Crypto Community Eyes Trump’s First Moves as ‘Crypto President

Trump’s SEC Shake-Up: Gensler Resigns, Crypto Lobby Celebrates
Bitcoin’s Rise and Fall: What’s Next Under Trump’s ‘Crypto Presidency’?

Amid a flurry of executive orders on President Donald Trump’s first day in office, cryptocurrency didn’t receive any mention on Monday.

Despite Bitcoin soaring to a record high of over $109,000 during Trump’s inauguration as the 47th president of the United States, it has fallen more than 2% in the past day. As of Tuesday morning, the world’s largest cryptocurrency by market capitalization was valued at $104,396.

Bitcoin’s rapid rise in recent years — and its equally passionate following — have made it a central issue for the returning president. This means Trump’s first moves on cryptocurrency will be under intense scrutiny, according to Alexander Blume, CEO of Two Prime, an SEC-regulated Registered Investment Advisor specializing in digital asset derivatives.

Trump, who has positioned himself as the crypto president this time, made bold promises during his campaign. One of those promises was to establish a national Bitcoin reserve. Blume warned that if Trump doesn’t fulfill this promise early in his term, it could lead to a significant backlash.

Trump’s history with the crypto community has been far from perfect. During his first term, Trump labeled Bitcoin a “scam” against the U.S. dollar, and in a 2019 tweet, he said he was “not a fan” of Bitcoin and other cryptocurrencies. When Trump first won the presidency in November 2016, Bitcoin was valued at around $700.

With Biden-era appointees leaving office, one high-profile departure was celebrated by the crypto community. Securities and Exchange Commission (SEC) Chair Gary Gensler, a vocal critic of cryptocurrencies, officially resigned on Monday.

Gensler’s resignation is seen as a victory for the crypto lobby, which had criticized the SEC chair for his agency’s strict regulation of the industry. Under Gensler’s leadership, the SEC took on high-profile cases against major industry players such as Coinbase and Binance. According to the agency, 18% of its complaints were related to cryptocurrencies.

With Gensler’s departure, Trump’s SEC nominee, Paul Atkins, is set to take over the agency. Atkins’ appointment still requires confirmation by the Senate.

— Vinamrata Chaturvedi and William Gavin contributed to this article.

For the latest updates, follow us on Facebook, Twitter, and Instagram.

Also Read – 

Season of Rains has also bought season of Shahid Mallya