The 2024 US presidential election brought crypto policy to the forefront of political debate for the first time. The winning administration made explicit promises to position America as the global leader in cryptocurrency and blockchain innovation. Over a year into the term, we can now evaluate what has been accomplished against what was pledged.
This scorecard examines the major policy areas, assigns grades based on progress, and identifies what remains unfinished. If you invest in crypto or build in the space, US policy directly affects your opportunities and risks.
What Was Promised
The campaign trail produced several concrete crypto commitments. The most headline-grabbing was a proposal to establish a US Bitcoin strategic reserve, positioning BTC alongside gold as a national reserve asset. Other promises included ending the SEC's enforcement-first approach, passing stablecoin legislation, and ensuring that crypto mining remains legal and unregulated.
Behind the headlines, the industry pushed for specific regulatory reforms: rescinding SAB 121 to enable bank crypto custody, creating a clear token classification framework, establishing CFTC jurisdiction over spot crypto markets, and preventing a central bank digital currency (CBDC) that could compete with private stablecoins.
The crypto industry backed these promises with significant financial support. According to Reuters, crypto-related political contributions exceeded $130 million during the 2024 election cycle, making the industry one of the largest corporate political spenders. This investment created high expectations for policy delivery.
What Has Been Delivered
The GENIUS Act is the biggest legislative achievement. Passing with bipartisan support in late 2025, it created the first federal framework for stablecoin issuance. This was a clear win for the industry and addressed one of the longest-standing regulatory gaps. Grade: A.
SAB 121 rescission was another significant win. Removing the accounting bulletin that forced banks to record crypto as liabilities opened the door for traditional financial institutions to offer custody, trading, and other crypto services. Multiple major banks expanded crypto offerings within months. Grade: A.
The SEC's shift from enforcement to rulemaking has been meaningful but incomplete. The new token classification framework is a step forward, but final implementation details are still being worked out. The number of enforcement actions dropped, but several high-profile cases from the previous administration remain in litigation. Grade: B+. For more on the SEC changes, see our detailed analysis of SEC crypto regulation in 2026.
What Is Still Pending
The Bitcoin strategic reserve proposal has progressed to the study phase but has not resulted in any actual BTC purchases by the US government. The Treasury Department commissioned a feasibility study, and congressional hearings have been held, but no legislation authorizing purchases has passed. The proposal faces opposition from fiscal hawks in both parties. Grade: C.
CFTC jurisdiction over spot crypto markets remains unresolved. While both the SEC and CFTC have expressed willingness to establish clear boundaries, the enabling legislation, known as the Market Structure Bill, has been delayed by disagreements over which tokens fall under each agency's authority. Grade: C+.
The anti-CBDC position has been the easiest promise to keep, as no CBDC development was underway. The administration issued an executive order prohibiting the Federal Reserve from issuing a retail CBDC without congressional authorization, but this largely codified the status quo rather than changing anything. Grade: B. As reported by CoinDesk, the market structure debate may extend into 2027.
Industry Lobbying Impact
The $130 million in political spending produced measurable results. Every major legislative win, from the GENIUS Act to SAB 121 rescission, had strong industry lobbying behind it. Crypto PACs successfully supported pro-crypto candidates in both parties, shifting the political calculus for lawmakers who might otherwise have been indifferent or hostile.
The revolving door between government and crypto companies has also accelerated. Several former SEC and CFTC officials joined crypto firms, while industry executives took advisory roles in the administration. This creates more informed policymaking but also raises conflict-of-interest concerns.
For you as a voter and investor, the takeaway is that crypto policy is now a permanent part of the political landscape. Future elections will include crypto positions, and industry spending will likely grow. The companies and tokens that benefit most from favorable regulation have a financial incentive to maintain political engagement. For a broader view of how institutional players are engaging with crypto, see our full analysis.
Overall Grade
The overall grade for US crypto policy progress through early 2026 is B+. The administration has delivered on stablecoin legislation, bank custody access, and a friendlier SEC posture. The unfinished items, including market structure legislation, CFTC jurisdiction, and the Bitcoin reserve, are significant but may still be addressed before the end of the term.
Compared to the 2022-2024 environment, the improvement is dramatic. The US has moved from one of the most hostile major jurisdictions for crypto to one of the most accommodating. This shift is reflected in the return of crypto companies from offshore domiciles and the surge in US-based crypto venture funding.
The risk going forward is complacency. Favorable policy can be reversed by future administrations, and the crypto industry's political support is concentrated in a relatively small number of lawmakers. Building durable, bipartisan support rather than relying on one party's enthusiasm is the industry's long-term challenge. See our guide on crypto regulation by country for how the US compares globally.
FAQ
Will the US create a Bitcoin strategic reserve?
It remains possible but uncertain. The feasibility study is complete, and some lawmakers support the concept. However, purchasing Bitcoin with taxpayer funds faces political opposition, and the treasury management implications are complex. A more likely near-term outcome is the US holding Bitcoin seized through law enforcement rather than making market purchases.
Has the new SEC chair been good for crypto?
By most industry metrics, yes. Enforcement actions targeting legitimate companies have decreased, a token classification framework has been published, and the SEC approved multiple crypto ETFs. Critics argue the pendulum has swung too far toward deregulation, potentially exposing retail investors to increased fraud risk.
How does US crypto policy compare to Europe?
The US and EU have taken different but complementary approaches. Europe's MiCA regulation provides a comprehensive framework but is more prescriptive, with specific rules for every token category. The US approach is more market-driven, with broader principles and less detailed rulebooks. Both are far ahead of most Asian and developing market jurisdictions in regulatory clarity.
