Financial Insights That Matter
President Donald Trump (Photo by Scott Olson)
Three months into his second term, President Donald J. Trump has taken an aggressive stance on cryptocurrency. Support him or not, it is clear that he intends to follow through on his digital asset promises.
During the 2024 campaign, Trump made several pledges to the digital asset industry. He vowed to end the regulatory crackdown on crypto, remove SEC Chair Gary Gensler, and position the United States as the world leader in bitcoin and blockchain innovation.
Now, with nearly 100 days in office, he has already delivered on most of those promises, each carried out with his signature dramatic flair.
SEC Chair Gensler Resigns Before Trump Takes Office
During the 2024 Bitcoin Conference in Nashville, President Trump addressed the crowd with remarks framing Gary Gensler’s departure as part of his broader agenda.
Gary genses, former Chair of the Securities and Exchange Commission, stepped down on January 20th.
His tenure was marked by an assertive regulatory approach to digital assets. Notably, his resignation occurred one day before President Trump officially returned to office, a timing that appears to be strategic.
Appointing a ‘Crypto Czar’
Within days of taking office, President Trump announced the formation of the Presidential Working Group on Digital Asset Markets, fulfilling his campaign pledge to establish a digital asset advisory council within his first 100 days.
Even before his inauguration, Trump teased another digital asset appointee by selecting venture capitalist and technology commentator David Sacks as the White House AI and Crypto Czar.
David Sacks, a prominent crypto advocate and member of the PayPal founding team, now plays a central role in shaping federal technology policy.
Ahead of assuming his position, Sacks disclosed the sale of more than $200 million in digital asset-related investments, both personally and through his firm, Craft Ventures. The filing states that at least $85 million of those assets were directly attributable to him.
Although Craft Ventures maintains positions in funds with exposure to digital assets, the disclosure reflects a substantial effort to distance Sacks financially from the industry. The 11-page memo is notably more extensive than those submitted by other administration officials.
America Begins Stockpiling Bitcoin
More than symbolic gestures, Trump has signed into law a series of sweeping executive orders aimed at restructuring how the U.S. interacts with cryptocurrency.
One of the most significant developments is the creation of a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. Rather than liquidating seized bitcoin, the federal government has begun holding it, treating it as a strategic asset comparable to gold.
Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, stated that the United States aims to accumulate “as much [bitcoin] as we can possibly get.”
This move alone puts the U.S. in uncharted territory. Trump’s move is widely seen as a geopolitical flex designed to counter China and other crypto-ambitious powers.
Ending the “War on Crypto”
One of Trump’s loudest talking points during the campaign was ending what he labeled the “Biden War on Crypto.”
From the now-scrapped 30% bitcoin mining tax to burdensome compliance regimesTrump painted his predecessor as a CBDC architect.
President Trump addressed these head on with a major policy shift on January 23, 2025, by signing the executive order titled, Strengthening American Leadership in Digital Financial Technology.
The directive prohibits the development of a U.S. central bank digital currency (CBDC), repeals President Biden’s 2022 Executive Order 14067and outlines measures to safeguard the legal rights of Americans to hold, use, and mine cryptocurrency.
From stablecoin frameworks to open banking initiatives, the administration’s approach signals an assertive, industry-friendly agenda.
Bitcoin Mining Hub
President Trump outlined plans to make the United States the global hub for bitcoin mining.
He stated that all remaining bitcoin should be “mined, minted, and made in the USA” to reinforce national energy and economic leadership.
He also outlined his plan to expand energy infrastructure, framing digital assets as central to America’s economic future.
“Promises Made, Promises Kept”
In just over 75 days, Trump has:
- “Fired” Gensler (check).
- Established a Bitcoin Reserve (check).
- Appointed a Crypto Czar (check).
- Launched a digital asset advisory group (check).
- Reversed Biden-era policies (check).
- Banned a U.S. CBDC (check).
- Called for domestic bitcoin mining dominance (in progress).
While the new policy direction has generated enthusiasm for most of the digital asset industry, it is not without criticism.
The strategy may favor large market players and lacks adequate oversight in a sector already known for its volatility. Uncertainty also surrounds how Congress will respond to the sweeping regulatory changes implemented through executive action.
By the standard of fulfilling campaign promises, Trump’s early record on cryptocurrency stands out.
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