Cynical observers might point to the fact that the crypto industry was the largest corporate donor in the 2024 elections, accounting for nearly half of all corporate contributions. Separately, Forbes reported in June that roughly 60% of Trump's current net worth is tied to crypto-related ventures, including a 40% stake in blockchain infrastructure company World Liberty Financial. The company launched the USD1 stablecoin in March this year, with its website proudly proclaiming, "inspired by Trump, powered by USD1".
It has been all action and adrenaline in the crypto world in recent days. But nowhere has the transformation been more dramatic, or politically charged, than in the US. Since returning to Washington, US President Donald Trump has moved swiftly: an executive order in January halting the US Federal Reserve’s digital dollar efforts; hosting the first-ever White House Crypto Summit in March; and establishing a Strategic Bitcoin Reserve, among other crypto-friendly moves. Mid-July, the president signed the GENIUS Act into law, the first major cryptocurrency bill to pass through Congress.
Under his second term, the much-embattled industry has transformed from regulatory scapegoat to Washington darling. And while this pivot aligns with Trump’s pre-election campaign promise to make the US the "crypto capital of the world", it marks a striking reversal. As recently as 2021, Trump was dismissive of cryptocurrencies (Bitcoin) as a "scam against the dollar". What changed?
