Cryptocurrency traders, maximalists, and adopters are nothing if not both wildly optimistic and perpetually impatient.
So, when Trump’s presidency launched last Monday with a flurry of executive orders that didn’t explicitly target the crypto market, the response from these boosters was predictable: complaints that he hadn’t done enough.
I beg to differ.
Let’s set aside the meteoric rise of Trump Coin—which rocketed to unimaginable heights—and Melania Coin, which seems to have taken a 60% nosedive. If anything, Trump’s apparent crypto enthusiasm, capped by his $60 billion crypto cash-out, is the loudest endorsement you could ask for. His message? “I love it so much I’m taking the money and running.”
Beyond that, he outright banned Central Bank Digital Currencies (CBDCs). This move isn’t just an attack on government-backed digital money; it’s a tacit nod to the legitimacy of existing cryptocurrencies, signaling that Trump’s administration might rely on them instead.
More importantly, look at the power moves happening behind the scenes. Trump has appointed David Sacks as his Crypto Czar and head of the U.S. Science and Technology advisors. Sacks, known for innovative thinking, seems destined to catapult crypto to the top of the national agenda.
At the SEC, Commissioner Mark Uyeda, a staunch crypto advocate, has stepped in to temporarily replace Gary Gensler. Uyeda wasted no time forming a crypto task force, effectively ending the SEC’s war on crypto. This reshuffle has thrilled Hester Peirce—aka “Crypto Mom”—who has long championed clarity over enforcement in crypto regulation. Her glee at Uyeda’s appointment is evident in her exuberant tweets.
As Uyeda put it bluntly, “The Commission’s war on crypto must stop.” With that, the Gensler-era roadblocks are being bulldozed. The much-anticipated XRP lawsuit will likely reach a swift resolution, paving the way for institutional adoption and innovation. Until now, the SEC’s enforcement-first approach has stifled progress without offering legislative clarity. Fixing this will unleash a tidal wave of growth for the industry.
Support for crypto now comes from the highest levels of government. Trump’s administration is poised to foster a climate of innovation and capital growth. The indiscriminate attacks on crypto businesses will end, replaced by an ecosystem that balances innovation with consumer protection. Expect fraudsters to face harsher penalties—a necessary step for widespread trust and adoption.
Trump’s post-election tweet—“You’re welcome”—as Bitcoin smashed through $100,000 was no accident. It firmly aligned him with crypto’s future trajectory. And the possibility of a U.S.-backed crypto reserve isn’t far-fetched. Where America leads, others will follow—even as the EU struggles to stifle the sector.
Speaking of monetary experiments, here’s a fascinating parallel: Did you know that cryptocurrency has its roots in systems like Switzerland’s WIR (founded in 1934) and Italy’s Sardex? Both were inspired by the ideas of Silvio Gesell. But here’s a twist—two years before WIR, the Austrian town of Wörgl launched a similar initiative with “certified compensation bills.” Essentially, it was a proto-cryptocurrency, though analog rather than digital.
This experiment flourished until Austria’s central bank intervened and shut it down in 1933—a stark reminder of how entrenched powers react when their dominance is threatened. Trump’s stance on crypto makes this historical echo even more intriguing.
We are truly at the dawn of the Crypto Age. As John Maynard Keynes once observed, “People will learn more from the teachings of Gesell than those of Marx.”
Temple Melville is CEO of The Scotcoin Project CIC
