Trump’s Pro-crypto Stance, Regulatory Approach to Spur Digital Asset Development

The Trump administration’s pro-crypto posture and lighter regulatory approach will encourage broad market participation and prompt digital asset development, Skadden wrote in a recent note.

Federal policy signals support for innovation, particularly by traditional financial institutions, even as unresolved legal questions continue to shape risk.

The result is an environment primed for growth in new products and services, paired with ongoing uncertainty about compliance and enforcement.

This shift follows substantial regulatory activity in 2025. The administration issued an executive order on digital assets and federal regulators committed publicly to regulatory clarity. Meanwhile, multiple Securities and Exchange Commission (SEC) investigations were terminated. Congress enacted the Genius Act to regulate stablecoin issuance, while a presidential working group proposed a pro-innovation framework.

Lawmakers were unable to finalize the Digital Asset Market Clarity Act, leaving unresolved how regulatory authority should be divided between the SEC and Commodity Futures Trading Commission (CFTC).

Looking ahead to 2026, regulatory implementation rather than legislation will drive change. Stablecoin rules required under the Genius Act, including Office of the Comptroller of the Currency (OCC) regulations, are expected to emerge. Banks and other institutions will be able to issue stablecoins, but there will be disputes over yield and reward programs.

Tokenization of real-world assets is expected to expand, although regulators have indicated that tokenized securities remain subject to securities laws. The SEC is shifting toward guidance through its “Project Crypto,” while private securities litigation is expected to persist as courts continue applying the Howey test to diverse digital assets.

Attorneys advising transactional teams must assess regulatory readiness and allocate risk in deals involving stablecoins or tokenized assets. Ongoing uncertainty around property rights, collateral treatment, and securities classification complicates integration and compliance planning.

In-house counsel should anticipate private litigation exposure. They will have to align digital asset strategies with enterprise risk management, manage cross-border regulatory variation, and board oversight. For the time being, innovation is outpacing legal certainty.