During Trump's initial 100 days as U.S. President, his crypto-advocate enacted the following:
Revibing Trump's Crypto Strides in His Second Hundred Days
In his second stint, President Donald Trump has taken a significant leap in the crypto sphere, shaking up the U.S.'s stance on digital currencies like never before. Here's a rundown of the major events and policy shifts his administration has initiated.
Breaking the Shackles: Pardon for Ross Ulbricht
Upon entering office for the second time, Trump granted a full, unconditional pardon to Ross Ulbricht, creator of the infamous dark web gem, Silk Road. Ulbricht, sentenced to life without parole in 2015, was freed with Trump keeping his campaign promise to spare him on his very first day.
A CBDC Ban and Crypto Miners' Shield
Jumping into the action on January 23, Trump issued an executive order blocking the development of Central Bank Digital Currencies (CBDCs) and providing guardrails for crypto miners. The Presidential Digital Assets Working Group, formed to direct crypto policies across the board, was also established that day.
Seizing the Moment: The Bitcoin Reserve
Trump's march towards the crypto revolution continued on March 6, as he signed an executive order compelling the U.S. Department of the Treasury to build a Strategic Bitcoin Reserve using Bitcoin seized during investigations. The U.S. Crypto Assets Reserve, encompassing digital assets beyond Bitcoin, was launched simultaneously.
White House Crypto Summit: Calling the Movers and Shakers
The administration hosted a first-of-its-kind crypto summit in Washington D.C., welcoming industry heavyweights to discuss the changing landscape of digital currencies. In attendance were MicroStrategy founder Michael Saylor, Multicoin Capital co-founder Kyle Samani, and Paradigm co-founder Matt Huang.
SEC's Reinvention: Paul Atkins Takes Center Stage
Former SEC commissioner Paul Atkins, who previously served during the Bush administration, was appointed by Trump to lead the SEC in April 9. With Atkins at the helm, the SEC saw the reversal of crypto-hostile policies, halting enforcement actions and scrapping several ongoing lawsuits against crypto companies.
Decoupling Crypto From Taxation: IRS Backs Down
In another significant move, the IRS withdrew a contentious proposal that would have imposed reporting requirements on decentralized finance (DeFi) platforms. The move was welcomed, as industry experts cautioned that such regulation could impede the growth of DeFi innovations.
Trump's Crypto Empire: The Crypto Superpower emerging?
While largely approaching cryptocurrency with caution during his first term, Trump embraced the crypto wave in his second term, launching his own meme coin projects, TRUMP and MELANIA, before his inauguration, and investing in Bitcoin mining company American Bitcoin and crypto exchange platform World Liberty Financial. The extent to which the Trump administration goes in cementing long-term crypto policies in the USA remains to be seen.
- Trump's second term has seen a significant shift in the U.S.'s stance on digital currencies like Bitcoin, with the President issuing an executive order to ban the development of Central Bank Digital Currencies (CBDCs) while providing guardrails for crypto miners.
- In a historic move, President Trump granted a full pardon to Ross Ulbricht, creator of the Silk Road, on his first day in office, marking a departure from the U.S.'s traditional approach towards crypto-related crimes.
- The Trump administration also announced the launch of a Strategic Bitcoin Reserve, using Bitcoin seized during investigations, and a U.S. Crypto Assets Reserve, encompassing digital assets beyond Bitcoin.
- A first-of-its-kind crypto summit was hosted by the White House, bringing together industry leaders such as Michael Saylor, Kyle Samani, and Matt Huang, to discuss the evolving landscape of digital currencies.
- The Securities and Exchange Commission (SEC) saw a dramatic policy shift under the leadership of former commissioner Paul Atkins, who was appointed by Trump, with the SEC halting enforcement actions and scrapping several ongoing lawsuits against crypto companies. This prompted a decoupling of crypto from taxation, as the IRS withdrew a proposal that would have imposed reporting requirements on decentralized finance (DeFi) platforms.
