Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
During his campaign, President Donald Trump’s promises to make Bitcoin (BTC) and crypto more broadly a cornerstone of the US economy were loud and clear. Crypto markets rallied after Trump was elected president in November, and BTC broke $100K as he continued bullish statements and started making crypto- and tech-friendly cabinet appointments.
But now that Trump’s in office, his first crypto moves as president are being met with little response in the markets. Why? Well, one quick answer you’ll see all over X is that it’s all “priced-in.” But I think the story is a little more nuanced. When it comes to the two most recent moves from Trump since he took office, the market reaction makes one thing clear: the time has come for less talk and more specific and concrete actions.
Executive order: Vague language meets unrealistic expectations
In the rush of executive orders coming out of the White House in Trump’s first few days as President, one stood out to the crypto industry—an executive order to “establish regulatory clarity for digital financial technology.” The EO establishes the creation of a cryptocurrency working group that will be tasked with creating clear regulations for crypto in the US—quiet drumroll, please—exploring the idea of a national cryptocurrency stockpile. In addition, the EO discussed stablecoin regulation and protecting the right to create and launch software.
A year ago, before Trump went all in on his enthusiasm for crypto, these kinds of developments arguably would have sent markets soaring. Seemingly, everything that US crypto market participants have ever asked for, fought for, and dreamed of is being delivered. Or at least is being “explored.” So why the muted response from crypto markets?
First of all, as the news broke, crypto media and market commentators laser-focused on the “stockpile” part of the EO. Or rather on the vague language and the lack of the word “Bitcoin” in this part. In the weeks leading up to Trump’s inauguration, the strategic Bitcoin reserve—or SBR as it’s come to be known—has been discussed incessantly, with major industry figures speaking out both for and against its creation (with the dominant sentiment certainly being for).
But when the text of the EO stated that Trump was making a working group to “evaluate the potential creation and maintenance of a national digital asset stockpile,” it evidently didn’t come off as the banger some in the industry had evidently been hoping for. Nowhere in the EO was the word “Bitcoin” or the term “strategic reserve.”
Further dampening the potential market response, the EO specifies that the potential stockpile in question could be derived from cryptocurrency that the government already owns, in which case there would be no purchases of cryptocurrency, Bitcoin or otherwise.
And despite how unrealistic it might sound, this kind of ambiguity and uncertainty had many crypto market participants frustrated and somehow unimpressed.
While many cheered the inclusion of an entirely crypto-focused executive order within the very first signed by the new President, others were more critical of what they saw as an anti-climatic move from Trump—especially given his loud campaign promises.
For his part, David Sacks, Trump’s crypto and AI czar, celebrated the president’s executive order to the media, but the effect was still muted.
Davos — more talk, less walk
The same day that the crypto EO was signed, Trump spoke at the World Economic Forum in Davos. During his speech, he dropped the word “crypto.” It was a welcome mention, but once again, it didn’t exactly ignite a market rally. The speech focused on energy policy—fossil fuels, oil, and gas—but failed to give any specific crypto policies. To be specific, Trump did say that using America’s oil and gas reserves in part to make the US “the world capital of artificial intelligence and crypto.” But where are the policies to back this up? For markets, this was more of the same—not enough to make markets move much.
The key takeaway: Actions, not words
Trump’s executive order and speeches have been full of very nice-sounding words and broad plans. But with Bitcoin trading sideways in a tight range near $100k for several months, it seems clear that investors now want to see concrete legislation. And this will take time. For all his enthusiasm, Trump’s team needs to start delivering on the specifics. Aside from rescinding SAB121—which the SEC did on its own the same day as the EO was signed—this has yet to happen. That’s understandable, it’s still early days, but it explains why markets aren’t budging much in response to moves in Washington that in previous years seemed unfathomable.
Looking ahead: can Trump deliver? From the other side of the pond, and for those advocating for the industry’s advance, we are eager to see the US shift away from its previously somber outlook—one that has forced innovation to flee across the globe in search of friendlier regulatory environments.
If Trump truly wants to turn the US into a “crypto superpower,” the next few months will be crucial. The market isn’t looking for more vague promises. It wants action. And right now, it’s clear that words just aren’t enough. The path forward must be clear, decisive, and supportive of an industry that has long sought the stability and clarity needed to innovate and prosper. While uncertainty remains, I stay optimistic that meaningful progress can and will be made.
