Bitcoin gains White House support during Trump's presidency — TheStreet

In the first 100 days of his second term, United States President Donald Trump fulfilled a campaign promise by signing an executive order to create a Strategic Bitcoin Reserve. TheStreet reported that this action formally established Bitcoin as a strategic US asset.

The White House classified Bitcoin as a commodity, placing it on par with gold and oil, rather than as a security. This classification simplifies regulation for investors and exchanges, according to US Secretary of Commerce Howard Lutnick.

Additional executive orders from the US president included the creation of a second reserve for leading cryptocurrencies such as Ethereum, Solana, and XRP. The administration also supported the promotion of public blockchain networks. Meanwhile, the development of a US central bank digital currency (CBDC) was banned.

President Donald Trump and First Lady Melania Trump released the TRUMP and MELANIA meme coins ahead of the inauguration on January 20. This, along with the president's association with a cryptocurrency venture like World Liberty Finance, drew criticism from Democrats, as noted by TheStreet.