It has been 30 days since Republican Donald Trump returned to the White House and started making massive changes, most of which affect the crypto industry directly and indirectly. This article highlights the notable crypto-related developments defining Trump’s one month in office.
January 20th – US President’s DeFi Project Purchases Crypto Worth $47 Million
Although Trump did not sign any crypto executive orders on his inauguration day as many expected, he showed his commitment to the industry by purchasing digital assets worth $47 million through his decentralized finance project World Liberty Financial, which currently holds $325 million in crypto.
January 21st – US SEC Makes a Leadership Change
While campaigning, Trump vowed to make changes in various federal agencies to promote crypto innovation in the US. One of the targeted agencies was the Securities and Exchange Commission (SEC), whose former Chair, Gary Gensler, had been accused of attempting to kill the crypto industry by enforcing what players termed ‘unfair policies.’
Trump appointed pro-crypto SEC Commissioner Mark Uyeda as the acting Chair on January 21st. Uyeda will hold the position until the Senate confirms Paul Atkins as the new SEC Chair later this year.
Also read:Following his appointment, Uyeda got to work immediately, creating a crypto task force to help the SEC formulate clear guidelines for crypto players.
January 22nd – Silk Road Creator Receives Presidential Pardon
After staying in prison for nearly a decade, Ross Ulbricht, the founder of the now-fallen darknet market Silk Road, received a Presidential pardon, which was one of Trump’s promises to the crypto community.
Ulbricht was sentenced to jail in 2015 after the court found him guilty of operating a platform that facilitated illegal financial activities. Despite the controversy, crypto enthusiasts tout Ulbricht as a ‘Bitcoin legend’ who promoted mass adoption of the coin during its early stages.
January 23rd – Donald Trump Forms a Crypto Working Group
Three days after assuming office, Trump signed an executive order that led to the formation of a crypto working group tasked with researching the feasibility of a cryptocurrency reserve and creating a regulatory framework for crypto.
This group consists of various agency leaders, cabinet members, attorney general, and the US Treasury Secretary. They will submit their findings to Trump’s crypto and AI czar David Sacks.
January 27th – Senate Approves the Scott Bessent’s Nomination
On January 27th, the American Senate approved the nomination of pro-crypto figure Scott Bessent as the next US Treasury Secretary. Last year, after Trump announced the nomination, Bessent said he would support the President’s plans for Bitcoin reserve and making the US the world’s crypto hub.
February 3rd – Trump Sends Home Head of the CFPB
Earlier this month, Trump dismissed the Chair of the CFPB (Consumer Financial Protection Bureau), Rohit Chopra, with Bessent replacing him temporarily until the President appoints the next permanent leader.
While Donald Trump did not reveal the exact reason behind his move, various reports suggest that Chopra was fired due to his alleged involvement in blocking US banks from doing business with crypto companies.
February 12th – Trump Nominates a New CFTC Leader
After former Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behram, left office on February 7th, Trump announced his replacement five days later. The US President nominated CFTC ex-Commissioner Brian Quintenz as his ideal candidate to take over from Behram.
While accepting the nomination, Quintenz vowed to use his power to ensure that the United States becomes a leader in the crypto industry.
February 19th – Senate Approves Howard Lutnick’s Nomination
On Wednesday, US policymakers confirmed Howard Lutnick as the new Commerce Secretary. The confirmation meant that Lutnick would be forced to leave his position as the CEO of Cantor Fitzgerald, a leading financial services company. Furthermore, the pro-crypto figure has announced plans to sell his stake in Tether, a top stablecoin issuer, within six months.
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