Crypto industry heavyweights were in a buoyant mood last week for a series of panels at Digital Asset Summit 2025 in New York. More than 1,800 attendees and 750 institutions with some $1.2 trillion in AUM piled into the Javits Center for a three-day networking event that focused on key themes within the crypto community, including the macro case for digital assets, institutional adoption, and US crypto policy. 

After years of regulatory scrutiny and seeing their hopes for crypto legislation stall, Congress has moved forward with a stablecoin bill and the Securities and Exchange Commission (SEC) has ended its regulation by enforcement approach. Meanwhile, prominent exchanges have made improvements to crypto custody protocols that have helped pull in more institutional investors, setting the stage for deeper integration of digital assets with traditional finance. 

Below are a few top takeaways from the event:

### Trump Says US Will Dominate Crypto Moving Forward

Late Wednesday afternoon, DAS attendees began hearing rumors of a surprise speaker for the final day of the event. Blockworks, the conference’s presenting sponsor, announced a few hours later it was President Donald Trump. 

On Thursday morning, the 47th president addressed a standing-room only crowd at the Javits Center via video conference in a three-minute video where he proclaimed the crypto industry was poised to spark significant economic growth in the coming years.

“It’s an honor to speak with you about how the US is going to dominate crypto and the next generation of financial technologies,” he said. “It’s not going to be easy, but we’re way ahead.” 

Trump re-affirmed his administration’s commitment to pushing forward stablecoin legislation and passing a comprehensive marketplace structure law to regulate digital assets.

He also pledged to end crypto de-banking practices that made it difficult for banks to custody crypto assets. 

“We’re ending the last administration’s regulatory war on crypto and bitcoin, and that includes stopping the lawless Operation Choke Point,” Trump said. “‘Operation Choke Point went beyond regulation, and I mean far beyond. Frankly, it was a disgrace. But as of January 2025, all of that is over.”

During his campaign, Trump courted the crypto industry and promised to change the regulatory environment under former SEC chair Gary Gensler, a crypto skeptic. Gensler stepped down in January and the agency has since dropped prominent cases against multiple crypto firms after alleging they sold unregistered securities. 

SEC Commissioner Hester Peirce has also introduced a Crypto Task Force aimed at working collaboratively with the industry to set new rules for crypto and DeFi. Last Friday, the Crypto Task Force held the first of multiple planned roundtables to discuss how to treat crypto tokens. 

"Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security, and wealth for American consumers and businesses alike," Trump said. "You will unleash an explosion of economic growth."

### Trump Wants Crypto Legislation by August

House Majority WHIP Tom Emmer (R-Minn.), a longtime crypto advocate, took the main stage Wednesday and all but guaranteed that Congress would pass a stablecoin bill and a bill offering a regulatory framework for digital assets by the end of summer.   

“The president says he wants stablecoin legislation and framework legislation done by the August break and that’s what we’re going to do,” Emmer said. 

Congress has pushed stablecoin legislation annually for years, but passing it has proven elusive. With pro-crypto Republicans controlling both chambers of Congress and Trump pledging to make the United States the crypto capital of the world, the political winds are now in the crypto industry’s favor. 

On March 13, the US Senate Banking Committee passed the Guiding and Establishing National Innovation for US Stablecoins Act of 2025 (GENIUS Act) out of committee with an 18-6 vote. It marked a major step in passing stablecoin legislation into law. The bill will need 60 votes in the Senate and a majority vote in the House before Trump can sign it into law.

Last year, the US House passed FIT21, a digital assets framework bill, with bipartisan support. But no corresponding legislation moved forward in the Senate and it was not signed into law by President Joe Biden.

Emmer didn’t offer specifics about a 2025 version of FIT21, but said expects there to be a corresponding piece of legislation that will complement Trump’s executive order from his first month in office. That includes a bill to codify Trump’s proposal to establish a bitcoin reserve and a national digital asset stockpile. On Wednesday, Emmer introduced the Securities Clarities Act, a revised version of Fit21 that offers a distinction between an assets and securities contract.

“I believe that before this Congress is done, that will be enacted,” Emmer said. 

### Gemini Weighs In on Future of Crypto Custody

Gemini COO Marshall Beard joined a panel Tuesday to discuss the future of custodying digital assets. Gemini’s custodial business has grown rapidly over the past year-plus, most recently striking a deal with Evolve to custody the Canadian firm’s levered bitcoin and ethereum ETFs. 

Asked if the administration’s regulatory overhaul would have a huge impact on Gemini, Beard said it doesn’t change Gemini’s fundamental mission to offer clients secure digital asset storage.

“It's obviously very positive from the policy side, but from the business side, I don't think it changes too much,” Beard said. “Except it opens up more partnership opportunities in distribution…it doesn't change our business long-term, right? Which at the end of the day is keeping digital assets safe.”

The SEC recently repealed SAB 121, a controversial accounting bulletin that forced banks to list crypto as liabilities on their balance sheet. That effectively shut out many firms from receiving banking services and has kept numerous banks from storing digital assets on their own balance sheets.

Gemini and others have also experienced massive inflows from approval of spot bitcoin and ethereum ETFs.

“The approval and the launch of the bitcoin and ethereum ETFs have been additive,” Beard said. “There's been tens of billions of dollars of inflows that are going to custodians like ours.”

With regulatory clarity improving in some areas exchanges are finally at a point where they can focus all their attention on innovation. For Gemini, that will include offering customers more opportunities to earn yield from staking.


Digital Asset Summit Recap: Trump Makes Surprise Appearance, Crypto Legislation Poised To Move Forward, and Gemini Talks Crypto Custody

After surging to an all-time high of nearly $110,00 in mid-December, the price of bitcoin has since experienced a protracted three-month lull, followed by a recent decline. This downturn was influenced by broader macroeconomic concerns—including tariffs, persistent inflation, and slowing economic growth—as well as the Bybit hack, which dented market confidence. 

As of Thursday, the price of bitcoin had pulled back to $84,000, ether to below $2.300, Solana to around $137 and XRP to $2.19. Solana, in particular, has been crushed from a series of memecoin-related controversies that have turned off some investors, tumbling more than 40% percent over the past month.

Despite these challenges, there are still plenty of greenshoots in the crypto ecosystem. The SEC has recently dropped pending enforcement actions against Gemini, Coinbase, Uniswap, and other firms. Meanwhile, Michael Saylor’s Strategy has amassed nearly 500,000 bitcoin and has shown no appetite to stop using convertible debt to buy more. And more than a dozen U.S. states have introduced legislation aimed at creating a crypto buying program. 

In other words, it’s a confusing time in crypto. So we’ve gone looking for answers. To provide insights into these market dynamics, earlier this month Gemini launched “Crypto Markets Q&A”—a bi-monthly conversation with Patrick Liou, Gemini’s Associate Director of Institutional Sales. 

In a recent Weekly Market Update, Liou offered his take on tariffs, macroeconomic conditions he’s monitoring, and why crypto prices have yet to rally under president Donald Trump’s pro-crypto administration. 

__Q:__ Generally speaking, which US macroeconomic indicators (i.e. jobs reports, interest rates, regulation) are we looking at here over the next few months to see how it will impact the crypto space? Is there one that we think is more important than the other? 

__Liou:__ The most important macroeconomic indicators will continue to be inflation data such as the consumer price index and personal consumption expenditures, because it is the primary determinant of the future interest rate path for the Federal Reserve (and other global central banks). For example, Wednesday’s CPI data showed inflation rose 3% YoY, an uptick from 2.9% YoY in December. As a result, stocks and crypto markets traded lower while yields rose.

Sticky and stubborn inflation data will likely leave rates at a “higher for longer” environment, while evidence of sustained cooling may greenlight the Fed to lower rates, which will be positive for crypto and risk assets generally. As a result, stocks and crypto markets traded lower while yields rose.

__Q:__ President Donald Trump has doubled down on the crypto space in his first few weeks in office, launching his own memecoin, signing an executive order to set up a strategic working group to look at a bitcoin reserve, and repealing SAB 121. Why do you think prices have yet to reflect these positive greenshoots?  

__Liou:__ All these positive headlines are reflected in the price action - it’s just that the greenshoots started to occur as soon as Trump appeared on track to a victory on election night. Recall the price of bitcoin was just a shade below $70K on election day. Just over a month later, bitcoin hit the $100K milestone for the first time. One could argue that the markets were efficient in pricing in the subsequent positive headlines mentioned above and the price today is justified as such. 

Looking ahead, crypto markets will need incremental headlines for a further rally higher, such as nations/states/corporations allocating bitcoin on their balance sheets or stronger than expected follow through on what the market is expecting from the Trump administration. 

In addition, there have been a few macroeconomic headwinds, such as Deepseek and its implications on the GPU markets and the return of tariffs, that have been causing volatility in traditional markets that have spilled over to crypto markets. 

__Liou:__ Should crypto investors be worried about tariff tensions between the US and other countries? Are we expecting these to have more of a short-term impact or do they have the potential to have long-term ramifications for the crypto space?

Yes, tariffs will create short term volatility in crypto markets and risk assets as a whole. We have already seen evidence of this with the tariffs to Canada, Mexico, and China and on aluminum products. Moreover, many of these tariffs have been announced during the weekends, when traditional markets are closed but crypto is open. This has led to sharp selloffs in crypto markets after the weekend tariff announcements as the only liquid trading market open. 

Tariffs are inherently inflationary, which will create impacts as detailed in the first question above. However, President Trump is citing the use of tariffs as a way to bring counterparts to the negotiation table, instead of a long-term approach in imposing tariffs. This will be critical in determining what the implications of tariffs on crypto markets will be in the short and long term. 

*Have any topics you want tackled? Email adam.lewis@gemini.com and we’ll work in your questions for a future edition of Crypto Markets Q&A.
*

Crypto Market Q&A: Digital Assets Need More Positive Momentum for Prices To Push Higher Again 

[During his first week in office, President Donald Trump signed an executive order dubbed “Strengthening American Leadership in Digital Financial Technology.”](https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/) The wide-ranging directive aims to promote digital assets in the US, but no part drew more attention than the edict to create a working group to study the feasibility of a “national digital asset stockpile.”

Some in the crypto community have argued a reserve or stockpile should include bitcoin only. Another vocal contingent have said the stockpile should include bitcoin AND US-based cryptocurrencies such as XRP, Solana, and others. And a smaller but vocal group has expressed skepticism that a US-sanctioned crypto buying program is necessary at all.   

While the working group led by Trump-appointed crypto and AI czar David Sacks considers its options, let’s review how a crypto reserve could work and dive deeper into an issue dividing the crypto community. 

### Can the US Government Set Up a Bitcoin Reserve?

[Federal Reserve chair Jerome Powell said the agency isn’t permitted to buy bitcoin.](https://www.reuters.com/technology/fed-cant-hold-bitcoin-not-seeking-change-that-powell-says-2024-12-18/) But that could soon change.

[Senator Cynthia Lummis (R-Wyo) recently introduced a bill that would instruct the US Treasury to purchase 200,000 bitcoin annually over a five-year period.](https://cryptobriefing.com/strategic-bitcoin-reserve-us/) The goal is to purchase a total of 1 million tokens, though it’s unclear if the current total held by the government would count toward that number. 

Meanwhile, more than 20 US states have recently proposed legislation to set up a strategic crypto reserve. [Utah is the closest to enacting legislation to set up a buying program, with Wyoming, Massachusetts, Illinois, Pennsylvania and others also currently weighing whether to jump in.](https://www.coindesk.com/policy/2025/02/07/as-one-state-gets-closer-on-a-crypto-reserve-others-jump-into-the-fray) These state-led programs will likely operate independently of a bitcoin reserve or strategic national stockpile.

The US government already owns approximately 200,000 bitcoin, worth about $18 billion based on current prices. But this stockpile wasn’t part of a buying program. Federal enforcement agencies have seized it over the years from a range of bad actors including Silk Road, the now defunct online seller of drugs and other illegal items.

### The Great Divide: Bitcoin Reserve vs. Strategic Crypto Stockpile

With crypto still a new asset class compared to fiat currencies, some feel bitcoin prices are too volatile for the government to leverage it through a strategic reserve. But the bigger divide is in the crypto community.  

Bitcoin maximalists are adamant the US stockpile should only include bitcoin, arguing the largest cryptocurrency by market cap holds the most strategic value and can still outperform any challengers. 

Conversely, proponents of a diversified “America-first” stockpile advocate for a mix of U.S.-based cryptocurrencies. In their view, the aforementioned state-led reserve programs should focus exclusively on bitcoin, and that it benefits the US to have a stockpile of different cryptocurrencies at the federal level. 

Among the suggested additions is Ripple’s XRP, a payments-focused token that has risen to the fourth largest cryptocurrency by market capitalization. Ripple CEO Brad Garlinghouse has been increasingly visible in DC, posing for a photo recently after meeting with President Trump. In February, Garlinghouse joined the White House’s Crypto Advisory Council. And Trump recently posted about XRP on Truth Social, fueling positive market sentiment.

XRP is a payments-focused token that has leaned hard into tokenization and recently released its own stablecoin, making it an attractive candidate to join the stockpile as the US vies to keep the dollar dominant.

Other coins that could be included as part of a digital asset stockpile include Solana, and USDC, but it will ultimately fall on lawmakers and the new working group led by Sacks to decide which coins end up under US government control. 

### The Argument Against A Crypto Reserve

Not all are in favor of a bitcoin reserve or diversified strategic stockpile. [Prominent crypto-focused journalist Nic Carter recently published a lengthy op-ed in Bitcoin Magazine where he argued a bitcoin reserve would undermine the strength of the US dollar and potentially throw global markets into chaos.](https://bitcoinmagazine.com/politics/i-dont-support-a-strategic-bitcoin-reserve-and-neither-should-you)

Among his arguments: Carter said there’s no use case for deploying the crypto. Would it be used to eventually pay down the ballooning national debt? Would it truly help hedge against inflationary pressures? 

Carter also argued the increase in prices could disproportionately benefit wealthy HODLers compared to retail investors, although there would likely be some positive downstream impact if prices surge. 

[A recent Forbes column from David Birch also questioned the utility of a strategic reserve, noting that even the US gold reserves don’t have much use anymore and neither would a crypto reserve.](https://www.forbes.com/sites/davidbirch/2025/01/21/it-is-not-strategic-reserve-a-government-bitcoin-hoard-makes-no-sense/)

“One of their arguments in favor of such action is that bitcoin is a form of digital gold, and since the government holds actual gold then it should sell some of it and replace it with the modern alternative.But that gold has little utility either. Gold reserves (about a sixth of global reserve assets) are no longer used to settle international accounts but are there as a hedge against exchange rate risk, but the fact is that much of the world’s official gold reserves are held for no better reason than sheer inertia.” — David Birch, Forbes

As the pro-crypto Trump administration enters its second month, the future of a national digital asset reserve is murky. The only certainty is that supporters on one side of the argument are likely to come away disappointed—while their opponents will be thrilled when a decision is made.

Unpacking the Debate Over a Strategic Bitcoin Reserve 

The cryptocurrency industry changed forever in 2024. 

Spot bitcoin ETFs launched in the United States in January, bringing billions in institutional inflows. The latest Bitcoin halving event hit in April, cutting in half the available rewards miners receive when they mint a new bitcoin. And in the US election in November, Republicans won the Presidency and both chambers of Congress while promising to usher in a new pro-crypto regulatory environment. 

As we enter 2025, crypto bulls are buoyant after surviving the crypto winter, an aggressive regulatory enforcement regime, and a cascade of negative media attention from the fallout of FTX. [Meanwhile, retail investors who previously left the crypto market appear eager to jump back in.](https://www.gemini.com/state-of-crypto-2024) 

With optimism around digital assets approaching an all-time high, we felt it was the right time to offer five predictions for the crypto industry in 2025: 

### Prediction 1: Bitcoin Will Continue Its Hot Streak

Bitcoin is poised to have another banner year in 2025.

After launching in January, spot bitcoin ETFs became the fastest growing exchange-traded fund ever created in the US, proving that retail and institutional investors were eager to gain exposure to bitcoin’s price movements. 

A year later, demand for spot bitcoin ETFs has been relentless, with inflows of $2 billion during one particularly bullish week in December. [Last month, Bitwise Asset Management predicted spot bitcoin ETFs will attract increased inflows in 2025 as more wirehouses come online, the pace of adoption speeds up, and investment professionals receive more access.](https://www.etf.com/sections/news/bitcoin-etf-flows-2025-will-exceed-2024-bitwise)  

Corporate adoption of bitcoin is also likely to help the rally continue. Over the past year-plus, Microstrategy founder Michael Saylor has turned his software company into a pseudo bitcoin treasury. The details will make your head hurt when you hear him explain it, but it involves Saylor issuing convertible notes to debt holders so he can buy more bitcoin. 

The sustained buying has no doubt helped bitcoin’s price climb higher. It’s also inspired more large-scale public companies to purchase bitcoin and make it their own reserve asset.

Expect more corporations to use bitcoin as a reserve asset in 2025. 

### Prediction 2: The US Will Launch A Bitcoin Reserve

During an appearance at the annual Bitcoin Conference over the summer, president-elect Donald Trump said he would create a strategic bitcoin reserve when he takes office. Here’s to thinking he will deliver on that promise.   

Senator Cynthia Lummis (R-WY) has already proposed legislation that would instruct the US Treasury to purchase $200,000 bitcoin annually over the next five years. Such a program would likely supercharge demand for the world’s largest digital asset, driving the price higher.   

In December, Federal Reserve chairman Jerome Powell indicated that the Fed is not attempting to change the law so it can hold bitcoin, noting it was not allowed to own it under current laws.

"That's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed," he said. 

Indeed, it will take action from Congress for the Fed to create an official strategic reserve for Bitcoin. Don’t be surprised if lawmakers will do just that before 2025 comes to a close. 

### Prediction 3: Congress Will Pass a Digital Assets Bill

In 2024, the US House of Representatives passed FIT21, a bipartisan bill offering a comprehensive framework outlining how multiple US agencies would regulate the digital assets industry. Despite support from US Senate leader Chuck Schumer (D-NY) and a range of other Democrats, the bill stalled in the upper chamber of Congress.

Lawmakers expect to introduce FIT21 in 2025, and the environment looks promising. Trump has pledged to make the United States the “crypto capital of the planet.” And Republicans now control both chambers of Congress, which should make the bill easier to pass.

In the meantime, look for Congress to pass stablecoin regulation, long considered a layup for lawmakers. This past fall, Patrick McHenry (R-NC) and Maxine Waters (D-MO) reached a bipartisan stablecoin deal but apparently ran out of time to close it before the end of their 2024 lame-duck session. The good news: Congress is expected to re-introduce the stablecoin bill when it reconvenes in 2025

### Prediction 4: Tokenization Will Go Mainstream

The World Economic Forum in Davos has long been a meeting place for the political and financial elite. The annual event in Davos, Switzerland includes a series of panels where market movers discuss a range of topics, the vast majority of which revolve around tradfi. 

This past year, the discussion turned to blockchain tokenization, signaling that a previously niche part of the crypto world has become a major initiative for institutional investors.

Why? Tokenization has an ironclad business case for capital markets.[ By instituting smart contracts and other automated processes, tokenization could create between $15 billion to $20 billion in cost savings, per the World Economic Forum.](https://www.weforum.org/stories/2024/12/tokenization-blockchain-assets-finance/)

Tokenization involves taking a real-world asset such as real estate and “tokenizing it” so it can be sold on the blockchain. 

“The need for shortened settlement cycles – which improve liquidity, enhance market efficiency and lower systemic risk – and the demand for 24/7 market operations will require a new infrastructural backbone,” per the WEF report. 

Franklin Templeton and Blackrock have introduced tokenized mutual funds. Expect more financial institutions to soon follow suit as they aim to unlock $255 trillion in marketable securities that can be used as collateral. 

### Prediction 5: More Crypto ETFs Are on the Way

Expect spot ETFs for XRP and Solana to start trading in the US in 2025.

In October, Bitwise filed for a spot XRP ETF, hoping to capitalize on the unprecedented interest in spot bitcoin and spot ethereum ETFs. Crypto betting site Polymarket had the percentage of XRP ETF approval at 70%, indicating bullish sentiment among retail investors. 

The SEC recently filed an appeal in its lawsuit against Ripple after a lower court judge ruled against the regulatory agency. But that case appears destined to fizzle with a new regime ready to take the reins. SEC chair Gary Gensler is expected to step down later this month, with crypto advocate Paul Atkins slated to replace him. 

Meanwhile, Solana has experienced a rapid ascent recently, rising 107% over the past year as memecoins surged in popularity. As of Friday, Polymarket put the percentage of SEC approval of spot Solana ETF at 77%. That marks a fairly encouraging sign after a Gensler-led SEC told two of the five applicants for a Solana ETF in December that the filing was delayed indefinitely. 

Additionally, analysts expect the SEC to approve a combo bitcoin-ethereum ETF, which weighs the prices of both digital currencies, along with a handful of other crypto-focused ETFs.

Adam Lewis

ARTICLES BY Adam Lewis

Digital Asset Summit Recap: Trump Makes Surprise Appearance, Crypto Legislation Poised To Move Forward, and Gemini Talks Crypto Custody

Crypto Market Q&A: Digital Assets Need More Positive Momentum for Prices To Push Higher Again

Unpacking the Debate Over a Strategic Bitcoin Reserve

Five Crypto Predictions for 2025

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