What a difference an election makes.
The Biden Administration’s enforcement-first approach to constraining the crypto industry is over. Now, the Trump Administration is moving quickly to establish a regulatory framework to support the industry’s growth.
SURVEY RESEARCH
These moves align with our internal pre-election polling in California, which showed a majority of voters in favor of the same or fewer government regulations on the crypto industry. In fact, support for more regulation was trending down from May 2024 to January 2025, dropping six percentage points (47% to 41%) in less than a year.
The current data is as follows:
Now, the devil is in the details as specific policies are crafted leading up to President Trump’s 180-day deadline for his digital asset working group. Here are the key agency leaders and policymakers driving the process, reachable through Atlas Influence Targeting.
At the state level, California largely stands alone in seeking to regulate industry participants. Gov. Newsom signed the Digital Financial Assets Law in 2023, though its implementation was pushed out by the Assembly to 2026. Rulemaking now rests with the California Department of Financial Protection and Innovation (DFPI).
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