Donald Trump Sworn in as 47th US President with Pro-Crypto Agenda
On January 20, 2025, Donald Trump was inaugurated as the 47th President of the United States after defeating Kamala Harris. His victory is expected to reshape US policy toward cryptocurrencies, which have faced regulatory challenges in previous administrations.
Impact of Trump's Victory on Crypto
- Bitcoin's price surged from around $68,000 to over $100,000 following Trump's election win, reaching a new high of $109,000.
- Trump aims to establish the US as a global hub for crypto innovation and reduce regulatory burdens on the industry.
- He proposed integrating Bitcoin into the US Strategic Reserve and approving cryptocurrency ETFs for assets like XRP and SOL.
Leadership Changes at the SEC
- SEC Chair Gary Gensler resigned on January 20, 2025, after leading a stringent enforcement approach against crypto firms.
- Mark Uyeda has been appointed as the acting chair of the SEC, promising a more supportive regulatory environment.
- Former SEC Chair Jay Clayton was named a federal prosecutor in Manhattan, signaling potential shifts towards crypto-friendly policies.
Institutional Adoption and Market Response
- Spot Bitcoin ETFs reached over $129 billion in assets under management, surpassing gold ETFs.
- Major firms such as BlackRock, Fidelity, and ARK Invest are leading institutional investments in crypto.
- Companies like Rumble and Metaplanet are adopting Bitcoin as part of their treasury strategies.
The crypto market is currently optimistic with the pro-crypto administration, though the full impact of Trump's policies remains to be seen.