Can President Trump Deliver on His Crypto Promises? 

TLDR

  • Donald Trump was inaugurated today as the 47th POTUS.
  • He has made seven key promises that we’re watching to see if he can pull off.
  • Some of his campaign promises are realistic and completely doable. Others are a bit of a stretch, if not impossible.

Donald Trump, now inaugurated as the 47th (and 45th) President of the United States, has cemented his position as a key figure in the crypto space. After months of aggressive campaigning and nearly $200 million in industry donations, his promises to revolutionize the crypto world have garnered significant attention. 

But can he really deliver on his bold commitments? Here’s a breakdown of what he’s vowed to do and whether those promises are feasible.

Crypto Euphoria After Trump’s Win 

The anticipation surrounding Trump’s presidency boosted market confidence, sending Bitcoin soaring to a record $109,000 this week. The new administration’s approach to crypto has captured the industry’s imagination. But excitement alone doesn’t guarantee results.

Trump has outlined a laundry list of ambitious goals for crypto enthusiasts, from freeing controversial figures to reshaping policy. Each move could have a substantial impact, but they also raise serious questions about implementation and consequences. 

1. Firing SEC Chair Gary Gensler 

Gary Gensler, Chair of the Securities and Exchange Commission (SEC), hasn’t been a favorite in the crypto community. His aggressive crackdown on Ripple, Kraken, and Coinbase has made him the target of criticism among industry players. 

Trump pledged to remove Gensler from office, sparking applause during his campaign. However, Gensler preempted that step by resigning voluntarily. Whether this automatically translates into a more crypto-friendly SEC remains to be seen.

We think it will. 

2. Freeing Ross Ulbricht 

One of Trump’s headline promises involves pardoning Ross Ulbricht, the creator of the infamous darknet marketplace, Silk Road. Ulbricht, convicted for facilitating over $200 million worth of illegal transactions, is serving a life sentence. 

Ulbricht is seen as a misguided trailblazer for some, particularly those in crypto circles. They view his imprisonment as an overreach by the government, similar to actions taken against Tornado Cash developers. For others, however, Ulbricht remains a criminal who left a trail of collateral damage in his wake. 

3. A Strategic Bitcoin Reserve 

This is the one you guys were waiting on, right? Millions of people are sitting on the edge of their seat to see if he can pull this one off.

Trump’s vision echoes a similar legislative effort by Republican Senator Cynthia Lummis, who introduced the Bitcoin Act of 2024, proposing a reserve of 200,000 Bitcoins (worth $2.1 billion at today’s prices). 

Building such a reserve might solidify Bitcoin’s role in institutional finance, but questions remain. What would this reserve be used for, and how would it affect crypto’s market dynamics? Critics argue that large-scale government adoption could create centralized influence over a currency designed to be decentralized. 

4. Dismantling “Operation Chokepoint 2.0” 

This one hit us right in the feels. The actions taken against hardworking Americans in the crypto industry by the previous administration were nothing short of foul and disgusting.

One of Trump’s loftier proposals involves forming a presidential advisory council tasked with creating transparent crypto regulations within 100 days. The council would work to ensure the rules benefit, rather than penalize, the industry. 

Additionally, he’s pledged to end “Operation Chokepoint 2.0,” a term coined by crypto advocates to describe alleged government efforts to cut banking access for crypto companies

While this promise may resonate strongly with the crypto world, dismantling systemic practices is often easier said than done. But the Dypto Crypto Team has a lot of faith that this is one promise he will find a way to keep.

5. Taking a Stand for Self-Custody 

After everyone in the family released their own meme coins last week, this one makes a lot more sense.

Trump vowed to protect the right to self-custody, a fundamental principle for crypto users. By holding their own private keys, individuals can bypass reliance on third parties like exchanges, reducing risks of fraud or hacks. 

Recent regulatory scrutiny on platforms has been flagged by many in the industry as a crack at self-custody. Trump’s commitment to defending it could strengthen his pro-crypto stance, though it may freeze broader enforcement efforts. 

6. Domestic Bitcoin Mining 

Another idea Trump floated was consolidating Bitcoin mining within the U.S. While this aligns with the administration’s nationalist rhetoric, experts have raised practical concerns. 

Yeah…we have no idea how he could possibly pull this one off. It’s impossible to allow Bitcoin to only be mined in one area. It can be mined by anyone with an internet connection. This one is a bit silly, and we’re not sorry to say that it won’t happen.

7. Rejecting a Digital Dollar 

Unsurprisingly, Trump opposes a U.S. central bank digital currency (CBDC). Consistent with Republican ideology, he labeled the idea as a “dangerous threat to freedom” and vowed to block its introduction. 

By opposing a centrally controlled digital dollar, Trump aims to position himself as a defender of financial autonomy. 

This one is a big deal. CBDC is not crypto. It’s controlled by the government. They can release, freeze, and do whatever they want with your digital funds. CBDCs are bad news. Don’t let anyone tell you differently.

Can Trump Fulfill His Promises? 

The real answer: some of them. Trump’s rhetoric undoubtedly aligns with the desires of the crypto community, and his administration appears poised to be one of the most crypto-engaged in history. 

Yet, translating promises into action is where the real challenge lies. 

Many of these proposals are theoretically achievable but contingent on cooperation from Congress, agencies, and even the global crypto market itself. Others, such as establishing a Bitcoin reserve, face logistical and financial hurdles that may require reevaluation. 

We’ll be watching. So keep an eye out for daily articles of easily digestible, beginner-friendly crypto content for new users.