Cryptocurrency Inauguration: Transformation from Bitcoin Reserves to SEC Reorganization during Trump's Early Presidency
Rewritten Article:
A Peek into Trump's Policy Priorities: Embracing Crypto
President Donald Trump's first 100 days in office serve as a bellwether for his administration's policy priorities, and one thing stands out: a firm commitment to the crypto space.
From the White House's corridors, the crypto community has been seeing a shift in rhetoric, and it remains to be seen if the talk will translate into tangible actions.
During the past three months, Trump has unveiled several executive orders that address the crypto community's concerns, including a directive for the U.S. Treasury to accumulate strategic reserves of digital assets like Bitcoin, as well as orders protecting digital asset miners' businesses.
He kept another promise made during his campaign by freeing Ross Ulbricht, the cypherpunk icon who was the founder of the dark web marketplace Silk Road.
While Trump's pro-crypto stance has found its way into executive orders, it hasn't yet resulted in significant policy changes as his first 100 days come to a close.
"Trump's first 100 days have definitely altered the crypto conversation," Mauricio Mondragon, Product Head at Fortress Trust, told Decrypt. "Now, it's about whether this talk turns into action."
So, what concrete steps has Trump taken for crypto so far? Let's take a look back at the administrative moves made during the first 100 days of Trump's second term.
Ross Ulbricht's Pardon
In Trump's first week back at the White House, he freed Ross Ulbricht-a critical figure in the libertarian and cypherpunk movements that lay the groundwork for many facets of the Web3 community.
Ulbricht was handed down a double life sentence with no possibility of parole in 2015 for his role in establishing a prominent online marketplace for illegal goods and services. On the campaign trail, Trump frequently stated he would free Ulbricht on "day one" of his second administration, generating excitement among members of the "Free Ross" movement.
Executive Order on Central Bank Digital Currencies and More
In the early days of his second administration, Trump issued an executive order banning U.S. agencies from launching central bank digital currencies-a significant concern for his crypto-conscious supporters.
This directive also put forth protections for crypto miners and established a Presidential Working Group, which aims to cultivate a more crypto-friendly regulatory and legislative environment for the burgeoning crypto industry in the U.S.
Bitcoin Reserve and Digital Asset Stockpile Establishment
Trump signed an executive order in March calling for the creation of a U.S. Strategic Bitcoin Reserve, just a few months after declaring the U.S. would become the "Bitcoin superpower of the world" at BTC 2024 in Nashville.
The reserve will be filled with Bitcoin confiscated by the U.S. Department of Treasury through criminal and civil asset forfeiture proceedings. Meanwhile, several federal agencies may assess their legal authority to transfer their token holdings to the Treasury's Strategic Bitcoin Reserve.
In addition, the order calls for the establishment of a separate U.S. Digital Asset Stockpile, which will comprise cryptocurrencies other than Bitcoin owned by the Department of Treasury.
White House Crypto Summit
Last month, Trump's administration organized a high-profile gathering of the crypto industry's heavyweights on Capitol Hill-the first such event hosted by a sitting U.S. president.
The event included Strategy co-founder Michael Saylor, Multicoin Capital managing partner Kyle Samani, and Paradigm co-founder Matt Huang, among others.
Paul Atkins' Appointment as SEC Chairman
Trump appointed crypto-friendly industry veteran Paul Atkins to head the Securities and Exchange Commission earlier this month. His leadership at the agency is expected to expedite the regulator's push toward reducing federal oversight of digital asset holders and firms in the U.S.
Trump vowed on the campaign trail to fire Biden-era SEC Chairman Gary Gensler, who was often deemed an adversary of the crypto community. Gensler stepped down instead, with his resignation taking effect on Trump's inauguration day.
Earlier in his presidency, Trump appointed SEC Commissioner Mark Uyeda as acting chair and launched a crypto task force. Uyeda spearheaded the agency's efforts to put an end to ongoing lawsuits and investigations against crypto firms.
Overturning the IRS Crypto Broker Rule
Trump eliminated a Biden-era IRS rule earlier this month that would have required decentralized finance platforms to adhere to the same rules for reporting taxpayer information as traditional brokers-an onerous requirement that could have stifled innovation in the U.S. crypto space.
The presidential signing of the law represents the first time a U.S. president has ever approved pro-crypto legislation.
Edited by James Rubin and Andrew Hayward
Your Daily Briefing
Enrichment Data:
President Trump has taken several significant actions supporting the crypto industry during his first 100 days in office:
- Strategic Bitcoin Reserve Establishment:Trump signed executive orders to establish a Strategic Bitcoin Reserve and a US Digital Asset Stockpile, using existing federal Bitcoin holdings without imposing additional taxpayer burdens[4].
- Pro-Crypto Appointments:Key appointments include:
- Paul Atkins as SEC chair[4], known for crypto-friendly regulatory approaches.
- David Sacks (Elon Musk associate) as White House AI and Crypto Czar[4][5].
- Howard Lutnick (CEO of Cantor Fitzgerald) as Commerce Secretary[4].
- Scott Bessent (former Soros Fund Management CIO) as Treasury Secretary[4].
- Regulatory Shift:The administration halted ongoing crypto investigations and actively seeks industry input for new regulatory frameworks[5]. The SEC under Atkins is anticipated to focus on clearer guidelines.
- White House Summit:A crypto policy summit was convened, indicating high-level prioritization of blockchain technology and digital asset innovation[4].
- Executive Orders:Multiple Day 1 orders instructed federal agencies to promote crypto development and assess digital asset stockpiling[4][5], aligning with Trump’s pledge to make the U.S. the “crypto capital of the world”[4].
These moves have played a role in Bitcoin hitting a historic high of $110,000[4], but concerns about trade wars and tariffs pose challenges to crypto miners and markets[3][4].
- President Donald Trump has demonstrated a firm commitment to the crypto space, issuing executive orders that address the concerns of the crypto community, such as the establishment of a Strategic Bitcoin Reserve and a US Digital Asset Stockpile.
- Trump's pro-crypto stance is not limited to executive orders, as he also made significant appointments, like Paul Atkins as SEC chair, known for his crypto-friendly regulatory approaches.
- The White House AI and Crypto Czar position was filled by David Sacks, an associate of Elon Musk, further showing Trump's commitment to crypto innovation.
- Other key appointments include Howard Lutnick as Commerce Secretary and Scott Bessent as Treasury Secretary, who are both considered pro-crypto.
- The administration has also taken steps to promote crypto development, halting ongoing crypto investigations and seeking industry input for new regulatory frameworks.
- The SEC, under Paul Atkins' leadership, is anticipated to focus on clearer guidelines, which may expedite the regulator's push toward reducing federal oversight of digital asset holders and firms in the U.S.
- A high-profile crypto policy summit was convened, indicating the high-level prioritization of blockchain technology and digital asset innovation.
- These actions have contributed to Bitcoin hitting a historic high of $110,000, but challenges like trade wars and tariffs pose risks to crypto miners and markets.
- Trump's first 100 days in his second term have substantially altered the crypto conversation, and it remains to be seen if this talk will translate into concrete actions that shape policy and legislation in the crypto space.
- Despite not resulting in significant policy changes yet, Trump's pro-crypto stance is likely to have a lasting impact on the crypto community, digital asset markets, and the broader general news landscape, potentially shaping the future of politics, policy-and-legislation, and the crypto industry.
