One year since Trump's election: The crypto industry benefits greatly from friendly policies

A year ago, President Donald Trump was re-elected, but many advocates in the crypto industry admit they feel like they have aged many years in the 12 tumultuous months, as the industry went through highs and disappointing lows in the quest for favorable policies in America.

Trump returns to the White House with broad support from crypto voters and expectations from many top industry leaders that he will protect their positions in the American financial system. In many respects, this belief has yielded results.

From the beginning of his term, he signed executive orders to promote a crypto-friendly policy and established a Bitcoin reserve fund to hold government assets as a long-term investment.

“From day one, he issued an executive order and urged agencies to pay attention to digital assets, while leveraging blockchain to increase transparency in government,” Cody Carbone, CEO of Digital Chamber, told CoinDesk.

In Congress, the crypto industry has shifted from being an “outsider” in 2022 to a top priority in 2025, thanks to strong backing from the President, who has consistently urged allied lawmakers to take action. A prime example is the GENIUS Act becoming law, marking the first successful major crypto policy effort in America.

The Department of Finance and banking agencies under Trump have begun the process of implementing the GENIUS Act, a procedure that spans public consultation phases and multiple rule proposals. This is seen as a preparatory step alongside more significant laws aimed at establishing a legal framework for the US crypto market beyond stablecoin issuers. Although the House has passed the related bill, the Senate has yet to take action.

Trump also made important appointments in financial regulatory agencies. Paul Atkins, a crypto supporter, was confirmed to lead the SEC and committed to prioritizing industry-friendly policies. Jonathan Gould, a former lawyer specializing in crypto, was appointed to head the OCC. Kristin Smith, President of the Solana Policy Institute, commented: “The past year has created what many thought was impossible: a complete reversal of federal policy on crypto, transforming America from a country controlled by enforcement into a leader in the global digital economy.”

However, this process also faces difficulties. The Trump administration had to deal with a record-long government shutdown, affecting the legislative work of the Senate, particularly the crypto market structure bill – a primary goal of the industry. Additionally, products and public offerings needing approval from the SEC were also stalled. The project to establish a federal crypto reserve fund has not gone beyond the planning stage and may require action from Congress to be completed.

Trump's relationship with crypto businesses is also controversial. Opposition members criticize his and his family's personal involvement in many projects, notably the fact that major investors in Trump's memecoin were invited to a private event with the President, including many foreign investors.

Despite the successes in appointing regulatory agencies and the policy process, public support for Trump has sharply declined. A year after his re-election, 58% of voters are dissatisfied with his management, especially among the younger voter group that once hoped for his return.

Recent state elections reflect a shift in voter sentiment, as they tend to favor Democratic candidates. If this trend continues into the midterms of 2026, the Democratic Party could regain a majority in the House, forcing Trump's crypto agenda to adjust towards bipartisan cooperation in the final two years of his term.

Nevertheless, industry advocates still acknowledge that Trump's first year achieved unprecedented progress. Summer Mersinger, CEO of the Blockchain Association, stated: “Digital asset companies have shifted operations to America, expanded their presence, and increased their workforce thanks to support from President Trump and a crypto-friendly Congress.”

Thạch Sanh