Trump-backed crypto revival fuels wild scenes at Token2049 Dubai

Pardons, stablecoins, and desert raves mark the return of crypto elites at Trump-era Token2049.

Visitors attend the Token2049 conference in Dubai on April 30, 2025. Photo by Giuseppe Cacace/AFP

By Anna Fadiah and Hayu Andini

Giant inflatable whale mascots in astronaut suits clogged the buffet line. Above the crowd, promoters showered the venue with mock currency printed with crypto logos. At a desert rave lit by sparklers, VIPs brandished $500 bottles of champagne as music thumped into the early hours. This was no ordinary tech conference—it was Token2049 Dubai, the largest crypto gathering in the world, where the Trump-backed crypto revival was in full swing.

Attracting over 15,000 participants from across the globe, Token2049 served as a declaration of rebirth for an industry once besieged by lawsuits, arrests, and regulatory crackdowns. The scene now was one of celebration, influence, and revenge, as crypto titans—some previously behind bars—reunited under the banner of a new, Trump-led administration that had rewritten the rulebook.

A comeback powered by politics

Just a year ago, many of Token2049’s VIPs were either facing charges or under investigation. Changpeng Zhao, founder of Binance, had been released from a California jail in September. Arthur Hayes, convicted of money-laundering violations tied to BitMEX, had served house arrest. Justin Sun, the controversial Tron network founder, was embroiled in legal troubles. Now, they were the stars of the show.

The turning point? Donald Trump’s return to the presidency. With the stroke of a pen, Trump issued pardons for Hayes and other crypto executives, dismantled aggressive regulatory initiatives, and redirected investigative resources elsewhere. These sweeping changes catalyzed a dramatic shift in the industry’s morale, stoking what many dubbed the Trump crypto comeback.

Billionaires bask and strategize under desert skies

Zhao, known in crypto circles as CZ, took center stage with rockstar flair. After serving a four-month sentence and paying a record $4.3 billion fine on behalf of Binance, Zhao walked into a packed hall under a strobe-lit laser show and thunderous techno beats. Attendees clamored to hear his insights, security sealed the doors, and the crowd spilled into the corridors.

“I’m always bullish,” Zhao declared, explaining that he had been consulting with over a dozen governments about friendly crypto regulations. Not once did the interview with investor Raoul Pal touch on his prison stint. Later, at a Binance-hosted event, Zhao said the crackdown under the Biden administration was part of “a war on crypto,” but now there was “a counterreaction” enabling faster growth.

Justin Sun echoed the new optimism, teasing the launch of a U.S. exchange-traded fund tied to Tron’s cryptocurrency. Sun, who famously spent millions on pop-art pranks and dined with Warren Buffett, dismissed financial gain as his motivation. “I’m not here for the money,” he told the crowd.

Yet money was everywhere—from Tether CEO Paolo Ardoino touting $13 billion in profits to champagne-fueled networking. Ardoino, whose firm was previously targeted by U.S. authorities, presented Tether’s dollar-backed token as a mission driven by “passion, not profit.”

USD1 and Trump’s family venture take the spotlight

The most controversial development came courtesy of World Liberty Financial, a crypto firm led by Eric Trump and Zach Witkoff, the son of Trump’s Middle East envoy. The firm recently launched USD1, a dollar-pegged stablecoin now climbing the market cap charts thanks to a $2 billion investment from MGX, a UAE state-backed fund.

In a keynote, Trump and Witkoff promised to reshape the financial system using USD1 for seamless global transactions—and even payments at Trump hotels. On stage with them stood Justin Sun, now an adviser to World Liberty. He too is helping expand USD1 across the Tron blockchain, aiming to circulate billions more of the new stablecoin.

“The same people who were coming after us were going after the crypto community,” Trump said, linking the financial scrutiny of his family to that of crypto firms. The crowd roared in approval as he predicted the decline of big banks, which had severed ties with Trump businesses.

While the White House denied any conflicts—citing that Trump’s assets are in a trust managed by his children—the optics raised questions. World Liberty’s growing entanglements with Binance, whose founder is seeking a full pardon, spotlight a complex web of financial and political interests.

Dubai cements its status as global crypto hub

Dubai’s rise as the de facto capital of crypto was no accident. With favorable tax structures, regulatory autonomy, and proximity to Gulf wealth, the city has attracted major players like Binance and Tether. Animoca Brands’ Yat Siu called the event “a who’s who of crypto.”

In response to past criticism from financial watchdogs, Dubai established the Virtual Assets Regulatory Authority (VARA). Its leaders, Matthew White and Deepa Raja Carbon, said the agency was designed to provide custom rules for crypto, distinct from traditional finance. VARA’s creation helped remove the UAE from the Financial Action Task Force’s “gray list” last year.

“Our goal is to bring crypto out of the basement,” Raja Carbon said, emphasizing that most crypto companies were law-abiding. Compliance booths lined the venue, one bearing the blunt sign: “Don’t Launder Money.”

From speeches to spectacle: the surreal side of Token2049

But Token2049 wasn’t all policy and investment. It was also a showcase of unfiltered crypto culture. Arthur Hayes delivered a bombastic keynote titled “Full Send — Why the Crypto Bull Market Is About to Re-Ignite,” where he urged the crowd to buy bitcoin “right f—king now,” predicting a $1 million valuation by 2028. Then he launched himself down the resort’s zipline, yelling the same mantra.

Outside, temperatures soared to 107°F. Inside, air-conditioned halls buzzed with dealmaking. Silver tuxedos, bitcoin-logo suits, and cyborg sunglasses gave the event a Blade Runner-like aesthetic. Photo ops included camels draped in exchange logos, and booths handed out champagne as if it were water.

In the evening, Lamborghini and Ferrari convoys led guests to the Bohemia Beach Club on the Palm Jumeirah, where things got even more surreal. Confetti printed with memecoin art filled the air. A contest prize included an experience with a Japanese adult-film star. A Shiba Inu mascot in a pink hat led a group dance for a Dogwifhat promotion.

The closing night saw hundreds of drones light up the Dubai sky with messages like “Who let the dogs out?” Before the final desert rave, attendees hiked a half-mile into a remote amphitheater where a giant, flaming DJ booth in the shape of a hawk’s wings awaited. Beneath it, shirtless ravers in glowing goggles danced to trance anthems, chanting the refrain from Faithless: “I can’t get no sleep.”

Crypto’s wild future, back on the offensive

The message from Token2049 was clear: The Trump-backed crypto revival isn’t just about legal reprieve—it’s about vengeance, momentum, and vision. With Washington’s walls torn down and bitcoin’s price surging past $97,000, the crypto elite have found both a leader and a launchpad in Trump and Dubai.

As World Liberty, Binance, Tether, and Tron push their tokens and deals deeper into global finance, and with new regulations molded to fit their ambitions, the industry is back on offense. What was once a defensive, fragmented movement now has the confidence—and backing—to reshape money as we know it.