TLDR

• Trump administration launched aggressive pro-crypto initiatives in first 30 days, including creating Department of Government Efficiency (DOGE) led by Elon Musk and appointing crypto-friendly regulators
• Trump family launched World Liberty Financial (WLFI) with $326 million in crypto holdings and released TRUMP and MELANIA memecoins on Solana
• Major regulatory changes include nominating Paul Atkins to replace Gary Gensler at SEC, establishing a crypto task force, and announcing a $500 billion AI initiative called “Stargate”
• Trump pardoned Silk Road founder Ross Ulbricht and established a crypto working group to make America “the world capital in crypto”
• Global crypto adoption accelerating due to U.S. policy shifts, with institutional investors making long-term commitments and banks exploring crypto offerings

The first 30 days of the Trump presidency brought extensive changes to U.S. cryptocurrency policy through executive orders, agency appointments, and regulatory shifts. From January 20 to February 19, 2025, the administration launched multiple initiatives that reshaped the federal government’s approach to digital assets.

On inauguration day, the Trump family made its first crypto-related moves. The president launched TRUMP, a memecoin on the Solana blockchain that reached a $15 billion market cap before dropping 40%. First Lady Melania Trump followed with her own token, MELANIA. Their family venture, World Liberty Financial (WLFI), purchased $47 million in cryptocurrencies, bringing their total holdings to $326 million.

The administration created the Department of Government Efficiency (DOGE), placing Elon Musk in charge. The department immediately faced legal challenges from watchdog groups claiming violations of the Federal Advisory Committee Act, which requires public involvement in federal committees.

Changes at key regulatory agencies began on January 21. The Securities and Exchange Commission saw the nomination of Paul Atkins to replace Gary Gensler as chair, with Mark Uyeda serving as Acting Chair. Under Uyeda’s leadership, the SEC established a cryptocurrency task force led by Commissioner Hester Peirce to develop clearer regulations and registration paths.

The administration announced “Stargate,” a $500 billion private investment initiative for the U.S. artificial intelligence industry. Initial backers included OpenAI, SoftBank, and Oracle, though Elon Musk questioned the funders’ financial capacity.

On January 22, Trump pardoned Silk Road founder Ross Ulbricht, who had served nearly ten years in federal prison. The pardon fulfilled a campaign promise and came after advocacy from prison reform groups and cryptocurrency industry members.

Federal Crypto Shift

The president established a crypto working group through executive order on January 23. The group, excluding the Federal Reserve and Federal Deposit Insurance Corporation, will study a national crypto reserve and develop regulations. David Sacks, the administration’s AI and crypto czar, leads the initiative.

The Senate confirmed Scott Bessent as Treasury Secretary with a 68-29 vote on January 27. Bessent, known for his pro-crypto stance, expressed enthusiasm for the administration’s embrace of digital assets and their alignment with Republican values.

February brought market volatility as Trump implemented new tariffs. On February 2, levies on goods from Mexico, Canada, and China caused tech stock losses and crypto market declines. Though tariffs on Mexico and Canada were paused, additional 25% tariffs on steel and aluminum announced February 9 led to further Bitcoin price drops.

Leadership changes continued through February. Trump removed Rohit Chopra as head of the Consumer Financial Protection Bureau on February 3. CFTC Chair Rostin Behnam stepped down on February 7, with Brian Quintenz, a former commissioner with crypto industry experience, nominated as his replacement.

On February 12, the U.S. exchanged Alexander Vinnik, former operator of crypto exchange BTC-e, for American teacher Marc Fogel in a prisoner swap with Russia. Vinnik had pleaded guilty to money laundering charges in May 2024.

The Senate confirmed Howard Lutnick as Commerce Secretary on February 19 with a 52-45 vote. Lutnick, former CEO of Cantor Fitzgerald, agreed to sell his shares in Tether and other private investments within 90 days.

These policy shifts are creating global ripples. Bitpanda CEO Eric Demuth reported that U.S. actions are forcing worldwide markets to adapt, with institutional investors making long-term commitments rather than speculative trades. Bitcoin ETFs have accumulated nearly $58 billion in assets under management in one year of trading.

Banks are responding to the new environment. Demuth predicts increased stablecoin issuance from U.S. banks and growth in tokenized assets, including government bonds and real estate. The administration’s allies in Congress are working on stablecoin legislation to bring the industry “onshore” to the United States.

At the state level, lawmakers are pursuing the creation of state Bitcoin and crypto reserves. The DOGE department, under Musk’s leadership, is reportedly preparing to examine the SEC’s operations next, according to a February 17 Politico report.