The United States is positioning itself as the global capital of cryptocurrency.

Just a few months ago, the cryptocurrency world in the United States was shrouded in darkness, linking it to dirty business.

From official bodies, from the government to the banking lobby, distrust was projected. There was talk of scams, bubbles, multi-million dollar heists, memorable falls, organized crime, and money laundering.

In just over half a year in office, President Donald Trump's policies and his own involvement in the virtual currency business, marking ethical differences regarding his enrichment, "have produced a 180-degree turn, both from a legislative and regulatory perspective," according to Ron Quaranta, president and CEO of the Wall Street Blockchain Alliance (WSBA), a non-profit trade association whose mission is to guide and promote the adoption of blockchain (digital ledger) technology and cryptographic assets in global financial markets.

More and more banks, brokerage firms and investment companies are getting involved with these currencies.

"It's an evolving landscape," Quaranta clarifies. He dates this push back to Trump's election victory last November and the dramatic takeoff once he entered the White House.

Nasdaq has begun requiring shareholder votes on some deals and pushing for more information in this area. This intensified review comes amid a wave of capital increases aimed at buying digital assets for investments on corporate balance sheets. Since January, 154 US-listed companies have announced plans to raise $98.4 billion and buy cryptocurrencies, the Financial Times reported this week, citing data from Architect Partners, a firm that tracks cryptocurrency activity. This figure stood at $33.6 billion, with just ten companies planning to invest by 2025.

“I describe this situation as the first time, perhaps since the beginning of the digital asset space, that the United States is open to this business,” notes Joshua Ashley Klayman, US director of Fintechy and head of Blockchain and Digital Assets at Linlkaters. She describes herself as “the mother of blockchain” after more than ten years of work.

Its defenders argue that it is a good resource even to combat inflation.

For this expert, the pardon Trump granted to Ross Ulbritch—sentenced to life in prison for selling drugs using bitcoins, among other crimes—upon his return to the White House gave him credibility in the industry. "It was a signal to the industry of what was coming," she notes.

The culmination so far came last July with the passage of the so-called Genius Act (an act to guide and establish national innovation for US stablecoins ). This regulation requires that these cryptocurrencies be guaranteed to have a value pegged to more stable assets, whether cash or short-term Treasury bonds, as well as comply with anti-money laundering regulations. In an effort to consolidate stablecoins as a form of digital cash rather than a place to park money, the law also prohibits issuers from paying interest.

“Many things are part of the story. Trump is one part, but we're seeing different ways of approaching the crypto and technology landscape like artificial intelligence (AI),” he says. “What was once a bad thing is now an opportunity,” Klayman clarifies.

Since the release of convict Ross Ulbrich, Trump has not stopped sending messages in favor of cryptocurrencies.

“There’s a shift in perspective,” says Carlton Greene, a partner at Crowell & Moring LLP with fifteen years of experience at the Treasury Department, where he served on FinCen, the anti-money laundering agency. “People at all levels of society are beginning to see crypto assets as something intriguing, as a promise, and there are regulations that make these businesses broader than they were before,” he maintains.

Along these lines, Quaranta explains that many WSBA members are not typically crypto-native firms. However, more and more banks, brokerage firms, and investment companies are becoming interested and involved in this field.

It's a technology that can be carried on your phone, as Klayman emphasizes, and its use in everyday use is increasing. "An interesting application is the use of cryptocurrencies to combat inflation. It offers interesting possibilities for users to preserve and create wealth," says Greene.

“What was once bad is now an opportunity,” says Klayman, a pioneering expert in the sector.

The fear is fading, they note, although, despite the many protections imposed, "there is still enormous concern about cryptocurrency being used to facilitate drug traffickers' activities or about North Korea, Russia, or Iran taking advantage," Greene says. "Entities considering moving into this space must be aware of these risks and ensure they have adequate protections in place," he concludes.

“The campaign promise to make the United States the crypto capital of the planet is being fulfilled,” Klayman proclaimed. For a time, investors migrated to Singapore or the United Arab Emirates. Now they're back.

And there are no barriers because, as Klayman emphasizes, cryptocurrencies lack borders and limits. This poses a challenge to the traditional financial system and, specifically, to the sovereignty of the dollar as a free currency. “The dollar as a long-term reserve currency is only strengthened by leveraging technologies like stablecoins ,” Quaranta countered regarding de-dollarization . “The dollar will be here for a long time,” he added, “I don't think they'll remove it as a reserve currency, not in our lifetime.”