When Donald Trump embraced blockchain technology during his presidential campaign, the crypto industry celebrated that they finally had an ally running for the top U.S. office. They didn’t expect to also get a competitor.
“It’s a horrible look for him, the industry, and the country,” said one crypto lobbyist representing major industry firms, who spoke with Fortune on the condition of anonymity to discuss sensitive client relationships. “No one really seems to care in the Trump administration.”
“The President is working to secure GOOD deals for the American people, not for himself. President Trump only acts in the best interests of the American public—which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media,” said White House spokesperson Anna Kelly in a statement shared with Fortune.
Democrats have introduced legislation that would limit his involvement with crypto, including a bill introduced by House Financial Services Committee ranking member Maxine Waters (D-Calif.) on Thursday called the Stop Trading, Retention, and Unfair Market Payoffs in Crypto Act of 2025, or Stop TRUMP.
“Nowhere is Trump’s blatant disregard and disrespect for the rule of law more apparent than in the way he has exploited the office of the presidency to promote shady, fraudulent crypto ventures that hold no real value, and serve no true purpose other than to pad his pockets,” Waters said in a statement shared with Fortune.
While crypto leaders have publicly supported Trump’s blockchain projects, arguing that it demonstrates his enthusiasm toward the sector, many still privately acknowledge that the memecoin dinner is a blemish on the industry—and could impede legislation. “Trump’s family crypto business dealings are really compromising the ability to get good policy in place,” said another person close to the crypto lobby, who spoke with Fortune on the condition of anonymity.
The other lobbyist said that while many in the industry are publicly supportive of the president, especially after a wave of industry-friendly regulatory actions, the dynamic is different behind closed doors, especially with Trump launching competitive products. “We’re all embarrassed and humiliated,” they said. “It’s so crypto to have this happen.”
