A panel at Bitcoin MENA 2025 reviewed how the Trump administration’s first year back in office has impacted Bitcoin policy.
Paul Manafort (in charge of the 2016 campaign of Trump), spoke alongside Tracy Hoyos-Lopez from Kraken, highlighting major political shifts, regulatory battles and recent moves that affected the digital asset industry.
Manafort said the administration is “building a new framework” and that the political fight over Bitcoin is far from finished. He noted that banks across the United States are still trying to slow down the transition to crypto, but said President Trump sent a strong message last July. According to Manafort, Trump warned banks that the Department of Justice would investigate discriminatory practices against people who want to self-custody their digital assets.
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Two days after that announcement, Manafort said JPMorgan CEO, Jamie Dimon, held a press conference stating he now believed in stablecoins and viewed them as part of the financial future.
He added that JPMorgan was preparing to use stablecoins and cryptocurrencies to facilitate transactions. At the same time, Manafort pointed out the irony that Bitcoin developer Jack Mallers had recently been “debanked” by the same bank.
Manafort highlighted how U.S. regulations remain complicated, explaining that America has 50 states, each with its own rules. He said this patchwork system makes national policy difficult, but the administration is continuing to push forward.
He pointed to the high-profile pardon of Ross Ulbricht, calling it “huge news” and saying it restored confidence among many in the Bitcoin community.
Manafort described Ulbricht as “the godfather of Bitcoin” because Silk Road created early real-world use cases for the technology.
According to him, few people ever believed Ulbricht would be released, and the move signaled the administration’s intention to seriously engage with the Bitcoin industry.
Manafort also argued that Trump often commits to actions only after thinking them through, and Ulbricht’s case showed that the administration is prepared to follow through on its decisions.
Regulation, the GENIUS Act and New Bitcoin Advisory Voices
Regarding the regulation, Manafort said the U.S. government has now created a Bitcoin advisory council, to shape the policies. He praised David Sachs for “advocating on behalf of the industry” and working to keep the country on track with market structure reforms. He also mentioned the end of Operation Choke Point-style pressure, saying the industry finally has room to grow after years of restrictions.
Furthermore, he explained that while people in Washington still do not fully understand Bitcoin, the Trump administration pushed ahead with the GENIUS Act, which passed in July. Per his words, the bill moved at record speed for such a major piece of legislation. He added that many lawmakers who voted for it did not fully understand Bitcoin, but they recognized that the financial system needed reform and that the bill addressed real problems in banking and regulatory oversight.
To conclude, he declared that the administration is committed to building a full Bitcoin and crypto infrastructure within a year, even if political and regulatory challenges remain.
