On the night of January 17, 2025, shortly before Donald Trump’s inauguration in the Oval Office, the Andrew W. Mellon Auditorium was celebrating. Amid tuxedos and evening gowns, the first Crypto Ball took place, an exclusive event where crypto-linked entrepreneurs and public officials gathered to welcome the Republican tycoon. The industry was counting down the hours to greet an administration that promised it a golden age. The joy soon turned to euphoria: that same night, Trump became the first cryptobro president of the United States by launching his own memecoin.

The Republican’s return to the White House brought cryptocurrencies into the mainstream: the leader of a superpower doing multimillion-dollar business in that industry…