TL;DR
The Trump administration is rapidly deregulating cryptocurrency, bypassing Congress and invoking emergency powers, while the president's family profits from the industry, raising serious conflicts of interest.
Cryptocurrency prices have rebounded to around $79,000, but the bigger story is the regulatory collapse. The Senate's Clarity Act is stalled, but the SEC and CFTC have vowed to write rules on their own. The SEC has unveiled a 400-page proposed rule, 'Regulation Crypto', creating exemptions and safe harbors for issuers.
The president's crypto circle
Trump met with crypto executives at the White House, boasting he had 'ended the war on crypto'. These executives have collectively donated nearly $60 million to his campaign. Trump also name-dropped Hyperliquid, a niche crypto platform, hoping the CFTC would help bring it into the US.
A feast of conflicts
Public Citizen estimates that investors in Trump's crypto ventures have lost $4.7 billion. A majority of Americans, including half of Republicans, believe Trump's businesses influence his decisions. The OCC approved a bank charter for the Trump family's World Liberty Financial, despite numerous comments about conflicts of interest.
Regulatory overreach
The CFTC has invoked emergency powers for the first time since 1980 to stop states from shutting down prediction markets. It has sued nine states and ordered Kalshi to ignore a court order, citing a 'market emergency'. Critics call the move 'unprecedented and frankly outrageous'.
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