The initial "Trump bump" in crypto faded quickly in 2025, with Bitcoin trading near post-election levels and some cryptos down 45% YTD. However, the administration remains committed to making the U.S. the "crypto capital of the world."

Early actions include dropping SEC cases against crypto firms, appointing pro-crypto Paul Atkins as SEC chair, creating a White House AI & Crypto Czar position, and hosting a Crypto Summit. Plans for a U.S. Strategic Bitcoin Reserve and a Digital Assets Stockpile signal crypto's growing importance.

Still, major steps remain. The U.S. lacks clear crypto regulations, and Bitcoin mining policies need clarity. The government has yet to commit to Bitcoin purchases, though options like repurposing budget savings or revaluing gold reserves are being considered.

Bitcoin is the top beneficiary of Trump’s policies, recognized as a strategic asset. "Wall Street cryptos" like Chainlink, Ondo, Aave, and Ethena, which bridge traditional and blockchain finance, could also gain. Additionally, Layer-1 blockchains like Ethereum, Solana, and Cardano may be prioritized for innovation.

With time, executive orders could lead to legislation, keeping the Trump bump alive.