Trump Administration Seeks to Reshape Crypto Policy Through Executive Action and Stablecoins

U.S. cryptocurrency regulation has long been split between enforcement by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Digital Asset Market Clarity Act, or Clarity Act, was intended to clarify their respective jurisdictions. The Trump administration has also sought to establish stablecoin rules through the GENIUS Act, aiming to keep the dollar and the U.S. financial industry at the center of digital-asset infrastructure.

After the Clarity Act stalled in Congress, Trump stepped up pressure on lawmakers to pass it and accused the banking industry of undermining the GENIUS Act. Trump family-backed World Liberty Financial, meanwhile, has promoted its USD1 dollar stablecoin. Abu Dhabi-based MGX announced in May 2025 that it would use USD1 to complete a $2 billion investment in Binance, highlighting the overlap between the administration’s policies and the family’s crypto ventures.