First Pro-Crypto US Administration: Breakthrough or Bust?

The arrival of Crypto Week in Washington on July 14, 2025, signals the administration’s continued focus on the cryptocurrency sector—balancing efforts to regulate, and occasionally deregulate, the fast-evolving space. The year’s first half offers a mixed picture: notable gains alongside lingering disappointments.

Wins for Crypto Community

A major early highlight was former President Trump granting a full pardon to Ross Ulbricht, the convicted founder of Silk Road, on his first day in office. Ulbricht’s case had resonated with early Bitcoin advocates, who saw his sentence as disproportionately harsh after 12 years. Alongside him, the CEO trio from BitMEX (Arthur Hayes, Benjamin Delo, and Samuel Reed) also received pardons for financial crime charges—offering some reassurance amid ongoing legal proceedings targeting Bitcoin mixer developers.

Regulatory relief arrived with Gary Gensler’s departure as SEC chair, paving the way for the agency to offer a more welcoming environment. Under new direction, the SEC has stepped back from aggressive enforcement, engaging with industry leaders and experts—such as former commissioners Hester Peirce, Mark Uyeda, and Paul Atkins—to rethink how crypto is classified and regulated. Notably, memecoins were rebranded as “collectibles,” easing previously applied constraints.

Early 2025 also saw the establishment of a Crypto Task Force intended to foster clarity and structure. The SEC has since dropped lawsuits against major platforms like Coinbase and Ripple, signaling a more measured approach compared to the Gensler era.

Disappointments and Ongoing Concerns

A campaign promise from Trump—building a strategic Bitcoin reserve—brought disappointment. Rather than purchasing new BTC, the administration simply reclassified approximately 200,000 seized bitcoins via executive order on March 6, 2025. Without acquiring fresh reserves, many in the crypto community feel this misses the mark. Furthermore, an audit ordered alongside the initiative, originally due in April, has yet to be published.

On the stablecoin front, Trump reiterated opposition to government-controlled digital currencies, advocating for privately-issued ones and endorsing the GENIUS Act to regulate them. The bipartisan bill has been delayed by late-stage amendments aimed at limiting political participation in crypto markets—introduced when top officials considered potential conflicts, like those involving Trump family members (including ventures like World Liberty Finance and memecoins associated with “Official Trump” and “Melania”).

These familial interests raise ethical questions, with critics voicing concern over possible misuse of influence—especially as Trump is estimated to have made at least $620 million from crypto-related ventures, per Bloomberg.

What’s Already Changed?

According to Carter Razink, co‑founder of stablecoin-based rewards company Spree Finance, the current environment—bolstered by the GENIUS Act and regulatory clarity—has reshaped how U.S. digital asset startups perceive risk. He explains:

“Together, these forces recalibrate the risk profile for digital‑asset startups and tilt the scales back toward American innovation… Pairing that technology scale with financial leverage positions America to dominate the next wave of financial technology.”

His firm’s experience with on‑chain stablecoin rewards mirrors this optimism. As regulatory frameworks stabilize, projects feel more integrated with both traditional finance and emerging digital infrastructure.