Introduction
President Donald Trump and his administration brought a significant shift to the crypto policy in the US.
This change marked a departure from the stringent regulatory approach of the previous Biden administration, moving towards a permissive and supporting stance.
During President Joe Biden’s tenure, federal agencies intensified their scrutiny of the crypto industry. The Department of Justice (DOJ) established the National Cryptocurrency Enforcement Team (NCET) in 2021 to combat crypto-related crimes. Simultaneously, under Chair Gary Gensler, the Securities and Exchange Commission (SEC) pursued numerous enforcement actions against major exchanges, including Coinbase and Binance, for alleged securities violations.
In 2023 alone, the SEC initiated 46 crypto-related enforcement actions, marking a 53% increase from the previous year.
The Biden administration also employed indirect measures to limit crypto’s growth. Agencies such as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve issued guidance discouraging banks from engaging with crypto firms, effectively debanking parts of the industry.
This strategy, reminiscent of the original Operation Choke Point, aimed to mitigate perceived risks associated with digital assets.
This is why the policy shift under the Trump administration was met with enthusiasm by many in the crypto industry. Exchanges, institutional investors, and retail traders see this deregulation as an opportunity for growth and innovation.
With reduced regulatory pressures and an aggressive move towards a national Bitcoin reserve, the industry anticipates a much more favorable environment in the next four years.
In this report, CryptoSlate will dive deep into the policy reversal that has reshaped the relationship between the US federal government and the crypto industry.
We will examine the aggressive enforcement campaign under the Biden administration, detailing key actions from the DOJ, SEC, and banking regulators, including creating the National Cryptocurrency Enforcement Team and the broader strategy known as Operation Choke Point 2.0.
The report will then analyze how the Trump administration has dismantled much of that framework in 2025 through Executive Order 14178 and the disbanding of the NCET.
By comparing regulatory priorities across administrations, assessing specific case withdrawals, and exploring the legal and market implications of this transition, the report aims to provide a thorough breakdown of the United States’ evolving approach to digital asset oversight.
