Trump's Cryptocurrency Presidency: Power and Policy Collide

The Trump administration's approach to cryptocurrency regulation has undergone significant changes since January 2025. Initially, the US was considered one of the most litigious major jurisdictions for digital assets, with ambiguous jurisdiction and an exodus of builders offshore. However, by summer 2026, a stablecoin law had been passed, the SEC no longer treated most tokens as securities, and perpetual futures were authorized.

Despite these developments, the regulatory landscape has become increasingly uncertain. The deadline for finalizing rules under the GENIUS Act passed on July 18 with no action taken. The CLARITY Act, a market-structure bill supported by the industry, is stalled in the Senate, and prediction markets put its odds of becoming law this year at roughly one in three.

The concentration of regulatory power in the hands of one man has become a major obstacle for the industry. This person also happens to be the largest single financial beneficiary of cryptocurrency regulation. The SEC's reversal on tokens as securities, the CFTC's expanded role, and the Supreme Court's ruling in Trump v Slaughter have all contributed to this shift.