Quick Facts
- Trump’s administration has shown a surprising and welcome embrace of the cryptocurrency space in its first 30 days.
- Appointments and actions have signaled a commitment to supporting the growth and development of cryptocurrency.
Trump’s First 30 Days Bring Remarkable Change for Crypto
When US President Donald Trump took office on January 20, 2017, the cryptocurrency community was filled with uncertainty and skepticism. However, those predictions were quickly overturned as Trump’s actions in his first 30 days in office showed a surprising and welcome embrace of cryptocurrency.
Day 1: A Crypto-Sympathetic Cabinet
On his first day in office, Trump appointed Gary Cohn, a former Goldman Sachs executive, as his Chief Economic Advisor. Cohn has been a vocal supporter of cryptocurrency, stating in an interview with CNBC that “blockchain technology has the potential to disrupt a number of industries.” This appointment sent a strong signal that the Trump administration was open to the crypto revolution.
Day 5: A Pro-Crypto Head of the SEC
On January 25, Trump nominated Jay Clayton, a well-respected lawyer with expertise in finance and technology, as the next Chairman of the Securities and Exchange Commission (SEC). Clayton has been a vocal supporter of cryptocurrency and has stated that he believes blockchain technology has the potential to “revolutionize the way we do things.” This appointment was seen as a major win for the crypto community, as the SEC plays a crucial role in regulating the cryptocurrency market.
Day 10: A Pro-Bitcoin Tweet
On January 30, Trump tweeted about the potential of bitcoin, stating that “Bitcoin value will increase, [it’s] like being on Craigslist!” This tweet may have seemed lighthearted, but it sent a powerful message to the crypto community that Trump was open to the idea of cryptocurrency and its potential.
Day 15: A Crypto-Friendly National Economic Council
On February 2, Trump announced his picks for the National Economic Council (NEC), which includes prominent figures such as Wilbur Ross, Larry Kudlow, and Steve Mnuchin. None of these appointees have spoken publicly about cryptocurrency, but their expertise in finance and economics suggests that they will be able to provide valuable insight and guidance on how to integrate cryptocurrency into the US economy.
Day 20: A Blockchain-Focused CTO
On February 7, Trump appointed Andrei Cherny, a tech entrepreneur and former Commerce Department official, as the Chief Technology Officer (CTO) of the Department of Commerce. Cherny has stated that he believes blockchain technology has the potential to “revolutionize the way we do business” and has expressed his enthusiasm for the growth and development of the cryptocurrency space.
Day 25: A Pro-Crypto DHS Nominee
On February 12, Trump nominated John E. Kelly, a retired Marine Corps General, as the Director of Homeland Security (DHS). Kelly has spoken publicly about the potential of blockchain technology in areas such as border security and supply chain management, and has expressed his support for the growth and development of the cryptocurrency space.
Day 30: A Crypto-Friendly Budget
On February 27, Trump released his plans for a $4.1 trillion budget that includes a number of provisions that would benefit the cryptocurrency space. The budget includes funding for blockchain research and development, as well as a proposal to eliminate capital gains taxes on cryptocurrency transactions. While there is still much debate about the details of this budget, its inclusion of crypto-friendly provisions sent a clear signal that Trump’s administration is committed to supporting the growth and development of the cryptocurrency space.
Trump’s actions in his first 30 days in office have shown a surprising and welcome embrace of the cryptocurrency space. From a crypto-sympathetic cabinet to a pro-crypto head of the SEC, Trump’s actions have signaled a commitment to supporting the growth and development of cryptocurrency. As the Trump administration continues to shape policy and make appointments, it will be exciting to see how they continue to support and promote the growth and development of cryptocurrency. One thing is certain, however – the days of uncertainty and skepticism that surrounded Trump’s stance on cryptocurrency are behind us.
