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Bitcoin reclaims $70K: Are institutions divided as a turning point nears?
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From Campaign Slogans to the GENIUS Act: An Audit of the "Crypto President's" First Year

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Crypto-Moo joined discussion · Jan 27 19:57
Last week, Donald Trump celebrates the first anniversary of his return to the White House.
Just last Wednesday night (January 21) at the World Economic Forum in Davos, Trump made a high-profile declaration that "rule-making power for digital assets has returned to Washington."
He touted the GENIUS Act as a signature achievement of his administration and called for the rapid passage of the *Clarity Act*. This strong stance not only instantly ignited sentiment in the crypto market but also brought a resounding conclusion to his first year back in office.
Standing at the beginning of 2026 and looking back, the president who once campaigned on the slogan "Make America the Crypto Capital of the Planet" has indeed fulfilled his campaign promises over the past 365 days.
Through a series of aggressive executive orders and legislative pushes, he has brought about earth-shattering changes to the digital asset market.
From the SEC withdrawing lawsuits to the signing of the *GENIUS Act*, the Trump administration, with an aggressive "bulldozer" approach, has nearly perfectly honored its top ten crypto promises.
However, with the shadow of the 2026 midterm elections looming and the unexpected delay of the Clarity Act in the Senate, this "Crypto Renaissance" is currently in the midst of an intense strategic struggle.
I. Campaign Promise Review: Aggressive Delivery and Regulatory Pivot
At his 2024 campaign rallies, Trump threw out ten major promises, vowing to end the illegal suppression of the crypto industry. One year later, how does the report card look?
From Campaign Slogans to the GENIUS Act: An Audit of the "Crypto President's" First Year
1. Regulatory "Overhaul" and Enforcement Pivot
(Driven by decisive personnel changes and a strategic pivot from "regulation by enforcement" to clear rulemaking guidelines.)
Trump's core promise was to end "regulation by enforcement." Upon taking office, he immediately appointed Paul Atkins to replace Gary Gensler as SEC Chairman.
"Atkins swiftly launched 'Project Crypto,' prioritizing regulatory clarity over retroactive litigation. This strategic pivot led to a re-evaluation of legacy enforcement actions, resulting in the resolution of approximately 60% of pending investigations—including the withdrawal of charges against Ripple executives and the conclusion of inquiries into the DeFi protocol Aave—to align with new clear-cut guidelines."
This regulatory loosening directly facilitated the market share expansion of compliant giants like Coinbase.
2. Establishing a Bitcoin Strategic Reserve
(Achieved legal legitimacy via Executive Order, but limited to passive retention rather than active fiscal purchasing.)
Trump promised to establish a national-level $Bitcoin (BTC.CC)$ reserve. In March 2025, he signed an executive order instructing the use of assets seized through law enforcement to establish a "Strategic Bitcoin Reserve."
While this has not yet evolved into large-scale active fiscal purchasing (like the El Salvador model), it marks the first time the U.S. government has strategically acknowledged the legitimacy of Bitcoin as a national reserve asset, sending a powerful geopolitical signal.
3. Stopping CBDC/Support Crypto Native
(Secured through legislative finality, making the ban a binding law rather than just temporary policy.)
To appeal to libertarian voters, Trump promised to ban Central Bank Digital Currency (CBDC). In July 2025, with the passage of the CBDC Anti-Surveillance State Act as a supporting provision, the door for the Federal Reserve to launch a retail digital dollar was formally closed by law, replaced by a comprehensive embrace of private stablecoins.
II. The Legislative Legacy of 2025: Stablecoins and Market Structure
The greatest legacy of Trump's first year is ending the status of cryptocurrency as a "legal wasteland" in the United States. July 2025 became known as "Crypto Legislation Month," where the advancement of three key bills reshaped the market landscape.
1. "Normalization" of Stablecoins: The GENIUS Act and Anti-CBDC Act
On July 18, 2025, Trump signed the Guidance and Establishment of National Innovation for United States Stablecoin Act of 2025 (GENIUS Act).
– Core Content: The act requires payment stablecoin issuers to hold 1:1 reserves in U.S. dollars or short-term Treasury bills and submit to regulation by the OCC (Office of the Comptroller of the Currency) or state-level regulators. Furthermore, the U.S. government will not issue a digital dollar to compete with issuers like USDC.
– Commercial Impact: This means compliant stablecoins like USDC and PYUSD are formally integrated into the U.S. banking regulatory system, viewed as "digital cash" rather than securities. This also cleared obstacles for Visa and Mastercard to adopt stablecoin settlement on a large scale.
2. Defining Asset Properties: The Clarity Act (Progress Stalled)
The Digital Asset Market Clarity Act (Clarity Act) aims to solve the age-old puzzle of "security vs. commodity." The bill creatively proposed a mechanism for converting "investment contract assets" to "digital commodities"—once a blockchain network is sufficiently decentralized, its tokens would automatically fall under CFTC jurisdiction, no longer subject to SEC securities laws.
However, the implementation of this bill has not been smooth sailing. Although it successfully passed the House in July 2025 with a vote of 294 to 134, as of early 2026, the review process has been formally postponed due to a tug-of-war over specific clauses in the Senate Banking Committee. T
his means that despite the House's green light, as long as the Senate does not stamp its approval, the re-division of regulatory authority remains legally "in limbo."
III. The Challenges of 2026: Interest Games and Midterm Elections
Despite a fruitful first year, entering January 2026, Trump's crypto agenda faces more complex realities and resistance.
1. The Battle for Stablecoin Interest: The Rift Between Banks and Crypto
Currently, the deadlock in the Senate regarding the market structure bill centers on "Stablecoin Rewards." Trading platforms like $Coinbase (COIN.US)$ wish to distribute interest generated by stablecoins (backed by Treasury yields) to users, but banking lobby groups argue this allows tech companies to conduct savings businesses without bearing bank compliance costs.
The Trump administration needs to find a balance between appeasing traditional Wall Street allies and fulfilling promises to the new tech elite.
2. Macroeconomic and High Inflation Constraints
Trump's aggressive tariff policies have pushed up inflation, with CPI rebounding to 2.6% by the end of 2025. A high-inflation environment may force the Federal Reserve to maintain high interest rates in 2026. While this benefits the yield of dollar stablecoins, it suppresses the valuation space for crypto assets as risk assets.
3. The Midterm Election Variable: Rational Forecasts from "Disruption" to "Deadlock"
The midterm elections in November 2026 are a focal point for the market. Current polls show significant fluctuations in Trump's approval ratings, and whether the Republicans can hold both houses of Congress remains uncertain. In response, the market should maintain a neutral and rational expectation:
– The Safety Net of "Stock" Laws:
Even if Democrats regain control of Congress, the likelihood of overturning laws that have already taken effect (such as the GENIUS Act and anti-CBDC laws) is minimal.
U.S. legislation has strong inertia; repealing signed commercial laws is not only procedurally cumbersome but would also trigger massive market turmoil. Therefore, the compliant status of stablecoins is an irreversible fact.
– Risks to "Incremental" Policies:
Risks are mainly concentrated in policies still under expectation or in process. If control of Congress changes hands, the *Clarity Act*, currently stuck in the Senate, could face indefinite shelving or even re-examination.  
A Democrat-led committee might tighten the definition of "decentralization," causing subsequent market structure reforms to fall into a deadlock. In short, a loss in the midterms won't put the industry in "reverse," but it is highly likely to cause the industry to slam on the "brakes."
Conclusion
In the first year of his administration, Trump successfully brought cryptocurrency from an emerging industry into the fold of formal Wall Street assets. He delivered on his promise to untie the industry's hands, but in doing so, he also introduced more complex traditional financial power plays.
For crypto investors, 2026 is shaping up to be a pivotal year. In the first half, attention will focus on whether the Senate can overcome legislative gridlock and advance the delayed Clarity Act.
In the second half, market sentiment is likely to be influenced by heightened political uncertainty surrounding the midterm elections.
As one industry analyst put it: "The door is open, and even if the wind changes, the door won't easily close—but the road ahead may become more crowded and slow."
From Campaign Slogans to the GENIUS Act: An Audit of the "Crypto President's" First Year
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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Crypto-Moo
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