- Donald Trump has been president for 100 days.
- He was elected on a pro-crypto platform.
- But has he fulfilled his promises to the industry?
Donald Trump’s presidency has proven chaotic for crypto.
As the US president celebrates the first 100 days of his second term, proponents of digital assets outline what Trump’s presidency will mean for the sector.
The question is if “we are overestimating what Trump can do,” Mateusz Kara, CEO of crypto firm Ari10, told DL News.
The industry backed Trump in last year’s presidential election, banking on him to end the Biden Administration’s crypto crackdown, introduce sector-friendly rules, and unleash a bull market.
While some rules have been relaxed, the White House’s trade war has seen the global cryptocurrency market’s value drop by almost 21%, or about $800 billion, since its December high.
So what promises has Trump kept so far, and where does that leave the industry?
Biden’s crypto war
Former President Joe Biden was critical of crypto. He promoted regulations to reel in the industry, and backed a crypto crackdown driven by the Securities and Enforcement Commission’s then-Chair Gary Gensler.
On the campaign trail, Trump pledged to end Biden’s “war on crypto.”
Since taking office, Trump has replaced Gensler with new pro-crypto Chair Paul Atkins, who has pledged to bring clarity to crypto regulation.
This year, the SEC has dropped cases against crypto companies Coinbase, Ripple, and Kraken, to mention a few.
Trump has also appointed industry backers like a Tether-backing financier Howard Lutnick to Secretary of Commerce, and David Sacks to crypto czar.
In his first 100 days in office, Trump introduced sweeping orders to ban the creation of a digital dollar, protect self-custody, establish a regulatory crypto advisory group, and to create a strategic Bitcoin reserve.
He also pardoned Silk Road proprietor Ross Ulbricht, and hosted the first White House crypto summit.
Federal regulators have withdrawn several Biden-era crypto guidance this year, which have paved the way for financial institutions to lean into crypto services.
‘More symbolic’
In short, Trump seems to have kept most of his crypto pledges. So why are some market watchers dissatisfied?
“So far, many of the campaign promises appear to be more symbolic than substantial,” Jonathan Dixon, head of surveillance at regtech firm eflow Global, told DL News.
“The Bitcoin reserve is essentially a rebranding exercise — these assets are already held by the government, not a sign of proactive market involvement.”
While Trump’s initiatives mark a “rhetorical shift from the previous administration,” Dixon said that “rhetoric alone does not translate into regulatory certainty.”
Trump’s administration has still not pushed through new laws, but a few are making their way through Capitol Hill.
“We are well on our way,” Republican South Carolina Senator Tim Scott said earlier in April.
Trade war
“The market may feel disappointed with Trump’s rule because we do not see increases in the charts,” Kara said. “This is a result of the lack of interest rate cuts and the chaos that Trump has brought to the markets.”
Trump has so far failed to deliver on his promise to cut interest rates. Federal Reserve interest rate cuts are seen as a catalyst for crypto and other risk-on assets such as equities.
That’s one of the reasons why Bitcoin surged when the central bank slashed rates in September and November.
The problem? The Fed works independently from the White House and Chair Jerome Powell is reluctant to slash interest rates, especially after Trump introduced sweeping tariffs on almost 100 countries — including islands solely occupied by penguins — and made the country’s financial future more uncertain.
The overall crypto market has slightly recovered after Trump halted those tariffs, but any resumption of hostilities may negate that.
“The administration’s foreign trade manoeuvrings will inevitably impact the crypto industry, and the interest lies in whether crypto can continue to act as a counter to global market behaviour,” Anthony Young, chief commercial officer at crypto-risk management firm CoinCover, told DL News.
Some argue that Trump’s trade war could be a boon to crypto.
“Trump’s foreign trade policies could actually make crypto more appealing to those who want to avoid traditional financial systems or government-controlled currencies,” Papuna Lezhava, CEO and co-founder of fintech startup Keepz, and a former advisor to the International Monetary Fund, told DL News.
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.
