To what extent, and will Trump at all, fulfill his promises to the crypto industry?

Another year has passed, and crypto is at a decisive crossroads once again. After the industry survived a comprehensive regulatory crusade in the U.S. and weathered the last remnants of the last bear market, it seems that the digital asset industry is on the rise again. Everything suggests that 2025 will be the best year for cryptocurrencies yet.

But how exactly the industry will fare in this moment of opportunity is far from certain. Regulatory moves, technical updates, and market trends can still derail in a thousand different ways.

Here are some key questions that experts say will likely define the coming year and what their answers could mean.

One of the first questions that arises is how much political capital Donald Trump will be willing to spend on crypto?

In November, the victory of the newly elected president had a distinctly positive impact on crypto markets. It seems quite clear that the days when the U.S. government relentlessly attacked key players in the industry are over, which in itself is a huge development.

But will the Trump administration be willing to actively implement policies that industry experts say are crucial for ensuring long-term success?

– The end of hostilities will be a blessing in itself. But we need more than that – said Kristin Smith, executive director of the Blockchain Association, a prominent crypto lobbying group.

Although Trump made countless promises to the industry during his campaign, such commitments to specific electoral units routinely get lost in the shuffle once the president takes office and is overwhelmed by other, more pressing concerns.

– There will be many priorities in Trump’s administration. If we don’t have someone there who can execute them, that will be a problem – Smith said.

One positive indicator for Smith that digital asset policy could significantly advance in 2025 is the fact that, for the first time in history, Trump’s White House has appointed a dedicated person for artificial intelligence and crypto. Venture capitalist David Sacks accepted the position in early December.

The White House crypto advisor will ensure the implementation of requirements by coordinating the administration’s vision for digital assets within the White House, executive agencies, and Congress, Smith said.

Such a focus could have a huge and immediate impact on the strength, reach, and influence of cryptocurrencies.

Take, for example, the repeal of SAB 121, a rule from the Securities and Exchange Commission (SEC) that discourages U.S. banks from holding crypto assets. In May, a bipartisan majority in both houses of Congress voted to overturn the rule, but President Joe Biden soon vetoed that attempt.

If Congress is merely encouraged to re-pass the same law, and Trump signs it, that move could open a completely new chapter for crypto in the U.S., Smith argues.

– It really opens up a whole new market – she said.

While bitcoin and ethereum spot ETFs are currently trading on Wall Street, a plethora of concerns related to cryptocurrencies has kept most U.S. investors and businesses on the sidelines.

Allowing banks to hold cryptocurrencies themselves and adopting a draft law on core market structure that formally legalizes the industry would unlock a huge amount of TradFi capital for the digital asset industry, Smith said. Such fundamental steps would signal to a broader set of investors and market participants that crypto is a safe place, that they can come and invest here, and that developers can build new businesses here.

The difference between TradFi, which is currently just ‘dipping its toes’ into crypto, and full acceptance would be seismic. The industry could start feeling that difference in 2025.