- On January 20, Trump did not mention cryptocurrencies in his executive orders, and the price of Bitcoin fell by 6%, causing some concerns.
- Despite this, many in the cryptocurrency world are not too worried. They believe Trump’s support for it is clear, as is his launch of the new memecoin, and expect better regulations for that.
- New leaders at the SEC and CFTC are more friendly to cryptocurrencies, and experts are optimistic that clearer and better rules for that will come soon.
On January 20, President Donald Trump returned to office and signed several executive orders. However, none of these orders addressed digital currency or its regulations, which made some in the cryptocurrency community uneasy.
Since Trump supported digital assets during his election campaign, his lack of action on them raised some questions. For example, Bitcoin’s price fell 6% from its peak price of $108,786 to about $102,000.
Despite this, many in the community are not particularly bothered. “Satoshi Flipper” One of the merchants said “Reminds everyone that Trump has already shown support for cryptocurrencies by launching a new memcoin over the weekend.” He did not believe that the decline in the price of Bitcoin meant that the market had reached its peak. Will Clemente, co-founder of Reflexivity Research, agrees, saying that people are overreacting and that good regulations are coming soon.
Regulatory changes and support for cryptocurrencies coming
Additionally, there has been a shift in key regulatory stances that will benefit the cryptocurrency industry. Jake Chervinsky, an attorney at the Blockchain Association, noted that the new leaders of the SEC and CFTC, Mark Ueda and Caroline Pham, are more friendly to cryptocurrencies.
They are supposed to make the rules clearer and more convenient. According to the analyst “total scope” It was unrealistic to expect Trump to mention Bitcoin in his inauguration speech, as it is not a typical topic for this type of event.
Jeremy Allaire, Chairman of Circle, shared his thoughts at the World Economic Forum in Davos. He believes Congress will soon focus on regulations and hopes. Trump will help change the rule that prevents banks from holding digital assets.
Ultimately, although Trump did not act immediately, many believed things would improve. With supportive leaders and a focus on clearer regulations, there is hope that positive changes will happen soon.
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