On the 100th day of Trump's inauguration, Wall Street felt like it was sitting on a volcano - the Executive Order No. 77 on the financial system that he signed blew the crypto industry to the sky. Hidden in the document were two nuclear-level clauses: the Treasury is to establish a "dollar stablecoin" to counter USDT, while ordering the SEC to provide clear token security identification standards within 90 days. Bitcoin soared past $100,000, while Coinbase's stock price experienced three circuit breakers in a single day amidst wild fluctuations.

The most exquisite part was the political calculation, as this executive order was intentionally released on the eve of the Federal Reserve's interest rate meeting. Now Powell is being grilled - he has to deal with Trump's demand for "a 500 basis point cut" while also coping with the potential dollar collapse it may trigger. Goldman Sachs' internal model indicates that the new policy could cause $2.3 trillion in capital to flee the bond market, with one-third of it rushing wildly into Bitcoin ETFs. But the real drama is on Capitol Hill, where Democratic lawmakers suddenly turned to support crypto regulation, as their donors discovered that the new tax law allows anonymous donations to political contributions using cryptocurrency.