Executive actions and agency guidance have given the industry breathing room, but without durable legislation, today's crypto-friendly climate could evaporate with the next administration. Washington has been handing the crypto industry a series of wins: friendlier rhetoric from the White House, a new SEC chair who speaks fluent DeFi, and the first federal stablecoin law in American history. Much of what the crypto world is celebrating right now comes from executive orders, agency guidance, and administrative reinterpretations of existing rules. His signature initiative, dubbed “Project Crypto,” aims to update securities rules governing digital assets through existing regulatory authority. For now, the crypto industry finds itself in a genuinely strange position.