--- title: "The Crypto Industry Got Everything It Wanted, and Now It’s in Crisis" description: "As momentum gathers and the world grows tired of lavish promises, tech execs are no closer to reaching a consensus on the future of crypto." date: "2025-03-06" modified: "2025-03-06" authors: - name: "Joe Wilkins" job_title: "Correspondent" link: "https://futurism.com/authors/jwilkins" url: "https://futurism.com/crypto-industry-trump-crisis" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "crypto" - "politics" --- # The Crypto Industry Got Everything It Wanted, and Now It’s in Crisis ![As momentum gathers and the world grows tired of lavish promises, tech execs are no closer to reaching a consensus on the future of crypto.]() *\Image: Getty / Futurism\* Life has never been better for the cryptocurrency industry. In its 16 short years of existence, the sector's eclipsed [$3 trillion]() in value, wormed its way into [state]() and [federal]() legislation, and [courted the favor]() of the president of the world's dominant economy. It's everything a tech grifter could want, and more. So how are crypto bros using their [newfound power]()? Mostly to complain, it turns out. Like the MAGA pundits who [still can't get over Michelle Obama](), the crypto industry is full of dogs who have finally caught their car. And similar to Trump's [broad-tent coalition]() of techno-libertarians and ultra-nationalists, the crypto industry is a [fractured mess]() of competing interests and petty infighting. There are the ever-present [grifters and speculators]() who see crypto only as a get-rich-quick scheme. They often butt heads with the [cryptolibertarians](), the true believers who hope the blockchain will usher in a golden age of capitalism. Then there are the "[techtrepeneurs]()" — the institution builders whose platforms the whole thing depends on. Though all lionize crypto in the quest for profit, their practical and ideological differences keep them at each other's throats. "They all hate each other," crypto investor Nic Carter [told *Politico*]() of the crypto industry. "But they hate outsiders more." Carter was speaking as basic crypto legislation struggles to gain serious traction in the US Senate. At the top of every crypto bro's mind is the so-called "[GENIUS act]()," a bill meant to define and regulate the government's definition of "[stablecoins]()," which are digital currencies tied to real-life ones, like the US dollar. So far, industry leaders and lawmakers alike have failed to come to any consensus that would indicate a shared vision of the crypto future. Central to the debate is which faction will reap the benefits from the GENIUS act, seen as the first step in legitimizing crypto in the eyes of the law. As currently written, the bill would stop international stablecoin users from accessing US treasury securities, a major cash cow for stablecoin issuers, and the CEOs whose bottom lines depend on international crypto trade. "I'm getting a strong feeling that this toxic stablecoin legislation is negatively impacting Bitcoin price and hurting confidence in crypto," [posted Chris Pavlovski](), the founder of Rumble on X-formerly-Twitter. "Who's pushing this garbage?" "Very troubling," [responded Paolo Ardoino](), the founder of Tether, the most widely traded stablecoin. "While our competitor's business model should be to build a better product and even bigger distribution network, their real intent is 'kill Tether,'" [he pined](), referencing crypto executives like Circle's Caroline Hill and Coinbase's Grant Rabenn, who have both [lobbied congress]() to crack down on stablecoins used by international criminals. "I personally believe that no company should be allowed to reference the US dollar without having democratic values inside of the company, inside of the US-backed stablecoin," Hill [told a panel of lawmakers]() last year, complaining that Tether enables [money laundering]() and terrorism throughout the globe. Though they have a vested interest in taking down Tether, they raise a good point. The growth of crypto has been a godsend for blood sucking hucksters throughout the world — not all of them [criminals](). While clamping down on Tether would only enable a competitor to step into its place, this seedy side of crypto can't be overstated — especially if Commerce Secretary and [crypto shark]() Howard Lutnick expects to have any hope of building Trump's promised [strategic crypto reserve](). Things are also rocky on that front, to say the least. In place of a regular "crypto council" chaired by industry leaders — a plan that fell apart due to infighting — a [broad tent]() of moguls and tech execs will instead meet at the first White House [crypto summit]() tomorrow. While the promises grow grander by the minute, it'll be interesting to see if attendees can come to an actual consensus, or if the industry remains a decentralized mess. If it does, there's a threat looming over it: that Trump — previously an outspoken crypto critic turned [industry ally]() — runs out of his infamously thin patience. If the industry can't succeed despite all the power in the world, he just might cut them loose. **More on crypto:** [*The Vast Majority of Trump's Net Worth Is Now in His Meme Coin*]() ## Author At Futurism, I focus on the intersection of technology and power — examining the economics, history, and politics behind today’s dystopian headlines. As a writer, I’m interested in topics ranging from AI’s impact on labor to startups nobody asked for. My prior work includes bylines in Jacobin, Verso, and Blue Labyrinths. My work for Futurism has been cited by publications including Forbes, The Guardian, MIT Technology Review, Time, The Nation, Mother Jones, The Verge, and Wired. I grew up in Michigan, attending Central Michigan University as well as Ball State University, where I earned a master of music. I now live in Brooklyn with my girlfriend and our cat Ziti. On weekends, you can find me hunched over a cold pint arguing geopolitics with the other transplants. ### Author social links [Bluesky]()