Clear rules of the road could bring banks and other traditional players into the crypto arena, accelerating the growth of stablecoins (cryptocurrencies pegged to other, more traditional assets) and other financial applications.

Trump may even establish a strategic Bitcoin reserve, some hope, and abolish taxes on many small-dollar crypto asset transactions, making it easier to use these assets for everyday transactions. 

To be sure, there is much the government can do to accelerate and enable innovation. And much of this relies on Trump and his pro-crypto allies in Congress and industry focusing on the hard issues and doing the work of getting legislation drafted and passed.