Crypto Industry Celebrates Trump’s Pro-Crypto Moves
The crypto industry is rejoicing after Donald Trump’s first week in the White House, with the president delivering on his promises to ease regulations and promote digital asset adoption.
A New Era for Crypto
Industry heavyweights like Coinbase CEO Brian Armstrong and Binance CEO Richard Teng are hailing the start of a new era for crypto. Armstrong criticized the previous administration for trying to “weaponize the lack of clarity in the rules,” punishing even companies that were trying to be helpful.
Executive Order Boosts Crypto
Trump’s executive order on Thursday promoted digital asset adoption in the U.S., calling on members of Treasury, the SEC, and the Commodity Futures Trading Commission to join forces in a working group to evaluate the potential of stockpiling cryptocurrencies seized by the government. The order also outlined key priorities, such as protecting bitcoin miners and software developers from “persecution” and promoting U.S. dollar-pegged stablecoins.
SEC Withdraws Accounting Rule
The SEC made a landmark announcement on Thursday, withdrawing an accounting rule that made institutional crypto adoption more difficult by forcing banks to treat bitcoin and other tokens as a liability on their balance sheet. The move was celebrated by SEC Commissioner Hester Peirce, who was tapped to lead a new “crypto task force” within the agency.
Goldman Sachs and Morgan Stanley Reconsider Crypto
Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman said that President Trump’s pro-crypto tone could reshape their plans and potentially lead to expanded digital offerings.
Pardon for Ross Ulbricht
Trump granted a full pardon to Ross Ulbricht, the founder of Silk Road, on Tuesday. Ulbricht had been serving a life sentence without the possibility of parole since 2015. The “Free Ross” movement had gained resonance among conservative media personalities and politicians.
Controversy Surrounds Meme Coins
However, not all of Trump’s actions have been universally praised by the crypto industry. The president has been involved in a part of the market notorious for scams, with the $TRUMP meme coin taking off online. Crypto enthusiasts worry that it’s a troubling sign of Trump’s real intent and is damaging to the credibility of an industry trying to prove its legitimacy.
Lawmakers Raise Concerns
Sen. Elizabeth Warren and Rep. Jake Auchincloss raised issues regarding the first couple using their positions for enrichment, along with the potential for “rug-pull” scams.
Industry Skepticism Remains
Skepticism isn’t limited to the meme coins. Trump’s executive order fell short of directing the U.S. to start buying bitcoin directly and holding it as a reserve, a proposal that remains under consideration.
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