Since Bitcoin’s launch in 2009, cryptocurrency has been both praised as a decentralized tool to build wealth and criticized for its volatility and celebrity endorsements.
In a media briefing on June 13, hosted by American Community Media, a panel of experts discussed the volatility of cryptocurrency and how it can be a huge profit tool but also could end you up in scam trouble.
Speakers
- Tyrone Ross, CEO & Co-founder of Turnqey Labs and Principal at 401 Financial
- Cantrell Dumas, Director of Derivatives Policy, Better Markets
- Elizabeth Kwok, Managing Director, FTI Consulting
- Zeke Faux, Investigative Reporter, Bloomberg News
The largest-ever study of U.S. cryptocurrency holders, conducted in 2025, found that one in five U.S. adults — 55 million people — are now using cryptocurrency. Among them, 76% said it had a positive impact on their lives, 21% were neutral, and just 3% reported a negative impact.
Decrypting Cryptocurrency
“This is what crypto does: If I’m walking down the street and hand someone one dollar … I can do that any time, any day, and they’re still able to use that value,” said Tyrone Ross. “They don’t need to know my name. I don’t need to know theirs. It’s the ability to send value anywhere in the world at any time to anyone without the approval or lack thereof of a third party, like a bank.”
Globally, 1.4 billion people remain unbanked, including 5.6 million U.S. households and roughly 12.3 million Americans living in banking deserts.
“There is a great inequity when it comes to financial markets, not to mention how expensive it is to be poor in this country … for instance, with checking account fees,” said Ross. “What crypto ultimately does is act like a flashlight on the inequities that exist in the current financial markets and infrastructure.”
He emphasized that access to funds in real time matters. “If I get paid Friday but can’t access the money until Monday or Tuesday, I could be evicted over the weekend.”
In 2023, $857 billion in remittances were sent from the U.S., with an average fee of 6.4% per $200 sent. Annual U.S. remittance fees totaled $13.1 billion, up 8% from the year prior. These costs would rise further under the 3.5% remittance tax embedded in President Trump’s proposed spending bill, passed by the House in May and awaiting a Senate vote.
“There are bad actors, scammers, just like in every other sector,” Ross acknowledged. “But it’s one thing to keep people out by saying it’s scammy, and another to educate and empower them to save their money. How could you advocate for underserved people and be against that?”
A 2021 Pew survey showed 24% of Asian American and 21% of Black or Hispanic adults held or used cryptocurrency, compared to 14% of White adults. A Federal Reserve study in 2022 found the median White household had five to six times the wealth of Black or Hispanic households.
The Risks
“When you consider the U.S. racial wealth gap, financial losses — even in small amounts — can have a more profound impact on families already facing structural disadvantages,” said Cantrell Dumas.
“One of the most significant crypto risks is volatility,” he said. “Prices can rise or fall dramatically in short time frames, which can be devastating for people with no financial cushion.”
Fraud is another major concern. In 2024, crypto-related scams caused $9.3 billion in losses — a 66% increase from 2023 — with over 140,000 complaints filed. Over $65 million in losses stemmed from Bitcoin ATM scams in the first half of the year alone.
“Cryptocurrencies aren’t backed by a central authority,” said Elizabeth Kwok. “Many scams aren’t new — the pitch is, but the tactics are the same.”
Cryptocurrency Under Trump
Kwok noted a shift under Trump’s second term: “With certain White House members now having their own coins, signs indicate a loosening of enforcement in the cryptocurrency space.”
After shuttering the Consumer Financial Protection Bureau headquarters and laying off 90% of its staff, Trump appointed former crypto lobbyist Paul Atkins to lead the SEC. “The administration dropped most lawsuits against crypto companies, pivoting from skepticism to permissiveness,” said Zeke Faux.
Trump’s stance evolved alongside the industry’s political power. During the 2024 election cycle, the cryptocurrency sector spent $238 million in political contributions, surpassing oil, gas, and pharmaceuticals. As of June 2025, most of Trump’s $5.5 billion wealth is tied up in crypto.
After taking office, Trump earned $57 million from his stake in World Liberty Financial tokens. Billionaire Justin Sun, facing an SEC lawsuit, purchased $75 million in tokens. The suit was dropped soon after.
Trump also launched $TRUMP, a meme coin that netted him $320 million, and his media company announced plans to invest $2.5 billion in bitcoin and filed to launch crypto ETFs with the SEC.
“If someone wants special favors, there’s now a really good way to give the president’s family money,” said Faux. “The Trump administration is setting the rules for cryptocurrency, and those rules will shape the future of the entire industry.”
All images provided by ACoM.
English (US) ·