A new report crunches the numbers on federal law enforcement actions on crypto firms under President Trump. Dozens of companies received leniency, but Web3, fintech, and AI were the biggest beneficiaries.
This shift came as part of a coherent strategy fueled by over $1 billion in campaign contributions. These corporations eased attacks on themselves and rewrote federal policy to prevent future action.
How President Trump Eliminated Crypto Enforcement
Since President Trump won the election, he’s been a huge player in the crypto industry, and this is especially true for federal law enforcement.
Regulators have dropped dozens of high-profile cases, and their ability to prosecute future ones has also been diminished.
There’s an ambient belief that corruption is happening, and this is causing political blowback, yet most casual observers can’t see the full picture.
Critics and supporters alike point to the most shocking and unprecedented incidents that capture the imagination. Crypto has ballooned Trump’s net worth, so observers assume that something illegal is going on.
This approach, however, can miss the forest for the trees. It’s not enough to feel a vague sense of unease; we need concrete data. To combat this visibility problem, Public Citizen compiled a comprehensive report on Trump’s war on crypto enforcement:
Crunching the Numbers
By zooming out a little, Trump’s crypto policy transforms into a vast campaign against federal enforcement.
In total, police agencies dropped enforcement actions against 165 companies since the 2024 election, and one-fourth of these were tech firms. Most corporations in this tranche were crypto, fintech, and AI firms, making Web3 the largest beneficiary.
Is this corruption, though? Trump’s campaign attacked Biden’s unfair crypto enforcement and promised to create business-friendly regulations. Where’s the quid pro quo? To understand this, it’s important to remember that Trump used to be an industry opponent:
Since Trump began his re-election campaign, crypto rallied behind him. The report points to vast campaign contributions from the industry, which amounted to at least $1.2 billion.
Prominent executives from firms like Gemini fiercely demanded reduced enforcement and still remain influential in Trump’s administration.
Many companies followed this blueprint. The full report is too large to examine here, but it includes pages upon pages of specific interactions.
A crypto firm donated to Trump, received leniency from federal enforcement, and maintains active connections today. These ongoing ties are the means to block future enforcement actions.
This concrete approach helps make the whole dynamic more legible. Dozens of firms in several industries received leniency.
Crypto, however, used Trump donations to spearhead a strategy against federal enforcement. The technique was so comprehensive that it might be impossible to reverse the changes in one Presidential term.
Some cynical observers have proclaimed that “crime is legal now,” and it’s clear to see why.
Many single incidents are unprecedented, but they combine to form a campaign that’s almost inconceivable. Concrete data like this can help savvy observers glimpse the full picture.
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