By his first 100 days in office, Donald Trump has done pretty darned well. He’s been busy trying to deliver on those promises to the crypto community. In short, the former president really shook up the digital asset landscape. He has pardoned important figures and adopted crypto-friendly policies. This bold move is an unambiguous sign that the U.S. intent to regulate and innovate in crypto has turned a corner.
Too many to count, but what would be considered “enough” initial moves to kickstart a new and potentially transformative era for digital assets in the United States. One suggestion — pardon Ross Ulbricht — could be a blockbuster, initially driving conservative and liberal action. The second action is educating lawmakers to support the right policies that foster Bitcoin adoption and safeguarding digital asset miners. There is no question that Trump’s first appointments and executive actions show a strong desire to remake the regulatory landscape around cryptocurrencies.
Pardoning Ross Ulbricht
On January 21, Trump pardoned Ross Ulbricht, the founder of Silk Road, a notorious dark web marketplace. Ulbricht, having been the public face of the libertarian and cypherpunk movements, was back in prison. This decision hit home for many in the crypto community, as Ulbricht’s case had turned into a prime example of government overreach.
Trump foreshadowed this move for years, repeatedly announcing that he would release Ulbricht on “day one” of his second term. He wasted no time turning that promise into action. The pardon was celebrated by many as a victory for individual freedom and a step towards reforming the criminal justice system's approach to digital innovation.
In doing so, the pardon became much more than a legal act. It was a symbolic gesture. It signaled the administration's willingness to reconsider past stances on digital assets and engage with the community in a more constructive manner.
Pro-Crypto Policies and Executive Actions
Trump’s administration has done a whole lot more than environmental interventions to create a friendlier atmosphere for the crypto industry. Then, on January 23, he released an executive order protecting the enterprise of digital asset miners. This billing provision was intended to give regulatory clarity and encourage development of the nascent sector.
On March 7, Trump convened a White House Crypto Summit. He rounded up industry leaders, policymakers, and innovators to share ideas on how the U.S. can lead the world in the creation and regulation of digital assets. The summit’s mission was to create a space for innovation through dialogue and collaboration. It focused on critical discussions around regulation, security, and innovation.
On April 10, Trump signed a law that repealed an IRS rule applicable to crypto brokers. This one action rolled back a major Biden-era regulation that would have placed complicated and burdensome reporting requirements on decentralized finance (DeFi) platforms. By repealing this rule, Trump became the first president to sign a pro-crypto piece of legislation, marking a milestone for digital asset advocacy.
Strategic Bitcoin Reserve and SEC Leadership
Trump calls for establishment of a U.S. Strategic Bitcoin Reserve. As a result, he calls on the Treasury to start stockpiling Bitcoin and other cryptocurrency. This announcement is indicative of a longer-term belief in Bitcoin’s value, as well as its strategic importance. Second, it reaffirms the U.S. intent to be a leader in the digital asset space.
"Never sell your Bitcoin" - Trump US strategic stockpile
Trump also vowed to replace Gary Gensler, the Biden-era SEC Chairman, with Paul Atkins, who was confirmed on April 9. This new leadership at the SEC is an encouraging sign as we look to the regulatory environment becoming more accommodating to digital assets. In the long run, it might result in an industry-friendlier, innovation-friendlier regulatory environment.
Still, many view Atkins’ appointment as a smart tactical move. For one, it seeks to get the SEC’s policies in line with the administration’s overall, pro-crypto agenda. The hope is to encourage productive development and expansion of the digital asset marketplace.
