100 Days In: Trump Delivers On Crypto, Falters Elsewhere

The first 100 days of the Trump administration have deeply impacted the cryptocurrency industry. Between appointments favorable to the sector, the creation of a strategic bitcoin reserve, and a trade war with significant consequences, the overall assessment remains mixed according to experts, some even labeling this period as the “95 worst days in modern presidential history.”

Concrete actions for the American crypto industry

From his inauguration on January 20, Trump made the crypto sector a priority. He appointed several crypto-friendly personalities to strategic positions, including Paul Atkins at the SEC replacing Gary Gensler, considered hostile to the industry.

David Sacks was appointed “crypto and AI czar,” while Brian Quintenz took the helm of the CFTC.

The creation of an internal task force dedicated to cryptos by presidential decree marked the desire to make the United States “the global crypto capital.”

The same decree banned the establishment of a central bank digital currency (CBDC), a controversial subject within the crypto community, which sees it as a risk of increased state surveillance.

On March 7, Trump fulfilled one of his campaign promises by creating a “Strategic Bitcoin Reserve“.

However, this initiative proved less ambitious than expected: instead of direct government purchases of bitcoin, the reserve will only gather cryptos seized during legal operations, with the possibility of additional purchases only if they remain “budget-neutral.”

A trade war with heavy consequences for the market

Trump’s aggressive trade policy significantly impacted the crypto sector. In early February, the announcement of drastic tariffs on Canada, Mexico, and China caused an initial market decline.

This situation worsened on April 2 with the “Liberation Day“, when Trump imposed tariffs of at least 10% on all U.S. trading partners.

This policy led to a general market drop and raised concerns about an imminent recession.

Anthony Scaramucci, former White House communications director, estimated that “the stock market lost 9 trillion dollars” and the economy “is now heading toward a medium-sized, if not deep, recession.”

American bitcoin miners are particularly affected by rising operating costs, especially for purchasing new mining platforms, now subject to high tariffs. This situation compromises their profitability in a context where international competition remains strong.

Ethical controversies weakening legislative progress

Trump’s personal ties to the crypto industry spark intense controversies. The family project WLFI raised ethical questions, especially after announcing a USD1 stablecoin on March 25, just days after raising over 500 million dollars.

American legislators have called for an investigation, citing a conflict of interest between the presidential role and this financial project.

The situation worsened on April 25 with rumors that major Trump memecoin holders could dine with the president for 300,000 dollars. Although denied by the administration, these allegations led Democratic Senator Jon Ossoff to “strongly” support the president’s impeachment.

According to Scaramucci, these controversies compromise legislative efforts in the sector:

Trump has inflamed all this so much that he made it even harder to implement legislation on stablecoins.

Despite everything, there are notable advances, such as the STABLE Act passed in committee on April 3, now awaiting a general vote before being sent to the Senate.

In summary, despite ambitious promises and concrete measures, Trump’s first 100 days present a mixed record for the crypto industry. While the administration laid important groundwork for sector development, ethical controversies and the consequences of the trade war weaken these advances and raise concerns about the future.