It has been exactly one month since Donald Trump’s inauguration, and his administration has already made significant changes in the cryptocurrency sphere. Over these 30 days, decisions have been made that could be game-changers for the entire industry.
Key Steps in Trump’s Crypto Policy
-
SEC Reassesses Its Approach to Cryptocurrencies
The Securities and Exchange Commission (SEC) has changed leadership and now adopts a more friendly stance towards digital assets. This signals potential reforms and the easing of cryptocurrency market regulations.
-
Creation of a Special SEC Cryptocurrency Task Force
The team is led by Commissioner Hester Peirce, known for her pro-cryptocurrency views. She has long advocated for transparent and reasonable industry regulation.
-
Pardon of Ross Ulbricht
The founder of the notorious Silk Road marketplace, Ross Ulbricht, received a presidential pardon. This event sparked mixed reactions, but Trump emphasized the importance of reforming the justice system.
-
Formation of a Cryptocurrency Working Group
The President initiated the formation of a special cryptocurrency committee led by investor and entrepreneur David Sacks. The goal of the group is to develop policies that accelerate the development of the crypto industry in the USA.
-
Appointment of a Pro-Cryptocurrency Treasury Secretary
The Senate confirmed Scott Bessent as the US Secretary of the Treasury. He is known for his positive views on blockchain and cryptocurrencies.
-
New Leadership at the CFTC
Brian Quintenz from venture fund a16z was appointed Chairman of the Commodity Futures Trading Commission (CFTC). He has long promoted the idea of reasonable regulation of digital assets.
-
DOGE vs. SEC?
The Ministry of Economy, led by Elon Musk, hinted at potential pressure on the SEC regarding crypto regulation. The regulator may have to reconsider its tough stance.
-
New Pro-Crypto Industry Commerce Secretary
Howard Lutnick, known for his investments in blockchain projects, was confirmed by the Senate as the Secretary of Commerce. This is yet another step towards a more loyal policy towards digital assets.
What’s Next?
In the first month of Trump’s presidency, the crypto industry has received a significant boost. The new composition of regulatory bodies, pro-cryptocurrency appointments, and the amnesty of key figures could lead to a boom in the crypto market in the coming months. It remains to be seen what further steps the administration will take to strengthen the USA as a global crypto hub.