Trump's crypto policies fuel sanction evasion and undermine US dollar dominance

According to ChainCatcher, Manchester University economics professor Jayati Ghosh pointed out in an article for the Bangkok Post that the Trump administration strongly promoted cryptocurrency deregulation and pushed for the GENIUS Act to promote USD-pegged stablecoins, while refusing to develop a central bank digital currency. However, this series of policies is having a self-destructive effect: in 2025, the volume of illegal cryptocurrency transactions increased by more than 160% year-on-year, with countries such as Russia, Iran, and North Korea using cryptocurrencies to massively evade US economic sanctions.

Among them, Iran has introduced cryptocurrencies into the Hormuz Strait transit fee collection system, with estimated daily revenues reaching as high as 36 million USD; Russia has bypassed asset freeze orders through crypto exchanges to fund military procurement.