Eric Trump’s rising crypto influence sparks concerns as lawmakers debate digital currency rules
President Donald Trump’s return to the White House has ignited enthusiasm within the cryptocurrency sector, with key players at the global Consensus conference praising his administration’s pro-crypto stance while stressing the urgent need for regulatory clarity.
“Across the board, it’s been a very encouraging three months,” said Lewis Cohen, a digital asset attorney at Cahill Gordon & Reindel, addressing the packed conference in Canada’s largest city on Wednesday.
Held annually, Consensus is the crypto world’s most influential gathering, and this year it became a platform for both optimism and anxiety as Eric Trump, a prominent figure in the digital currency landscape, was scheduled to speak Thursday. His expected remarks follow heightened scrutiny surrounding the Trump family’s direct involvement in blockchain ventures.
Eric Trump holds leadership roles in several crypto-related projects, including American Bitcoin and World Liberty Financial, and has lent his name to the popular $TRUMP meme coin. The coin experienced a surge in value after it was announced that top holders would be invited to a private dinner with the president at Trump National Golf Club near Washington on May 22.
The crypto industry has been a loyal supporter of Trump, contributing millions to his presidential campaign. Investors hope his administration will reverse what they describe as regulatory hostility under former President Joe Biden, whose government limited banks’ crypto involvement and backed enforcement-led oversight via SEC chairman Gary Gensler.
Annemarie Tierney, a regulatory expert at Liquid Advisors and former SEC official, welcomed the shift. “This is one of the most important things the SEC has done… I never thought I would see this,” she said, referring to the Trump-appointed SEC chair Paul Atkins dropping lawsuits against major exchanges like Coinbase and Kraken.
However, industry leaders were quick to point out that optimism alone is not enough.
Connor Spelliscy, who leads the Decentralization Research Center, urged Congress to act swiftly. “It’s so important that we establish some rules of the road for the industry before potentially the House switches,” he said, referencing Democratic skepticism toward crypto.
Lawmakers are currently debating two major bills. The first, a stablecoin bill, seeks to regulate cryptocurrencies tied to fiat currencies like the US dollar. While considered less contentious, the bill has been stalled by Democrats concerned over Trump’s increasing personal interests in the sector.
The second bill aims to create a comprehensive regulatory framework for the entire digital asset market—akin to traditional stock market oversight. “This administration needs to put these rules in writing,” Tierney said. “We need to build a framework that’s regulatorily solid.”
As the crypto world embraces Trump’s policy reversals, concerns about transparency, governance, and potential conflicts of interest continue to dominate behind the scenes. With the market evolving rapidly, all eyes now turn to Washington to define what comes next.
