Trump's Bold Crypto Revolution Within His First 100 Days

In just under 100 days, the Trump administration shifted Washington's stance on cryptocurrencies, delivering on numerous pledges made to the sector through a flurry of executive actions and regulatory changes.

From scrapping Biden-era lawsuits against crypto firms to greenlighting a strategic bitcoin reserve, President Trump’s first 100 days included a combination of both symbolic and concrete moves on digital assets.

Although experts on cryptocurrencies concur that the extended repercussions of these actions remain uncertain, major figures within the crypto sector view Trump’s initial alterations as victories in themselves.

Despite President Trump's various policy initiatives, such as initiating a trade dispute and endorsing meme coins, his consistent positive stance continues to be a source of frustration for certain individuals within the cryptocurrency sector.

"The overall situation is incredible, and we maintain a long-term outlook; we make investments with a focus on the future, and everything is just about as ideal as it can be," stated Nic Carter, a co-founder of the cryptocurrency investment company Castle Island Ventures.

Industry optimism remains high

After months of courting voters Those who back cryptocurrencies, Trump quickly signaled his support for pro-cryptocurrency policies shortly after returning to office.

The president signed an executive order In his initial week, he formed a task force dedicated to digital assets, headed by David Sacks, who serves as the White House leader for both artificial intelligence and cryptocurrency matters.

Trump assigned the team to develop a federal regulatory structure for digital assets and assist in overseeing the strategic Bitcoin reserve and digital asset stockpile, as requested by the president. established via executive order in March.

Trump also reversed Former President Biden’s 2022 crypto directive signified a fresh start for the cryptocurrency sector with the advent of the new administration.

"It represents a complete transformation in Washington; it's utterly distinct from how things were six months prior," Carter stated.

Carter mentioned that he maintains a list in his drawer to monitor Trump’s follow-through on cryptocurrency-focused pledges made during the election campaign.

"It's just a series of green checkmarks running down the page," he explained.

As they invest approximately $250 million in campaigns ranging from top-of-the-ballot races to lower-level positions in the 2024 elections, the crypto industry is advocating for more transparent regulations concerning cryptocurrency trading and seeking an end to the strict oversight imposed by the Biden administration.

The investments being made in the industry are yielding positive outcomes, and different crypto leaders mentioned to The Hill that the administration is taking notice.

"Regardless of whether you back this administration or not, the reality is: regulators are beginning to participate in genuine discussions. This is significant," stated JP Richardson, CEO of Bitcoin and cryptocurrency wallet provider Exodus.

For many years, we found ourselves in a gray area—constructing projects without explicit instructions, constantly fearing unexpected setbacks. Now, we're noticing a readiness to hear us out.

The Security and Exchange Commission (SEC) dropped several Biden-era investigations within weeks of the new administration taking office, several cryptocurrency companies have shifted their focus, whereas organizations such as the Commodity Futures Trading Commission (CFTC), the Treasury Department, and the Federal Reserve are simultaneously issuing fresh guidelines on enforcement actions and market definitions to address uncertainties.

Nathan McCauley, CEO and co-founder of the cryptocurrency platform Anchorage Digital, informed The Hill that he is "very impressed" with how swiftly the White House's crypto-supportive stance has influenced various regulatory bodies.

"You have the SEC conducting continuous crypto roundtables… meanwhile, the Treasury Department is considering a strategic Bitcoin reserve," he stated.

The ability to construct and innovate freely stands as the paramount consideration for the sector, and I believe this has not diminished but rather heightened people's optimistic outlook.

Scaling back enforcement

As the federal government attempts to reverse the stringent measures implemented during the previous four years under President Biden's administration, doubts persist about the extent to which the current administration might dial down law enforcement efforts excessively.

Earlier this month, the Justice Department disbanded its regulation enforcement unit, stoking criticism From certain Democrats worried that digital financial crimes might now go unnoticed.

The administration is "indicating to thecrypto community that they do notneed tobe ascautious regardingsecurities lawsthey were before," statedMolly White,cryptocurrencyresearcherand anadvocate fortougherrules.

White contended that the updated tone is allowing cryptocurrency firms to introduce new offerings with reduced concerns about regulatory action.

"We're starting to observe those shifts where new products are being created and introduced that would have undoubtedly attracted SEC scrutiny in the past. These tend to be relatively high-risk offerings," she explained.

The different cryptocurrency initiatives undertaken by the Trump family, particularly the introduction of two custom meme tokens, resulted in certain tensions within the sector due to worries over potential advantages for the presidential clan.

Days before his inauguration, Trump introduced two meme coins, which raised worries within the cryptocurrency community that this might damage the sector's efforts to gain serious consideration from governmental bodies in Washington.

Meme coins are digital currencies typically tied to online fads and initially lack intrinsic worth. They can experience significant price increases due to substantial interest, rendering them a very unstable investment that might result in considerable wealth for the individual involved.

You once had several Democratic representatives who were somewhat open to backing certain cryptocurrency legislation. However, they have become increasingly uneasy due to how overtly President Trump intertwines his financial interests with his political influence," stated Lee Reiners, an economics lecturer at Duke University. "As a result, these lawmakers do not wish to appear as though they're endorsing measures that could end up enriching Trump.

"The industry acknowledged that there was an image issue, so I believe they have been striving diligently to alter this perception and be seen as responsible participants," he noted.

Last week, Trump’s cryptocurrency firm sparked renewed ethics concerns after revealing that the former president was scheduled to join an "exclusive private dinner" with the leading 220 owners of his digital token. In response, two Democrats addressed a letter to a federal ethics overseer, requesting an investigation into the matter.

Minimal worry about Trump’s additional policies

Although the Trump administration shows a supportive stance toward cryptocurrencies, certain policies implemented by the White House might simultaneously have an adverse effect on the sector, as per several experts.

Scientists from the cryptocurrency exchange Coinbase warned earlier this month A " crypto winter" might be approaching due to the ambiguity caused by Trump’s tariff conflict.

"Multiple indicators could suggest the beginning of a new 'crypto winter' as significant negative sentiment has emerged because of the introduction of global tariffs and the possibility of additional increases," according to Coinbase researchers in their report. April monthly outlook report.

When the report was published, it indicated that the total market capitalization had dropped by at least 41% from its peak of $1.61 trillion in December and was roughly 17% lower than the figures from the previous year.

Opinions vary on whether cryptocurrency remains unaffected by the disturbances in the worldwide markets.

“Crypto folks are maybe in a sour mood because markets are down, and I think [Trump’s] inauguration was the top for many digital assets. But those are just the short-term folks in the industry that can’t see the forest for the trees,” Carter said.

Trump’s assurances, including his promise to make the U.S. the “crypto capital of the world,” sparked a historic monthlong rally for Bitcoin, which topped more than $100,000 in the weeks after his election.

It reached its peak at over $109,000 on Inauguration Day but gradually fell In the coming weeks. Early this month, Bitcoin dipped below $75,000 as Trump’s fluctuating tariff announcements sparked stock sell-offs in the global market.

Macro events invariably influence how investors act," Richardson stated. "This could be due to factors such as interest rates, tariffs, or geopolitical tensions. However, cryptocurrency isn't as insulated as many believe. In fact, Bitcoin is starting to function more like a safeguard against broader economic shifts. The true danger doesn't stem from trade policies; instead, it comes from unpredictability.

A different cryptocurrency executive, requesting confidentiality, remarked that the industry ought not to be astonished by President Trump’s policies outside of crypto, despite these potentially causing ripples within the field.

The gentleman has been asserting for the past four decades his intention to redirect trade. There was never any doubt about this," the executive shared with The Hill. "To an extent, he is fulfilling the commitments he made during his campaign regarding cryptocurrency. It's entirely justified that he upholds these pledges to the individuals who expected him to attempt reshaping trade policies.

If you're handling an entity as intricate as the U.S. government, I believe it's nearly impossible to maintain complete logical coherence.

To stay updated with the most recent news, weather reports, sports updates, and live streams, visit The Hill.