The Trump Administration, which began its term in January 2025, has ushered in a transformative period for cryptocurrency policy in the United States, aiming to position the nation as the global “crypto capital.” This shift marks a departure from the enforcement-heavy approach of the Biden era, with sweeping regulatory changes, executive actions, and legislative efforts designed to integrate digital assets into the mainstream financial system.
Galaxy’s comprehensive report, Crypto Policy Under Trump: H1 2025 Report, sheds light on many of these new developments.
Within days of taking office, President Trump signed two pivotal executive orders that signaled a pro-crypto agenda.
The first, the “Strengthening American Leadership in Digital Financial Technology” order, signed on January 23, 2025, revoked Biden’s Executive Order 14067, which had emphasized restrictive oversight of digital assets.
Trump’s order promotes self-custody, blockchain access, mining, and uncensored transactions while prohibiting the development of a U.S. central bank digital currency (CBDC).
It also established the President’s Working Group on Digital Asset Markets, chaired by David Sacks, the administration’s “Crypto and AI Czar.”
The group is tasked with delivering a federal regulatory framework within 180 days and reviewing existing regulations for potential rescission or modification.
The second executive order directed the Treasury Department to create a “Strategic Crypto Reserve,” including assets like Bitcoin, Ethereum, XRP, and Cardano, positioning cryptocurrencies alongside traditional reserves like gold.
This move triggered significant market reactions, with Bitcoin surging 9% to $93,000, Ethereum climbing 11% to $2,500, XRP rising 30% to $2.80, and Cardano soaring 60% to surpass $1.
The reserve aims to legitimize digital assets as critical components of the national financial system.
The Securities and Exchange Commission (SEC) has been a key player in reshaping crypto policy.
Under Acting Chairman Mark Uyeda, the SEC launched “Crypto 2.0,” a task force led by Commissioner Hester Peirce to develop clear regulatory boundaries and sensible disclosure frameworks.
The agency issued guidance clarifying that meme coins, protocol mining, staking activities, and payment stablecoins are not securities, reducing regulatory burdens for issuers and exchanges.
Additionally, the SEC rescinded Staff Accounting Bulletin (SAB) 121, allowing banks to custody client crypto assets, a significant reversal from Biden-era restrictions.
Banking regulators, including the Federal Reserve, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC), have also pivoted.
They eliminated “reputational risk” assessments that previously deterred banks from serving crypto firms, addressing the industry’s concerns about “Operation Chokepoint 2.0.”
These changes, combined with the appointment of crypto-friendly professionals like Caroline Pham as Acting Chair of the Commodity Futures Trading Commission (CFTC) and Travis Hill at the FDIC, signal a more open approach to fintech partnerships and tokenization.
On July 18, 2025, President Trump signed the GENIUS Act, the first federal law governing digital currency.
This legislation regulates stablecoins, sets clear rules for banks and issuers, and marks a historic recognition of crypto in U.S. law.
However, progress on broader market structure legislation, such as the Responsible Financial Innovation Act, faces hurdles.
Resistance from Trump’s right flank delayed the GENIUS Act’s passage, and concerns over the Trump family’s crypto ventures—including a memecoin, the USD1 stablecoin, and World Liberty Financial—have raised conflict-of-interest allegations, complicating Senate negotiations.
The Trump Administration’s pro-crypto stance has fueled optimism, with Galaxy Digital CEO Mike Novogratz predicting Bitcoin could reach $130,000–$150,000.
However, challenges remain, including potential volatility from speculative investments and unresolved regulatory questions around decentralized finance (DeFi).
The Working Group’s report will be critical in shaping a cohesive framework.
As traditional financial institutions like Morgan Stanley and BlackRock explore crypto services, the U.S. is expected by most industry observers to lead the global digital assets economy.