The impact of Donald Trump’s return to the White House on the global crypto industry is starting to become clear in markets that are traditionally quiet on the digital assets front.
Senior Indian government officials have said they will be revisiting their official stance on crypto now that the global landscape has changed. The country’s Economic Affairs Secretary, Ajay Seth, says India is looking at its current position because some other nearby regions have shown more openness towards adopting the digital assets.
He told Reuters in an interview: “More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again.”
India has so far avoided joining the global crypto boom in the same way some other countries in the region have, despite its strength and global position in the technology and software sectors.
The crypto industry in the country has largely remained unregulated, though in 2022 the government announced a 1% tax deducted at source (TDS) on crypto transactions, and introduced a 30% capital gain tax, as reported by CoinDesk.
But, with a stronger global appetite for digital assets and more traditional financial firms starting to adopt them, India believes it’s time to reconsider its position too.
Elliot warns of crypto havoc
But not everyone seems to be impressed with the way President Trump is embracing crypto, with some industry giants warning that things could go horribly wrong too.
The paper says it has seen an investor letter which criticizes US government support for assets which have “no substance”, but could ultimately become a rival to the US dollar.
Elliot has also criticized investors for “acting like a crowd of sports bettors” in response to the ongoing frenzy around crypto, adding that it “has never seen a market like this.” The letter goes on to warn that the “inevitable collapse” of the crypto bubble “could wreak havoc in ways we cannot yet anticipate,” according to the FT report.
The paper also mentions Elliot founder Paul Singer as someone who has criticized Trump’s economic policies in the past, despite being a longtime Republican donor and having donated $56m in the 2024 election cycle to conservative candidates.
Coinbase gets FCA approval
The UK FCA has given the green light to the crypto exchange Coinbase (COIN) to operate in the country, making it the largest digital assets exchange in the UK.
The approval is a result of six months of efforts by the exchange, and allows it to “offer both crypto and cash for investors and traders in the UK,” CoinDesk has reported.
Keith Grose, Coinbase’s UK CEO, told CoinDesk in an interview: “It opens up new channels and opens up the ability to launch new products and services.”
The FCA approval comes at a time the regulator is facing increasing pressure from the UK government to relax unnecessary regulatory burdens on businesses and make room for growth.
Truth Social plans financial services launch
Back to Donald Trump, as the US president’s social media platform, Truth Social, has announced plans to expand by launching a financial services platform.
And you guessed right, it will deal in crypto, with reports suggesting the platform will invest around $250m in cryptocurrency and other types of digital assets.
Named Truth Fi, the platform will be backed by the President’s Trump Media and Technology Group (TMTG) and will be buying bitcoins and other assets, the FT has reported.
The paper has quoted TMTG sources saying that Truth Fi would “focus on investments in American growth, manufacturing, and energy companies as well as investments that strengthen the patriot economy.”
The US President has already joined hands with his family members and some of his close allies to launch the crypto platform World Liberty Financial.
And, on the eve of his inauguration last month, Trump and his wife Melania each launched their own memecoins called $TRUMP and $MELANIA, a move that led to criticism and concerns over conflict of interest.
Crypto.com catches CFTC attention
Crypto.com’s futures contracts, which allow betting on sports events, has come under the spotlight as the US Commodity Futures Trading Commission considers looking into its legality, Cointelegraph has reported.
Last month, Bloomberg reported that the five commissioners at the CFTC were considering a 90-days review into the matter, to determine whether the crypto firm was breaking gambling laws.
Any review or decisions would be too late to stop potential betting on the Super Bowl on 9 February. However, if it finds that laws were violated, it could stop contracts in the future, according to Cointelegraph.
A Crypto.com spokesperson told Cointelegraph: “It is disappointing that the current and imminently departing CFTC leadership would consider this action while not allowing the incoming CFTC leadership to determine how free markets operate under its administration.”
Regulators are struggling to deal with new betting trends involving crypto platforms, with firms offering betting contracts on a wide range of events including sports, election results and even on what words politicians might say during major speeches.
They don’t like crypto
Despite the ongoing global mania and surge in prices for digital assets, there are still a number of countries around the world that have banned crypto, including major economies such as China.
Financial stability risks, money laundering concerns and geopolitical factors are the main reasons behind the strict policy on crypto, reported CNN.
It’s interesting to note that some of the US’s major rivals, both in terms of economics as well as geopolitics, are part of the anti-crypto coalition.
Here is a list of 10 countries where crypto is still banned in 2025.
- China
- Egypt
- Algeria
- Bangladesh
- Nepal
- Afghanistan
- Morocco
- Bolivia
- Iran
- Russia
