The Securities and Exchange Commission spent Tuesday proposing the friendliest set of crypto rules an American regulator has ever put on paper. On Wednesday, the industry that would benefit from them was at the White House, having lunch with the president.

Donald Trump hosted crypto executives and trade body officials in Washington alongside Paul Atkins, who chairs the SEC, Mike Selig of the Commodity Futures Trading Commission, and Patrick Witt, the administration’s crypto adviser.

It is a guest list that would raise eyebrows in a normal week, and this was not one, given that Trump has reported roughly $1.4bn in crypto income from his family’s ventures.

The proposal on the table is called Regulation…