In brief
- President Trump's first months back in office offer a preview of his administration's policy priorities, including its commitment to the crypto industry.
- The commander-in-chief has kept several of his campaign trail promises to the crypto community during his first 100 days in office.
- Trump has pardoned Silk Road founder Ross Ulbricht, called for the establishment of a U.S. Strategic Bitcoin Reserve, and become the first president to sign a crypto bill.
U.S. President Donald Trump will complete his first 100 days in office on Wednesday—a benchmark widely regarded as a window into an administration's policy priorities.
And while the commander-in-chief's political playbook continues to mystify both his allies and adversaries, at least one thing is clear: He's largely committed to championing crypto.
Over the past three months, Trump has passed several executive orders that address the crypto community's interests, including a directive for the U.S. Treasury to accumulate strategic reserves of Bitcoin and other digital assets, as well as an order protecting digital asset miners’ businesses.
He also kept to his campaign promise to free cypherpunk icon Ross Ulbricht, who founded dark web marketplace Silk Road.
Donald Trump and Bitcoin: From 'Not a Fan' to Crypto President—With His Own Meme Coin
Bitcoin-friendly Donald Trump won the election in November, and was inaugurated in January as the 47th President of the United States of America. But ahead of being formally sworn in, the commander in chief dropped a meme coin. Yes, you read that right. Running on the Solana network, the TRUMP token at one point had a market cap of $14 billion. It’s since plunged to $2.9 billion but the move signaled the new President’s growing enthusiasm for the digital asset space after campaigning to help Bit...
However, the self-styled pro-crypto head of state's commitment to digital asset industry players and holders hasn't translated to concrete policy changes just yet.
“Trump’s first 100 days have definitely changed the tone around crypto," Fortress Trust Product Head Mauricio Mondragon told Decrypt. “Now, it’s just a matter of whether that talk turns into action.”
So, what talk has Trump turned into action to date? Here's a look back at what President Trump's administration has done for crypto as his first 100 days come to a close.
Jan. 21 — Trump pardons Silk Road founder Ross Ulbricht
In his first week back at the White House, President Trump pardoned Silk Road founder Ross Ulbricht—a prominent face of the libertarian and cypherpunk movements that underpin many corners of the Web3 community.
Ulbricht was sentenced in 2015 to double life in prison plus 40 years without the possibility of parole for his role in developing a popular online marketplace for drugs and other illicit goods and services.
On the campaign trail, Trump often said he would free Ulbricht on “day one” of his second administration, exciting many members of the “Free Ross” movement.
Trump Pardons Former Silk Road Founder and Bitcoin Icon Ross Ulbricht
President Donald Trump announced Tuesday a pardon for Ross Ulbricht, ending the Silk Road founder’s more than decade-long imprisonment. In a social media post on Truth Social, Trump said he had granted Ulbricht a "full and unconditional pardon," citing support from the Libertarian movement and criticizing the government’s handling of Ulbricht’s case. From 2011 to 2013, Ulbricht operated the Silk Road marketplace, going by the nickname Dread Pirate Roberts. Prosecutors said the site served over...
Jan. 23 — Trump issues executive order regarding CBDCs and more
In the first week of his second administration, President Trump issued an executive order banning U.S. agencies from launching central bank digital currencies—a major sticking point for his crypto-conscious supporters.
The directive also introduced protections for crypto miners and established a Presidential Working Group, which aims to lay the groundwork for fostering a more crypto-friendly regulatory and legislative environment for the burgeoning crypto industry in the U.S.
Trump Executive Order Paves Way for Federal Crypto Reserve—But Doesn't Mention Bitcoin
President Donald Trump signed his first crypto-related executive order on Thursday, formally establishing a Presidential Working Group on Digital Asset Markets and laying the groundwork for exploring some of his campaign promises—including potentially establishing a national reserve for Bitcoin and other assets. The Presidential Working Group will advise Trump on matters related to crypto policy and inform his decision-making with regards to the industry. Trump previously announced that the grou...
March 6 — Trump issues executive order establishing Bitcoin reserve and crypto stockpile
President Trump issued an executive order calling for the creation of a U.S. Strategic Bitcoin Reserve, just a few months after vowing the U.S. would become the “Bitcoin superpower of the world” at BTC 2024 in Nashville.
The reserve will be filled with Bitcoin acquired by the U.S. Department of Treasury through criminal and civil asset forfeiture proceedings, according to the order. Meanwhile, several federal agencies may evaluate their legal authority to transfer their holdings of the token to the Treasury’s Strategic Bitcoin Reserve.
The order also calls for the establishment of a separate U.S. Digital Asset Stockpile, composed of cryptocurrencies other than Bitcoin that are owned by the Department of Treasury.
President Trump Signs Executive Order to Establish Bitcoin Reserve, Crypto Stockpile
The Strategic Bitcoin Reserve became reality on Thursday, as President Donald Trump signed an Executive Order authorizing the creation of the digital asset stockpile. White House AI and Crypto Czar David Sacks announced the news on X, claiming the initiative would not "cost taxpayers a dime.” “The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” Sacks wrote. In a bid to curry favor with the Bi...
March 7 — President Trump hosts White House Crypto Summit
Trump's administration convened a who's-who meeting of crypto industry professionals last month on Capitol Hill—the first event of its kind to be hosted by a sitting U.S. president.
Attendees included Strategy co-founder Michael Saylor, Multicoin Capital managing partner Kyle Samani, and Paradigm co-founder Matt Huang, Decrypt previously reported.
April 9 - Trump's SEC Chairman Paul Atkins is confirmed
President Trump's crypto-friendly pick to lead the Securities and Exchange Commission, Paul Atkins—a former SEC commissioner under President George W. Bush—was confirmed as SEC Chairman earlier this month.
His leadership over the agency will likely accelerate the regulator's push to reduce federal oversight of digital asset holders and firms in the U.S.
SEC Chair Paul Atkins Slams Gensler Regime for 'Stifling' Crypto Innovation
Newly sworn-in SEC Chair Paul Atkins gave his first full address Friday, praising the Commission’s recent pro-crypto work in his absence, and condemning the agency’s previous moves against the industry under previous Chair Gary Gensler and the Joe Biden administration. “Market participants engaging with this technology deserve clear regulatory rules of the road,” Atkins said of crypto, from the agency’s Washington headquarters. “Innovation has unfortunately been stifled for the last several yea...
Trump vowed on the campaign trail to fire Biden-era SEC Chairman Gary Gensler, who was largely regarded as one of the U.S. crypto community’s most prominent, and influential, opponents. Gensler ultimately put in his resignation instead, effective on Trump's inauguration day.
Earlier in his administration, Trump appointed SEC Commissioner Mark Uyeda to be acting chair ahead of Atkins' confirmation process. Uyeda launched a crypto task force, and spearheaded the agency's efforts to end nearly all of its active lawsuits and investigations against crypto firms.
Trump's SEC Is Ending Crypto Lawsuits and Investigations—These Are the Biggest
The momentum has shifted in the yearslong battle between top crypto companies and protocols and the U.S. Securities and Exchange Commission under the new Trump administration. The regulator, which now has a crypto task force led by longtime industry advocate Hester Peirce, is moving away from what Pierce and others have called “regulation by enforcement” to less hostile engagements with crypto. Thus far, those words have rung true with the SEC recently backing away from fights with multiple to...
April 10 - Trump signs law overturning IRS crypto broker rule
Earlier this month, President Trump eliminated a Biden-era IRS rule that would have required decentralized finance platforms to observe the same rules for reporting taxpayer information as traditional brokers—an especially burdensome and potentially impossible ask that would have stymied crypto innovation in the U.S.
The signing of the law marks the first time a U.S. president has ever signed off on a pro-crypto piece of legislation.
Edited by James Rubin and Andrew Hayward
