"Crypto is the currency for criminals like drug dealers, terrorists, human traffickers, mobsters, fraudsters, etc"

But let's be realistic. That's a good 5% of global GDP, all told.

They're going to come up with a way to manage their finances. At the end of the day, it's just business. Capitalism does not need to comply with the law to generate wealth. That is not in the rulebook.

My Occam's Razor explanation is that Trump is planning to loot the treasury via unregulated crypto trades.

Crypto is not untraceable.

But it is not very easy to trace and law enforcement has to rely on tools they do not understand, and it requires international cooperation due to the global nature of the Internet.

Crypto crime is exactly the kind of thing that "someone" in the United States could get away with if the Federal government decided to stop cooperating with other investigators and also not investigate anything domestically. Cutting all that red tape is good for business.