From skeptic to champion, President Donald Trump is reshaping the nation’s digital asset agenda from the ground up, pleasing die-hard bitcoin and meme coin investors and ruffling the feathers of enforcement hawks who think he’s engaging in flagrant self-dealing.

He once warned that cryptocurrencies “seemed like a scam” and were “based on thin air” and accused them of enabling criminal activity. Today, Trump says he’s been a “big crypto fan” from the beginning and is overseeing the most sweeping deregulatory shift in digital asset policy the United States has ever seen.