The first 100 days of the administration of US President Donald Trump have deeply impacted the crypto industry, starting with his own memecoin and culminating in a Bitcoin reserve and a spate of blockchain policymaking.
Trump’s trade war with the entire world has had the largest short-term impact on crypto markets, as crypto prices have wavered amid macroeconomic worry and uncertainty. Higher prices on electronics mean Bitcoin (BTC) miners are finding it harder to break even, and de-dollarization concerns abound.
Still, crypto markets have shown some resilience and cause for optimism in the administration’s crypto-friendly policies. A number of pro-crypto leaders have been appointed to key government agencies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC). The crypto industry’s long-awaited regulatory framework is also imminent.
Trump’s first 100 days have seen remarkable changes for the crypto industry, and it appears that things are only getting started. Here’s a look at what’s happened so far.
Jan. 20 — Trump’s first 100 days kick off with a memecoin
On Jan. 20, while Trump was sworn into office in the rotunda of the Capitol Building, his family’s crypto investment firm, World Liberty Financial (WLFI), launched its second token sale of WLFI tokens.
Massive demand saw prices initially spike, though the true value of the tokens, if any, is yet to be determined, as WLFI is currently not transferable and cannot be traded on any exchanges.
The memecoin served as a kickoff for Trump’s crypto agenda, which has seen unprecedented support for the industry in Washington, DC, along with a slew of moral and ethical concerns among observers and lawmakers.
Related: Trump’s WLFI crypto investments aren’t paying off
Jan. 20 — Pro-crypto leaders head up federal agencies on “day one”
The president of the US sets the tone for several federal regulators, including those overseeing crypto. Trump immediately set out to appoint a number of pro-crypto lawyers and businessmen to head up the SEC, the CFTC and other critical federal agencies.
Trump nominated businessman Paul Atkins to lead the SEC on “day one” of his presidency. Atkins would replace Gary Gensler, who was perceived by many in the crypto industry as an enemy to adoption and the industry’s progress.
Also on day one, Trump appointed businessman and crypto investor David Sacks as chair of the President’s Council of Advisors on Science and Technology — or the crypto and AI “czar.”
Atkins wouldn’t be confirmed by the Senate until April 9 and sworn in on April 21. But in the meantime, Trump also tapped former CFTC Commissioner and crypto proponent Brian Quintenz to head up that agency.
Jan. 21 — $500-billion Stargate AI initiative
In a press conference, Trump announced a $500-billion private-led AI infrastructure investment called “Stargate.” The president claimed the project — led by ChatGPT creator OpenAI, SoftBank and Oracle — would create some 10,000 American jobs.
Trump said the US needed to lead the world in AI innovation and keep development onshore. “China is a competitor, others are competitors. We want it to be in this country, and we’re making it available,” he said.
OpenAI claimed that the project would “not only support the re-industrialization of the United States but also provide a strategic capability to protect the national security of America and its allies.”
Jan. 21 — Pardon for Silk Road founder Ross Ulbricht
Trump announced on Truth Social that he had called the family of Silk Road 2.0 founder Ross Ulbricht after commuting his sentence.
After his arrest in 2013, Ulbricht was sentenced to life in prison in 2015 without the possibility of parole for his role in facilitating the trafficking of narcotics and other illicit substances.
Ulbricht’s case became a rallying point for libertarian movements and prison reform advocates alike. Libertarian-minded crypto advocates supported Ulbricht, as his platform was one of the first places people could actually spend Bitcoin.
Freeing Ulbricht was one of the many campaign promises Trump made to the crypto community.
Jan. 23 — Ban on digital dollar, establishing a crypto working group
With an executive order, Trump established an internal working group to focus on making the US “the world capital in crypto.” The order also prohibited “the establishment, issuance, circulation, and use” of a US central bank digital currency (CBDC).
CBDCs are a contentious issue in the crypto community, with many privacy activists claiming that they are another form of state surveillance and government control. Enthusiasm over their creation from central bankers has further set the more libertarian-minded crypto community against their creation.
The working group would kickstart the process for creating the forthcoming US Bitcoin and crypto reserves.
Feb. 1 — Trade war begins with tariffs on Mexico, China and Canada
One of the promises of the Trump campaign was to rectify the “bad deals” that the US had with many of its oldest allies and most important trading partners.
Just over a week after he was sworn into office, Trump announced sweeping tariffs on Canada, Mexico and China, citing border security concerns and the supposed proliferation of cross-border trade of fentanyl from those countries.
The same day, Canada announced retaliatory measures. On Feb. 3, Mexico promised to step up security of its northern border, responding to American requests for increased patrols. This led Trump to reverse initial tariff plans on both countries.
The unexpected hostile tariffs from a close partner and ally sent stock and crypto prices tumbling. They marked the beginning of the macroeconomic uncertainty that has come to characterize the early days of the Trump administration.
Feb. 12 — Vinnik-Foegel prisoner swap with Russia
Alexander Vinnik, the convicted money launderer who funneled Bitcoin stolen in the infamous Mt. Gox hack through his crypto exchange BTC-e, returned to his home country of Russia.
Vinnik pled guilty to money laundering conspiracy charges in 2024. BTC-e processed more than $9 billion in transactions and had over 1 million users worldwide, many of whom were in the US.
Vinnik was exchanged for American schoolteacher Marc Fogel, who was teaching at the Anglo-American School of Moscow and had been in a Russian jail since 2021 after being arrested for illegal possession of cannabis.
Feb. 18 — Bankman-Fried makes veiled plea for release
In an interview with The New York Sun, the former CEO of now-defunct crypto exchange FTX, Sam Bankman-Fried, addressed his controversial political contributions, saying the Republican Party was always “far more reasonable.”
Bankman-Fried, or SBF, made widely publicized contributions to the Democratic Party as he purportedly tried to influence democratic policymakers’ approach to the digital asset industry. It later became known that SBF was playing both sides of the aisle, donating significant funds to Republicans, though the exact amount remains unknown.
In the interview, SBF likened his position to that of Trump, claiming that he’d been unfairly treated by the criminal justice system. SBF called into question the conduct of the federal judge overseeing his trial, Judge Lewis Kaplan. “I know President Trump had a lot of frustrations with Judge Kaplan. I certainly did as well.”
Observers saw the interview as an attempt to elicit a pardon from Trump. Roger Ver, an early Bitcoin advocate facing criminal tax evasion charges, has made an outright appeal.
March 7 — Trump establishes Bitcoin reserve and crypto stockpile
On March 7, the 46th day of Trump’s presidency, he signed an executive order establishing a “Strategic Bitcoin Reserve.” Trump made big promises about crypto adoption on the campaign trail, including the possibility of a long-sought-after Bitcoin reserve.
The US reserve, however, would fall short of expectations among Bitcoin maximalists. Rather than create a concrete plan for the US government to purchase and hold Bitcoin, it merely created a single reserve to pool all Bitcoin the government had seized during criminal proceedings.
While the order does state that the government may purchase additional Bitcoin, it must do so in a budget-neutral fashion.
In tandem with the Bitcoin reserve, Trump also established a US Digital Asset Stockpile containing other cryptocurrencies such as Ether (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA).
March 7 — White House Crypto Summit
Leaders of the crypto industry descended on Washington for a meeting at the White House to discuss a wide range of topics related to crypto regulation and the development of the industry in the US.
Attendees included Strategy executive chairman Michael Saylor, Coinbase CEO Brian Armstrong and “crypto czar” David Sacks.
While some attendees, including Chainlink co-founder Sergey Nazarov, were optimistic about the event’s focus on strengthening the US crypto industry, some crypto luminaries who were not on the list were less impressed.
Cardano and IOHK co-founder Charles Hoskinson, who did not attend the event, noted in a video stream that real change — i.e., legislation — must be made in Congress.
“Everybody focuses on the White House because it’s simple and easy to do so. […] And as much as we, as an industry, want this to be a short process, it’s going to be a long and methodical process,” Hoskinson said.
Others put it more simply:
March 25 — WLFI goes stablecoin
WLFI expanded its offerings in March with the soft launch of its stablecoin USD1. The coin, “100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents,” launched on the Ethereum and BNB Chain networks.
News of the token’s launch came just days after WLFI secured more than $500 million by selling its own WLFI tokens.
US lawmakers subsequently called for an ethics probe into WLFI and cited the president’s ability to influence stablecoin policy as a major conflict of interest with the project.
Related: Atkins becomes next SEC chair: What’s next for the crypto industry
April 2 — Liberation Day
Doubling down on his belligerent trade policy, Trump levies tariffs on all US trade partners on what he dubs “Liberation Day.”
At a special event at the White House, Trump signed an executive order levying reciprocal tariffs on every country with a tariff on US goods, starting at a 10% minimum.
Markets saw a spate of red across the board following the order, and many economic observers raised concerns over a looming recession. Crypto miners based in the US were further squeezed as their operation costs, namely for buying new mining rigs, increased significantly.
Former White House Communications Director Anthony Scaramucci told Cointelegraph, “I would say that he’s had the worst 95 days in modern presidential history. The markets recovered a little, but we’ve got $9 trillion taken from the stock market. You had a growing economy that’s now heading into a medium-sized recession, possibly a steep recession.”
He said that Trump declared a trade war “without any real weaponry” and subsequently lied about progress when the president claimed China was attempting to negotiate.
“The lies are ok — everyone accepts that he’s a congenital liar […] but when you’re declaring war on people and then you’re lying, it’s really bad.”
April 25 — $300,000-per-plate memecoin dinner raises call for impeachment
Top Trump memecoin holders were reportedly offered an opportunity to have dinner with the president, sparking renewed concerns over his crypto project and prompting one US lawmaker to support impeachment.
At a town hall meeting in his home state of Georgia, Democratic Senator Jon Ossoff said he “strongly” supports impeachment. “When the sitting president of the United States is selling access for what are effectively payments directly to him, there is no question that that rises to the level of an impeachable offense,” he said.
Rumors on social media stated that $300,000 would grant tokenholders an audience with the president, a claim the Trump administration later denied.
Trump’s first 100 days could jeopardize change
The first 100 days of Trump’s presidency have brought unprecedented change to the crypto industry. Simultaneously, they have opened it up to increased criticism and controversy as the president’s personal ties with blockchain projects raise ethical questions.
These controversies may well jeopardize the industry’s efforts to effect change in Congress, according to Scaramucci, who said, “Trump has so inflamed everything that he’s made it even hard for [stablecoin legislation] to happen.”
The STABLE Act, which aims to provide guardrails for stablecoin issuance in the US, was introduced in the House of Representatives on March 26 and passed a committee vote on April 3, with prominent Democrats dissenting. The bill will soon head to the floor for a general vote before going to the Senate.
The Senate’s GENIUS Act has recently made headway, passing a vote in the Banking Committee, largely along party lines.
Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 20 – 26
