- On January 20, Trump didn’t mention crypto in his executive orders, and Bitcoin’s price dropped by 6%, which caused some conce
- Despite this, many in the crypto world aren’t too worried. They believe Trump’s support for it is clear, like with his launch of a new memecoin, and they expect better regulations so
- New leaders at the SEC and CFTC are more crypto friendly, and experts are optimistic that clearer and better rules for it 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 crypto community uneasy.
Crypto Community Stays Calm Despite Bitcoin Price Drop
Since Trump had supported digital assets during his campaign, his lack of action on it raised some questions. For example, the price of Bitcoin slid by 6% down from its top price of $108,786 to about $102,000.
Despite this, many in the community are not particularly bothered. “Satoshi Flipper,” one trader said, “Reminds everyone that Trump already showed support for crypto launching a new memecoin over the weekend.” He didn’t think the drop in Bitcoin’s price meant the market had reached its peak. Will Clemente, co-founder of Reflexivity Research, agreed, saying people were overreacting and that good regulations would still come soon.
Regulatory Changes and Support for Crypto Ahead
In addition, there’s been a shift in key regulatory positions that should benefit the crypto industry. Jake Chervinsky, a lawyer with the Blockchain Association, pointed out that the new leaders of the SEC and CFTC, Mark Uyeda and Caroline Pham, are more crypto friendly.
They are supposed to make the rules for clearer and more favorable. According to analyst “Macro Scope,” it was unrealistic to expect Trump to mention Bitcoin in his inaugural speech, it’s not really a typical kind of topic for that kind of event.
Jeremy Allaire, the head of Circle, shared his thoughts at the World Economic Forum in Davos. He believes Congress will soon focus on regulations and hopes. That Trump will help change a rule that stops banks from holding digital assets.
In the end, even though Trump didn’t act on it right away, many believe things will improve. With supportive leaders in place and a focus on clearer regulations, there’s hope for positive changes soon.
