Trump's First Hundred Days Banquet: SEC 'Pardons All,' Cryptocurrency Market Cap Shrinks by $800 Billion
Original Title: Crypto experts score Trump's first 100 days: 「More symbolic than substantial」
Original Source: DL News
Original Translation: Bitpush News
Since taking office as U.S. President, it has been a period of turmoil for various industries under Trump. As he marks the first 100 days of his second term in office, supporters of digital assets are also examining what Trump's governance means for the industry.
Mateusz Kara, CEO of the cryptocurrency company Ari10, told DL News, "The question is, 'Have we overestimated what Trump can do?'"
In last year's U.S. election, the cryptocurrency industry supported Trump, hoping that he would end the Biden administration's crackdown on cryptocurrency, implement rules favorable to the industry, and kickstart a bull market. While some rules have been relaxed, the White House's trade war has caused the global cryptocurrency market capitalization to shrink by nearly 21% since its peak in December last year, approximately $800 billion.
Bitcoin has fallen by over 10% since Trump's inauguration on January 20, compared to the day before the inauguration. On that day, the price of Bitcoin hit a historical high of $109,225. Dow Jones market data shows that earlier this month, impacted by tariff concerns, Bitcoin, along with other risk assets, took a hit, dropping below $74,500 on April 7, and rebounding to around $94,500 at the time of writing.
So, what promises has Trump fulfilled so far, and where is the industry headed?
The "Cryptocurrency War" of the Biden Era
Former U.S. President Joe Biden had harshly criticized cryptocurrency, advocating for strict regulation of the industry and supporting the cryptocurrency crackdown launched by then-Securities and Exchange Commission (SEC) Chairman Gary Gensler.
During his campaign, Trump promised to end Biden's "cryptocurrency war." After taking office, Trump replaced Gensler with a pro-cryptocurrency new chairman, Paul Atkins, who pledged to bring clarity to cryptocurrency regulation. This year, the SEC dropped lawsuits against cryptocurrency companies such as Coinbase, Ripple, and Kraken.
Trump also appointed industry supporters, such as financial tycoon Howard Lutnick, who supports Tether, as Secretary of Commerce, and David Sacks as the cryptocurrency czar. In his first 100 days in office, Trump issued a series of comprehensive orders, banning the creation of a digital dollar, protecting self-custody, establishing a regulatory cryptocurrency advisory group, and creating a strategic Bitcoin reserve.
He also pardoned Silk Road's founder Ross Ulbricht and hosted the first White House cryptocurrency summit. This year, federal regulators have rolled back multiple cryptocurrency guidance policies from the Biden era, paving the way for financial institutions to enter the cryptocurrency services.
Symbolism＞Substantive Benefit?
In short, Trump seems to have delivered on most of his cryptocurrency promises. So why are some market observers dissatisfied?
Jonathan Dixon, a senior executive at regulatory technology company eflow Global, told DL News: "So far, many campaign promises seem more symbolic than substantive."
"The Bitcoin reserve is essentially a rebranding—it is assets long held by the government and not a sign of active market participation." Dixon stated that while Trump's actions mark a "rhetorical shift from the previous administration," "mere rhetoric does not translate into regulatory certainty."
The Trump administration has not yet pushed through new laws, but some legislation is making its way through Capitol Hill. South Carolina Republican Senator Tim Scott stated in early April, "We are making progress."
Eric Rose, Executive Head of Digital Assets at StoneX Digital, pointed out: "These are all very bullish factors for the sector, but they take time to prove... Just because banks are allowed into the digital asset field doesn't mean they can enter tomorrow, right? They need time to formulate strategies, decide where they want to go, how to implement that strategy, and hire the people for it."
Eric Rose told Market Watch that this may take up to two years of preparation time.
Trade War
Ari10 CEO Mateusz Kara stated, "The market may be disappointed with Trump's administration because we haven't seen an uptrend in data. This is the result of delayed interest rate cuts and the chaos Trump has brought to the market." Trump has so far failed to deliver on his interest rate cut promise, with the Fed's rate cut seen as a catalyst for risk assets like cryptocurrency and stocks.
This is why one of the reasons Bitcoin surged when the central bank cut interest rates in September and November. The issue is that the Federal Reserve operates independently of the White House, and Federal Reserve Chairman Jerome Powell was unwilling to cut rates, particularly after Trump imposed full tariffs on nearly 100 countries (including an island nation where most residents are "penguins"), making the financial future of the United States even more uncertain.
After Trump stopped these tariffs, the overall cryptocurrency market experienced a slight recovery, but any hostile actions could offset this impact. Anthony Young, Chief Business Officer of cryptocurrency risk management company CoinCover, said, "The U.S. government's trade wars will inevitably impact the cryptocurrency industry, and the focus is on whether cryptocurrency can continue to act as a hedge against global market behavior."
Some believe that Trump's trade war could benefit cryptocurrency. Papuna Lezhava, CEO and Co-Founder of fintech startup Keepz and former IMF advisor, stated, "Trump's foreign trade policy could actually make cryptocurrency more attractive to those who wish to avoid the traditional financial system or government-controlled currencies."
You may also like
Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."
Will the SpaceX IPO Hurt Bitcoin? Here's What Traders Are Watching
Foreign selling in the South Korean stock market accelerates, with cumulative net sales reportedly reaching $75 billion this year
On June 9, The Kobeissi Letter, citing Goldman Sachs data, reported that global investors are selling South Korean stocks at an unusually rapid pace. In the latest trading session, foreign investors sold about $801 million worth of Kospi constituent stocks again; total foreign outflows last week reached about $10 billion, and the market has been in net foreign selling on nearly every trading day over the past month. According to the data cited in the report, foreign investors have sold about $75 billion worth of South Korean stocks so far this year. Meanwhile, South Korean retail and institutional investors together recorded roughly $69 billion in net buying over the same period, suggesting that the market’s main buying support has come from domestic capital rather than returning overseas funds. The information currently disclosed still mainly comes from The Kobeissi Letter’s retelling and Goldman Sachs data summaries, while public details on the statistical period and the specific definition of “selling” remain relatively limited.
Fortune Warns of Strategy’s Financing Structure Risks as Bitcoin Premium Narrows
Fortune warned that Strategy’s Bitcoin treasury model faces growing financing risks as MSTR’s net asset premium narrows and preferred stock dividend pressure increases.
Ferrari Challenge Le Mans: Carl Moon to Dominate in WEEX Livery
Sahara AI Responds to SAHARA’s Sharp Drop: No Contract or Product Security Issues Found, Internal Investigation Underway
Sahara AI responded to SAHARA’s 60% price drop, saying no token contract or product security issues have been found and an internal investigation is underway.
WEEX Deposit/Withdrawal Dynamic Island: Your Asset Status, Always in Sight
Scaling Crypto Derivatives: The Digital Asset Infrastructure Behind High-Volume Trading
In the fast-moving digital asset ecosystem, derivatives platforms face an extreme architectural test. High-leverage futures markets demand more than just standard security—they require absolute operational precision, zero-latency matching engines, and ironclad structural scalability, all while navigating intense market volatility.
As global platforms scale to meet these demands, the industry is shifting away from rigid, monolithic setups toward a more agile, "decoupled" infrastructure philosophy.
The Blueprint for High-Volume Copy TradingFor elite global exchanges like WEEX (founded in 2018), this architectural choice becomes critical when scaling high-volume retail features like social copy trading. When thousands of users automatically mirror the real-time strategies of elite traders simultaneously, it triggers sudden, monumental spikes in concurrent transactional volume.
To prevent execution latency or settlement bottlenecks during these peak volatility events, a platform's primary engine must remain entirely dedicated to risk management, copy-trade synchronization, and order matching.
The Architectural Rule: New-generation platforms must separate front-end user execution engines from heavy backend infrastructural overhead to eliminate operational friction.
By separating these layers, platforms can maintain complete sovereignty over their trading environments and user experiences while strategically aligning with institutional-grade infrastructure ecosystems. This strategic framework allows modern exchanges to leverage advanced Digital Asset Custody infrastructure such as Cobo’s behind the scenes, ensuring that backend wallet management scales elastically alongside trading spikes.
Capitalizing on Market Momentum and 400× LeverageIn a derivatives arena where platforms offer up to 400× leverage on perpetual contracts, capital efficiency and market agility are core business metrics. To capture market momentum, an exchange needs the ability to rapidly expand its asset offerings, supporting everything from legacy crypto assets to sudden, trending altcoins across a massive library of trading pairs.
Adopting a flexible, scalable Wallet-as-a-Service (WaaS) solution such as Cobo’s could completely rewrite the development timeline for high-growth exchanges. Instead of spending months of engineering capital building out custom backend wallet architectures for every new blockchain network, platforms can deploy localized infrastructure in days.
This agility allows platforms to instantly scale their listings to over a thousand trading pairs without compromising security or delaying time-to-market. It mirrors the exact operational advantages seen during high-velocity market events, similar to how advanced wallet infrastructure empowers platforms during sudden asset surges; allowing exchanges to pass that speed and liquidity directly to their global user base.
A Mature Foundation for GrowthThe synergy between trusted infrastructure ecosystems and global trading platforms represents the natural evolution of a maturing crypto market. As WEEX continues to scale its global spot and derivatives offerings for over 6 million users, adopting robust backend paradigms proves that platforms no longer have to compromise between cutting-edge trading velocity and uncompromised structural security.
Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market
Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle
Get Paid to Onboard? Try WEEX’s New Homepage with Rewards for Registration, Deposit & Trade
WEEX Custom Layout: Build Your Perfect Trading Workspace in Seconds
See “Buy Walls” & “Sell Walls” Instantly: WEEX Launches the Depth Chart for Smarter Trades
What Is Quick Trade on WEEX? 2 Ways WEEX Ends Chart-Panel Jumping
Morning News | Five major virtual asset platforms in South Korea have experienced 57 incidents of hacking and system failures in six years; Grayscale submits registration application for Canton ETF
Should we escape the peak? The principle of the tail-end market in the stock market
RootData: May 2026 Cryptocurrency Exchange Transparency Research Report
Founder of Baixing.com: My Experience with Claude Code in Fourteen Points
Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."
Will the SpaceX IPO Hurt Bitcoin? Here's What Traders Are Watching
Foreign selling in the South Korean stock market accelerates, with cumulative net sales reportedly reaching $75 billion this year
On June 9, The Kobeissi Letter, citing Goldman Sachs data, reported that global investors are selling South Korean stocks at an unusually rapid pace. In the latest trading session, foreign investors sold about $801 million worth of Kospi constituent stocks again; total foreign outflows last week reached about $10 billion, and the market has been in net foreign selling on nearly every trading day over the past month. According to the data cited in the report, foreign investors have sold about $75 billion worth of South Korean stocks so far this year. Meanwhile, South Korean retail and institutional investors together recorded roughly $69 billion in net buying over the same period, suggesting that the market’s main buying support has come from domestic capital rather than returning overseas funds. The information currently disclosed still mainly comes from The Kobeissi Letter’s retelling and Goldman Sachs data summaries, while public details on the statistical period and the specific definition of “selling” remain relatively limited.
Fortune Warns of Strategy’s Financing Structure Risks as Bitcoin Premium Narrows
Fortune warned that Strategy’s Bitcoin treasury model faces growing financing risks as MSTR’s net asset premium narrows and preferred stock dividend pressure increases.
Ferrari Challenge Le Mans: Carl Moon to Dominate in WEEX Livery
Sahara AI Responds to SAHARA’s Sharp Drop: No Contract or Product Security Issues Found, Internal Investigation Underway
Sahara AI responded to SAHARA’s 60% price drop, saying no token contract or product security issues have been found and an internal investigation is underway.
