What has Trump done for crypto in his first 100 days?

We’re 100 days into the second Donald Trump presidency, giving us an opportunity to assess how cryptocurrency has benefited — or suffered — under his oversight.

Have his policies and support actually been good for the industry, or has the spotlight burned too bright, damaging partygoers’ eyes?

Performance

Despite the vocal support he’s given the asset, bitcoin (BTC) has fallen during this Trump term, losing approximately 6% of its value since his inauguration.

Perhaps even more striking, during Joe Biden’s time as president, BTC had appreciated significantly by this point in the term, despite many cryptocurrency industry participants believing Biden’s administration had unfairly targeted the industry.

During the first 100 days of Biden’s term, BTC appreciated by more than 50%.

Even Trump’s first term, when he still thought BTC was a “scam,” performed much better than it has so far in this term, rising nearly 50% in the first 100 days.

Reserves and stockpiles

Part of this administration’s embracing of crypto has been finding ways for the federal government to hold and obtain more digital assets.

An executive order from Trump created a “Strategic Bitcoin Reserve,” which holds portions of the BTC that was already in the federal government’s possession; however, much of this BTC is part of criminal and civil proceedings and is not owned by the government.

Additionally, in the executive order, he created a National Digital Asset Stockpile that contains some other crypto assets. But while the administration is assessing ways to add to the BTC reserve, it’s also looking for ways to potentially sell from the stockpile.

Is the US government allowed to sell gold to buy bitcoin?

Among the proposals that have been considered is selling or revaluing the United States’ gold to finance acquisitions of more BTC.

Pardons and promises

Trump has lived up to at least some of his campaign promises to the crypto industry, including pardoning the Dread Pirate Rogers, Ross Ulbricht of Silk Road infamy.

Other promises were never possible to achieve, including that all BTC will be made in America.

Crypto promises that Donald Trump must now live up to

Additionally, World Liberty Finance, a project he’s associated with, has promised to “restructure where the US debt is held.” No explanation has been forthcoming about how it will achieve this, nor has any apparent progress been made.

Nominations

One place where Trump has been amenable to crypto is his nominations, often favoring individuals well-liked by the industry.

Howard Lutnick, the commerce secretary, previously led Cantor Fitzgerald, which manages reserves for the largest stablecoin, USDT.

Additionally, Paul Atkins, the new lead for the Securities and Exchange Commission (SEC), has vocally stated that the previous administration’s attempts to regulate crypto were bad for the industry and innovation.

Regulation and legislation

At a publicized press conference, David Sacks, an advisor to the administration, stood alongside various Republican legislators and announced the administration’s plan to have both a stablecoin bill and a market structure bill signed into law within the first 100 days.

Crypto Czar and Republican Congressmen hope for legislation

Neither bill has been signed yet.

Stablecoin bills have been passed out of committee but have yet to come up for a floor vote.

Market structure bills have yet to make their way out of committee.

Senator Tim Scott has delayed his personal deadline for the bills.

However, even without this new legislation, the SEC, the Commodity Futures Trading Commission, and the Department of Justice have reduced, removed, or restructured groups that were focused on crypto enforcement.

Some regulations, such as the accounting guidance SAB 121, and guidance from bank regulators about managing crypto businesses, have also been rescinded.

Donald Trump’s crypto businesses

One thing that being president hasn’t slowed is the number of crypto projects that the president is associated with.

World Liberty Financial has passed a vote to launch an AAVE instance, though it’s yet to launch.

The project has also made a bunch of other changes without passing a vote, including plans to launch a stablecoin and the acquisition of various different tokens.

World Liberty Financial announces USD1 without governance vote

Trump’s memecoin, $TRUMP, has also provided a new way for folks to get face time with the president. All they need to do is be one of the largest investors in his memecoin, a fact that the crypto exchange advised by Justin Sun, HTX, seems prepared to take advantage of.

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