President Trump did not mention cryptocurrencies at his inauguration and has not signed any Bitcoin-related executive orders
In mid-January, The Washington Post’s sources shared an important news: according to their reports, the new US President Donald Trump may sign an executive order on cryptocurrencies on his first day in office. The document was supposed to end the government’s crackdown on the coin industry during the so-called Operation Whack-a-Mole 2.0, as well as repeal the bank accounting policies that caused major financial institutions to largely ignore digital assets. Alas, that assumption turned out to be false.
What edicts Trump has signed
Donald Trump’s inauguration took place last night. During a speech shortly before the procedure, the politician mentioned the topic of digital assets: he called the recent growth of financial markets the “Trump effect” and said that Bitcoin “broke one record after another”.
However, during the inauguration, the US president did not bring up cryptocurrencies. In addition, digital assets were not on the list of priorities of the Trump administration on its first day in office – this is evident from the list of signed decrees of the politician.
As Decrypt representatives note, Donald did not bring up the topic of creating a national Bitcoin reserve for the United States or other coins, nor did he mention the aforementioned SEC rule called SAB 121, which is what the crypto community had hoped for.
In addition, Trump did not pardon the creator of the Silk Road darknet platform Ross Ulbricht, which he promised to do during the election campaign. However, new US government spokesman Ilon Musk assured this morning that the new president will still get his hands on it.
Instead, the president focused on more traditional priorities. In particular, he organised the US withdrawal from the Paris climate agreement and the World Health Organisation, suspended hiring at many federal agencies, and tackled illegal migrants.
This has disappointed supporters of the blockchain industry. However, earlier sources even admitted that Trump would sign an executive order on the first day to create a national Bitcoin reserve – such a forecast was voiced by Jack Mallers, head of the Strike platform.
The representative of the largest investment fund VanEck Matthew Siegel is also dissatisfied with what is happening. In particular, he accused David Sachs, who is responsible for AI and cryptocurrency policy, of the latter’s failure to make digital topics a priority area on Trump’s first day in office. Here’s his rejoinder.
It was a mistake not to rescind Executive Order 14067, which encouraged every agency under Biden to push for maximum oversight of digital assets and led to Operation Poke 2.0.
As a reminder, under this operation, the US authorities hindered the development of the crypto industry. First of all, it was done by putting pressure on banks, which were required to stop interacting with representatives of this sphere. And we are talking not only about large companies, but also individuals, such as the heads of various exchanges and token issuers.
US President Donald Trump
Although Trump’s actions on his first day in office disappointed crypto investors, they still expect the creation of a national Bitcoin reserve in the US in 2025. Users of decentralised betting platform Polymarket now rate this prospect at 63 per cent, although the total volume of bets here does not exceed $200,000.
The chance of creating a national Bitcoin reserve in the U.S. according to the Polymarket platform version
The situation was also commented on by the former head of crypto exchange Binance Changpeng Zhao. Here is his retort from Twitter.
Everyone expects everything to happen in one day. Good things take time.
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Which US states want to invest in cryptocurrencies
And while Trump ignored the topic of digital assets during his inauguration, the state of Utah introduced a bill to invest state funds in cryptocurrencies. The document, “Blockchain and Digital Innovation Amendments (H.B. 230)” from state representative Jordan Teuscher, offers infrastructure for new provisions on staking, lending, and the right to self-storage of digital assets.
Here is his quote.
This bill reflects our commitment to cutting-edge technology and preparing for the future of finance while ensuring financial sovereignty.
Buying cryptocurrencies by investors
The document will allow capital to be invested in crypto, which will be formed from public funds. Specifically, it is talking about investing up to 10 per cent of the funds in the State Limited Disaster Recovery Account, the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account and other similar accounts.
Once the coins are purchased, the state treasurer will be able to use the cryptocurrency for steaking or lending. However, only assets whose average market capitalisation over the last year exceeds the $500 billion mark or is a major dollar-based stablecoin will be able to be contacted. That is, for now, only BTC will be able to invest in cryptocurrencies.
Apparently, cryptocurrencies have not become a key priority for the Trump administration after all. However, the new head of the United States still has enough time to realise his election promises. And the departure of Gary Gensler from the Securities Commission is already a good start to the politician's presidential term.
More interesting stuff is in our crypto chat. We look forward to seeing you there.
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