In 2025, the start of the year saw significant changes in U.S. policy direction. The Trump administration signed the "Genius Act," which established the legal framework for federal stablecoins and announced the creation of a national strategic Bitcoin reserve—containing 200,000 confiscated Bitcoins valued at $17 billion.

The regulatory environment for cryptocurrencies has also been noticeably relaxed. The most notable development is the pardon of Binance founder Zhao Changpeng. Meanwhile, internal government-backed crypto projects have gained development space—crypt assets invested by the Trump family (including WLFI tokens and "Trump" themed coins) have achieved over $1 billion in profits, with the "Trump Coin" reaching a market cap of $14.5 billion at one point.

Of course, these policy adjustments are not without controversy. Critics, including Senator Elizabeth Warren, pointed out that these measures carry risks of rent-seeking behavior and pose significant concerns for financial stability. The balance between policy support and risk regulation has become a focal point of industry discussion.