Last week, America marked 100 days for the second Trump administration. In his second term, President Trump moved swiftly to reframe U.S. crypto policy around innovation, deregulation, and financial competitiveness. From regulatory rollbacks to industry engagement, the first 100 days have marked the clearest pivot toward pro-crypto policymaking we’ve seen at the federal level.
Solidus is honored to be deeply involved in this conversation shaping the future of financial markets. Since the election, our team met with over 40 members of the Senate and the House of Representatives and their teams, including the sponsors and drafters of the stablecoin and market structure bills. In those meetings, we share data and insights and even demo solutions that answer key questions on market integrity and consumer protection: Can crypto be done safely, and how can the pending laws and regulation that follows optimally enable not only efficient, but also safe and supervisable digital asset markets.
From ecosystem monitoring solutions for safe stablecoin environments at scale to cross on- and off-chain AI-powered compliance intelligence platform to prevent market abuse - we found both sides of the aisle in Congress keen to listen, learn and think together how can the legislative momentum and greater adoption of digital assets be best used to enable not only more efficient finance, but also safer finance.
As we enter the second 100 days of the administration, and as the political debate around stablecoin and market structure bills heat up, this blog post highlights key moments and regulatory actions since the election followed by insights and analysis on why the next 100 days may prove even more critical than the first.
What Happened in the First 100 Days?
Why The Next 100 Days Matter More
The Real Work Starts Now
The first 100 days were about setting the tone. The next 100 will determine whether the tone translates into lasting regulatory clarity.
- Stablecoin and market structure legislation must now be finalized, passed, and translated into clear regulatory requirements by the relevant agencies. With an updated GENIUS bill already on the Senate floor, it is slated to be signed by mid-May recent backtracking from democrats who formerly supported the bill raises some questions on whether that’s possible. Once that bill passes, a market structure bill should follow suit, after a discussion draft was released this past Monday Congressional and senate sponsors of the bills are aligned with the the White House aim of having both bill signed by August, though the timeline remains ambitious—particularly for the market structure bill, where core disagreements persist around the definition of decentralization and whether the SEC or CFTC should regulate specific products.
- The SEC and CFTC are preparing rule proposals for market structure, while the OCC and Federal Reserve are already working on licensing frameworks and risk monitoring requirements for stablecoin, due in June per the White House Executive Order timeline
- Policymakers are seeking reassurance that, this time, there will be genuine industry consensus—proof that the industry is ready to work with the system, not around it.
In short: momentum was the appetizer; laws on the books and regulatory clarity are the main course.
From Headlines to Harm Reduction: A New Enforcement Philosophy
The Trump administration has moved quickly to scale back the “regulation by enforcement” approach. Major cases against Coinbase and Kraken were dropped, and the DOJ’s National Crypto Enforcement Team (NCET) was dissolved.
But enforcement isn’t going away — it’s being refocused.
The DOJ made clear (in DAG Todd Blanche’s April 7 memo) that future action will target actual criminal misuse — such as terrorism financing, fraud, and hacking — not just companies trying to be compliant.
Under the previous administration, many enforcement actions felt designed for headlines, not harm reduction — punishing companies that, in some cases, earnestly tried to be compliant, more than bad actors. That chilled innovation and discouraged compliance.
Now, responsibility is shifting from prosecutors to regulators, which will allow law enforcement to focus on actually fighting crime. This creates a more predictable environment for builders — and increases the importance of infrastructure that supports responsible innovation.
Market Integrity Still Holds the Key - Now Is Not the Time for Compliance Complacency
If there’s one issue that could derail the current momentum, it’s market integrity failures.
Policymakers, especially democrats, in both chambers remain concerned about how stablecoins, DeFi, and tokenized assets will be monitored for consumer protection and illicit finance risks. Another FTX or Terra Luna-style collapse could shut the window of bipartisan progress — possibly for years.
Solidus has been at the forefront of showing policymakers that on-chain transparency can enable better compliance — not worse. Through ecosystem-level monitoring, we’re demonstrating how risk can be managed more effectively, without the burdensome infrastructure traditional finance still struggles with.
This isn’t just advocacy — it’s a blueprint for the future of regulated blockchain finance.
Market Integrity Is Being Redefined
Traditionally, market integrity meant preventing insider trading and price manipulation - this is still going to be true, and will be applied to crypto. Simultaneously, the term is expanding — and fast.
Today, integrity also means:
- Cross on- and off-chain coverage as an absolutely necessary element of risk monitoring
- Extensive ecosystem monitoring utilizing the transparency of the blockchai
- Smart contract security and integrity and prevention of hard-coded scam
- Thinking about pre-chain risk like Validator and governance transparenc
- Thinking about crypto-native concerns like oracle manipulation and block-level front-running detection
Regulators are increasingly aware that ecosystem structure equals ecosystem safety. Solidus is proud to be working on tools and standards that reflect this next-generation understanding of what it means to run a fair market.
Crypto’s transparency is a feature that can enable compliance approaches that make for safer markets, while relying on less intrusive and burdensome supervision — but it only enables market integrity if we build systems and regulation to use it effectively.
Industry Consensus Will Determine Speed
One of the most consistent messages we’ve heard from policymakers is this: lack of industry consensus and an fixation on achieving too much too fast slows things down.
The lack of industry consensus — especially around topics like yield-bearing stablecoins or decentralization definitions — has delayed draft language for the broader market structure bill. In some cases, it’s caused even supporters in Congress to pull back.
To get legislation passed this year, the industry must speak with one voice, even if that means accepting imperfection for the sake of progress.
Federal Market Structure Regulatory Clarity is Coming This Year - Even if Legislation Doesn’t Pass
Congressional action gets the headlines — but the agencies have the authority and impetus from the White House.
- The SEC and CFTC have been ordered to release their crypto rule proposals by June 2025.
- These frameworks could define licensing, registration, and risk management expectations — even without new legislation.
- With pro-crypto, experienced leaders like Paul Atkins and Brian Quintenz at the helm, these rulemakings have momentum, intent, and domain expertise behind them.
- While some are concerned that without legislation another administration that’s less crypto-friendly can reverse the progress, this seems unlikely. There will be three years in between, and if crypto gets adopted and grows safely - it’s hard to imagine another administration reversing progress on an issue so important to so many voters.
Bottom line: Whether by legislation or regulation, the fog is lifting. The U.S. is on a path toward actionable rules, greater Wall Street and Main Street adoption, and safe and regulated crypto growth.
The Window Is Open — Let’s Not Waste It
The Trump administration’s first 100 days created momentum. The next 100 will determine whether we get real clarity, enforceable rules, and a foundation for the next decade of blockchain innovation. To a large degree it depends on projecting consensus, focusing on what’s achievable, and doubling down on compliance and market integrity.
Solidus Labs is proud to be working with policymakers and industry leaders to shape the future of decentralized finance — through our advocacy, our technology, and by continuing to define what market integrity should mean in this new era. From Capitol Hill to the blockchain, our mission is clear: to build the infrastructure for safe, compliant, and scalable digital asset markets.
Get in touch and book a demo to see how Solidus can help you stay ahead of evolving crypto regulation.
