The cryptocurrency industry made no secret of its preference for Donald Trump as a presidential candidate in 2024, and backed him to the tune of millions of dollars. High rollers in tech and venture capital who routinely blasted President Joe Biden for a crypto fraud crackdown facilitated by his Securities and Exchange Commission chairman, Gary Gensler, reliably took up the line that a Trump administration promised a far better future for digital assets and the platforms on which they are traded.

Trump, who had once brushed crypto off as a…