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The new administration under President Donald Trump has brought significant changes to the United States’ cryptocurrency regulations within its initial 30 days. The rapid changes have led to a surge in institutional investment and a global market shift towards more stable and regulated digital assets.
In his first week, Trump launched TRUMP, a memecoin on the Solana blockchain, which quickly rose to prominence with a market capitalization of over $10 billion within the first month. This move signaled the administration’s openness to embracing digital assets as part of its financial policy.
One significant change was the establishment of the Department of Everything Good (DOGE) under Elon Musk’s leadership. As reported by Politico on February 17, DOGE is planning to scrutinize the Securities and Exchange Commission (SEC) operations, indicating a possible overhaul of the existing regulatory framework.
Trump also took action by pardoning Ross Ulbricht, the founder of Silk Road, who had served nearly ten years in federal prison for money laundering charges. This move has been widely seen as a positive step towards embracing digital assets within the country’s financial infrastructure.
Additionally, the administration set up a crypto working group through executive order on January 23, excluding the Federal Reserve and Federal Deposit Insurance Corporation (FDIC), to study the development of a national crypto reserve and create regulations for the industry. The initiative is being led by David Sacks, the administration’s AI and crypto czar.
The CFTC Chairman, Brian Quintenz, has been selected as the new chief of the Commodity Futures Trading Commission (CFTC). He is known for his pro-crypto stance and has expressed enthusiasm for embracing digital assets aligning with Republican values.
In a significant development, Scott Bessent was confirmed by the Senate as Treasury Secretary with a 68-29 vote on January 27. Bessent, who shares the administration’s pro-crypto views, will work closely with Quintenz to develop regulatory frameworks and policies that support cryptocurrency growth.
The shift in policy has led to institutional investors making long-term commitments rather than speculative trades. As reported by Bitpanda CEO Eric Demuth, this move is forcing global markets to adapt to new trends, resulting in the growth of stablecoin issuance and tokenized assets.
In conclusion, the Trump administration’s rapid changes in cryptocurrency regulations have set a tone for embracing digital assets as part of the country’s financial strategy.
Source: blockonomi.com
