Trump's Pro-Crypto Policy and Family Involvement Amid Regulatory Shifts
Donald Trump shifted from early skepticism toward cryptocurrencies to an aggressive pro-crypto policy during his administration. This included issuing executive orders and appointing regulators aligned with a pro-crypto agenda aimed at developing a comprehensive U.S. regime for digital assets and stablecoins.
The GENIUS Act became law, enacting stablecoin legislation, while a broader market-structure bill advanced in the House but stalled in the Senate due to procedural hurdles and budget delays. The administration pursued a plan to establish the United States as the global leader in crypto, assembling a dedicated crypto team and undertaking actions described as a 'golden age' for the sector, including the creation of 'Project Crypto' led by Paul Atkins.
Strategic long-term crypto stockpiles were proposed, consisting of one in Bitcoin and another in various other tokens, serving as strategic reserves. The Trump family's involvement in crypto was extensive: WLFI raised over $550 million via a KYC token sale, with approximately 22.5 billion WLFI tokens controlled by the family and valued around $5 billion when WLFI traded near $0.23. The Trump family also had involvement in TRUMP and MELANIA memecoins.
Democrats expressed concerns about possible conflicts of interest given the Trump family's crypto ties. At a House hearing on December 2, officials avoided providing direct answers regarding presidential conflicts of interest.
Regulatory appointments and enforcement actions shifted toward a pro-crypto stance. Paul Atkins replaced Gary Gensler as a key advocate for crypto policy. The Commodity Futures Trading Commission (CFTC) pushed for leveraged spot crypto products, while the Securities and Exchange Commission (SEC) considered developments in on-chain markets.
