新经济思想研究所-快速行动，打破一切：加密货币、民主党人和放松监管（英）-2026.1.pdfVIP

MoveFastandBreakEverything:

Crypto,DemocratsandDeregulation

ThomasFerguson,JieChen,

†

MatthiasLalisseandPaulJorgensen

WorkingPaperNo.245

January12th,2026

Abstract

InNovember,2022,thegiantcryptocurrencyexchangeFTXfiledforbankruptcy.

Thefinancialfalloutfromthatevent,includingtwobankfailures,madecrypto

politicallyradioactive.Yetlessthanthreeyearslater,crypto,likeDonaldTrump

himself,stagedatriumphantSecondComing,asthePresidentsignedintolawthe

so-called“GENIUSAct”–shortforGuidingandEstablishingNational

InnovationforU.S.Stablecoins.Analystshavetracedtheindustry’sphoenix-like

resurrection,showinghowkeycryptobillionairesandcompaniesalignedwith

Trumpearlyinthe2024campaign,transforminghimfromaskepticintoa

politicalchampion.Buttheflipsideofthestoryismuchlessdiscussed:how

†ThomasFergusonisProfessorEmeritusattheUniversityofMassachusetts,Boston;Directorof

ResearchattheInstituteforNewEconomicThinking;andservesontheAcademicAdvisoryBoardof

BetterMarkets.JieChenisUniversityStatisticianattheUniversityofMassachusetts,Boston.Matthias

LalissereceivedhisPh.D.inCognitiveScience(NeuralNetworks)fromJohnsHopkinsUniversityand

worksinAIand