Crypto Developments This Week: A New Era Begins

This week has been pivotal for the cryptocurrency sector following President Trump’s inauguration for a second term.

The White House issued an executive order on digital assets, promoting a favorable stance toward crypto and suggesting the formation of a “digital asset stockpile” (potentially a Bitcoin Strategic Reserve). Regulatory factors such as Nik De and Jesse Hamilton have been prominently involved in the news.

The SEC retracted a controversial accounting rule, established a crypto taskforce led by Hester Peirce (popularly known as “Crypto Mom”), and appointed crypto-friendly Commissioner Mark Uyeda as acting chair.

Senator Cynthia Lummis, who has shown unwavering support for cryptocurrency, was appointed to lead the Senate Banking Committee’s new digital assets panel.

Discussions also revolved around the controversial memecoins launched by the Trump family right before Monday’s oath-taking, drawing significant attention due to the massive wealth generated, particularly among 60 Solana whales who reportedly made at least $10 million each.

The popularity of these memecoins has spurred interest in filing for memecoin ETFs, as reported by Helene Braun. Additional developments included a leaked report about XRP and SOL futures ETFs, which adversely affected those tokens and influenced the wider market.

Ross Ulbricht, the creator of Silk Road, was granted freedom after ten years in prison, fulfilling a crucial promise from Trump’s campaign regarding cryptocurrency.

The Ethereum community is currently engaged in a heated discussion about its future, especially concerning the Ethereum Foundation, as reported by Parikshit Mishra and Sam Kessler.

Stay tuned for more exciting updates in the coming weeks.