@ crrdlx

Trump Bitcoin Report Card - Day 100

For whatever reason day 100 of a president's term has been deemed a milestone. So, it's time to check in with President Trump's bitcoin pledges and issue a report card.

Repo and prior reports: - GitHub: https://github.com/crrdlx/trump-bitcoin-report-card - First post: https://stacker.news/items/757211 - Progress Report 1: https://stacker.news/items/774165 - Day 1 Report Card: https://stacker.news/items/859475 - Day 100 Report Card: https://stacker.news/items/966434

Report Card | | Pledge | Prior Grade | Current Grade | |--|--|--|--| | 1 | Fire SEC Chair Gary Gensler on day 1 | A | A | | 2 | Commute the sentence of Ross Ulbricht on day 1 | A | A | | 3 | Remove capital gains taxes on bitcoin transactions | F | F | | 4 | Create and hodl a strategic bitcoin stockpile | D | C- | | 5 | Prevent a CBDC during his presidency | B+ | A | | 6 | Create a "bitcoin and crypto" advisory council | C- | C | | 7 | Support the right to self-custody | D+ | B- | | 8 | End the "war on crypto" | D+ | B+ | | 9 | Mine all remaining bitcoin in the USA | C- | C | | 10 | Make the US the "crypto capital of the planet" | C- | C+ |

Comments

Pledge 1 - SEC chair - (no change from earlier) - Gensler is out. This happened after the election and Trump took office. With the writing on the wall, Gensler announced he would resign, Trump picked a new SEC head in Paul Atkins, and Gensler left office just before Trump was sworn in. The only reason an A+ was not awarded was that Trump wasn't given the chance to actually fire Gensler, because he quit. No doubt, though, his quitting was due to Trump and the threat of being sacked.

Day 100 Report Card Grade: A

Pledge 2 - free Ross - (no change from earlier) - Ross Ulbricht's sentence was just commuted. Going will "option 3" above, the pledge was kept. An A+ would have been a commutation yesterday or by noon today, but, let's not split hairs. It's done.

Day 100 Report Card Grade: A

Pledge 3 - capital gains - This requires either executive action and/or legislation. There was no action. Executive action can be done with the stroke of a pen, but it was not. Legislation is tricky and time-consuming, however, there wasn't even mention of this matter. This seems to be on the back burner since statements such as this report in November. See Progress Report 1: https://stacker.news/items/774165 for more context.

Trump's main tax thrust has been the tariff, actually a tax increase, instead of a cut. Currently, the emphasis is on extending the "Trump tax cuts" and recently House Speaker Mike Johnson indicated such a bill would be ready by Memorial Day. Earlier in his term, there was more chatter about tax relief for bitcoin or cryptocurrency. There seems to be less chatter on this, or none at all, such as its absence in the "ready by Memorial Day" article.

Until tax reform is codified and signed, it isn't tax law and the old code still applies.

Day 100 Report Card Grade: F

Pledge 4 - bitcoin reserve - The initial grade was a C, it was dropped to a D mainly due to Trump's propensity to [alt]coinery, and now it's back to a C-.

Getting the grade back up into C-level at a C- was a little bumpy. On March 2, 2025, Trump posted that a U.S. Crypto Reserve would be created. This is what had been hoped for, except that the pledge was for a Bitcoin Reserve, not crypto. And secondly, he specifically named XRP, SOL, and ADA (but not BTC). Just a couple of hours later, likely in clean up mode, he did add BTC (along with ETH) as "obviously" being included. So, the "Bitcoin Reserve" became a "Crypto Reserve."

Maybe still in "cleanup mode," Sec. of Commerce Howard Lutnick said bitcoin will hold "special status" in the reserve. Then, on March 6, an executive order made the U.S. Digital Asset Stockpile official. Again, "Bitcoin" was generalized until section 3 where the "Strategic Bitcoin Reserve" did come to official fruition.

The grade is only a C- because the only thing that happened was the naming of the stockpile. Indeed, it became official. But the "stockpile" was just BTC already held by the U.S. government. I think it's fair to say most bitcoiners would have preferred a statement about buying BTC. Other Trump bitcoin officials indicated acquiring "as much as we can get", which sounds great, but until it happens, is only words.

Day 100 Report Card Grade: C-

Pledge 5 - no CBDC - An executive order on January 23, 2025 forbade a CBDC in section 1, part v by "prohibiting the establishment, issuance, circulation, and use of a CBDC."

Day 100 Report Card Grade: A

Pledge 6 - advisory council - The Trump bitcoin or crypto team consists of the following: David Sacks as “crypto czar” and Bo Hines as executive director of the Presidential Council of Advisers for Digital Assets.

A White House Crypto Summit (see video) was held on March 7, 2025. In principle, the meeting was good, however, the summit seemed (a) to be very heavily "crypto" oriented, and (b) to largely be a meet-and-greet show.

Still, just the fact that such a show took place, inside the White House, reveals how far things have come and the change in climate. For the grade to go higher, more tangible things should take place over time.

Day 100 Report Card Grade: C

Pledge 7 - self-custody - There's been a bit of good news though on this front. First, the executive order above from January 23 stated in section 1, i, one of the goals was "...to maintain self-custody of digital assets." Also, the Phoenix wallet returned to the U.S. In 2024, both Phoenix and Wallet of Satoshi pulled out of the U.S. for fear of government crackdowns. The return of Phoenix, again, speaks to the difference in climate now and is a win for self-custody.

To rise above B-level, more assurance, it would be good to see further clear assurance that people can self-custody, that developers can build self-custody, and businesses can create products to self-custody. Also, Congressional action could get to an A.

Day 100 Report Card Grade: B-

Pledge 8 - end war on crypto - There has been improvement here. First, tangibly, SAB 121 was sent packing as SEC Commissioner Hester Peirce announced. Essentially, this removed a large regulatory burden. Commissioner Peirce also said ending the burdens will be a process to get out of the "mess". So, there's work to do. Also, hurdles were recently removed so that banks can now engage in bitcoin activity. This is both a symbolic and real change.

Somewhat ironically, Trump's own venture into cryptocurrency with his World Liberty Financial and the $TRUMP and $MELANIA tokens, roundly poo-pood by bitcoiners, might actually be beneficial in a way. The signal from the White House seems to be on all things cryptocurrency, "Do it."

The improvement and climate now seems very different than with the previous administration and leaders who openly touted a war on crypto.

Day 100 Report Card Grade: B+

Pledge 9 - USA mining - As noted earlier, this is an impossible pledge. That said, things can be done to make America mining friendly. The U.S. holds an estimated 37 to 40% of Bitcoin hash rate, which is substantial. Plus, Trump, or the Trump family at least, has entered into bitcoin mining. With Hut 8, Eric Trump is heading "American Bitcoin" to mine BTC. Like the $TRUMP token, this conveys that bitcoin mining is a go in the USA.

Day 100 Report Card Grade: C

Pledge 10 - USA crypto capital - This pledge closely aligned with pledges 8 and 9. If the war on crypto ends, the USA becomes more and more crypto and bitcoin friendly. And, if the hashrate stays high and even increases, that puts the USA at the center of it all. Most of the categories above have seen improvements, all of which help this last pledge. Trump's executive orders help this grade as well as they move from only words spoken to becoming official policy.

To get higher, the Bitcoin Strategic Reserve should move from a name-change only to acquiring more BTC. If the USA wants to be the world's crypto capital, being the leader in bitcoin ownership is the way to do it.

Day 100 Report Card Grade: C+

Sources

1. Nashville speech - https://www.youtube.com/watch?v=EiEIfBatnH8
2. CryptoPotato "top 8 promises" - https://x.com/Crypto_Potato/status/1854105511349584226
3. CNBC - https://www.cnbc.com/2024/11/06/trump-claims-presidential-win-here-is-what-he-promised-the-crypto-industry-ahead-of-the-election.html
4. BLOCKHEAD - https://www.blockhead.co/2024/11/07/heres-everything-trump-promised-to-the-crypto-industry/
5. CoinTelegraph - https://cointelegraph.com/news/trump-promises-crypto-election-usa
6. China vid - Bitcoin ATH and US Strategic Bitcoin Stockpile - https://njump.me/nevent1qqsgmmuqumhfktugtnx9kcsh3ap6v7ca4z8rgx79palz2qk0wzz5cksppemhxue69uhkummn9ekx7mp0qgszwaxc8j8e0zw9sdq59y43rykyx3wm0lcd2502xth699v0gxf0degrqsqqqqqpglusv6
7. Capitals gains tax - https://bravenewcoin.com/insights/trump-proposes-crypto-tax-cuts-targets-u-s-made-tokens-for-tax-exemption Progress report 1 ------------------------------------------------------------------------------------
8. Meeting with Brian Armstrong - https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx
9. Michael Saylor podcast - https://fountain.fm/episode/DHEzGE0f99QQqyM36nVr
10. Gensler resigns - https://coinpedia.org/news/big-breaking-sec-chair-gary-gensler-officially-resigns/ Progress report 2 ------------------------------------------------------------------------------------
11. Trump & Justin Sun - https://www.coindesk.com/business/2024/11/26/justin-sun-joins-donald-trumps-world-liberty-financial-as-adviser $30M investment: https://www.yahoo.com/news/trump-crypto-project-bust-until-154313241.html
12. SEC chair - https://www.cnbc.com/2024/12/04/trump-plans-to-nominate-paul-atkins-as-sec-chair.html
13. Crypto czar - https://www.zerohedge.com/crypto/trump-names-david-sacks-white-house-ai-crypto-czar
14. Investigate Choke Point 2.0 - https://www.cryptopolitan.com/crypto-czar-investigate-choke-point/
15. Crypto council head Bo Hines - https://cointelegraph.com/news/trump-appoints-bo-hines-head-crypto-council
16. National hash rate: https://www.cryptopolitan.com/the-us-controls-40-of-bitcoins-hashrate/
17. Senate committee https://coinjournal.net/news/rep-senator-cynthia-lummis-selected-to-chair-crypto-subcommittee/
18. Treasurh Sec. CBDC: https://decrypt.co/301444/trumps-treasury-pick-scott-bessant-pours-cold-water-on-us-digital-dollar-initiative
19. National priority: https://cointelegraph.com/news/trump-executive-order-crypto-national-priority-bloomberg?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
20. $TRUMP https://njump.me/nevent1qqsffe0d7mgtu5jhasy4hmkcdy7wfrlcqwc4vf676hulvdn8uaqa3acpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyztpa8q038vw5xluyhnydj5u39d7cpssvuswjhhjqj8q42jh4ul3wqcyqqqqqqgmha026
21. World Liberty buys alts: https://www.theblock.co/post/335779/trumps-world-liberty-buys-25-million-of-tokens-including-link-tron-aave-and-ethena?utm_source=rss&utm_medium=rss
22. CFTC chair: https://cryptoslate.com/trump-appoints-crypto-advocate-caroline-pham-as-cftc-acting-chair/
23. WLF buys wrapped BTC https://www.cryptopolitan.com/trump-buys-47-million-in-bitcoin/
24. SEC turnover https://www.theblock.co/post/335944/trump-names-sec-commissioner-mark-uyeda-as-acting-chair-amid-a-crypto-regulatory-shift?utm_source=rss&utm_medium=rss
25. ----------------------------100 Days Report---------------------------------Davos speech "world capital of AI and crypto" https://coinpedia.org/news/big-breaking-president-trump-says-u-s-to-become-ai-and-crypto-superpower/
26. SAB 121 gone, Hester P heads talk force & ends sab 121?, war on crypto https://x.com/HesterPeirce/status/1882562977985114185 article: https://www.theblock.co/post/336761/days-after-gensler-leaves-sec-rescinds-controversial-crypto-accounting-guidance-sab-121?utm_source=twitter&utm_medium=social CoinTelegraph: https://cointelegraph.com/news/trump-executive-order-cbdc-ban-game-changer-us-institutional-crypto-adoption?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound
27. Possible tax relief https://cryptodnes.bg/en/will-trumps-crypto-policies-lead-to-tax-relief-for-crypto-investors/
28. War on crypto https://decrypt.co/304395/trump-sec-crypto-task-force-priorities-mess
29. Trump "truths" 2/18 make usa #1 in crypto, "Trump effect" https://www.theblock.co/post/333137/ripple-ceo-says-75-of-open-roles-are-now-us-based-due-to-trump-effect and https://www.coindesk.com/markets/2025/01/06/ripples-garlinghouse-touts-trump-effect-amid-bump-in-u-s-deals
30. Strategic reserve https://njump.me/nevent1qqsf89l74mqfkk74jqhjcqtwp5m970gedmtykn5uhl0vz9mhmrvvvgqpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyztpa8q038vw5xluyhnydj5u39d7cpssvuswjhhjqj8q42jh4ul3wqcyqqqqqqge7c74u and https://njump.me/nevent1qqswv50m7mc95m3saqce08jzpqc0vedw4avdk6zxy9axrn3hqet52xgpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyztpa8q038vw5xluyhnydj5u39d7cpssvuswjhhjqj8q42jh4ul3wqcyqqqqqqgpc7cp3
31. Strategic reserve, bitcoin special https://www.thestreet.com/crypto/policy/bitcoin-to-hold-special-status-in-u-s-crypto-strategic-reserve
32. Bitcoin reserve, crypto stockpile https://decrypt.co/309032/president-trump-signs-executive-order-to-establish-bitcoin-reserve-crypto-stockpile vid link https://njump.me/nevent1qqs09h58patpv9vfjpcss6v5nxv7m23u8g6g43nqvkjzgzescztucmspr9mhxue69uhhyetvv9ujumt0d4hhxarj9ecxjmnt9upzqtjzyy2ylrsceh5uj20j5e95v0e99s3epsvyctu2y0vrwyltvq33qvzqqqqqqyus4pu7
33. Truth summit https://njump.me/nevent1qqswj6sv0wr4d4ppwzam5egr5k6nmqgjpwmsrlx2a7d4ndpfj0fxvcqpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyztpa8q038vw5xluyhnydj5u39d7cpssvuswjhhjqj8q42jh4ul3wqcyqqqqqqgu0mzzh and vid https://njump.me/nevent1qqsptn8c8wyuhlqtjr5u767x20q4dmjvxy28cdj30t4v9phhf6y5a5spzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyztpa8q038vw5xluyhnydj5u39d7cpssvuswjhhjqj8q42jh4ul3wqcyqqqqqqgqklklu
34. SEC chair confirmed https://beincrypto.com/sec-chair-paul-atkins-confirmed-senate-vote/
35. pro bitcoin USA https://coinpedia.org/news/u-s-secretary-of-commerce-howard-lutnick-says-america-is-ready-for-bitcoin/
36. tax cuts https://thehill.com/homenews/house/5272043-johnson-house-trump-agenda-memorial-day/
37. "as much as we can get" https://cryptobriefing.com/trump-bitcoin-acquisition-strategy/
38. ban on CBDC https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/
39. Phoenix WoS leave https://www.coindesk.com/opinion/2024/04/29/wasabi-wallet-and-phoenix-leave-the-us-whats-next-for-non-custodial-crypto
40. Trump hut 8 mining https://www.reuters.com/technology/hut-8-eric-trump-launch-bitcoin-mining-company-2025-03-31/