XRP news today: Trump's First 100 Days: Crypto Industry Sees 500% Policy Shifts, Controversy

The first 100 days of the administration of US President Donald Trump have had a profound impact on the crypto industry, marked by significant policy shifts and controversial actions. The period began with the launch of Trump's family's crypto investment firm, World Liberty Financial (WLFI), and its second token sale of WLFI tokens. Despite the initial spike in demand, the true value of these tokens remains uncertain as they are not transferable or tradable on any exchanges. This move set the stage for Trump's crypto agenda, which has garnered both support and criticism from observers and lawmakers.

Trump's administration quickly appointed pro-crypto leaders to key government agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Businessman Paul Atkins was nominated to lead the SEC, replacing Gary Gensler, who was seen as an obstacle to the industry's progress. David Sacks, a businessman and crypto investor, was appointed as chair of the President’s Council of Advisors on Science and Technology. These appointments signaled a shift towards more crypto-friendly policies within the federal government.

One of the most significant actions during Trump's first 100 days was the establishment of a $500-billion private-led AI infrastructure investment called "Stargate." Led by OpenAI, SoftBank, and Oracle, the project aimed to create 10,000 American jobs and position the US as a leader in AI innovation. Trump emphasized the importance of keeping AI development onshore, citing competition from other countries, including China.

Trump also made a controversial decision to pardon Ross Ulbricht, the founder of Silk Road 2.0, who was sentenced to life in prison for his role in facilitating the trafficking of illicit substances. Ulbricht's case became a rallying point for libertarian movements and prison reform advocates, with many in the crypto community supporting his release. This pardon was one of the many campaign promises Trump made to the crypto community.

On January 23, Trump issued an executive order establishing an internal working group focused on making the US "the world capital in crypto." The order also prohibited the establishment, issuance, circulation, and use of a US central bank digital currency (CBDC), a move that was welcomed by privacy activists who view CBDCs as a form of state surveillance and government control.

Trump's trade war with major trading partners, including Mexico, China, and Canada, had a significant impact on crypto markets. The imposition of tariffs on these countries led to macroeconomic uncertainty and a tumble in stock and crypto prices. The trade war marked the beginning of a period of economic instability that characterized the early days of Trump's administration.

In February, there was a prisoner swap involving Alexander Vinnik, a convicted money launderer who funneled Bitcoin stolen in the Mt. Gox hack through his crypto exchange BTC-e. Vinnik was exchanged for American schoolteacher Marc Fogel, who had been jailed in Russia since 2021. This swap highlighted the complex interplay between international relations and the crypto industry.

On March 7, Trump signed an executive order establishing a "Strategic Bitcoin Reserve" and a US Digital Asset Stockpile containing other cryptocurrencies such as Ether (ETH), Solana (SOL), XRP (XRP), and Cardano (ADA). While the reserve was seen as a step towards greater crypto adoption, it fell short of expectations among Bitcoin maximalists, as it merely pooled all Bitcoin seized during criminal proceedings rather than creating a concrete plan for government purchases.

The White House also hosted a Crypto Summit, bringing together leaders of the crypto industry to discuss regulation and development. Attendees included Michael Saylor, Brian Armstrong, and David Sacks, among others. However, some industry figures, such as Charles Hoskinson, noted that real change would require legislation in Congress, highlighting the long and methodical process ahead.

In March, WLFI expanded its offerings with the soft launch of its stablecoin USD1, backed by short-term US government treasuries and other cash equivalents. The launch came just days after WLFI secured more than $500 million by selling its own WLFI tokens. This move raised ethical concerns and calls for an ethics probe into WLFI, given the president's ability to influence stablecoin policy.

On April 2, Trump declared "Liberation Day," imposing tariffs on all US trade partners in response to their tariffs on US goods. This move led to a spate of red across the board in markets and raised concerns over a looming recession. Crypto miners in the US were further squeezed as their operation costs increased significantly.

In April, top Trump memecoin holders were reportedly offered an opportunity to have dinner with the president for $300,000, sparking renewed concerns over his crypto project and prompting calls for impeachment. Democratic Senator Jon Ossoff expressed strong support for impeachment, citing the president's sale of access for payments directly to him as an impeachable offense.

Overall, Trump's first 100 days brought unprecedented change to the crypto industry, but also opened it up to increased criticism and controversy. The president's personal ties with blockchain projects raised ethical questions and may jeopardize the industry's efforts to effect change in Congress. The STABLE Act, which aims to provide guardrails for stablecoin issuance, was introduced in the House of Representatives and passed a committee vote, but its future remains uncertain. The Senate's GENIUS Act has also made headway, passing a vote in the Banking Committee largely along party lines. The crypto industry's future under Trump's administration remains uncertain, with both opportunities and challenges on the horizon.