Donald Trump’s embrace of cryptocurrency is igniting global policy discussions and shaping the future of digital assets.
Coinbase, the leading cryptocurrency exchange, recently received approval from Indian regulators, marking its potential return to one of the largest markets for cryptocurrency. This approval came on March 11, 2025, three years after the company was forced to exit India due to regulatory scrutiny and what Coinbase CEO Brian Armstrong described as "informal pressure" from the country's central bank.
According to Tom Duff Gordon, Coinbase’s vice president of international policy, this move is part of a larger phenomenon observed since Trump took office. He noted, “It’s a phenomenon. Since November, there’s certainly been an uptick in interest, awareness of what’s happening, and flights boarded.” Coinbase now boasts a $48 billion market capitalization, and Gordon is actively lobbying across countries like India, Australia, and the United States to encourage favorable cryptocurrency regulations.
The impact of U.S. policies under Trump is particularly relevant for Australia. The recent pivot from the U.S. on cryptocurrency regulation is making Australian politicians sit up and take notice. The Securities and Exchange Commission (SEC) has shifted its approach, dropping its lawsuit against Coinbase for allegedly failing to register as both exchange and broker-dealer. This move is echoed by Steven Vallas, managing director of the industry group Blockchain APAC, who pointed out how closely Australia's regulatory approach aligns with America's, stating, "One of the questions is, 'What happens now'..."
On March 13, Joseph Longo, chair of the Australian Securities and Investments Commission (ASIC), reiterated the risks associated with cryptocurrencies during a panel event. He warned, "For the retail punter and investor, if you invest in crypto assets, it’s only sensible to be cautious." Longo’s comments suggest ASIC is closely monitoring the growing interest and potential regulatory adjustments within Australia's digital asset environment.
There’s growing sentiment among Australians about cryptocurrency, with estimates indicating between 20% and 30% of the country’s population holds some form of digital currency. Gordon believes this number translates to electoral power, asserting, “There are Australians out there who care about this and will vote for candidates who are in favour of crypto.” This sets the stage for potential shifts in platforms for the upcoming elections.
Politicians are aware of this wave of interest and are responding accordingly. While the conservative Liberal Party has shown greater openness toward crypto, the left-leaning Labour Party is also reassessing its stance to attract crypto voters. Vallas commented, "What happened in the US made the Labour Party more attuned to the potential political impact. They want crypto votes."
Meanwhile, as the Australian political scene adapts, the U.S. Congress is taking significant strides. On March 14, 2025, a Senate committee advanced groundbreaking legislation on stablecoins, reflecting the urgency with which lawmakers are tackling the complex and rapidly changing cryptocurrency ecosystem.
Gordon highlights the role of other countries globally, saying, “Countries with regulatory frameworks are thinking about how to capitalize on them, and those without are working to accelerate their plans to implement regulations.” Indeed, as Chengyi Ong, policy lead for analytics firm Chainalysis, observed, jurisdictions such as Japan, Hong Kong, and Singapore have set up their regulations quicker than others, leading to heightened interest and competitive regulatory frameworks worldwide.
This intense discussion around cryptocurrency regulation is not isolated. Trump’s influence is felt beyond the U.S., mimicking the ripple effects seen historically where American policy shifts have prompted international reactions. "All eyes are always on what’s happening in the US," remarked Ong, underscoring the U.S.'s role as a global agenda setter within the crypto policy space.
With important elections looming and growing public interest, the Australian crypto scene is preparing for pivotal discussions and potential legislative changes. The audience now awaits how the political strategies will adapt to the crypto boom, triggered by developments across the Pacific.
On the ground, as political parties grapple with the challenges and opportunities presented by cryptocurrencies, many are realizing the voting power of the crypto community. With Coinbase and similar institutions advocating for clearer and more favorable regulation, the coming months will showcase how cryptocurrency could transform not only markets but also the political landscapes around the world.
