US President Donald Trump's U-turn on crypto marked a real change for the digital asset sector in the US and outside its shores.
While that did give a boost to the crypto sector, the momentum has changed since Bitcoin hit an all-time high in October.
According to David Bailey, who formerly advised the Trump administration on cryptocurrency, the US government authorities should take more measures to encourage the adoption of Bitcoin.
He added that it is no longer just "liking Bitcoin" but needs to go well beyond that rhetoric.
On Tuesday, Bailey, at the Bitcoin Investor Week Conference in New York, said, "The Trump administration was a very important first step, but you know there is so much further for us to go and not just in talk but in actual delivery."
Bailey is now both CEO and chairman of KindlyMD, a Bitcoin treasury firm.
During his campaign for the presidency, Trump consistently expressed strong backing for Bitcoin and the entire cryptocurrency sector.
The US government has yet to initiate purchases of Bitcoin beyond what has been seized from illegal activities, even after the executive order signed in March 2025 aimed at creating a Strategic Bitcoin Reserve.
David Sacks, the White House expert on artificial intelligence and cryptocurrencies, hinted that the accumulation process will be more complicated than it appears just two months after Trump issued the executive order.
He made it clear that the United States could buy more Bitcoin if it could find a way to pay for it without increasing taxes or adding to the national debt.
Views on the probable result among industry players became more divisive as the year progressed.
Some people kept a cheerful attitude.
It is quite probable that it will happen by the end of 2025, according to Alex Thorn, who heads Galaxy Digital's research group.
This prediction was made in September, but is just that at the moment - a prediction.
Bailey noted that although Trump has been the first political figure to advocate for the broader perspective, merely holding an opinion is insufficient to propel Bitcoin’s value to $1 million.
Trump Lambasts Banking Industry
Beyond the Strategic Bitcoin Reserve, enthusiasts are closely watching the possible approval of the US CLARITY Act, which seeks to offer the sector greater regulatory transparency.
Trump said, “The U.S. needs to get Market Structure done, ASAP.”
The stablecoin law that Trump passed last year is "being threatened and undermined by the banks," according to Trump's Tuesday statement, which conveys his dissatisfaction with the financial sector.
Senate efforts to move a major measure regulating the cryptocurrency industry have stalled in recent weeks as the banking and crypto industries try to iron out a dispute over a clause in the GENIUS Act, which established rules for stablecoins.
Trump on his Truth Social noted, "The Genius Act is being threatened and undermined by the Banks, and that is unacceptable — We are not going to allow it. The U.S. needs to get Market Structure done, ASAP."
He added, "Americans should earn more money on their money,” he continued. “The Banks are hitting record profits, and we are not going to allow them to undermine our powerful Crypto Agenda that will end up going to China, and other Countries if we don’t get the Clarity Act taken care of."
The core issue at hand revolves around the GENIUS Act's restriction that prevents stablecoin issuers from offering interest to individuals merely for holding stablecoins.
The financial industry voiced its displeasure with the law shortly after its July enactment, claiming that it allowed third parties to incentivise stablecoin holders through a loophole.
Experts in the financial industry have pleaded with lawmakers to address the issue in the market structure laws that are expected to be implemented for cryptocurrencies.
These regulations aim to split the oversight of the digital assets sector between two agencies.
The Clarity Act is the name of the House bill that passed the House of Representatives in July of last year.
Trump noted, "The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage."
He added, "They need to make a good deal with the Crypto Industry because that’s what’s in the best interest of the American People. This Industry cannot be taken from the People of America when it is so close to becoming truly successful."
The ongoing disagreement has created significant challenges, hindering the Senate's ability to advance market structure legislation.
Despite numerous discussions held at the White House in recent weeks, a consensus has yet to be reached between the crypto and banking sectors.
Blockcast – Licensed to Shill: Designing Decentralization: Governance, Power, and the Validator Problem
This episode examines what happens when decentralization moves from whitepaper language to operational reality. Tanisha Katara joins the discussion to unpack three structural tensions inside modern crypto governance: validator power concentration, voter apathy, and the emerging role of AI agents in decision-making systems.
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Blockcast is hosted by Head of APAC at Ledger, Takatoshi Shibayama . Previous episodes of Blockcast can be found here , with guests like Fredrick Gregaard (Cardano Foundation), Daren Guo (Reap), Yat Siu (Animoca Brands), Kean Gilbert (Lido), Joey Isaacson (Nook), Kapil Dhiman (Quranium) Eric van Miltenburg (Ripple), Davide Menegaldo (Neon EVM), Anastasia Plotnikova (Fideum), Jeremy Tan (Singapore parliament candidate), Hassan Ahmed (Coinbase) and more on our recent shows.
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