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If nothing else, crypto in 2025 was defined by President Donald Trump.
Little more than one year ago, the crypto industry was engrossed in never-ending combat with financial regulators, fighting for clear rules and equal access to the financial system. Under the new Trump Administration, legal summons have given way to no-action letters.
What was once a volatile relationship between crypto and its regulators is now defined by open engagement, and for the first time in years, crypto builders are free to operate in the open without needing to wage continuous legal warfare with financial regulators.
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