Global Crypto Market Reaches $4 Trillion as Fed Governor Waller Endorses Digital Assets

Jackson Hole, Wyoming – Federal Reserve Governor Chris Waller delivered a notable address on digital assets and stablecoins at the SALT Conference on August 20, 2025, emphasizing that there is "nothing scary" about these innovations. His remarks came as the global cryptocurrency market value reportedly surged to $4 trillion, reflecting a period of significant regulatory clarity and political support from the Trump administration. The event, known as the Wyoming Blockchain Symposium, served as a prominent counterpoint to the Federal Reserve's traditional Jackson Hole Economic Symposium.

Waller, widely considered a leading candidate for the next Federal Reserve Chair, reiterated his long-standing support for the digital asset industry. He highlighted technologies like smart contracts, tokenization, and distributed ledgers, stating, "Leveraging innovative technology to build new payment services is not a new story." He further noted that some innovations have been "vilified" simply due to their association with digital assets, asserting that if they offer "more useful and interesting ways to do things, then we should be looking at and adopting it too."

The SALT Conference, co-hosted by SALT and Kraken, gathered influential investors, entrepreneurs, and policymakers in the digital assets ecosystem from August 18-21. Federal Reserve Vice Chair for Supervision Michelle Bowman also spoke, advocating for better treatment of the industry by banks and regulators and praising tokenization. Other notable attendees included new SEC Chairman Paul Atkins, Eric Trump, and Republican Senators Cynthia Lummis and Tim Scott, both co-sponsors of the "Genius Act."

This period has been dubbed the "Summer of Stablecoins," marked by the Trump administration's full endorsement and the enactment of comprehensive cryptocurrency regulatory legislation, including the "Genius Act" stablecoin framework earlier this year. This supportive environment is seen as a key driver behind the substantial influx of funds into stablecoins and other crypto products, contributing to the market's record valuation. The conference aimed to foster forward-thinking regulation and promote a more decentralized global financial system.

The Federal Reserve continues to explore the potential of tokenization and distributed ledgers, though Waller noted that the central bank may not necessarily adopt these routes itself. The growing political influence of the cryptocurrency industry, evidenced by the high-profile attendance at the Wyoming event, underscores the shifting landscape of digital finance and its increasing integration into mainstream economic discussions. The industry's strong mobilization capability and market confidence are now visibly intertwined with policy developments.