Crypto activity in the United States skyrocketed in the first half of the year, apparently propelled by President Donald Trump’s controversial personal and regulatory embrace of the digital asset space.
New analysis from the blockchain intelligence firm TRM Labs indicates crypto transaction volume in the US topped $1 trillion between January and July of this year, a 50% increase compared to the same period in 2024. TRM notes that crypto firms witnessed a 30% increase in US web traffic in the six months following the 2024 election.
“What distinguishes this year’s surge is not just the magnitude, but the context,” TRM Labs says in its report. “Our analysis suggests that the growth that began organically in 2023 and 2024 has been reinforced and accelerated by a combination of political, regulatory, and structural factors.”
After making grand promises to the digital asset world in a bid to secure donations during his 2024 campaign, Trump appointed the venture capitalist David Sacks to serve as the White House’s “Crypto and AI Czar.” He also signed an executive order establishing a “Working Group on Digital Asset Markets” and installed a pro-crypto chairman of the Securities and Exchange Commission.
The SEC ended a slew of legal battles that were kicked off against crypto firms during the Biden Administration and in August launched “Project Crypto,” a roadmap designed to make the US “the crypto capital of the world.” Trump’s Department of Justice also announced in April that it would pull back on crypto enforcement actions.
In July, Trump signed the GENIUS Act into law, establishing liquid reserve requirements for stablecoins, digital assets that aim to stay pegged to a fixed price point, usually the US dollar. Stablecoin transaction volume rose 83% between July 2024 and July 2025, according to TRM Labs.
The president has also made moves to profit personally from digital assets, launching the “Official Trump” memecoin days before he took office. The move was decried by government watchdogs and even some prominent personalities in the crypto sector, with Ethereum founder Vitalik Buterin arguing that political coins represented “vehicles for unlimited political bribery.” The Trump memecoin briefly surged in price around the inauguration but is now more than 92% down from an all-time high set in January.
The president and his sons also co-founded the decentralized finance project World Liberty Financial, a venture that’s generated $5 billion in hypothetical wealth for the Trump family, according to a Wall Street Journal report.