American crypto firms are still basking in their electoral victory after pulling off a remarkable political comeback and gaining influence in D.C. last November—but does a brewing civil war among their ranks now threaten to call the honeymoon off?
Last week, President Donald Trump issued a much-anticipated executive order on crypto, making good on a promise to deliver the industry a grab-bag of wishlist items. While the order thrilled many, it was the document’s omission of a single word that threatened to undo a fragile truce among crypto’s competing factions: Bitcoin.
Throughout his campaign, Trump vowed to establish a strategic federal Bitcoin stockpile, which would effectively invest the U.S. government in the world’s top cryptocurrency. Last week’s executive order did indeed call for, among other things, exploring how best to create a federal crypto reserve—but crucially, it referred to a generalized “digital…
