President Trump's First 100 Days: A Buoyant Outlook for Cryptocurrency
Cryptocurrency Milestones in Trump's Early presidency: Establishing a Bitcoin Reserves Plan and Rebalancing the SEC
Capitalizing on his second term in office, President Donald Trump is set to complete his initial 100 days on Wednesday. Amidst uncertainty surrounding his political stances, one thing is abundantly clear - his favorable leaned stance towards the crypto landscape.
In recent months, Trump's actions have addressed some of the crypto community's major concerns. A series of executive orders tackled key areas, including the establishment of a strategic Bitcoin and other digital asset reserve, as well as protections for crypto miners' businesses.
The Pardoned Silk Road Founder
In his inaugural week back in the Oval Office, President Trump pardoned Ross Ulbricht, the founder of the infamous dark web marketplace, Silk Road. Ulbricht is renowned for embodying the spirits of the libertarian and cypherpunk movements that drive a considerable chunk of the Web3 community. Ulbricht was previously sentenced to life double plus 40 years, without the possibility of parole, for his role in creating the online marketplace for drugs and illicit goods.
Executive Orders Galore
In the same week, Trump issued an executive order banning U.S. agencies from launching central bank digital currencies (CBDCs) - a hot button issue for his crypto-aware supporters. This move also established a Presidential Working Group, with a mandate to foster an enabling regulatory and legislative environment for the rapidly evolving crypto industry.
Bitcoin Reserve and Crypto Stockpile
On March 6, an executive order was signed calling for the creation of a U.S. Strategic Bitcoin Reserve and a digital asset stockpile consisting of cryptocurrencies other than Bitcoin. These reserves will be populated using Bitcoin acquired by the U.S. Treasury through asset forfeitures. Furthermore, various federal agencies will be examining their legal authority to transfer their digital tokens to the Treasury's Bitcoin Reserve.
White House Crypto Summit
In March, Trump hosted a high-profile gathering of crypto industry figures, marking the first time such an event had been hosted by a president. Attendees included industry luminaries, like Michael Saylor of MicroStrategy and Kyle Samani of Multicoin Capital.
An SEC Chairman with a Pro-Crypto Bias
President Trump appointed Paul Atkins, a former SEC commissioner, to lead the Securities and Exchange Commission (SEC). His tenure is expected to expedite the SEC's pursuit of reducing federal oversight on digital asset holders and firms in the U.S. - a move welcomed by the crypto industry.
Eliminating the IRS Crypto Broker Rule
Early in his term, Trump signed a law that eradicated a controversial IRS rule, primarily affecting decentralized finance platforms (DeFi). The rule mandated these platforms to adhere to the same reporting requirements as traditional brokers, a move seen as an unnecessary burden for the crypto industry and a potentially insurmountable challenge for DeFi platforms.
While Trump's first 100 days have demonstrated strong support for the crypto industry, turning these pledges into tangible policy changes remains to be seen.
Revised by Sam Coyle and Arielle Nicole
- As President Trump's second term nears its end of the first 100 days, his lean toward favoring the cryptocurrency landscape has become evident.
- The crypto community applauds the president's actions addressing their major concerns, such as the creation of a strategic Bitcoin and digital asset reserve.
- Ross Ulbricht, the Silk Road founder, was recently pardoned by President Trump, seen as a gesture to the libertarian and cypherpunk movements within the Web3 community.
- Trump's first week in office saw an executive order banning U.S. agencies from launching central bank digital currencies (CBDCs), a move appreciated by his crypto-aware supporters.
- A Presidential Working Group was established with a mandate to foster a favorable regulatory and legislative environment for the rapidly evolving crypto industry.
- The creation of a U.S. Strategic Bitcoin Reserve and a digital asset stockpile is being contemplated, with Bitcoin acquired through asset forfeitures.
- Trump hosted a meeting with crypto industry leaders, a first in presidential history, suggesting a positive outlook for crypto innovation.
- Paul Atkins, a former SEC commissioner, took charge of the SEC and is expected to expedite the reduction of federal oversight on digital assets, welcomed by the crypto industry.
- A law signed by Trump abolishes the controversial IRS rule predominantly affecting DeFi platforms, alleviating unnecessary burdens for the crypto industry.
- Although Trump's initial policy pledges demonstrate support for the crypto industry, turning those promises into concrete policy changes is yet to materialize, making it likely that a debrief and directive on the subject will appear in future policy-and-legislation and general-news reports.
