Crypto’s wild return under Trump: Pardons, champagne and stablecoins

Crypto’s wild return under Trump

Giant whale mascots in astronaut costumes caused a traffic jam near the buffet line, while crypto-themed confetti rained down at the “Money Rain” event. In the Dubai desert, VIPs partied late into the night with $500 bottles of champagne. At Token2049, a major crypto conference, 15,000 fans and industry leaders celebrated what they viewed as a renaissance for the industry—thanks to President Trump’s return to power, the Wall Street Journal reported.

From convicted to celebrated

Less than a year ago, many of these crypto leaders were under criminal investigation or serving jail sentences. Binance founder Changpeng Zhao, who recently left a California jail, was greeted like a rockstar. BitMEX founder Arthur Hayes, once under house arrest, told attendees it was time for the crypto world to “go on the attack.”

Trump’s role in the industry’s revival

Trump has rolled back enforcement and regulations that previously targeted the industry, issuing pardons to high-profile figures like Hayes and signalling possible leniency toward others like Zhao. The price of bitcoin has surged to $97,000 since Trump’s election victory, and crypto leaders are optimistic about the administration’s pro-industry stance.

Dubai’s crypto boom

Token2049 tickets ranged from $500 to $5,000, attracting attendees in glittery tuxedos and crypto-logo suits. Dubai has become the top global crypto hub, offering tax incentives, regulatory support, and access to Gulf investors. Binance, among others, now operates significant infrastructure in the UAE.

A spectacle of extravagance

Arthur Hayes spoke of a renewed “send it” philosophy, predicting bitcoin would hit $1 million by 2028. Changpeng Zhao received a hero’s welcome, declaring the industry was accelerating after a tough regulatory past. Binance's Clubhouse was packed, with attendees cheering Zhao’s bullish outlook.

Trump family enters the crypto space

The Trump family has also joined the crypto business. Eric Trump and Zach Witkoff promoted their firm, World Liberty, which recently launched a stablecoin called USD1. They said it could be used for everything from hotel stays to cross-border payments and celebrated a $2 billion investment deal involving Binance and a UAE state-backed investor.

Crypto’s controversial alliances

USD1’s success benefits the Trump family financially, as more coins in circulation mean more profit from U.S. Treasury assets backing it. The Trumps' new crypto ventures raise concerns about business conflicts, especially with former felons like Justin Sun advising World Liberty.

Dubai’s crypto watchdog weighs in

Matthew White and Deepa Raja Carbon of Dubai’s crypto regulator VARA said the event reflected the UAE’s progress in giving crypto companies a regulatory home. Dubai was removed from the FATF’s “grey list” after efforts to improve oversight.

Lavish parties and drone shows

Promoters handed out crypto-printed memecoins, and one lucky guest won a private moment with a Japanese adult film star. A rave in the desert capped off the week, with attendees dancing under a flaming bird-shaped DJ booth while chanting to remixes under a drone-lit sky.

Trump family’s crypto ambitions grow

Eric Trump closed the conference by attacking big banks and presenting crypto as the future of money. As Trump allies push for more partnerships, the conference underscored how far crypto has come from its embattled recent past—and how entwined it’s become with political power.