The crypto community has been very excited after President Donald Trump’s return to office. However, his acts on his first day in office have made some people wonder what will happen to digital assets while he is in charge. Even though the president signed many orders on January 20, none were about cryptocurrencies. This left markets and investors guessing. Bitcoin (BTC) fell 6% from its all-time high of $108,786 to $102,000. Even if business anxieties are rising, many expect crypto-friendly policies.
First-Day Trump Actions Spark Speculation
As part of his campaign, Trump courted the crypto industry, making many people think he would move immediately. But neither his opening speech nor his first executive orders said anything about it. Because of this, some people began to doubt the administration’s dedication to digital asset reform. But, as crypto lawyer Jake Chervinsky pointed out, Trump’s choice of Mark Uyeda and Caroline Pham to lead the SEC and CFTC is a good sign. These leaders don’t want regulation by enforcement; instead, they want clear rules for the business.
Market Reactions
People who trade in Bitcoin were worried when its price dropped after Trump’s first day in office. A futures trader known as “Satoshi Flipper” told his followers that Trump’s deeds over the weekend, such as his involvement in the memecoin space, show that he is committed to crypto. Market experts like Will Clemente, co-founder of Reflexivity Research, said that critical regulatory changes are on the way. “Regulations that support crypto are coming,” Clemente said, asking everyone to wait.
Industries Expect Pro-Crypto Policies
People are worried about Trump’s silence, but industry leaders are still hopeful. Circle CEO Jeremy Allaire talked about the chance for congressional progress and said that Congress would be busy in the coming weeks. He also wanted to eliminate the SEC’s Staff Accounting Bulletin (SAB 121), which says banks can’t hold crypto assets. Allaire was hopeful that Trump’s government would change these strict rules, making adoption more manageable for more people.
Conclusion
People were surprised when Trump didn’t say anything about crypto on his first day in office, but the more significant signs from his administration point to a bright future for the business. Key appointments of pro-crypto officials and positive comments from leaders in the industry make people even more sure that policies that help crypto are on the way.
