Crypto movement in Trump’s first 100 days: ‘Personnel is policy’
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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. FDR had an eventful first 100 days after promising various reforms to combat effects of the Great Depression. We’re in no way comparing Franklin to Donald, but we’ll keep up the political watchdog tradition of recapping a president’s initial actions within such a timeframe (and we’ll focus on crypto). Clearly the president’s rhetoric and tariff policies have spurred market shocks that have impacted crypto prices. But which actions and appointments have had/are set to have a longer-term impact on the asset class? And what’s left on the agenda? Here goes. First came the controversial TRUMP memecoin. Then, it took just three days after Inauguration Day for Trump to introduce his crypto-focused executive order. “The organization of an interagency Working Group and a clear imperative from the White House to prioritize stablecoin legislation suggests the legislative endgame is near,” said Troutman Pepper Locke partner Alexandra Steinberg Barrage. (More on legislation later). As we moved into March, we got an executive order for a strategic bitcoin reserve and a digital asset stockpile. The industry reaction was mixed. Looking ahead, another executive order to watch for might be one addressing Federal Reserve master account access for crypto players, Steinberg Barrage noted. A few days after the reserve/stockpile order came the White House crypto summit — marking a milestone for the industry, but lacking substance. Trump’s first crypto bill landmark came when he signed H.J. Res. 25 into law last month — nixing an IRS rule that opponents argued burdened DeFi players with unrealistic reporting requirements. Let’s move on to note what Trump has appeared to facilitate more indirectly. After all, as Foley & Lardner partner Patrick Daugherty told me, “Personnel is policy.” Thus, he argued, Trump’s picks to lead…
Filed under: News - @ April 29, 2025 8:24 pm