"Make Crypto Great Again": What Trump's Return Means for the US Crypto Industry

An Analysis, September 2025

The turmoil of the 2024 presidential election is now in the past, and Donald Trump's second administration is nearing the end of its first year in the White House. Along with his return, drastic policy shifts have begun in numerous sectors, but few have experienced a turnaround as dramatic as the digital asset industry. The campaign slogan "Make Crypto Great Again," once perceived by many as a populist ploy, has now transformed into concrete actions that are fundamentally changing the place and role of crypto in the American economy.

The U.S. crypto community, which largely supported Trump after growing weary of the previous administration's "regulation by enforcement" approach, is now seeing the first fruits of its expectations. But what is actually happening, and what will the consequences of these moves be?

The First Casualty: The End of the Gensler Era at the SEC

One of the most symbolic and impactful moves of the Trump administration was the departure of Gary Gensler as Chairman of the Securities and Exchange Commission (SEC). Gensler's tenure is remembered for numerous lawsuits against the industry's largest players, including Coinbase, Ripple, and Binance. His approach, which suggested that nearly every crypto asset should be considered an unregistered security, had created a constant atmosphere of uncertainty and fear.

Following his departure, President Trump nominated Hester Peirce—an SEC commissioner long known for her "Crypto Mom" moniker and pro-industry stance—to lead the agency. This appointment sent a clear message to the market: the era of punitive action is over. A shift in the SEC's rhetoric is already noticeable; there are calls for settling lawsuits and engaging in dialogue with the market, suggesting that many long-standing disputes will end in settlement agreements.

The War on the Digital Dollar: A Cold Shower for the Central Bank's Ambitions

True to one of his key campaign promises, Trump signed an executive order in his first few months in office freezing all federal research and development programs for a Central Bank Digital Currency (CBDC). "I will never allow the creation of a Central Bank Digital Currency," he had declared, calling it an "existential threat to financial freedom."

This move garnered widespread support from both the crypto community and civil liberties advocates, who were concerned that a CBDC could give the government unprecedented power to monitor and even restrict citizens' financial transactions. With this action, Trump not only broke from the policies of the previous administration but also positioned the U.S. as a defender of financial privacy, in contrast to China and other nations that are actively implementing their own digital currencies.

Unlocking Innovation: Regulation is Replaced by Promotion

A comprehensive executive order is being discussed within the White House, aimed at creating an "American Digital Asset Framework." It is expected to include the following points:

• Legal Clarity: A clear distinction will be drawn between digital assets, determining which will be treated as commodities (under the jurisdiction of the CFTC) and which as securities (under the SEC), ending years of ambiguity.
• Business Promotion: The licensing processes for crypto exchanges, wallet providers, and other services will be streamlined at the federal level, reducing bureaucratic hurdles.
• The U.S. as a Blockchain Hub: Federal agencies will be instructed not to obstruct but to study and even apply blockchain technologies in public administration.

This policy is a direct response to the "crypto drain" seen in recent years, where numerous American companies and talented professionals relocated to Dubai, Switzerland, or Singapore in search of a more favorable environment. The administration's message is clear: America is once again open for crypto business.

Conclusion: Euphoria with a Hint of Caution

Donald Trump's return has undoubtedly ushered in a new era for the American crypto industry. The market is filled with optimism, investment capital has begun to flow back into the country, and the pace of innovation is visibly accelerating. However, alongside this euphoria, there are also concerns. Will the sharp deregulation lead to a new speculative bubble and a rise in fraud, harming ordinary investors? How will the U.S. balance the promotion of innovation with its international obligations to combat money laundering?

The answers remain unknown, but the direction has been set. "Make Crypto Great Again" is no longer just a slogan but a component of U.S. economic policy. Its long-term success will depend on finding the right balance between a free market and the necessary protective safeguards.