The cryptocurrency industry is enjoying unprecedented political support in Washington and renewed enthusiasm on Wall Street, as President Donald Trump moves to position the U.S. as a global leader in digital assets, CBS News reports.
At the Bitcoin 2025 conference in Las Vegas earlier this year, the largest in the event’s history, drawing over 35,000 attendees, industry leaders hailed the administration’s pro-crypto pivot as a turning point. Vice President JD Vance told the crowd,
“With President Trump, crypto finally has a champion in the White House.”
Earlier this year, more than 35,000 bitcoin enthusiasts descended on Las Vegas for Bitcoin 2025 – the largest-ever gathering of its kind, attracting an eclectic mix of high rollers … and true believers. https://t.co/4KmKgB7mAX
— CBS News (@CBSNews) August 11, 2025
The shift follows the signing of the Genius Act in July, allowing major corporations such as Walmart and Amazon to issue their own digital currencies. Lawmakers are also considering the first comprehensive bill to regulate cryptocurrency trading, after the sector spent more than $167 million backing pro-crypto candidates during last year’s election cycle.
Industry figures have played a key role in shaping the policy change. David Bailey, CEO of bitcoin holding firm Nakamoto and organizer of the Bitcoin 2025 conference, said the campaign highlighted the scale of crypto adoption to Trump, helping secure his endorsement per the report.
The renewed political backing comes as crypto is increasingly intersecting with traditional finance, from being used as mortgage collateral to new rules enabling it in 401(k) retirement plans.
Despite concerns over volatility and lack of consumer protections, administration officials have framed digital assets as part of the “mainstream economy” signaling a long-term policy shift likely to shape both U.S. markets and global crypto regulation.
This comes on the heels of another major announcement: the Trump administration has reaffirmed its commitment to creating a U.S. strategic Bitcoin reserve, according to Robert “Bo” Hines, executive director of the President’s Council of Advisers on Digital Assets. While the initiative was only briefly outlined in a recent crypto policy report, officials say it remains a key part of the administration’s long-term digital asset strategy.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
