Article written by: Aaron Wood
Source: Cointelegraph
Article compiled by: Ada, MetaEra
It’s been a month since U.S. President Donald Trump was sworn in and began enacting sweeping and controversial reforms, many of which directly impact the cryptocurrency industry.
Just 30 days into his presidency, Trump picked several pro-cryptocurrency executives for senior regulatory positions and created the Department of Government Efficiency (DOGE), a temporary organization of which Musk is the de facto leader.
In an interview between Trump and Musk on February 18, the two said that the goal of DOGE and Musk himself is to provide "technical support" to the government, streamline wasteful government spending, and fundamentally reorganize federal agencies.
Here are the major cryptocurrency-related events during Trump’s first 30 days in office.
January 20th — Trump’s World Liberty Financial buys $10 million in crypto on inauguration day
Trump issued a slew of executive orders on his first day in office — 42, to be exact. The cryptocurrency industry was disappointed to learn that none of them were directed at them, but crypto proponents didn’t have long to wait.
On Inauguration Day, the Trump family’s decentralized finance venture, World Liberty Financial (WLFI), purchased nearly $47 million in cryptocurrencies to commemorate the inauguration. The purchase brought WLFI’s total holdings to $326 million.
January 21 — SEC changes leadership and crypto strategy
On January 21, the Trump administration began to restructure the leadership of major federal agencies, including the U.S. Securities and Exchange Commission, nominating SEC Commissioner Paul Atkins to replace Gary Gensler.
While Atkins awaits Senate confirmation — he had not been confirmed as of press time — Acting Chairman Mark Uyeda is leading the agency’s push toward a friendlier approach to the cryptocurrency industry.
Uyeda criticized the SEC’s enforcement practices under Gensler’s leadership, saying they “neither facilitate capital formation nor protect investors.”
January 21 — SEC Working Group Takes on Crypto Policy Issues
On January 21, the U.S. Securities and Exchange Commission (SEC) established a cryptocurrency working group under the guidance of cryptocurrency support commissioner Hester Peirce, and quickly began to improve cryptocurrency regulatory regulations.
Acting Chairman Ayuda said the panel’s primary goals are to “help the Commission draw a clear regulatory path, provide a practical pathway, develop a sound regulatory framework, and deploy enforcement resources wisely.”
January 22 – Silk Road founder pardoned
On January 22, Trump pardoned Silk Road founder Ross Ulbricht, who had served nearly a decade in federal prison. The president’s pardon came after years of efforts by prison reform advocates, libertarian groups, and cryptocurrency industry insiders.
Ulbricht has been serving his sentence since 2015, and Trump fulfilled his campaign promise to release him immediately upon taking office.
January 23 — Trump launches encryption task force
On January 23, Trump established an “internal task force to make the United States the world capital of cryptocurrency” through an executive order. The group is tasked with studying the feasibility of establishing a national cryptocurrency reserve and developing a regulatory framework for cryptocurrencies. It also prohibits the creation of a central bank digital currency.
The working group is composed of the U.S. Treasury Secretary, Attorney General, Securities and Exchange Commission Chairman, Commodity Futures Trading Commission Chairman, Trump Cabinet members, and heads of other relevant agencies.
Notably, the order explicitly excludes the Federal Reserve and the Federal Deposit Insurance Corporation.
The group will report to David Sacks, the government’s official AI and crypto czar.
January 27 — U.S. Senate confirms pro-crypto Treasury Secretary
On January 27, the U.S. Senate approved Scott Bessent's nomination as U.S. Treasury Secretary by a vote of 68 to 29.
When Trump first appointed Bessant in November 2024, Fox Business reporter Eleanor Terrett described him as "very pro-cryptocurrency, especially pro-Bitcoin."
“I’m very excited about the president’s support for cryptocurrency, I think it fits in very well with the Republican Party, cryptocurrency represents freedom, and the cryptocurrency economy is here to stay,” he reportedly said.
February 2 – Trump tariffs hit stock and cryptocurrency markets
On February 2, Trump signed another executive order imposing tariffs on goods produced in Mexico, Canada, and China.
The market reacted violently, with some technology stocks posting their biggest one-day declines on Wall Street.
Trump eventually suspended tariffs on Mexico and Canada, but the move was seen as a sign of his economic strategy. The resulting impact on the crypto market also highlighted the growing correlation between crypto assets and traditional financial markets.
February 3 – Trump fires head of consumer protection regulator
On February 3, Trump fired Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB). The CFPB is responsible for regulating the financial sector and has jurisdiction over banks, securities firms, payday lenders and other for-profit institutions.
The Consumer Financial Protection Bureau said in an official notice that Bessent will serve as acting head of the government agency until a successor is found.
The exact reasons behind the move are unclear, but there are reports that it is part of a broader effort to reduce regulation of the banking industry, with Musk previously calling for the agency to be "abolished."
February 7 – CFTC Chairman resigns
On February 7, former CFTC Chairman Rostin Behnam announced that this was his last day at the agency after eight years as a CFTC commissioner and chairman of the regulator. Behnam had previously stated that he would leave a month early and let the new acting chairman take over his position until a new chairman is appointed.
Benen called on lawmakers to create clear guidelines for cryptocurrencies, saying: “The cryptocurrency era highlights the need for us to have rules in place to address the direction in which the derivatives industry is heading.”
February 9 — Tariffs cause Bitcoin price to plummet again
On February 9, Trump announced a 25% tariff on all steel and aluminum imported into the United States, and said he would impose corresponding tariffs on countries that impose tariffs on American goods.
The White House further adopted radical economic policies, causing the price of Bitcoin to plummet. Market observers expect market volatility to increase further as Trump proposed the idea of imposing tariffs on the European Union, semiconductors, oil, gas, steel and copper.
February 12 – Trump and Russia exchange prisoners
On February 12, the United States exchanged Alexander Vinnik, the former operator of the cryptocurrency exchange BTC-e, for Marc Fogel, an American teacher detained in Russia.
In May 2024, Vinnik pleaded guilty to money laundering conspiracy for illegally moving funds through the cryptocurrency exchange BTC-e.
Fogel has been in Russian custody since 2021, when he was arrested at a Moscow airport for possession of marijuana.
February 12 – Nomination of new CFTC Chairman
Just a week after Benen stepped down, Trump nominated Brian Quintenz, a former Commodity Futures Trading Commission commissioner and executive at Kalshi, a sports betting market, as the new head of the regulator.
Quintenz, who also worked at a16z, a venture capital firm that supports cryptocurrencies, is expected to bring welcome changes to the crypto industry as he has made several pro-crypto statements. He reportedly gave several speeches on Bitcoin and decentralized finance during his time at the CFTC.
February 17 — DOGE will challenge the SEC
According to reports, after a wave of restructuring at other federal agencies, DOGE, which is effectively led by Musk, is headed to the SEC next.
“They’re at the door,” an anonymous source said in a Feb. 17 Politico report.
One of the DOGE-linked accounts on X (of which there are dozens) published a post on February 18 asking for information on “uncovering and addressing SEC waste and fraud.”
February 19 – Senate confirms Trump’s pick for Commerce Secretary
On February 19, the U.S. Senate confirmed billionaire Howard Lutnick as the next Secretary of Commerce.
Lutnick resigned as CEO of financial services firm Cantor Fitzgerald immediately following the 52-45 vote. Although his company owns a stake in crypto stablecoin issuer Tether, Lutnick said he would sell his stake in the business and other private investments within 90 days.
What is Trump's next plan?
It’s been an eventful day for the current US president, and while his first day in office didn’t touch on cryptocurrencies, he made up for it with a slew of executive orders in the days that followed.
Many of Trump’s pro-crypto nominees have already been appointed and are expected to roll out crypto-friendly policies, solidifying the industry’s growth potential in the coming years.
The president’s allies in Congress have begun working on stablecoin legislation in an effort to “import” the industry to the United States.
At the state level, momentum is building for the creation of state Bitcoin reserves, with cryptocurrency-focused lawmakers taking action at the local level.
