The Funding: VCs digest Trump's bitcoin reserve and say what could start 'an incredible era of innovation for crypto'

Since taking office in January 2025, Trump has made a clear shift in crypto policy. The strategic bitcoin reserve, the rollback of aggressive SEC  enforcement   actions  and the first White House crypto summit have all signaled a friendlier stance on crypto than the previous administration. But for many VCs I spoke to, there's still more that needs to be done.

The bitcoin reserve will hold seized bitcoin from criminal or civil forfeitures. There is no immediate plan for the government to buy bitcoin, but officials have been tasked with exploring budget-neutral acquisition methods that wouldn't impose new costs on taxpayers.

Most VCs view the reserve positively, seeing it as a meaningful policy shift. "A year ago, if you told me we'd have a strategic bitcoin reserve, I wouldn't have believed you," said Anil Lulla, founding partner of Delphi Ventures.

Michael Anderson, co-founder of Framework Ventures, described the creation of a national crypto reserve as "surreal," noting that while it may be "mostly symbolic" for now, it still holds significance. "It is objectively a very big deal that the U.S. government now has a stockpile of 200,000 bitcoin and other assets," Anderson said. "It doesn't really matter how the U.S. as a country came into its bitcoin position. All that matters is that every other country now has some pressure to build some sort of stockpile of their own, even if they don't fully believe in the space yet," he added.

Market reaction to the reserve was short-lived, underscoring how macro factors remain the dominant force. Investors hoping for direct U.S. government bitcoin purchases were left disappointed, and broader macro concerns — interest rates, tariffs and inflation — continued to weigh on risk assets. "Bitcoin continues to trade as a macro-linked risk asset," said Rob Hadick, general partner at Dragonfly, adding that economic uncertainty will dictate near-term price action more than any single policy shift.

Then came the first White House crypto summit . Expectations were high, but the televised portion delivered little substance. While some assume more meaningful discussions happened behind closed doors, the lack of concrete takeaways left many wondering whether the event was more about symbolism than real engagement.

"I'd lean it was mostly for optics," said Lulla.

But there were some glimmers of substance. Thomas Klocanas, general partner and head of venture at BlockTower Capital, said there were at least some interesting bits during the televised portion — most notably, discussions around stablecoins as a tool to reinforce the U.S. dollar's status as the dominant reserve currency. Trump said at the summit that he hopes lawmakers will send stablecoin legislation to his desk before Congress's August recess.

What happens next will determine whether this policy shift translates into real industry momentum. Most VCs agree that regulatory clarity — particularly around stablecoins and market structure bills — is the real game-changer. "For those in the know, for the key decision-makers in the industry, the passage of these two bills could signal a 'game on' moment for crypto," said Anderson, adding that this would signal "the start of an incredible era of innovation in crypto."

Lulla also noted that regulatory clarity is necessary so that U.S. crypto projects "spend less time figuring out how not to go to jail or get sued" and more time focused on building useful products.

So far, the Trump administration appears to be following through on its campaign promises to support the crypto industry. Against this backdrop, some VCs are increasingly positioning themselves toward the U.S. market. Earlier this year, Andreessen Horowitz shut down its U.K. office to refocus on its home market amid Trump's crypto-friendly stance.

BlockTower's Klocanas said that while short-term price action is still dictated by macro, the long-term pull toward the U.S. is strengthening — especially as institutional flows increase, ETF approvals expand and the IPO window starts to reopen.

Hadick also pointed out that investor confidence in the U.S. is improving. "We are now more clearly able to invest in U.S. entrepreneurs and those innovating on shore without the uncertainty in the regulatory or enforcement backdrop," he said. "This is especially true in verticals like DeFi and stablecoins, which previously have been at the center of regulatory uncertainty," he added.

For now, as Trump's crypto playbook unfolds, the industry remains in a wait-and-see phase. If and when real regulatory clarity emerges in the coming months, VCs are hoping such a moment could mark the start of a new era for crypto — one with the U.S. clearly at the helm.

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