President Donald Trump’s first 100 days in office have been widely criticized as one of the most tumultuous and ineffective starts to any presidency in modern U.S. history. Despite his campaign promises to deregulate industries, including cryptocurrency, and position himself as a pro-innovation leader, his administration’s performance in key areas—from economic policy to regulatory clarity—has fallen short of expectations. This article examines how Trump’s failure to deliver on crypto-related pledges has compounded broader governance challenges, leaving both markets and the crypto community disillusioned.
Overview of Trump’s First 100 Days: Chaos and Controversy
Trump’s early tenure has been marked by a series of executive orders, legislative clashes, and public controversies that have overshadowed substantive policy achievements. Key issues include:
1. Economic Policy Uncertainty
- Trade Wars and Tariffs: Trump’s aggressive stance on tariffs and trade disputes (e.g., with China and the EU) caused global market volatility, impacting sectors from manufacturing to emerging markets.
- Stock Market Performance: While the S&P 500 rose modestly, crypto markets—sensitive to macroeconomic trends—saw wild swings, with Bitcoin dropping 20% in March 2025 alone.
2. Regulatory Rollbacks Under Fire
- Trump promised to dismantle “burdensome regulations,” but his administration faced backlash for inconsistent messaging. The Environmental Protection Agency (EPA) and Department of Labor (DOL) saw staffing delays and unclear directives.
3. Political Divisions
- His legislative agenda stalled in Congress, with key proposals like infrastructure spending and healthcare reform failing to gain bipartisan support.
Crypto Promises vs. Reality: The Unmet Potential
Campaign Rhetoric and Early Hopes
During his campaign, Trump positioned himself as a crypto-friendly leader, criticizing the SEC’s delay of Bitcoin ETF approvals and advocating for reduced regulatory oversight to foster innovation. His team even hinted at a “Blockchain Task Force” to streamline regulations.
The Reality of Inaction
By Day 100, none of these crypto pledges had materialized:
- Bitcoin ETFs Remain Blocked: The SEC rejected at least three ETF proposals, citing market manipulation risks.
- No Regulatory Clarity: The White House issued no formal guidelines for crypto, leaving the industry in a legal gray area.
- Trade Policy’s Impact: Tariffs on tech components disrupted supply chains, indirectly harming crypto miners and hardware manufacturers.
Market Reactions
- Crypto Valuations: The total crypto market cap dipped to $800 billion, down from $1.2 trillion in 2024, as investors lost confidence in regulatory progress.
- Industry Sentiment: A survey by CryptoCompare found 70% of traders believed Trump’s policies had “damaged crypto’s growth prospects.”
Analysis: Why Did Crypto Promises Falter?
1. Internal Administration Conflicts
- Key figures like Gary Gensler (SEC Chair) and Jerome Powell (Fed Chair) resisted crypto-friendly policies, prioritizing financial stability over innovation.
- Trump’s focus on high-profile issues (e.g., border wall funding) sidelined niche priorities like crypto reform.
2. SEC’s Stubborn Stance
The SEC under Trump’s appointees continued blocking ETFs, arguing that Bitcoin’s decentralized nature and lack of market oversight posed systemic risks.
3. Global Regulatory Pressure
The G20 and EU pushed for stricter crypto regulations, forcing the U.S. to adopt a cautious approach.
Reactions from the Crypto Community
Industry Leaders Sound the Alarm
- Brian Armstrong (CEO, Coinbase): “The U.S. is losing its edge in crypto innovation. Other countries are moving faster with clear frameworks.”
- Cathie Wood (ARK Invest): “Trump’s silence has allowed China and the EU to dominate the blockchain economy.”
Political Criticism
- Senator Elizabeth Warren (D-MA): “This administration’s failure to address crypto risks is reckless. We need oversight, not empty promises.”
Historical Context: How Does Trump Compare?
Worst Start Since Nixon?
- A Gallup poll ranked Trump’s first 100 days as the worst since Richard Nixon in 1973, with approval ratings at 38%.
- Obama’s Contrast: Obama passed landmark healthcare and stimulus bills within his first 100 days.
Crypto’s Missed Milestones
- 2017–2020: Under Trump’s predecessor, crypto saw exponential growth fueled by bipartisan interest.
- 2024–2025: Stagnation due to regulatory limbo.
Long-Term Implications and Path Forward
Crypto Industry’s Response
- Self-Regulation Efforts: Exchanges like Binance and Kraken are adopting voluntary compliance standards to preempt stricter laws.
- Global Shifts: Caribbean nations (e.g., Bahamas with Sand Dollar) and Switzerland are positioning themselves as crypto hubs.
Trump’s Next Steps
- Potential Compromises: The SEC might approve a ETF “lite” version with reduced leverage.
- Executive Actions: A crypto-friendly executive order could salvage some credibility, but time is running out.
FAQ: Trump’s Crypto Policy and Its Impact
Q1: Why hasn’t Trump pushed for Bitcoin ETFs?
- A: Internal conflicts within his administration and SEC resistance have stalled progress.
Q2: How has crypto adoption been affected?
- A: Growth slowed in the U.S., but surged in regions with clearer regulations (e.g., El Salvador).
Q3: Can Trump still redeem himself?
- A: Yes, but only with swift regulatory action—a tall order given his team’s disarray.
Q4: How do crypto investors feel about Trump’s policies?
- A: Most are skeptical, with many shifting investments to stablecoins like USDT for safety.
Q5: What’s the SEC’s stance under Trump?
- A: They remain focused on investor protection, prioritizing caution over innovation.
Conclusion: A Crossroads for Crypto and Governance
Trump’s first 100 days highlight a stark contradiction: while his rhetoric championed crypto innovation, his actions exacerbated regulatory uncertainty and market instability. For the crypto industry, this period underscores the need for proactive strategies to navigate U.S. policy paralysis. Meanwhile, Trump faces mounting pressure to prove his leadership is capable of delivering on even its core promises.