Since Trump’s Election, Crypto Has Experienced a Wild Year-long Ride

Since Trump’s Election, Crypto Has Experienced a Wild Year-long Ride

One year into Trump’s return to the White House, his 2025 crypto policy shows both swift progress and deep gridlock. The administration scored major wins by passing landmark stablecoin legislation and appointing regulators seen as friendly to digital-asset innovation, signaling a sharp policy shift from the previous era.

However, broader regulatory reform has slowed amid a historic government shutdown and partisan divides in the Senate. While the White House continues to champion crypto-friendly initiatives, procedural bottlenecks have delayed implementation and oversight efforts. The result is a mixed picture rapid advancement in some areas, but stalled momentum in others, leaving markets and institutions watching how far Trump’s pro-crypto agenda can realistically go.

The first big win: the GENIUS Act becomes law

In July, Congress passed and President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), creating a federal framework for payment stablecoins. Treasury and other agencies have opened implementation dockets and begun the rulemaking process.

What the GENIUS Act covers

• Federal definitions and guardrails for payment stablecoins

• Supervision and prudential standards for issuers

• Interagency coordination on supervision and consumer protections

• A staged rulemaking timeline via Treasury/financial regulators
  These steps are now moving through notice-and-comment.

Personnel signals: SEC and OCC leadership shifts

Paul S. Atkins took office as SEC chair on April 21, 2025, with early messaging focused on competitive, innovation-friendly rule reviews. Jonathan V. Gould was sworn in as Comptroller of the Currency on July 15, 2025. Together, these appointments point to a regulatory posture more open to digital-asset activity within existing prudential bounds.

Early priorities at the SEC

Atkins’ SEC has signaled interest in clarifying digital-asset rules and revisiting prior approaches criticized as “regulation by enforcement,” while coordinating with banking regulators on custody and disclosures. (Formal proposals are pending.

Executive action: Strategic Bitcoin Reserve

In March, the administration unveiled a Strategic Bitcoin Reserve executive order, outlining use of bitcoin already in government possession and positioning a broader digital-asset stockpile strategy. Market participants are watching for procurement, custody, and transparency details as agencies translate the order into practice.

The drag factor: record-setting federal shutdown

The current shutdown now the longest in U.S. history has diverted congressional bandwidth and furloughed staff critical to drafting and negotiating broader crypto market-structure legislation. It has also slowed certain agency processes that require appropriations-linked staffing. The Guardian+3Politico+3The Guardian+3

Where market-structure legislation stands

A House-advanced market-structure effort remains stalled in the Senate amid broader budget brinkmanship. Lobbyists now anticipate a longer runway for comprehensive trading/custody rules unless a bipartisan deal revives the calendar.

Industry reactions and repositioning

Trade-group leaders say the policy reversal has encouraged firms to expand U.S. operations and hiring, but they also warn that unresolved market-structure issues and the shutdown are delaying product approvals and capital-markets access. (Statements from industry executives noted below.

What Trump crypto policy 2025 means for issuers, exchanges and banks

Stablecoin issuers
Clearer licensing/supervision pathways under the GENIUS Act; compliance buildouts underway pending final rules.

Exchanges/brokers
Awaiting SEC/CFTC market-structure clarity; shutdown-induced delays could push timelines.

Banks/custodians
OCC leadership is expected to clarify custody and on-ramps in coordination with SEC/Treasury.

Key risks that could reshape Trump crypto policy 2025

• Prolonged shutdown affecting rulemaking capacity

• Partisan shifts in 2026 midterms altering legislative math

• Implementation frictions as agencies harmonize prudential and market rules

Context & Analysis

While 2025 delivered the first federal crypto statute aimed at stablecoins, the absence of finalized market-structure rules leaves trading, custody, and disclosure standards unsettled. If the shutdown persists and midterm dynamics tighten, timelines could slip, increasing the value of administrative guidance and limited-scope rulemakings.

Conclusion

Trump’s first year brought a mix of decisive action and political constraint. The administration pushed forward the GENIUS Act, made pro-innovation regulatory appointments, and issued a bold Bitcoin reserve order moves that underscored its commitment to digital-asset growth.

Yet, momentum has been tempered by a record government shutdown that slowed broader implementation. The near-term outlook now depends on resolving funding negotiations and determining whether agencies can advance targeted proposals that pave the way for comprehensive market-structure clarity.

FAQs

Q : What is the GENIUS Act and why does it matter?

A : It’s the 2025 federal framework for payment stablecoins, setting definitions, oversight mechanisms, and rulemaking paths.

Q : Did the U.S. create a government Bitcoin reserve?

A : Yes. An executive order established a Strategic Bitcoin Reserve using tokens already held by the government.

Q : Who leads the SEC and OCC now?

A : Paul S. Atkins leads the SEC, while Jonathan V. Gould heads the OCC.

Q : How has the shutdown impacted crypto policy?

A : It has delayed Senate action on market-structure legislation and slowed several agency workstreams.

Q : What’s next for exchanges and brokers?

A : They await SEC and CFTC proposals on trading, custody, and disclosures; timelines depend on budget resolutions and rulemaking progress.

Q : Is 2026 likely to change the policy path?

A : Midterm elections could shift congressional control, influencing bill prospects and oversight priorities.

Q : Where can I follow updates on Trump crypto policy 2025?

A : Check agency press rooms, Regulations.gov dockets, and Congress.gov for official updates.

Facts

• Event
  One-year review of U.S. crypto policy under Trump

• Date/Time
  2025-11-08T22:00:00+05:00

• Entities
  U.S. Treasury; Securities and Exchange Commission (SEC); Office of the Comptroller of the Currency (OCC); White House; U.S. Congress

• Figures
  GENIUS Act enacted (Public Law 119-27); SEC chair sworn in (2025-04-21); OCC Comptroller sworn in (2025-07-15); longest U.S. shutdown on record (36+ days as of Nov. 5) The Guardian+3Congress.gov+3SEC+3

• Quotes
  “Since day one he has issued executive orders …” Cody Carbone, CEO, The Digital Chamber (statement provided by source)
  “A complete reversal of federal crypto policy …” Kristin Smith, President, Solana Policy Institute (statement provided by source)
  “We’ve seen digital asset companies reshore operations …” Summer Mersinger, CEO, Blockchain Association (statement provided by source)

• Sources
  Congress.gov; SEC; OCC; Reuters; Politico (see below)