Trump's First 30 Days in Office Were a Whirlwind for the Cryptocurrency Industry

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.

U.S. President Donald Trump’s first 30 days in office have been marked by sweeping and controversial reforms, many of which directly impact the cryptocurrency industry.

Here’s a summary of the major cryptocurrency-related events during Trump’s first 30 days in office.

January 20th — Trump’s family buys $10 million in crypto on inauguration day

A slew of executive orders were issued by Trump on his first day in office — 42, to be exact. The cryptocurrency industry was left 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

The Trump administration began to restructure the leadership of major federal agencies, including the U.S. Securities and Exchange Commission, on January 21, 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 spearheading the agency’s shift toward a friendlier approach to the cryptocurrency industry.

Uyeda criticized the SEC’s enforcement practices under Gensler’s leadership, asserting that they “neither facilitate capital formation nor protect investors.”

January 21 — SEC Working Group Takes on Crypto Policy Issues

A cryptocurrency working group was established by the U.S. Securities and Exchange Commission (SEC) on January 21 under the guidance of cryptocurrency support commissioner Hester Peirce, and quickly began improving 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

Silk Road founder Ross Ulbricht, who had served nearly a decade in federal prison, was pardoned by Trump on January 22. 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

An “internal task force to make the United States the world capital of cryptocurrency” was established by Trump on January 23 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

The U.S. Senate approved Scott Bessent’s nomination as U.S. Treasury Secretary on January 27 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

Another executive order was signed by Trump on February 2, this time 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

Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), was fired by Trump on February 3. 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