The first 100 days of the administration of US President Donald Trump have deeply impacted the crypto industry, starting with his own memecoin and culminating in a Bitcoin reserve and a spate of blockchain policymaking.
Trump’s trade war with the entire world has had the largest short-term impact on crypto markets, as crypto prices have wavered amid macroeconomic worry and uncertainty. Higher prices on electronics mean Bitcoin (BTC) miners are finding it harder to break even, and de-dollarization concerns abound.
Still, crypto markets have shown some resilience and cause for optimism in the administration’s crypto-friendly policies. A number of pro-crypto leaders have been appointed to key government agencies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC). The crypto industry’s long-awaited regulatory framework is also imminent.
Trump’s first 100 days have seen remarkable changes for the crypto industry, and it appears that things are only getting started. Here’s a look at what’s happened so far.
Jan. 20 — Trump’s first 100 days kick off with a memecoin
On Jan. 20, while Trump was sworn into office in the rotunda of the Capitol Building, his family’s crypto investment firm, World Liberty Financial (WLFI), launched its second token sale of WLFI tokens.
Massive demand saw prices initially spike, though the true value of the tokens, if any, is yet to be determined, as WLFI is currently not transferable and cannot be traded on any exchanges.
The memecoin served as a kickoff for Trump’s crypto agenda, which has seen unprecedented support for the industry in Washington, DC, along with a slew of moral and ethical concerns among observers and lawmakers.
Jan. 20 — Pro-crypto leaders head up federal agencies on “day one”
The president of the US sets the tone for several federal regulators, including those overseeing crypto. Trump immediately set out to appoint a number of pro-crypto lawyers and businessmen to head up the SEC, the CFTC and other critical federal agencies.
Trump nominated businessman Paul Atkins to lead the SEC on “day one” of his presidency. Atkins would replace Gary Gensler, who was perceived by many in the crypto industry as an enemy to adoption and the industry’s progress.
Also on day one, Trump appointed businessman and crypto investor David Sacks as chair of the President’s Council of Advisors on Science and Technology — or the crypto and AI “czar.”
In a press conference, Trump announced a $500-billion private-led AI infrastructure investment called “Stargate.” The president claimed the project — led by ChatGPT creator OpenAI, SoftBank and Oracle — would create some 10,000 American jobs.
Trump said the US needed to lead the world in AI innovation and keep development onshore. “China is a competitor, others are competitors. We want it to be in this country, and we’re making it available,” he said.
OpenAI claimed that the project would “not only support the re-industrialization of the United States but also provide a strategic capability to protect the national security of America and its allies.”
Jan. 21 — Pardon for Silk Road founder Ross Ulbricht
Trump announced on Truth Social that he had called the family of Silk Road 2.0 founder Ross Ulbricht after commuting his sentence.
After his arrest in 2013, Ulbricht was sentenced to life in prison in 2015 without the possibility of parole for his role in facilitating the trafficking of narcotics and other illicit substances.
Ulbricht’s case became a rallying point for libertarian movements and prison reform advocates alike. Libertarian-minded crypto advocates supported Ulbricht, as his platform was one of the first places people could actually spend Bitcoin.
Crypto advocates supported Ulbricht, with many believing he did nothing wrong. Source: The Bitcoin Historian
Jan. 23 — Ban on digital dollar, establishing a crypto working group
With an executive order, Trump established an internal working group to focus on making the US “the world capital in crypto.” The order also prohibited “the establishment, issuance, circulation, and use” of a US central bank digital currency (CBDC).
CBDCs are a contentious issue in the crypto community, with many privacy activists claiming that they are another form of state surveillance and government control. Enthusiasm over their creation from central bankers has further set the more libertarian-minded crypto community against their creation.
Trump signing the executive order. Source: ABC News
The working group would kickstart the process for creating the forthcoming US Bitcoin and crypto reserves.
Feb. 1 — Trade war begins with tariffs on Mexico, China and Canada
One of the promises of the Trump campaign was to rectify the “bad deals” that the US had with many of its oldest allies and most important trading partners.
Just over a week after he was sworn into office, Trump announced sweeping tariffs on Canada, Mexico and China, citing border security concerns and the supposed proliferation of cross-border trade of fentanyl from those countries.
The same day, Canada announced retaliatory measures. On Feb. 3, Mexico promised to step up security of its northern border, responding to American requests for increased patrols. This led Trump to reverse initial tariff plans on both countries.
The unexpected hostile tariffs from a close partner and ally sent stock and crypto prices tumbling. They marked the beginning of the macroeconomic uncertainty that has come to characterize the early days of the Trump administration.
Feb. 12 — Vinnik-Foegel prisoner swap with Russia
Alexander Vinnik, the convicted money launderer who funneled Bitcoin stolen in the infamous Mt. Gox hack through his crypto exchange BTC-e, returned to his home country of Russia.
Vinnik pled guilty to money laundering conspiracy charges in 2024. BTC-e processed more than $9 billion in transactions and had over 1 million users worldwide, many of whom were in the US.
Vinnik was exchanged for American schoolteacher Marc Fogel, who was teaching at the Anglo-American School of Moscow and had been in a Russian jail since 2021 after being arrested for illegal possession of cannabis.
Feb. 18 — Bankman-Fried makes veiled plea for release
In an interview with The New York Sun, the former CEO of now-defunct crypto exchange FTX, Sam Bankman-Fried, addressed his controversial political contributions, saying the Republican Party was always “far more reasonable.”
Bankman-Fried, or SBF, made widely publicized contributions to the Democratic Party as he purportedly tried to influence democratic policymakers’ approach to the digital asset industry. It later became known that SBF was playing both sides of the aisle, donating significant funds to Republicans, though the exact amount remains unknown.
In the interview, SBF likened his position to that of Trump, claiming that he’d been unfairly treated by the criminal justice system. SBF called into question the conduct of the federal judge overseeing his trial, Judge Lewis Kaplan. “I know President Trump had a lot of frustrations with Judge Kaplan. I certainly did as well.”
Observers saw the interview as an attempt to elicit a pardon from Trump. Roger Ver, an early Bitcoin advocate facing criminal tax evasion charges, has made an outright appeal.
March 7 — Trump establishes Bitcoin reserve and crypto stockpile
On March 7, the 46th day of Trump’s presidency, he signed an executive order establishing a “Strategic Bitcoin Reserve.” Trump made big promises about crypto adoption on the campaign trail, including the possibility of a long-sought-after Bitcoin reserve.
The US reserve, however, would fall short of expectations among Bitcoin maximalists. Rather than create a concrete plan for the US government to purchase and hold Bitcoin, it merely created a single reserve to pool all Bitcoin the government had seized during criminal proceedings.
While the order does state that the government may purchase additional Bitcoin, it must do so in a budget-neutral fashion.
In tandem with the Bitcoin reserve, Trump also established a US Digital Asset Stockpile containing other cryptocurrencies such as Ether (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA).
March 7 — White House Crypto Summit
Leaders of the crypto industry descended on Washington for a meeting at the White House to discuss a wide range of topics related to crypto regulation and the development of the industry in the US.
Attendees included Strategy executive chairman Michael Saylor, Coinbase CEO Brian Armstrong and “crypto czar” David Sacks.
While some attendees, including Chainlink co-founder Sergey Nazarov, were optimistic about the event’s focus on strengthening the US crypto industry, some crypto luminaries who were not on the list were less impressed.
Cardano and IOHK co-founder Charles Hoskinson, who did not attend the event, noted in a video stream that real change — i.e., legislation — must be made in Congress.
“Everybody focuses on the White House because it’s simple and easy to do so. […] And as much as we, as an industry, want this to be a short process, it’s going to be a long and methodical process,” Hoskinson said.
WLFI expanded its offerings in March with the soft launch of its stablecoin USD1. The coin, “100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents,” launched on the Ethereum and BNB Chain networks.
US lawmakers subsequently called for an ethics probe into WLFI and cited the president’s ability to influence stablecoin policy as a major conflict of interest with the project.
Markets saw a spate of red across the board following the order, and many economic observers raised concerns over a looming recession. Crypto miners based in the US were further squeezed as their operation costs, namely for buying new mining rigs, increased significantly.
Former White House Communications Director Anthony Scaramucci told Cointelegraph, “I would say that he’s had the worst 95 days in modern presidential history. The markets recovered a little, but we’ve got $9 trillion taken from the stock market. You had a growing economy that’s now heading into a medium-sized recession, possibly a steep recession.”
He said that Trump declared a trade war “without any real weaponry” and subsequently lied about progress when the president claimed China was attempting to negotiate.
“The lies are ok — everyone accepts that he’s a congenital liar […] but when you’re declaring war on people and then you’re lying, it’s really bad.”
April 25 — $300,000-per-plate memecoin dinner raises call for impeachment
Top Trump memecoin holders were reportedly offered an opportunity to have dinner with the president, sparking renewed concerns over his crypto project and prompting one US lawmaker to support impeachment.
At a town hall meeting in his home state of Georgia, Democratic Senator Jon Ossoff said he “strongly” supports impeachment. “When the sitting president of the United States is selling access for what are effectively payments directly to him, there is no question that that rises to the level of an impeachable offense,” he said.
TRUMP holders can register to have dinner with the President. Source: gettrumpmemes.com
Rumors on social media stated that $300,000 would grant tokenholders an audience with the president, a claim the Trump administration later denied.
Trump’s first 100 days could jeopardize change
The first 100 days of Trump’s presidency have broughtunprecedented change to the crypto industry. Simultaneously, they have opened it up to increased criticism and controversy as the president’s personal ties with blockchain projects raise ethical questions.
These controversies may well jeopardize the industry’s efforts to effect change in Congress, according to Scaramucci, who said, “Trump has so inflamed everything that he’s made it even hard for [stablecoin legislation] to happen.”
The STABLE Act, which aims to provide guardrails for stablecoin issuance in the US, was introduced in the House of Representatives on March 26 and passed a committee vote on April 3, with prominent Democrats dissenting. The bill will soon head to the floor for a general vote before going to the Senate.
I’ve interviewed Angela Rayner a number of times and know her to be a robust operator with a very thick skin.
But on Wednesday morning, as she walked into our interview to admit that she had underpaid tax on her Hove home and explain the personal circumstances around that, she was visibly upset.
For days, this story has run on and now we have a better picture of why. The deputy prime minister told me she had to ask for court permission to release details of her domestic arrangements to give the background to the tax trouble she now finds herself in. And on Wednesday, she revealed all.
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It is a complicated and personal story, but in essence, her family had a trust set up in 2020 to provide for her son who has lifelong disabilities to ensure that he would be provided for and protected.
When she divorced her husband in 2023, some of the interest in the family home was transferred to the trust and then in 2025, she sold her remaining interest in the property to her teenage son’s trust.
She then used the proceeds from that to buy the new property in Hove, using the money from her family home in Ashton to pay the deposit.
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7:19
Rayner admits she didn’t pay enough tax
Ms Rayner says she was advised that the home she bought was liable for the standard rate of stamp duty. It now turns out that advice was wrong and she owes tens of thousands in underpaid tax, because Hove is classified as her second home rather than her main residence.
She says it was a genuine mistake and has referred herself to the PM’s independent standards commissioner and informed HMRC. She says she will pay any additional tax owed.
The deputy PM was clearly upset in our interview by having to disclose private details about her teenage children.
I was left in little doubt that she had felt forced to share information about them that she really didn’t want to share.
She also admitted that she had discussed packing it all in with her ex-husband and children rather than putting this personal stuff into the public domain, but her family wanted her to go public to answer media reports that she had acted in a “hypocritical way”.
Image: Ms Rayner appeared at PMQs moments after the interview
“We felt that under the circumstances that having that reputation, for me as their mother, was more damaging than correcting the record on what we were trying to do,” she said.
But this is much more than just trying to save Ms Rayner’s reputation. Her political career is on the line, and, at the moment, it is unclear whether she will be able to continue as deputy prime minister.
She told me in our interview that the prime minister “knows the circumstances” and “knows the challenges that my son has faced and the background to all of that”, and it is now for the PM’s independent adviser on ministerial standards, Sir Laurie Magnus, to look at the evidence that she was advised she did not have to pay a stamp duty surcharge.
He has a reputation for being quick and if he finds Ms Rayner broke the ministerial code, it will be hard to see how Sir Keir Starmer will not accept that advice.
On top of that, HMRC is also investigating the deputy prime minister and if she is found to have been careless around her tax, she might face a penalty on top of the stamp duty owed, which will again put her under huge pressure.
There is also the political fall out for a politician who has gone in hard on Tories over tax questions for years.
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Angela Rayner blames incorrect tax advice
Defending her from the attacks that are now surely to come is going to burn through a lot of political capital of a government already in trouble. Will her colleagues around the cabinet table and on the backbenches have the stomach for it?
When I asked her in our interview whether she really believed her position was sustainable, given she had underpaid on tax and that she was the housing minister, she told me that she hoped “people can see what has happened and see that I wasn’t trying to dodge tax”, and when she realised that advice was inaccurate she “took immediate steps to do the right thing -you should pay the tax that is owed”.
“Hopefully, people can see there isn’t any intention to deceive, to avoid, to be hypocritical in the way in which I have conducted myself,” she said.
Ms Rayner is never far from the headlines and has often found herself under fire in her political career, rising to the second most powerful office in the country from the most humble of backgrounds.
But she knows too that despite complicated family issues, she has made a very serious error indeed and one which she would have been quick to criticise had the perpetrator been a political opponent.
She has come out fighting today, but whether she can survive is now beyond her control.
But amid the rancorous debate among MPs about whether she should stay or go, there’s one part of her defence that is attracting scepticism from friends and foes.
That’s her claim that she was initially given duff advice by a solicitor. Really? If she has evidence to substantiate that, she may be in the clear, though there’d no doubt be accusations of an establishment stitch-up.
But if not – and the city grandee who’s the PM’s ethics adviser – the Eton and Oxford-educated baronet Sir Laurie Magnus – rejects her defence, she’ll almost certainly have to go.
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And with her resignation – or sacking – would almost certainly go her hopes of succeeding the increasingly unpopular Sir Keir as Labour leader, despite her popularity with the party’s activists.
When she arrived for Prime Minister’s Questions, just half an hour after her bombshell confession, the Labour high command placed a collective arm around her.
Sir Keir Starmer, who told MPs he was proud to sit alongside a deputy PM from a working-class background, put his hand on her left shoulder.
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3:09
Beth Rigby on Angela Rayner’s uncertain future
Lucy Powell, the leader of the Commons, sitting the other side of the beleaguered Ms Rayner, did the same on her right shoulder.
If Labour feared a brutal PMQs onslaught from Kemi Badenoch, they needn’t have worried. “Why is she still in office?” the Tory leader began. So far, so good.
“If he had a backbone he would sack her,” she said in the second of her six questions. But that was it. “But let us get back to borrowing,” she continued.
Inexplicably, the Tory leader ploughed on with her pre-prepared questions on government borrowing. Labour MPs couldn’t believe their luck. Cue numerous jokes about missed open goals.
After another dud Kemi-Kaze performance at PMQs, some MPs were even speculating that Ms Rayner’s survival prospects – slim, at best – remain better than those of the Tory leader.
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3:19
Badenoch calls on PM to sack Rayner
But in the cruel world of social media, Ms Rayner was not spared a vicious onslaught from critics from across the political divide. You’d better keep your phone switched off, Angi.
From the spiky shadow foreign secretary Priti Patel, Ms Rayner was “the property tax dodging, freeloading deputy prime minister” who had “finally admitted breaking the law and evading paying taxes owed”.
There was more. “She says that’s she’s sorry,” said punchy Priti. “But she’s only sorry that she was caught out. Rotten Rayner should go.”
Nadhim Zahawi, who was sacked as Tory chairman in 2023 after an inquiry found he failed to disclose an investigation into his tax affairs, added: “Did you think about my children Angela Rayner?
“Breaks my heart seeing anybody distressed about their children, but the hypocrisy really does hurt.”
But it wasn’t just Tories – who let’s not forget were denounced as “Scum!” by Ms Rayner back in 2021, in what she described as “street language” – who were brutal.
The acerbic George Galloway declared: “She’s a lowlife”. For good measure, he claimed she was “on the make” and on “Supermarket Sweep, piling her trolley full”.
However, from the trade union movement, which campaigned hard for the DPM’s workers’ rights legislation, there was unequivocal support.
TUC general secretary Paul Nowak told Sky News: “Angela Rayner comes under sustained coverage because she’s a working-class woman in a way that frankly Nigel Farage, leading members of the shadow cabinet, never would.
“I think there’s a real heavy dose of misogyny when it comes to Angela.
“I wouldn’t want to see a hounded out of an important role by right wing politicians and the right wing media who frankly can’t handle the fact that a working class woman is our Deputy Prime Minister.”
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But there was sympathy from one party leader, Sir Ed Davey of the Liberal Democrats, who said that as a parent of a disabled child “I know the thing my wife and I worry most about is our son’s care after we have gone”.
Shortly after PMQs, opening a Tory debate on, yes, property taxes, shadow chancellor Sir Mel Stride opted for ridicule and mockery. “I’m absolutely certain that the deputy prime minister had a good recess,” he began.
“We saw many photographs of her down at the seaside, just off the coast in a rubber dinghy, rather like many of the other photographs over the summer given the reckless policies this government has towards illegal migration.
“She was probably celebrating the acquisition of another property for her property empire, but perhaps also slightly tinged with that nagging doubt as to whether she had indeed paid enough stamp duty.
“Well, we’ll get to the bottom of that in due course.”
Quite so, Mel. We will.
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20:00
Angela Rayner’s tax affairs interview in full
Let’s also reflect that on Monday Sir Keir Starmer proudly announced: “Phase two of my government starts today.” On Tuesday, he informed MPs, he was “speaking at length” to Ms Rayner. Must have been awkward.
And on Wednesday, the PM had to watch her tearful confession, just minutes before facing MPs in the Commons.
Not a great start to phase two, prime minister. Nor for his embattled and tearful deputy, who’s now fighting for political survival.
But perhaps Mr Farage met his match over here on the other side of the Atlantic and on the other side of the political divide.
At a committee hearing in Washington – examining the perceived threat and impact that UK and EU online safety laws have on free speech – Mr Farage was given what liberals will likely regard as an evisceration by a number of Democratic Party politicians.
American politicians know how to drive a sound bite. One lawmaker called Mr Farage a “fringe politician”. Another, Representative Jamie Raskin, described Mr Farage’s appearance as “a drive by hit against a Democratic ally to benefit a Donald Trump sycophant and wannabe…”
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Mr Raskin went on to address the British people. “To the people of the UK who think this Putin-loving, free speech impostor and Trump sycophant will protect freedom in your country, come on over to America and see what Trump and MAGA are doing to destroy our freedom.”
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Linehan arrest ‘appears to be an overreaction’
There is a curiosity around this hearing. The right in Britain (Farage) and the left in America (Raskin et al) are using this moment to warn of what they both see as the erosion of freedom of speech in each other’s countries.
Frankly both are using the moment to score political points for their own side in their own countries – you’d expect nothing less.
Interestingly though, when I put it to Mr Farage that there is more than a small dose of hypocrisy going on given that Trump’s administration has been accused of stifling any speech that it disagrees with (books in schools, content in museums, social media on phones, reporting in the media) he didn’t push back.
Instead he said he was here to warn against the stifling of any free speech; and to warn America of where he thinks it leads: “‘authoritarian Britain” in his mind.
Speaking to the committee, Mr Farage said: “I’ve come today as well to be a klaxon, to say to you, don’t allow piece by piece, this to happen here in America.
“And you would be doing us and yourselves and all freedom-loving people a favour if your politicians and your businesses said to the British government, ‘You’ve simply got this wrong, at what point did we become North Korea?'”