Donald Trump Doesn't Mention Crypto on First Day of US Presidency
Although Trump was silent on crypto on his first day in office, changes at the SEC and CFTC raise hopes for more open policies for the crypto industry.
On January 21, Donald Trump was officially sworn in as the 47th President of the United States, ushering in a new era that is expected to significantly change the US's approach to the crypto industry.
Donald Trump is silent on crypto on his first day in the White House
However, contrary to initial expectations, in his inaugural address and initial executive actions under "America's Top Priorities", President Trump did not introduce any policies related to cryptocurrencies, although he had previously made repeated commitments to support the industry during his election campaign and was expected to sign a number of executive orders supporting the crypto sector.
However, to date, there has been no announcement of the creation of a national Bitcoin reserve fund, the repeal of the controversial SEC regulation SAB 121, or the issuance of specific policies related to blockchain. Instead, the 47th President of the United States has focused on prioritizing executive orders revolving around important political issues such as:
· Withdrawing the United States from the Paris Agreement on climate change.
· Declaring a state of energy emergency in the United States, increasing oil production, and reversing the policy of prioritizing electric vehicles.
· Withdrawing from the World Health Organization (WHO).
· Preparing to impose tariffs on goods from other countries to restore the trade balance for the United States.
· Freezing federal hiring, requiring government employees to return to work in person instead of working remotely.
· Tightening immigration policies, declaring war on South American drug cartels.
· Requesting the US Department of Justice to temporarily suspend the implementation of the law banning the short video sharing network TikTok in the US for 75 days.
· Recognizes that there are only two genders: male and female.
· Renames the Gulf of Mexico to the Gulf of America and demands the right to manage the Panama Canal.
· Sets the goal of sending Americans to Mars.
Many people also pay attention to the fact that President Donald Trump has not yet implemented the long-awaited pardon for Ross Ulbricht, the founder of the Silk Road marketplace, who is currently serving two life sentences without the possibility of parole.
In addition, the new President has not made any moves related to Executive Order 14067, which has disappointed many people in the crypto community. This order has long been considered a major obstacle to the development of the digital asset industry.
Executive Order 14067 is considered the foundation of “Operation Choke Point 2.0”, which encourages federal agencies to increase strict enforcement measures against cryptocurrency companies. This campaign is said to have created a harsh regulatory environment and crippled the development of the cryptocurrency industry in the US.
Trump's delay in signing executive orders supporting the cryptocurrency industry has left the crypto community in a state of anxiety. The odds on prediction market Polymarket on the possibility of creating a strategic Bitcoin reserve in the first 100 days of Trump's term have quickly dropped to 30%.
Bitcoin briefly surged to $109,000 earlier but then plunged more than 5.6% to $102,000 after Trump made no mention of cryptocurrencies or digital assets in his inaugural address.
Memecoin TRUMP has also seen a decline of more than 24.14% over the past 24 hours, with a market cap of around $7.88 billion at the time of writing.
However, Trump has also made some major changes to the leadership structure of financial regulators, which are expected to have a positive impact on the cryptocurrency market:
· Mark Uyeda appointed as acting SEC Chairman: Mark Uyeda is considered to have a more open approach to the cryptocurrency industry, unlike his predecessor Gary Gensler.
· Caroline Pham appointed as acting CFTC Chairman: At CFTC, Caroline Pham, a prominent commissioner with many initiatives related to digital assets, was also appointed as acting Chairman.
For the first time in history, both the SEC and CFTC are led by people with a pro-crypto stance. In addition, the White House apparatus under President Trump has also shown close ties with cryptocurrency projects, adding to hopes for a more open future for this field.
Crypto Policy Expectations for the Future
Despite what is happening, the crypto community still has high hopes for positive changes coming from Mr. Trump. Investor Satoshi Flipper commented:
“He has shown a clear commitment to crypto, especially over the weekend. Trump is very focused, World Liberty has invested hundreds of millions of dollars in altcoins but people are worried because he did not mention the word Bitcoin today.”
Will Clemente, co-founder of Reflexivity Research, also agreed and reassured the community:
“We are living in a bubble of anxiety. Crypto-friendly regulations will come soon.”
Jake Chervinsky, crypto lawyer and Blockchain Association board member, highlighted the importance of the change in leadership at financial agencies:
“For the first time in history, the two heads of the SEC and CFTC are opposing the regulatory process and supporting the creation of clear, transparent regulations for the digital asset industry.”
Meanwhile, monetary policy analyst and asset manager MacroScope said it should not be surprising that Bitcoin was not mentioned in Trump’s inaugural address:
“It’s not an appropriate topic for that speech, at least right now. In the coming days and weeks, it will definitely be a topic of conversation.”
Donald Trump began his second term with a lot of expectations from the crypto community. Although there has not been any concrete action on the first day, the coming weeks will be an important time as new policies are gradually revealed, promising to open a boom period for the crypto industry in the US as well as globally.
