Bitcoin and cryptocurrencies are falling after being omitted from the list of top priorities of the Trump administration
- Bitcoin saw a decline after the Trump administration released a document to lawmakers citing urgent priorities.
- The document did not mention cryptocurrencies or the strategic reserve of bitcoin, which were part of Trump’s campaign promises.
- Donald Trump has appointed Carolyn Pham and Mark Ueda as acting chairmen of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), respectively.
Bitcoin (BTC) fell more than 2% on Monday as President Donald Trump’s administration shared its top priorities, which do not include cryptocurrencies. The president also failed to mention cryptocurrencies or Bitcoin during his inauguration speech. Meanwhile, Trump appointed Commissioner Carolyn Pham and Commissioner Mark Ueda as acting chairs of the Commodity and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), respectively.
Cryptocurrency market declines after Bitcoin reserves were removed from presidential priorities
Donald Trump’s administrative team has released a documented list of key issues the president intends to address when he begins his second term, according to Punchbowl.
The document, titled “President Trump’s Top Priorities for America,” lists three priority lists but does not include cryptocurrency regulations or the Bitcoin Strategic Reserve Plan. Likewise, Trump omitted Bitcoin or cryptocurrencies during his inauguration speech in the Capitol rotunda.
The news sparked declines in Bitcoin and several major altcoins. Bitcoin has fallen more than 2% from its pre-opening all-time high of $109,000 to $103,735 at press time.
During his campaign, Trump made many promises about cryptocurrencies, stating that he would make America the “cryptocurrency capital of the world” and ensure that the government never sells its bitcoin.
After his election victory, talks about a Bitcoin reserve saturated the cryptocurrency community with key figures, including Senator Cynthia Lummis, who supported the move.
Additionally, reports that the president will sign several executive orders related to Bitcoin and cryptocurrency regulations on his first day in office have made headlines. These regulatory changes include addressing the controversial SAB121 Bill and the FIT21 Bill.
While the omission of cryptocurrencies has dented optimism in the short term, the crypto regulatory landscape still looks green as Trump appoints pro-crypto individuals to head key government agencies.
On Monday, he appointed Republicans Carolyn Pham as acting chair of the Commodity Futures Trading Commission (CFTC) and Mark Ueda as acting chair of the SEC.
Pham and Uyeda are known for having pro-crypto views and advocating for clear regulations for digital assets.
