Donald Trump’s first week as president has already made waves in the cryptocurrency and tech world. From launching memecoins to reshaping regulatory frameworks, his administration is making bold moves that could significantly impact the digital asset landscape. Here’s a rundown of the most significant crypto-related events that have unfolded in his early days in office:
- Trump Family Memecoins: Trump announced the launch of the TRUMP and MELANIA memecoins, with the TRUMP token reaching an FDV of $72B before settling at $32B. Melania’s token quickly followed, reaching $2.5B in FDV.
- Crypto Working Group: Trump signed an executive order creating a crypto working group to help develop regulatory frameworks for cryptocurrencies and evaluate creating a digital asset stockpile, with participation from SEC, CFTC, and the Treasury.
- Silk Road Founder Pardon: Trump granted a pardon to Ross Ulbricht, the founder of Silk Road, who had been serving a life sentence.
- Court Ruling on Tornado Cash: A federal court overturned the sanctions imposed on Tornado Cash, ruling that smart contracts cannot be sanctioned as they are not owned by any individual.
- SEC Forms Crypto Task Force: The SEC launched a new task force, headed by Hester Peirce, to establish a clearer regulatory framework for crypto.
- Senator Lummis Appointed Chair of Senate Banking Subcommittee on Digital Assets: Senator Lummis, a prominent advocate for Bitcoin, was appointed to lead the subcommittee tasked with regulating digital assets.
- $500B AI Investment – Stargate Initiative: Trump unveiled a $500B investment into U.S. AI companies, with data centers in Texas set to be the first step.
- Revocation of Biden’s AI Executive Order: Trump rescinded Biden’s AI executive order, claiming it stifled innovation, and replaced it with a new order to boost U.S. AI leadership.
- SEC Rescinds SAB 121: The SEC rescinded SAB 121, which required companies to treat digital assets as both assets and liabilities. This shift could be a major catalyst for Bitcoin’s growth.
These developments represent a pivotal moment for both the cryptocurrency and AI sectors, signaling possible shifts in regulation, market dynamics, and innovation.
