President Trumpās first 100 days have been a shame for the crypto world šŖļø. From launching a memecoin to establishing a āBitcoin reserveā, hereās a friendly recap of the key developments:
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šŖ Day 1: WLFI Memecoin Launch
On Inauguration Day, Trumpās family-backed firm, World Liberty Financial (WLFI), introduced its own memecoin. While it grabbed headlines, the token isnāt yet tradable on exchanges.
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š„ Pro-Crypto Appointments
Trump appointed crypto-friendly leaders to major agencies: Paul Atkins to the SEC and Brian Quintenz to the CFTC. David Sacks, a known crypto investor, now chairs the Presidentās Council on Science and Technology.
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š¤ $500B āStargateā AI Initiative
A massive AI infrastructure project, āStargate,ā was announced, aiming to create 10,000 jobs. Itās a collaboration between OpenAI, SoftBank, and Oracle, emphasizing U.S. leadership in AI.
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šļø Ross Ulbrichtās Sentence Commuted
Trump commuted the sentence of Silk Road founder Ross Ulbricht, a move celebrated by many in the crypto community.
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š« CBDC Ban & Crypto Working Group
An executive order banned the development of a U.S. central bank digital currency (CBDC) and established a working group to promote the U.S. as a crypto hub.
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āļø Trade Wars Begin
Tariffs were imposed on Canada, Mexico, and China, leading to market volatility. These actions have raised concerns about a potential recession.
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š Strategic Bitcoin Reserve Established
A āStrategic Bitcoin Reserveā was created, holding approximately 200,000 BTC seized by the government. This reserve is intended as a long-term store of value, akin to a digital Fort Knox.
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šļø White House Crypto Summit
Key industry leaders, including Michael Saylor and Brian Armstrong, attended a summit to discuss crypto regulation and innovation. BULLSH*T!!!
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šµ WLFIās Stablecoin Launch
WLFI introduced a stablecoin, USD1, backed by U.S. government treasuries and dollar deposits. However, this move has sparked ethical debates due to Trumpās ties to WLFI.
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š āLiberation Dayā Tariffs
On April 2, Trump imposed tariffs on all U.S. trade partners, leading to market downturns and increased operational costs for crypto miners.
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š½ļø $300K Memecoin Dinner
Reports emerged that top WLFI token holders were offered a dinner with Trump for $300,000, raising concerns about potential conflicts of interest and prompting calls for impeachment.
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š Regulatory Progress
Despite controversies, bipartisan support is growing for crypto regulations. The STABLE Act and GENIUS Act are advancing in Congress, aiming to provide clarity and stability to the crypto industry.
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While Trumpās aggressive approach has stirred debates, itās undeniably been a transformative period for crypto in the U.S. šŗšø
