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Sujha Sundararajan
Author
Sujha Sundararajan
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Donald Trump, the 47th president of the United States, did not mention crypto during his Monday inaugural speech.
Adding to the disappointment, a GOP congressional ‘immediate priority’ report omitted any mention of crypto or Bitcoin. Instead, the priorities included topics such as energy independence and immigration, leaving the community to speculate about crypto-related announcements.
Trump had previously promised to deliver crypto executive orders on ‘day one’, including delivering long-awaited demands such as building a national Bitcoin strategic reserve.
Some of the sources close to the matter revealed last week that his administration would prioritize national crypto policy. They also added that the executive order intends to create a crypto advisory council.
However, his lack of mention of Bitcoin took a toll on the crypto’s price, falling to a low of $100,000. The largest crypto surged past $109,000 before Trump was sworn in at the White House on Monday. Bitcoin has slightly recovered and is trading at $102K at press time.
Industry Leaders Remain Optimistic on Trump’s Crypto EO
Despite the disappointment and price volatility, Circle CEO Jeremy Allaire is bullish and believes that Trump will issue a crypto executive order on digital assets soon.
Speaking at the Reuters Global Markets Forum during the Davos World Economic Forum, he expects the President’s orders “imminently.”
Allaire noted that he is particularly concerned about the SEC’s Staff Accounting Bulletin (SAB) 121, the controversial framework.
On May 16, 2024, the US Senate voted to overturn 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 head noted that SAB 121 effectively made it “punitive for banks and financial institutions and corporations 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 favour of repealing it and I would hope that President Trump would take that action.”
He added that the Congress Committee is “very active” and can expect digital asset regulations “literally in the coming weeks.”
Besides, Bybit, the world’s second-largest crypto exchange by trading volume, also had a positive outlook on the potential development within the cryptocurrency industry, following Trump’s inaugural ceremony.
Ben Zhou, co-founder and CEO of Bybit told Cryptonews that more favourable regulatory environment “remains a beacon of hope.”
“In the coming months, we are expecting a clearer regulatory approach and greater industry support through the actions of the forthcoming planned crypto advisory council and acceleration of crypto used as real-world assets in our day-to-day lives.”
Zhou stressed that Bybit remains optimistic about the industry’s future, adding that the market is “primed for a positive response.”
