On April 30, 2025, Trump returned to the White House, marking 100 days in power. This self-proclaimed 'crypto president' propelled an unprecedented blockchain revolution with a thunderous approach, rewriting the global crypto market's power dynamics from regulatory frameworks to national strategic reserves, from technological applications to geopolitical games. This 'hundred-day experiment' not only reshaped industry rules but also exposed the deep paradox of the fusion of power and technology.
1. Policy Frenzy: From 'Regulatory Sandbox' to National Strategic Reserves
Trump's blockchain new policy unfolded with a 'three-step' strategy, constructing a U.S.-led crypto hegemony system:
1. Regulatory Easing and Personnel Blitz
◦ SEC Restructuring: Appointing crypto-friendly Paul Atkins as SEC Chairman, withdrawing lawsuits against companies like Coinbase and Ripple, and abolishing the (Accounting Bulletin No. 121) that hinders institutional entry.
◦ Legislative Breakthrough: Promoting the (FIT21 Act) to clarify SEC and CFTC divisions, Congress passes a resolution exempting DeFi platform broker rules, paving the way for compliance.
◦ Regulatory Sandbox: Former Coinbase legal officer appointed as head of SEC enforcement, accelerating the rollout of the 'Innovator Protection List', with 9 crypto companies receiving immunity privileges.
2. Bitcoin's 'Institutional Coronation'
◦ Strategic Reserve Plan: Announcing the inclusion of Bitcoin in national-level reserves, aiming to accumulate over 1 million BTC, with 50% sourced from confiscated dark web assets and 30% through grayscale trust swaps.
◦ Computing Power Competition: Reducing mining company energy taxes, providing renewable energy subsidies, North American mining power share rose from 38% to 52%, directly impacting China's 'East Data West Computing' project.
3. Technological Hegemony and Geopolitical Games
◦ Stargate AI Project: A $500 billion distributed computing power network integrating OpenAI and Oracle technologies, aiming for global computing power pricing authority.
◦ CBDC Ban: Prohibiting the development of digital dollars through executive order, protecting commercial banks' minting rights, while accelerating the internationalization of dollar stablecoins.
2. Market Turbulence: The Struggle Between Frenzy and Rationality
The new policy has created a 'tale of two cities' in the crypto market:
• Short-term Pain:
Bitcoin's price fell from $109,000 on inauguration day to $74,500, with a 30-day volatility reaching a new high since 2022 (42.6%), and the wave of North American miners shutting down led to a 15% decline in overall network computing power.
The mining chip tariff war triggered supply chain turmoil, Bitmain's market share shrank to 41%, and the demand for privacy coin Monero surged by 300% due to dark web transaction shifts.
• Long-term Dividends:
American crypto companies saw a year-on-year surge of 220% in Q1 funding to $4.8 billion, CME Bitcoin futures open interest exceeded $12 billion, and the ETF issuance wave drove the market capitalization of tokens like DOGE and SOL.
The White House's first crypto summit signaled 'institutional entry', with the Treasury allowing taxes to be paid in cryptocurrencies, and traditional financial institutions accelerating their custody business layouts.
3. Ethical Controversies: The 'Revolving Door' of Power and Interests
The ethical crisis behind the new policy has caused global uproar:
• Family Token USD1: The president's second son serves as project advisor, with an annual salary of '1 dollar + performance tokens', reserve assets undisclosed, liquidation mechanism unaudited, yet market capitalization exceeds $10 billion.
• Dark Web Pardon Plan: Pardoning Silk Road founder Ross Ulbricht, half of the involved parties becoming White House crypto advisors, criticized as 'legalizing money laundering channels'.
• Regulatory Arbitrage: The president's order bypasses Congress to define 'compliant stablecoins', the SEC opens a 'fast track' for WLFI tokens, and a University of Chicago law professor criticizes it as 'constitutional-level power abuse'.
4. Future Projections: Three Historical Forks and Industry Fate
The blockchain industry is at a crossroads of paradigm shift:
1. Fork One: Systemic Collapse
If the family token bubble bursts, it could trigger (Crypto Emergency State Law), with Congress reclaiming regulatory authority, leading to the extinction of PoW mechanisms due to global computing power monopolies.
2. Fork Two: Technocratic Redemption
The crypto working group released (Sovereign Blockchain White Paper), the Federal Reserve implemented a 'Digital Dollar + Bitcoin' dual-track system, with 50 countries following suit to establish digital currency reserves.
3. Fork Three: The Upgrade of Authoritarian Capitalism
The national computing power network combined with AI surveillance, privacy coins included in the anti-terrorism list, mandatory KYC certification for DAOs, and Satoshi Nakamoto's vision completely yielding to the 'digital Leviathan'.
Conclusion: From 'Code is Law' to 'Power is Agreement'
Trump's hundred-day experiment revealed a harsh reality: the 'decentralized ideal' of blockchain is being redefined by state power. As Vitalik Buterin stated: 'We are witnessing the largest paradigm shift in crypto history — technological utopia must compromise with geopolitics.' The outcome of this experiment may determine the evolutionary trajectory of human digital civilization: will it become a tool of liberation or a vassal of power?
