Crypto Market Reacts to Trump’s Second Term and New Executive Order
Key developments in crypto this week following Donald Trump's second term inauguration:
- The White House announced an executive order promoting a supportive stance on digital assets and plans for a "digital asset stockpile."
- The SEC retracted a controversial crypto accounting rule and formed a crypto taskforce led by Hester Peirce, with Mark Uyeda appointed as acting chair.
- Senator Cynthia Lummis was appointed to lead the Senate Banking Committee's new digital assets panel.
- Reports emerged about memecoins launched by the Trump family, with 60 Solana whales reportedly earning over $10 million each from these tokens.
- The success of these memecoins spurred interest in memecoin ETFs and caused price fluctuations in XRP and SOL futures due to leaked information from CME.
- Ross Ulbricht, founder of Silk Road, was pardoned after serving ten years, fulfilling a promise from the Trump administration related to crypto.
- The Ethereum community engaged in discussions regarding its future amidst leadership changes within the Ethereum Foundation.
More significant updates are expected next week.