Source: Cointelegraph
Original: “Despite Cryptocurrency Promises, Trump's First 100 Days Are Still the 'Worst in History'”
The first 100 days of U.S. President Trump had a profound impact on the cryptocurrency industry, starting with his own meme coin, to Bitcoin reserves and a series of blockchain policies being introduced.
Trump's trade war with the world had the most significant short-term impact on the crypto market, as macroeconomic concerns and uncertainties intensified price volatility. Rising electronics prices made it difficult for Bitcoin miners to break even, and concerns about de-dollarization also increased.
Despite this, the crypto market showed some resilience and optimism towards the government's crypto-friendly policies. Several pro-crypto leaders were appointed to key government agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The long-awaited regulatory framework for the crypto industry is also set to be released.
The first 100 days of Trump's latest term brought significant changes to the crypto industry, and it seems that everything is just beginning. Here’s what has happened so far:
On the day Trump was sworn in, his family's crypto investment company World Liberty Financial (WLFI) launched the second sale of the WLFI token.
The enormous demand initially drove the price up, but the true value of the token remains undetermined, as WLFI is currently non-transferable and cannot be traded on any exchange.
This meme coin marked the beginning of Trump's crypto agenda, with unprecedented support from Washington for the industry, but it also raised ethical and moral concerns among observers and lawmakers.
The U.S. President set the tone for several federal regulatory agencies, including those responsible for crypto. Trump immediately began appointing several pro-crypto lawyers and businessmen to lead key federal agencies like the SEC and CFTC.
On his "first day" in office, Trump nominated businessman Paul Atkins to be the SEC chairman, replacing Gary Gensler, who is viewed by many in the crypto industry as an enemy of crypto adoption and progress.
At the same time, Trump appointed businessman and crypto investor David Sacks as the chairman of the President's Council of Advisors on Science and Technology, effectively the "czar" of crypto and artificial intelligence.
Atkins was not confirmed by the Senate until April 9 and was sworn in on April 21. During this time, Trump also appointed former CFTC commissioner and crypto supporter Brian Quintenz to lead the agency.
In a press conference, Trump announced a $500 billion privately-led infrastructure investment plan for artificial intelligence, named "Stargate." The President claimed that the project, led by OpenAI, the company behind ChatGPT, SoftBank, and Oracle, would create about 10,000 jobs in the U.S.
Trump stated that the U.S. needs to lead the world in AI innovation and keep development domestic. He pointed out, "China is one of the competitors, and other countries are competitors too. We want all of this to happen in this country, and we are making it available."
OpenAI claimed that the project would "not only support the re-industrialization of America but also provide strategic capabilities to protect the U.S. and its allies' national security."
Trump announced on Truth Social that he had called the family of Silk Road 2.0 founder Ross Ulbricht after his commutation.
Ulbricht was arrested in 2013 and sentenced to life in prison in 2015 for his role in facilitating the trade of drugs and other illegal goods, with no possibility of parole.
Ulbricht's case became a rallying point for the libertarian movement and prison reform advocates. Pro-libertarian crypto advocates support Ulbricht because his platform was one of the first places where people could actually use Bitcoin for consumption.
Releasing Ulbricht is one of many campaign promises Trump made to the crypto community.
Trump established an internal task force through an executive order focused on making the U.S. the "global crypto capital." The order also prohibited the "establishment, issuance, circulation, and use" of a U.S. central bank digital currency (CBDC).
CBDCs have sparked intense debate within the crypto community, with many privacy advocates claiming it is another form of state surveillance and government control. The enthusiasm of central bankers for its creation further fueled opposition from the more libertarian-leaning crypto community.
The task force will initiate the upcoming creation of U.S. Bitcoin and crypto reserves.
One of Trump's campaign promises was to correct the "bad deals" between the U.S. and many old allies and important trading partners.
Just over a week after his inauguration, Trump announced massive tariffs on Canada, Mexico, and China, citing border security issues and the spread of cross-border fentanyl trade from these countries.
On the same day, Canada announced retaliatory measures. On February 3, Mexico pledged to enhance security at its northern border in response to the U.S. request for increased patrols. This led Trump to withdraw his initial tariff plans against the two countries.
Unexpected hostile tariffs from close partners and allies caused stock and crypto prices to plummet, marking the beginning of macroeconomic uncertainty in the early stages of the Trump administration.
Alexander Vinnik, a convicted money launderer who transferred Bitcoin stolen in the notorious Mt. Gox hack through his crypto exchange BTC-e, has now returned to Russia.
Vinnik pleaded guilty to money laundering conspiracy in 2024. BTC-e handled over $9 billion in transactions and had over a million users, many of whom were in the U.S.
Vinnik was exchanged for American teacher Marc Fogel, who had been teaching at an Anglo-American school in Moscow and had been serving time in a Russian prison since 2021 for illegally possessing marijuana.
In an interview with the New York Post, former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried (SBF), discussed his controversial political donations, stating that the Republican Party has always been "more rational."
SBF had widely publicized donations to the Democratic Party, attempting to influence Democratic policymakers' attitudes toward the digital asset industry. It was later revealed that he was actually betting on both sides, donating significant amounts to the Republican Party, although the exact amounts remain undisclosed.
In the interview, SBF compared his situation to Trump's, claiming he was being treated unfairly in the criminal justice system. He questioned the actions of the federal judge overseeing his trial, Lewis Kaplan, stating, "I know President Trump has a lot of grievances against Judge Kaplan, and I have them too."
Observers believe this interview was an attempt to request a pardon from Trump. Early Bitcoin advocate Roger Ver also faces criminal tax evasion charges and has made explicit requests.
On the 46th day of Trump's presidency, he signed an executive order establishing a "strategic Bitcoin reserve." Trump made significant commitments to the adoption of cryptocurrencies during his campaign, including the establishment of a long-awaited Bitcoin reserve.
However, the U.S. reserve failed to meet the expectations of Bitcoin extremists. The order did not lay out a specific plan for the U.S. government to purchase and hold Bitcoin, but merely created a reserve that aggregates all Bitcoin seized in criminal proceedings.
While the order did indicate that the government could purchase additional Bitcoin, it must be done in a budget-neutral manner.
Alongside the Bitcoin reserve, Trump also established a U.S. digital asset reserve that includes other cryptocurrencies such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
Leaders in the crypto industry gathered in Washington for a White House meeting to discuss a wide range of topics related to crypto regulation and the development of the U.S. industry.
Attendees included Strategic 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 strengthening the focus on the U.S. crypto industry, some uninvited crypto celebrities were not impressed.
Charles Hoskinson, co-founder of Cardano and IOHK, pointed out in a livestream that real change—legislation—must happen in Congress.
He stated, "Everyone is focused on the White House because it's easy to do… While we as an industry hope this is a short-term process, it will be a long and orderly process."
WLFI expanded its product line in March, soft-launching the stablecoin USD1. The coin is "100% backed by short-term U.S. Treasury securities, dollar deposits, and other cash equivalents," launched on Ethereum and BNB chains.
The announcement of the token launch came shortly after WLFI raised over $500 million by selling its own WLFI tokens.
U.S. lawmakers subsequently called for an ethical investigation into WLFI, pointing out that the President's influence over stablecoin policy presents a significant conflict of interest with the project.
On what he called "Liberation Day," Trump imposed tariffs on all U.S. trading partners, further intensifying his hardline trade policies.
At a special event at the White House, Trump signed an executive order imposing reciprocal tariffs on every country that imposes tariffs on U.S. goods, starting at a minimum of 10%.
The market saw a significant drop following the issuance of this order, with many economic observers expressing concerns about an impending recession. Crypto miners in the U.S. faced greater pressure as their operating costs, especially for purchasing new mining machines, significantly increased.
Former White House Communications Director Anthony Scaramucci told Cointelegraph, "I think he has experienced the worst 95 days in modern presidential history. The market has slightly rebounded, but we have already lost $9 trillion from the stock market. An economy that was growing is now heading toward a moderate recession, and possibly a severe recession."
He stated that Trump declared war "without any real weapons" and lied while claiming China was trying to negotiate.
"These lies don't matter—everyone accepts he is a natural liar… but when you declare war on people and lie, that's really bad."
According to reports, top holders of the Trump meme coin (TRUMP) were offered the opportunity to have dinner with the president, raising new concerns about his crypto project and prompting a U.S. lawmaker to support impeachment.
At a town hall meeting in Georgia, Democratic Senator Jon Ossoff stated that he "strongly" supports impeachment. He noted, "When the sitting president of the United States effectively sells passes directly to him, there is no doubt this reaches the level of impeachable conduct."
Rumors circulating on social media suggested that paying $300,000 would grant token holders the chance to meet with the president. However, the Trump administration subsequently denied this.
The first 100 days of President Trump's term brought unprecedented changes to the crypto industry. At the same time, these changes have led to increased criticism and controversy, as the president's personal connections to blockchain projects raised ethical issues.
Scaramucci stated that these controversies could jeopardize the industry's efforts to push for change in Congress: "Trump has made everything so intense that it has made stablecoin legislation more difficult."
The STABLE Act, aimed at providing a framework for U.S. stablecoin issuance, was introduced in the House on March 26 and passed a committee vote on April 3, despite some prominent Democrats expressing opposition. The bill will soon move to a full vote stage before being sent to the Senate.
The Senate's GENIUS Act has also recently made progress, passing a vote in the Banking Committee, primarily along party lines.
Related: The U.S. Department of Justice (DOJ) requests a twenty-year prison sentence for Celsius founder Alex Mashinsky.
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