On May 27, President Trump used Truth Social to vow that “The New Frontier of Finance is being Built in America, and ‘TRUMP’ will NEVER let Crypto down,” claiming that he saved the very industry that former Securities and Exchange Commission (SEC) chair Gary Gensler supposedly nearly wrecked by, as the president put it, “driving Bitcoin, Crypto Perpetuals, and INNOVATION offshore.”  He also pledged to pursue a “future-proof” market structure for digital assets.

Despite all that sounding like good news to a beleaguered crypto sector still reeling from the October flash crash, within hours of Trump’s statements, the market did the opposite of cheering, with nearly every major crypto asset declining over the following 24 hours.

So what…