Crypto’s Big Year Didn’t Work Out for All of Its Billionaires

The stars seemed aligned for a breakout in digital assets as the year began. President Donald Trump, buoyed by millions in campaign support from the crypto industry, was promising a friendlier regulatory regime. Top financial firms were finally embracing the sector.

For a moment, crypto delivered: Prices surged, digital-asset companies rushed to go public, and the industry celebrated presidential pardons and the dropping of legal cases against industry figures.