The New Crypto Wild West: How the Current Administration Handed Criminals the Keys to the Kingdom

The New Crypto Wild West: How the Current Administration Handed Criminals the Keys to the Kingdom

Under the new administration, the crypto industry didn’t just get a seat at the table—it got handed the keys to the kingdom. What was once a regulated space, however flawed, has now become the new Wild West, and the criminals aren't just playing; they’re running the entire game.

It didn’t happen by accident. Through a series of executive orders and strategic personnel shifts, the plan to dismantle oversight was executed with surgical precision. They started by pardoning crypto figures, gutting DOJ and SEC units focused on crypto crime, and dropping high-profile lawsuits and prosecutions. These actions protected big names like Justin Sun, who, under any competent administration, would have been nailed for his alleged offenses.

Then came the legislation. The Genius Act was passed through both houses, a bill that cemented the crypto industry’s newfound political power. The evidence of this influence was on full display when Paolo Ardorno from Tether, a company practically synonymous with global money laundering, was seen in the administration's office. Under the previous administration, Ardorno couldn’t even travel to the U.S. until this year.

The message is clear: criminals are no longer just operating in the shadows; they’re being celebrated. This was perfectly encapsulated by Justin Sun taking his company public on NASDAQ and ringing the opening bell in a tuxedo—a triumphant celebration of the people who now run the show.

This is a deliberate, orchestrated dismantling of oversight. And with the criminals running the game, it's not a question of if, but when the whole thing comes crashing down.