Donald Trump became the 47th president on January 20, 2025. In his first 200-plus days, legal outcomes and regulatory moves have favored major crypto firms and founders. Several prosecutions and investigations were reduced, paused, or overturned, affecting figures and firms such as Do Kwon, Nathan Chastain, Gemini, Coinbase, Binance, Consensys, Robinhood, and Uniswap. High-profile industry figures have obtained closer access to the administration. Stablecoin issuance plans proliferated, aided by the GENIUS Act becoming law in at least one jurisdiction. Federal posture toward a bitcoin reserve leans toward seizure rather than market purchases, and open-source technology remains central to industry operations.
Terra/Luna founder Do Kwon reached a plea agreement with the Department of Justice, finding him guilty of just two of the total nine charges for losing investors over $40 billion over the course of days. The second circuit overturned the conviction of former OpenSea product manager Nathan Chastain for insider trading. The SEC dropped its cases against the cryptocurrency exchanges Gemini and Coinbase, paused its lawsuit against Binance and reportedly ended its investigations into Consensys, Robinhood, and Uniswap.
On the regulatory side, things are also looking up, with everybody and their mother announcing plans to issue stablecoins, from Ripple to the state of Wyoming, thanks to the only legislature that has so far made it into law: the so-called GENIUS Act. And while we still have no idea how much bitcoin the U.S. Government holds, as 200-plus days are apparently not enough to round up a comprehensive audit, the cheer for the bitcoin strategic reserve continues -
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