# Trump's First Month in Office: Significant Changes for the Cryptocurrency Industry

**Published by:** [Daniel](https://paragraph.com/@-daniel/)
**Published on:** 2025-02-24
**Categories:** trump
**URL:** https://paragraph.com/@-daniel/trumps-first-month-in-office-significant-changes-for-the-cryptocurrency-industry

## Content

Introduction One month into his presidency, Donald Trump has launched a series of cryptocurrency-friendly appointments and policies. These reforms have had a direct impact on the cryptocurrency industry. This article examines the major events related to cryptocurrency during Trump's first 30 days in office. January 20 — Trump's World Liberty Financial Buys $47 Million in Cryptocurrency on Inauguration Day On his first day in office, Trump issued 42 executive orders, none of which targeted the cryptocurrency industry. However, World Liberty Financial (WLFI), a decentralized finance enterprise linked to the Trump family, purchased $47 million in cryptocurrency on Inauguration Day, bringing its total holdings to $326 million. January 21 — SEC Leadership Change and New Cryptocurrency Strategy The Trump administration began reshuffling the leadership of major federal agencies, including the SEC. Paul Atkins was nominated to replace Gary Gensler. Although Atkins is still awaiting Senate confirmation, interim Chair Mark Uyeda has led the SEC in a more crypto-friendly direction, criticizing the previous enforcement actions as "neither capital formation-friendly nor investor-protective". January 21 — SEC Working Group Addresses Cryptocurrency Policy Under the guidance of Commissioner Hester Peirce, the SEC established a cryptocurrency working group to refine regulatory frameworks. The group aims to "provide clear regulatory pathways, develop a sensible regulatory framework, and deploy enforcement resources wisely". January 22 — Pardon for Silk Road Founder Ross Ulbricht Trump pardoned Ross Ulbricht, the founder of Silk Road, who had served nearly a decade in federal prison. This move followed years of advocacy by prison reform activists, libertarian groups, and cryptocurrency insiders. January 23 — Formation of the Cryptocurrency Working Group Through an executive order, Trump established an "internal working group" to make the U.S. the global hub for cryptocurrency. The group will explore the feasibility of a national cryptocurrency reserve, develop regulatory frameworks, and ban central bank digital currencies. January 27 — Senate Confirms Pro-Crypto Treasury Secretary Scott Bessent was confirmed as Treasury Secretary by a 68-29 vote. Bessent, described as "very pro-crypto" by Fox Business reporter Eleanor Terrett, has expressed excitement about the administration's support for cryptocurrency. February 2 — Tariffs Impact Stock and Cryptocurrency Markets Trump signed an executive order imposing tariffs on goods from Mexico, Canada, and China. The move caused significant market fluctuations, highlighting the growing interconnectedness between traditional financial markets and cryptocurrency assets. February 3 — Dismissal of CFPB Director Trump fired Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), which oversees financial institutions. The move is reportedly part of broader efforts to reduce banking regulations. February 7 — Departure of CFTC Chairman Rostin Behnam, the former CFTC chairman, stepped down after eight years. He had called for clear legislative guidelines for cryptocurrency, emphasizing the need to address the direction of the derivatives industry. February 9 — Tariffs Cause Bitcoin Price Crash Trump announced a 25% tariff on all steel and aluminum imports, leading to a sharp decline in Bitcoin prices. Market observers expect further volatility due to potential tariffs on the EU, semiconductors, oil, gas, steel, and copper. February 12 — Prisoner Exchange with Russia The U.S. exchanged Alexander Vinnik, the former operator of the BTC-e cryptocurrency exchange, for American teacher Marc Fogel detained in Russia. Vinnik had pleaded guilty to money laundering conspiracies. February 12 — Nomination of New CFTC Chairman Brian Quintenz, a former CFTC commissioner and executive at Kalshi, was nominated as the new CFTC chairman. Quintenz, who has worked at the pro-crypto venture capital firm a16z, is expected to bring positive changes to the cryptocurrency industry. February 17 — DOGE to Challenge the SEC Led by Elon Musk, the Department of Government Efficiency (DOGE) is reportedly targeting the SEC next. An anonymous source indicated that DOGE is preparing to address "waste and fraud" within the SEC. February 19 — Senate Confirms Business Secretary Howard Lutnick was confirmed as the new Secretary of Commerce. Despite his company's holdings in Tether, Lutnick pledged to divest from his business and private investments within 90 days. Conclusion Trump's first month has seen significant developments in cryptocurrency policy. His pro-crypto appointees are expected to introduce favorable regulations, solidifying the industry's growth potential. Allies in Congress are already drafting stablecoin legislation, while state-level momentum for Bitcoin reserves is gaining ground.

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