The crypto industry offered resounding praise for President Donald Trump during the opening of the world’s leading crypto conference on Wednesday, while legal experts emphasized the urgent need for regulatory clarity under the current Republican-led Congress.

“It’s been a very encouraging three months across the board,” said Lewis Cohen, a digital assets attorney with Cahill Gordon & Reindel, during a panel at Consensus, the world’s longest-running crypto conference, held this year in Toronto.

The Trump administration’s favorable stance on cryptocurrencies was a recurring theme, especially as Trump’s son, Eric Trump, prepares to speak at the conference on Thursday. Eric, a vocal crypto advocate, has drawn scrutiny due to his business ventures in the sector and his proximity to the White House.

Eric Trump is directly involved in the crypto space through ventures like American Bitcoin, and family-affiliated projects such as World Liberty Financial and the $TRUMP meme coin. The coin recently spiked in value after it was announced that its top holders would be invited to a dinner with President Trump, scheduled for May 22 at Trump National Golf Club near Washington.

Crypto investors played a significant role in Trump’s presidential campaign, pouring millions into his bid, hoping for a shift away from the previous administration’s skepticism toward digital assets.

Annemarie Tierney, a regulatory expert with Liquid Advisors and a former official at the Securities and Exchange Commission (SEC), welcomed the shift, calling it “a chance to reset the relationship between the industry and Washington.”

Under President Joe Biden, federal regulators had imposed restrictions on banks holding cryptocurrencies and enabled the SEC, led by Gary Gensler, to pursue aggressive enforcement actions.

In contrast, Trump’s newly appointed SEC Chair, Paul Atkins, has already reversed several high-profile cases against 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 remarked.

Calls for Clear 'Rules of the Road'

While critics continue to view cryptocurrencies as speculative and potentially destabilizing, advocates argue they represent a financial revolution — one that empowers individuals and reduces reliance on centralized banking systems.

Some warn that heavy-handed regulation could crush innovation and allow large financial institutions to dominate the space. However, Connor Spelliscy, director of the Decentralization Research Center, believes swift regulatory action is essential.

“It’s so important that we establish some rules of the road for the industry before the House potentially flips,” he said, referencing concerns that Democrats  seen as more hostile to crypto  could regain control of Congress.

Two key crypto-related bills are currently under consideration in Congress:

  • A stablecoin bill, designed to regulate digital currencies pegged to the U.S. dollar, is viewed as relatively non-contentious but has been delayed due to Democratic resistance, particularly over Trump’s growing influence in the crypto industry.

  • A second, more comprehensive bill seeks to establish a full regulatory framework for digital assets, akin to how stock markets are governed.

“This administration needs to put these rules in writing,” Tierney added. “We need to build a framework that’s regulatorily solid.”