Crypto And Bitcoin Executive Order Ignored On Trump’s Day 1
The post Crypto And Bitcoin Executive Order Ignored On Trump’s Day 1 appeared on BitcoinEthereumNews.com.
In a much-watched first day in office, US President Donald J. Trump not issue any crypto-related executive orders, nor did he acknowledge the Strategic Bitcoin Reserve he had promised during the Bitcoin 2024 conference in Nashville. Despite speculation running high and Bitcoin briefly surging to nearly $110,000 in anticipation of the ceremonies, the inaugural address made no mention of Bitcoin or crypto. Bitcoin And Crypto Omitted By Trump On Day 1 Following Trump’s silence on crypto, Bitcoin’s price plunged from $110,000 to $100,000, exhibiting a wave of volatility that rattled short-term traders. However, according to some industry observers, the initial negativity about Day 1 may not reflect the longer-term direction of policy. “Tbh, it was unlikely Trump was going to mention crypto in his speech anyway. What matters is what happens over the coming days. There are already reports of pardoning Ross Ulbricht + and an executive order to allow banks to more easily hold digital assets. Patience,” wrote Miles Deutscher via X. Similarly, industry analyst Will Clemente III sought to calm jittery market participants with a broader view: “CT [Crypto Twitter] freaking out because trump didn’t do anything with regard to crypto on the first day Trump got sworn in, we live in such a bubble. Pro crypto regs are coming.” In a statement reported by Reuters, Circle CEO Jeremy Allaire predicted that President Trump “may soon sign an executive order” to enable banks to own digital assets more easily. Allaire specifically called for the repeal of the SEC’s Staff Accounting Bulletin (SAB 121), which imposes restrictions on financial institutions’ ability to hold cryptocurrencies on their balance sheets. “That’s something I think to watch closely in terms of EOs (executive orders),” Allaire told Reuters. Adding to speculation, Elon Musk responded to a user on X by saying, “Ross will…
Filed under: News - @ January 21, 2025 11:26 am