Industry leaders at Consensus 2025 call for urgent regulation amid political momentum and growing presidential ties
The world’s largest cryptocurrency conference, Consensus 2025, has seen a wave of optimism following Donald Trump’s return to the White House, but top industry figures are pressing the US government to deliver long-awaited regulatory clarity.
“Across the board, it’s been a very encouraging three months,” said Lewis Cohen, a lawyer specialising in digital assets at New York-based Cahill Gordon & Reindel, as he addressed attendees in Toronto. The conference, known as the longest-running event in the crypto world, convened thousands of blockchain advocates, investors, and policy experts.
Donald Trump’s administration has been warmly received by the crypto community, particularly as Republicans now control Congress. Yet, many legal experts say the industry still faces uncertainty without firm legislation governing the space.
Adding to the attention is Eric Trump, who is scheduled to speak later this week. Eric has entrenched himself in the sector through ventures like American Bitcoin, World Liberty Financial, and the meme-inspired $TRUMP coin. The token experienced a spike in value after announcing that top holders would be invited to a dinner with the president on May 22 at Trump National Golf Club near Washington.
The proximity of the Trump family to crypto has raised concerns about conflicts of interest, but for now, the focus remains on the regulatory landscape.
US crypto investors were key financial supporters of Donald Trump’s campaign, contributing millions with the expectation that his leadership would reverse the tough stance held by the Biden administration. Many at the conference expressed frustration with former President Joe Biden’s policies, which included limitations on banks handling crypto and aggressive enforcement actions by former SEC chair Gary Gensler.
“There’s a chance to reset the relationship,” said Annemarie Tierney of Liquid Advisers, a regulatory veteran and former SEC official. She noted the significance of current SEC Chair Paul Atkins dropping enforcement actions against leading platforms like Coinbase and Kraken.
“This is one of the most important things the SEC has done. I never thought I would see this,” Tierney added.
Despite the enthusiasm, critics of digital assets remain vocal. They warn that cryptocurrencies function largely as volatile, speculative assets with minimal practical utility. A collapse, they argue, could reverberate through the broader economy.
Supporters, however, view the space as a revolutionary step toward financial independence and decentralisation, free from the influence of traditional banking powers. Some fear that without proper regulation, the grassroots ethos of the sector could be wiped out by institutional dominance.
Connor Spelliscy, who leads the non-profit Decentralization Research Centre, emphasised the urgency for action: “It’s so important that we establish some rules of the road for the industry before potentially the House switches,” he said, alluding to concerns that a future Democratic majority might reverse recent policy shifts.
Congress is currently weighing two major crypto bills. The first — a relatively non-controversial stablecoin bill — aims to regulate digital assets pegged to the US dollar. Its progress has been stalled by Democratic opposition, particularly over Trump’s growing ties to the industry while in office.
The second bill, far more ambitious, seeks to establish a comprehensive regulatory framework akin to the stock market, governing the wider digital asset ecosystem.
“This administration needs to put these rules in writing,” Tierney concluded.
“We need to build a framework that’s regulatorily solid.”
