Wall Street shows renewed optimism for cryptocurrency under President Donald Trump’s pro-crypto agenda. Trump shifted from being a crypto skeptic in his first term to embracing the industry during his 2024 campaign, relying on its financial support to defeat Kamala Harris. President Trump issued an executive order emphasizing the protection and promotion of digital assets to support cryptocurrency use and development. Banks have been hesitant to adopt crypto largely due to regulatory constraints. Morgan Stanley CEO Ted Pick stated that the bank’s cryptocurrency involvement depends on regulatory clarity and plans to work with federal regulators to offer safe crypto services.