Donald Trump has taken office as the 47th President of the United States, initiating notable changes in the government’s approach to various issues, particularly in cryptocurrency policy.

Executive Orders

After being sworn in, Trump quickly enacted a series of executive orders. Among these was a highly anticipated order concerning cryptocurrency, which includes the following provisions:

• Establish a working group of Cabinet officials to assess crypto regulations.
• Evaluate a digital asset stockpile.
• Ban any central bank digital currency (CBDC).
• Repeal former President Biden’s executive order related to cryptocurrency regulations.

Trump also declared that David Sacks, a noted figure in AI and crypto, would chair this working group.

SEC Developments

The Securities and Exchange Commission, now under Acting Chair Mark Uyeda, formed a task force on cryptocurrency. They rescinded the controversial Staff Accounting Bulletin 121, which had significant opposition from the crypto industry.

CFTC Updates

Caroline Pham serves as the Acting Chair of the Commodity Futures Trading Commission. Trump has yet to appoint a nominee for the permanent chair position.

A Notable Pardon

Trump pardoned Ross Ulbricht, the creator of Silk Road, noting it was done ‘in honor of [Ulbricht’s mother] and the Libertarian Movement’. Ulbricht had been sentenced to two life terms and 40 years.

Dialogue with International Leaders

In an early communication after taking office, Trump spoke with Nayib Bukele, the President of El Salvador.

Senate and House Actions

The Senate has launched a new subcommittee focused on digital assets led by Senator Cynthia Lummis. Additionally, numerous hearings regarding digital assets are scheduled in the House of Representatives as Congress adjusts to the new administration’s direction on crypto-related issues.

This shift under Trump’s administration suggests a considerably different regulatory landscape for cryptocurrency in the U.S.