Since Donald Trump's return to the White House in January 2025, the cryptocurrency market has undergone tectonic changes. From a previously hostile regulatory environment under the Biden administration, the USA made a sharp turn towards supporting digital assets within just a few months. This is not just a change of policy — it is a full-scale transformation of the financial landscape, where cryptocurrencies evolve from a marginal asset to a mainstream tool.
The article is based on an analysis of recent data and statements from members of the Trump administration, as well as reports from leading media, including RBC, BBC, Bitget, and others.
🔥 Key initiatives of Trump: From words to actions
1.1. Creation of a government bitcoin reserve
One of Trump's most high-profile initiatives was the decree to create a national cryptocurrency reserve in the USA. The government ceased the sale of confiscated bitcoins and began a strategy of accumulating them. According to analytic platform Arkham, the US government currently holds about 200,000 BTC (approximately $18.7 billion at the rate in April 2025).
1.2. Legalization of stablecoins and adoption of the GENIUS Act
Under Trump, Congress passed the historic GENIUS Act, which for the first time in US history creates clear federal frameworks for stablecoins. This law:
Requires 100% backing of stablecoins with liquid assets.
Obliges issuers to disclose information about reserves monthly.
Opens the way for large banks and tech giants (e.g., Facebook, Amazon) to issue their own digital dollars.
1.3. SEC reform and the firing of Gary Gensler
Trump fulfilled his campaign promise — he fired SEC Chairman Gary Gensler, known for his tough approach to regulating the crypto market. He was replaced by Paul Atkins, an open supporter of the development of digital assets. A new position was also created — 'tsar' for AI and cryptocurrency, held by former PayPal head David Sacks.
📊 Market impact: Numbers and trends
2.1. Price dynamics and capitalization
Despite initial optimism, the market reacted ambiguously:
Bitcoin: Reached a peak (~$110,000) on the day of Trump's inauguration, but by May 2025 it had fallen by ~13%, trading around $95,000.
Ethereum: Showed a more significant decline — by ~48% over the same period.
Total cryptocurrency market capitalization: Decreased by >15% — to $2.97 trillion.
However, analysts expect long-term growth:
Bank Standard Chartered forecasts the price of bitcoin to reach $200,000 by the end of 2025.
The growth is attributed to the expected clarity of regulation and an influx of institutional capital.
2.2. Increase in the number of cryptocurrency holders
More than 20% of adult Americans already own cryptocurrency.
Active addresses in blockchains have doubled since the end of 2023 — to 220 million.
Leaders by activity: Solana (100 million addresses), NEAR (31 million), Base (22 million).
🏛️ Institutional changes: Who is driving the process
3.1. Key appointments in the administration
Trump strategically placed pro-cryptocurrency officials in key positions:
Howard Lutnick (former Cantor Fitzgerald executive who worked with Tether) — US Secretary of Commerce.
Elon Musk and Vivek Ramaswamy — heads of the Department of Government Efficiency (DOGE), responsible for reducing excessive regulation.
David Sacks (former PayPal executive) — 'tsar' for AI and cryptocurrency.
3.2. Trump's family business projects
Meme coins TRUMP and MELANIA were launched, which peaked at a capitalization of $14.5 billion and $2.2 billion respectively (though then fell by 83-97%).
The World Liberty Financial (WLF) platform has been created, which raised $550 million and announced the launch of the USD stablecoin.
Critics call this a 'conflict of interest', as the Trump family may benefit from their regulatory decisions.
⚖️ Regulatory framework: From bans to legalization
4.1. Cancellation of restrictive rules
Cancellation of rule SAB 121, which limited banks' ability to store cryptocurrencies.
Termination of numerous SEC investigations initiated under Gensler.
4.2. Pension reform — crypto-401(k)
On August 7, 2025, Trump signed a decree allowing the inclusion of cryptocurrencies in 401(k) pension plans. This:
Provides access to alternative assets for millions of Americans.
Requires the Department of Labor to develop risk management standards.
4.3. Combating money laundering (AML)
Despite liberalization, the administration tightened AML requirements:
Cryptocurrency exchanges and stablecoin issuers are required to conduct KYC checks and monitor suspicious transactions.
This aligns with the recommendations of FATF (Financial Action Task Force on Money Laundering).
🌍 Global implications: The dollar and the global financial system
5.1. Strengthening the dollar through stablecoins
The legalization of stablecoins is tied to US government bonds, which:
Increases demand for US government debt.
Strengthens the dollar's status as the world's reserve currency.
5.2. Risks to financial stability
Experts warn of potential threats:
Stablecoins may prove unstable with insufficient backing.
Outflow of money from banks into crypto could reduce lending to the economy.
A repeat of the 2008 crisis if reliable assets are repackaged into risky instruments.
🔮 What awaits the market next? Predictions and risks
6.1. Optimistic scenario
Bitcoin's rise to $200,000 by the end of 2025 (Standard Chartered forecast).
A massive influx of institutional investors — banks, pension funds, insurance companies.
The USA is becoming the 'crypto capital of the world', attracting projects and talent from other countries.
6.2. Risks and challenges
Volatility and speculation — especially in connection with the activity around Trump's meme coins.
Conflict of interest — regulatory decisions may be tailored to the business interests of the Trump family.
Macroeconomic factors — Federal Reserve decisions on rates remain a key driver for the crypto market.
💎 Conclusion: A new era or a bubble?
The Trump administration revolutionized the regulation of the crypto market — from hostile chaos under Biden to structured support. The main results so far:
✅ Legalization of stablecoins and creation of clear rules.
✅ Integration of cryptocurrencies into the traditional financial system (including pension plans).
✅ Growth of institutional participation and strengthening of the dollar's role.
However, risks remain — from potential instability of stablecoins to conflicts of interest within the Trump family. The success of this policy will depend on whether authorities can find a balance between innovation and stability.
As Trump himself stated: 'We embrace the future with cryptocurrency and leave behind the slow and outdated big banks.' It remains to be seen whether this future will be sustainable or will repeat the history of past bubbles.
