The crypto industry is getting everything it wanted under President Trump. The regulators that crypto firms have blamed for all of their problems have been gutted or made over with friendlier faces who are eager to drop lingering legal challenges.

Euphoria in digital-asset markets stemming from Donald Trump’s plans for a strategic crypto reserve turned to skepticism on Monday, triggering early losses in cryptocurrencies that worsened throughout the day as investors braced for the US to impose 25% tariffs on Mexico and Canada.

Donald Trump’s announcement of a US strategic crypto reserve, including XRP, SOL, and ADA, initially fueled a rally but was met with skepticism. Crypto markets soon fell, with major tokens losing gains amid doubts over the plan’s feasibility.