A new regulatory cycle is quietly rewriting the rules of crypto.

In 2019, Donald Trump called Bitcoin a “currency for criminals.” In 2025, the U.S. crypto market is being reshaped around assets and platforms closely aligned with presidential interests.

I believe this is no longer a debate about innovation versus regulation. It is about political alignment versus market neutrality — and the emergence of a two-tier crypto economy: compliant, politically insulated incumbents, and everyone else.

This shift changes the risk model for institutions, founders, and capital allocators alike.

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