Wall Street Bets Big on Crypto Comeback as Trump Fuels Market Surge
With a new pro-crypto stance in the White House, traditional finance firms are diving back into digital assets.
Wall Street is embracing crypto like never before, and this time, it's got some serious political backing. Just a few years ago, digital assets were met with skepticism by traditional finance, but a dramatic shift is now unfolding—one largely driven by President Donald Trump’s latest move to establish a strategic Bitcoin reserve.
From Skepticism to Full-On Adoption
Rewind to 2022: The world of finance was locked in a heated debate over crypto’s future. At the center of the drama was a public clash between FTX’s now-disgraced founder, Sam Bankman-Fried, and Terry Duffy, the head of the Chicago Mercantile Exchange (CME). That moment epitomized Wall Street’s hesitation to fully embrace digital assets.
Fast forward to today, and the narrative has changed entirely. Trump’s administration has signaled strong support for the industry, with initiatives like the Bitcoin reserve and a regulatory task force led by longtime crypto advocate Hester Peirce. That shift is making even the most cautious Wall Street players reconsider their stance.
Wall Street and Crypto Rubbing Shoulders in Florida
The transformation was on full display at this year’s Futures Industry Conference in Boca Raton, Florida. Once dominated by finance veterans wary of the crypto crowd, this year’s event saw a surprising mix of old-school traders and digital asset executives exchanging ideas—and business cards.
One noticeable shift? The attire. Gone were the shorts and hoodies that once defined the crypto space. Instead, suits and collared shirts filled the room, reflecting the growing intersection between traditional finance and digital assets.
Even the entertainment had a nostalgic twist. The conference featured a performance by ‘70s rock legends Cheap Trick, entertaining a crowd that included New York Stock Exchange President Lynn Martin and DRW Holdings founder Don Wilson—both of whom have been keeping a close eye on crypto’s resurgence.
A New Era for Crypto Under Trump
Trump, who has repeatedly pledged to make the U.S. the “crypto capital of the planet,” has taken tangible steps to deliver on that promise. Alongside the Bitcoin reserve, Bloomberg News reported that the Trump family’s crypto venture, World Liberty Financial Inc., has been in talks with Binance Holdings Ltd., the world’s largest crypto exchange.
For Wall Street firms that had previously hesitated, the message is clear: Crypto is back in the game, and this time, it’s got the weight of Washington behind it.
Catherine Clay, head of derivatives at Cboe Global Markets, summed it up best: “Crypto is back.” And if the momentum at Boca Raton is any indication, Wall Street isn’t just watching from the sidelines—it’s diving in headfirst.
