce an “Innovation Exemption” mechanism.

2. May 15, 2026: End of Fed Chair Powell’s term; successor choice will influence global monetary policy and risk asset trends.

3. July 1, 2026: California’s “Digital Financial Assets Law” takes effect, serving as a nationwide benchmark given the state’s tech prominence.

4. July 18, 2026: Deadline for the release of the “GENIUS Act” stablecoin regulatory details.

5. November 3, 2026: U.S. midterm elections. The current narrow Republican majority in Congress is a key factor for advancing crypto legislation. A change in election results could abruptly halt legislative momentum.

Over a year into his term, Trump’s actions demonstrate a rapid fulfillment of his core campaign promises to relax regulation and embrace crypto, from regulatory personnel reshuffles to legislative pushes, leading to a fundamental shift in the U.S. crypto policy environment.

However, this politically driven “crypto revolution” is intertwined with strong personal interests, distortions of market rules, and impacts on traditional financial governance.

The ultimate question remains: will this lead to a healthier, more innovative market, or a fragile bubble deeply entangled in political speculation and short-term gains? Many key decisions in 2026 will provide initial answers. For industry players and investors, while embracing policy benefits, it is crucial to remain aware of the significant uncertainties and non-market risks that accompany these developments.