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Trump’s Initial Actions Omit Cryptocurrency Regulatory Directive, Circle CEO Remains Optimistic
Donald Trump, the 47th president of the United States, did not mention cryptocurrency during his inaugural address on Monday.
Adding to the disappointment, a GOP congressional ‘rapid priority’ report failed to include any reference to cryptocurrency or Bitcoin. Instead, the priorities focused on issues such as energy independence and immigration, leaving the group to speculate about potential crypto-related announcements.
CRYPTO NOT MENTIONED AS IMMEDIATE PRIORITY IN DOCUMENT SENT BY REPUBLICAN LAWMAKERS: PUNCHBOWL https://t.co/ajEsulj7kk pic.twitter.com/HOwdAub2Kg
— Aggr News (@AggrNews) January 20, 2025
Trump had previously committed to issuing crypto executive orders on ‘day one’, including fulfilling long-awaited initiatives such as establishing a national Bitcoin strategic reserve.
Some sources close to the situation disclosed last week that his administration would focus on national cryptocurrency policy. They also indicated that the executive order aims to form a crypto advisory council.
However, his omission of Bitcoin impacted its value, which dropped to a low of $100,000. The leading cryptocurrency had surged past $109,000 prior to Trump’s swearing-in at the White House on Monday. Bitcoin has seen a slight recovery and is trading at $102K at the time of this report.
Business Leaders Remain Optimistic on Trump’s Crypto EO
Despite the disappointment and price fluctuations, Circle CEO Jeremy Allaire is optimistic and believes that Trump will soon issue a crypto executive order concerning digital assets.
Speaking at the Reuters Global Markets Forum during the Davos World Economic Forum, he anticipates the President’s orders “imminently.”
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Allaire expressed particular concern regarding the SEC’s Staff Accounting Bulletin (SAB) 121, a contentious framework.
On May 16, 2024, the US Senate voted to repeal the accounting bulletin. However, former President Joe Biden vetoed the resolution a few weeks later, defending SAB 121 as a reflection of the “considered technical” judgment of SEC staff.
The Circle CEO noted that SAB 121 effectively made it “punitive for banks and financial institutions and companies even to hold crypto assets on their balance sheet.”
“That’s something I think to watch closely in terms of EOs (executive orders),” Allaire told Reuters. “I’m strongly in favor of repealing it and I would hope that President Trump would take that action.”
He added that the Congressional Committee is “very active” and that digital asset regulations can be expected “really in the coming weeks.”
Additionally, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, also expressed a positive outlook on potential developments within the cryptocurrency sector following Trump’s inaugural ceremony.
Ben Zhou, co-founder and CEO of Bybit, informed Cryptonews that a more favorable regulatory environment “remains a beacon of hope.”
“In the coming months, we expect a clearer regulatory approach and greater industry support through the actions of the forthcoming planned crypto advisory council and the acceleration of crypto used as real-world assets in our daily lives.”
Zhou emphasized that Bybit remains optimistic about the industry’s future, adding that the market is “primed for a positive response.”
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