Written by: Luke, Mars Finance

As the gentle August breeze sweeps across the majestic peaks of the Teton Mountains in Wyoming, the global financial community traditionally focuses on one event: the Jackson Hole Central Bank Symposium. Here, the Federal Reserve Chair meets with central bank governors from around the world to discuss the future of monetary policy. However, in the summer of 2025, the script of the old order was quietly rewritten. Three days before the central bankers arrived, another, more boisterous and disruptive event—the Wyoming Blockchain Symposium—had already "occupied" the town.

This event, co-hosted by the cryptocurrency exchange Kraken and Anthony Scaramucci's investment platform SALT, was no longer just a gathering for crypto enthusiasts. The list of attendees itself was a shocking headline: two potential successors to Powell as Federal Reserve governors, the newly appointed Chair of the U.S. Securities and Exchange Commission (SEC), and Eric Trump, the second son of President Trump.

This was not just a conference; it felt more like a meticulously planned "coronation." It marked a fundamental shift in the status of the crypto industry in the U.S.—from the fringes of Wall Street to a core participant closely connected to the corridors of power in Washington. What this symposium revealed was a blueprint for a new financial order in America, drawn by clear regulations, friendly oversight, and vast capital.

Regulatory "Big Bang": A New Code Tailored for Crypto

For a long time, the U.S. crypto industry has struggled through a fog of regulation, constantly facing the sword of "regulation by enforcement." The Wyoming Symposium of 2025 was held under an unprecedented regulatory clear sky. The cornerstone of this change was a landmark piece of legislation known in the industry as the "GENIUS Act."

This act, co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, and signed into law by President Trump, provided the first comprehensive and clear federal regulatory framework for the U.S. stablecoin market. According to an analysis by top law firm Latham & Watkins, the core of the act is that it clearly defines "payment stablecoins," requiring issuers to hold high-quality cash or cash-equivalent reserves on a 1:1 basis, and grants primary regulatory authority to banking regulators rather than the SEC. Crucially, it removes these compliant stablecoins from the category of "securities."

"This is a clear runway, not an obstacle course," commented an executive from a stablecoin issuer attending the event.

If the GENIUS Act addressed the identity issue of stablecoins, then the announcement of "Project Crypto" by newly appointed SEC Chair Paul Atkins at the symposium brought hope for the broader token ecosystem. Atkins, seen as a very crypto-friendly regulator, completely overturned the hardline approach of his predecessor.

"Our goal is to foster innovation, not stifle it," Atkins stated clearly in his speech. He believes that only a "very small number" of tokens should be considered securities and promised to provide the market with "bright-line rules." One of the core pillars of his "Project Crypto" is to allow the emergence of "super-apps" that can trade both security tokens and non-security tokens, thereby breaking down existing market structure barriers. This marks a shift in the SEC's role from "police" to "market builder."

These two policies—a codified law on stablecoins and a regulatory philosophy for the token market—together form a complete, growth-supportive regulatory framework, paving the way for a significant influx of capital into the crypto market this summer.

The Fed's Blessing: From Cautious Skeptics to Proactive Innovators

In the regulatory world, if the SEC is the aggressive forward, then the Federal Reserve (The Fed) is more like a cautious defender, known for its prudent attitude towards financial innovation. However, the remarks of two Federal Reserve governors attending the symposium—Michelle Bowman and Christopher Waller—sent a completely different signal.

Bowman stated in her speech that the U.S. is "on the brink of what seems to be a significant transformation" and called for regulators to adopt a "supportive of innovation" rather than "overly cautious" attitude. She revealed that the Fed has terminated its previous "new activity supervisory program" regarding banks' involvement in crypto, aiming to provide greater certainty for banks exploring digital assets.

Waller, viewed as a leading candidate to succeed current Chair Powell, was even more aggressive. In his speech on payment technology innovation, he directly quoted his earlier view: "There is nothing to fear about decentralized finance (DeFi)." He sees the GENIUS Act as "an important step for the stablecoin market," helping it "realize its full potential." More importantly, he confirmed that the Fed is actively researching technologies like tokenization and smart contracts, believing that "further engagement with industry innovators will greatly benefit the Fed."

Hearing such positive rhetoric from Federal Reserve officials is akin to a policy earthquake. It indicates that the U.S. central bank no longer views cryptocurrencies merely as risks to be controlled but is beginning to see them as a technological transformation that needs to be understood and even engaged with.

Political-Industrial Alliance: A New Power Forged in Bitcoin Mines

If clear regulation is the soil, then strong political support is the sunshine. This symposium vividly showcased the close alliance formed between the crypto industry and the current Trump administration. The most direct manifestation of this alliance was the deep involvement of President Trump's son, Eric Trump.

Eric Trump did not merely attend as a special guest. His role is as the co-founder and Chief Strategy Officer of American Bitcoin. This company aims to become a leading mining enterprise in the U.S. through its merger with mining giant Hut 8, with a strategic focus on efficient mining using low-cost energy and holding most of its output as long-term asset reserves.

"I am a bitcoin maximalist," Eric openly stated during a discussion at the symposium. He reiterated his prediction that Bitcoin would rise to $175,000 by the end of the year and eventually surpass $1 million. This is not just an expression of personal belief but represents the Trump family's direct bet on the capital and energy-intensive industry of crypto mining.

This deep binding of a member of the first family with industry interests forms a perfect political loop with legislative support at the Senate level. It is Senator Lummis, a proponent of the GENIUS Act, whose home state of Wyoming is one of the most crypto-friendly states in the U.S.

Behind this political influence is a significant financial investment. According to public data, the crypto industry contributed an astonishing approximately $119 million in political donations and lobbying expenditures during the 2024 election cycle, making it the second-largest corporate political spender after the traditional energy sector. In the first half of 2025, the industry's lobbying expenditures exceeded $18.4 million, setting a new historical high. This massive funding ensures that the industry's demands resonate clearly in the halls of power in Washington.

Market Frenzy: The "Summer of Stablecoins" and the Rise of Crypto Treasuries

The certainty of regulation and the openness of politics have ignited the flames of the market, giving rise to what Goldman Sachs analysts refer to as the "Summer of Stablecoins."

Fueled by the GENIUS Act, the stablecoin market has expanded at an unprecedented pace. As of July 2025, its total market capitalization has surpassed $250 billion. A report from Goldman Sachs predicts that the market cap of USDC alone is expected to grow by an additional $77 billion by 2027.

Meanwhile, a new corporate strategy is gaining popularity on Nasdaq—"Crypto Treasury Companies." These publicly traded companies raise funds by issuing stocks or bonds, primarily to purchase and hold cryptocurrencies like Bitcoin as their core reserves.

According to statistics, by mid-2025, at least 126 publicly traded companies globally held a total of approximately 820,000 Bitcoins on their balance sheets. Just this year, these companies have increased their holdings by over 157,000 Bitcoins, worth more than $16 billion. Leaders of this trend, such as MicroStrategy and the newly established American Bitcoin, are proving to Wall Street that Bitcoin can serve as a superior long-term store of value compared to cash.

This fervent market sentiment is driving the total market capitalization of the global crypto market to touch the $4 trillion mark for the first time.

Traditional Finance's Embrace: "The Logic of Blockchain is Too Compelling"

In this crypto feast, the presence of traditional finance (TradFi) giants is equally indispensable. Jenny Johnson, CEO of Franklin Templeton, hosted a discussion on "Embracing Blockchain," her views representing a fundamental shift in Wall Street's attitude.

"When you see the advantages of this technology, its logic is so compelling," Johnson stated, "this transformation will happen very quickly." She emphasized that the real opportunity lies in investing in the underlying infrastructure of blockchain that builds the future financial system, rather than just trading tokens themselves.

This stands in stark contrast to a few years ago when most traditional financial institutions either scoffed at cryptocurrencies or were only willing to offer shallow proxy products like Bitcoin ETFs. Now, from BlackRock to Fidelity to Franklin Templeton, these giants managing trillions of dollars in assets are integrating digital assets into their core businesses with unprecedented depth and breadth.

Conclusion: The Birth of a New Order and Unresolved Mysteries

The Wyoming Blockchain Symposium of 2025 will ultimately be recorded in history as a watershed moment. It is no longer a discussion about whether cryptocurrencies can survive but a declaration on how to build a new financial world deeply engaged with them. Here, regulators, politicians, entrepreneurs, and investors reached a rare consensus: crypto innovation is key to maintaining America's global financial leadership.

However, beneath this prosperous scene, the new order also brings new questions. Critics, especially dissenting voices in Congress, point out that the provisions of the GENIUS Act regarding consumer protection, audit requirements, and preventing monopolies by large tech companies remain weak. They worry that an overly lenient environment could sow the seeds for the next financial turmoil and provide new loopholes for illicit financial activities.

As attendees leave the fresh air of Jackson Hole and return to their trading floors and offices, they carry away not just a few days of meeting minutes but a powerful sense of certainty. The story of the U.S. crypto industry has turned a new page. The question is no longer "if," but "how"—how this emerging and powerful crypto-political alliance will shape the global financial landscape for decades to come, and how the world will adapt to this new era driven by code and consensus.

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