Welcome to Cointelegraph's live coverage of Donald Trump's inauguration! The crypto world is closely watching for potential changes in regulation, innovation, and adoption that the new administration may bring. This live stream will provide you with minute-by-minute updates, expert insights, and commentary and analysis on how the new government will shape the future of blockchain and digital assets.
Quick recap:
- Donald Trump was officially sworn in as the 47th President of the United States, and his inauguration speech did not mention digital assets.
- President Trump is expected to attend three inaugural balls in the evening.
- SEC Commissioners Peirce, Crenshaw, and Uyeda issued an official statement on the departure of Chair Gary Gensler.
- On January 20th, the crypto market saw a surge in trading volume, with Bitcoin hitting a new all-time high, while the controversial Memecoin supported by Trump neared a $11 billion market cap.
- The White House released Trump's "America First" priorities after the inauguration, but did not mention cryptocurrencies or Bitcoin.
Trump's Priorities Omit Cryptocurrencies
8:00 pm UTC: Despite high expectations for Trump's pro-crypto stance, his "America First Priorities" did not mention digital assets and their role in promoting American innovation and economic growth.
According to the White House briefing, the core priorities for Trump's second term include energy independence, public safety, reforming government bureaucracy, and promoting "American values".
The briefing stated that all government agencies "will take emergency measures to reduce the cost of living", and said "President Trump will announce an America First trade policy".
Donald Trump Appoints Caroline Pham as Acting CFTC Chair
6:44 pm UTC: One of Donald Trump's first official actions after being sworn in as President was to appoint CFTC Commissioner Caroline Pham as the acting chair of the financial regulator.
According to a statement shared with Cointelegraph on January 20th, a representative for Commissioner Pham said she will temporarily replace former CFTC Chair Rostin Behnam until Trump can nominate a permanent, Senate-confirmed regulator.
Pham has served as a CFTC Commissioner since April 2022, having been nominated by former President Joe Biden.
Trump's Inauguration Speech Omits Cryptocurrencies
5:51 pm UTC: The inaugural address of US President Donald Trump did not mention digital assets, disappointing those who had hoped the president, seen as supportive of cryptocurrencies, would address token regulation and make crypto a national priority.
In his 40-minute speech, Trump focused on immigration issues, declaring a national emergency at the southern border, and briefly mentioned an ongoing hostage agreement between Israel and Hamas. He also proposed a so-called "external IRS" plan aimed at collecting tariffs and fees from foreign sources.
Trump concluded his inauguration speech by asserting that "under my leadership, America will be respected and admired once again".
SEC Issues Statement on Gensler's Departure
5:47 pm UTC: The US Securities and Exchange Commission (SEC) issued a statement on the resignation of Gary Gensler as chair of the federal regulator.
SEC Commissioners Hester Peirce, Caroline Crenshaw, and Mark Uyeda praised Gensler's "breadth of experience and knowledge" in financial markets.
The securities regulator's official statement on Gensler's exit. Source: SEC
"While as Commissioners we have had different perspectives on policy issues, our disagreements have always been respectful," the statement read, "Chair Gensler was committed to bipartisan cooperation and respectful exchange of views, which helped us better serve the American public."
Gensler announced his resignation as chair shortly after Trump's election victory on November 22nd. His tenure was marked by a fierce battle with the crypto industry, including lawsuits against crypto exchanges Coinbase and Binance, and a crackdown on unregistered securities offerings.
On December 4th, Trump nominated crypto-friendly Paul Atkins to serve as SEC chair, replacing Gensler.
Donald Trump Sworn in as 47th US President
5:10 pm UTC: Trump was officially sworn in as the 47th President of the United States, making history as the second non-consecutive term leader and the first president with a criminal conviction.
US President Donald Trump delivers inaugural speech. Source: Donald Trump
Trump-Backed "World Liberty Financial" Sells More Tokens at Higher Prices After Sellout Pre-Sale
4:53 pm UTC: The decentralized finance (DeFi) platform "World Liberty Financial" backed by Trump announced in the early hours of January 20th that it had completed its initial token sale and, due to "overwhelming demand", was offering additional token supply at a 230% premium.
"We have completed our mission, selling 20% of the token supply," World Liberty Financial said in an X platform post on January 20th. "Due to strong demand and exceeding expectations, we have decided to open an additional 5% of the token supply."
The Trump family's DeFi platform launched in September last year, initially planning to sell 20% of its 100 billion total token supply. The project's website now shows an additional 50 billion tokens being sold at $0.05 each.
WLFI token sale announcement. Source: World Liberty Financial
On January 20th, there were rumors that the platform was using a TWAP (Time-Weighted Average Price) strategy to purchase Bitcoin and Ethereum.
Tech Billionaires Attend Inauguration Ceremony
At 4:06 pm UTC, it was reported that Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, and Apple CEO Tim Cook entered the St. John's Church next to the White House to attend pre-inauguration activities.
Before Trump announced that his swearing-in ceremony would be held inside the US Capitol, several executives from cryptocurrency companies that donated to the inauguration fund were expected to attend. The report stated that the audience watching the ceremony at the National Mall would not be able to view the proceedings on the big screens.
Trump's pre-inauguration weekend was abuzz with the meme coin craze
At 3:58 pm UTC, just days before the inauguration, Trump launched a meme coin called OFFICIAL TRUMP on the Solana blockchain, causing a surge in trading volume on the blockchain.
The token price skyrocketed after the launch, reaching a historic high of over $74. Although it later declined, the total market cap of the TRUMP token was still around $10.8 billion just hours before the inauguration. According to CoinMarketCap, its trading volume in the past 24 hours reached $41 billion.
Trump token's wild ride over the past 72 hours. Source: Gecko Terminal
The launch of the Trump meme coin has sparked allegations of insider trading. According to reports, a cryptocurrency wallet deposited $1 million just hours before the token's release and purchased $5.9 million worth of TRUMP tokens in the first minute of trading, later selling them for a profit of $20 million.
Preetam Rao, the CEO of a Web3 security company, told Cointelegraph that 10 holders control 89% of the TRUMP token supply.
Rao stated: "We can see some involvement in insider trading, but if the US government supports these projects and sets a roadmap for national innovation, even if it's a 'rug pull,' it could lay the foundation for innovation."
Bitcoin price nears $110,000 as odds of Trump's Bitcoin reserve plan surge to 60%
At 3:40 pm UTC, on January 20th, Bitcoin price soared to a new all-time high, with analysts warning of a potential reversal. Meanwhile, the odds of Trump "creating a Bitcoin reserve within the first 100 days" have skyrocketed on Polymarket.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin reached a new high of $109,356 on the Bitstamp trading platform.
BTC/USD 1-day chart. Source: Cointelegraph/TradingView
Trump's inauguration set the tone for more uncertainty on the day. People had long anticipated policy statements supporting cryptocurrencies and new all-time highs.
Vivek Ramaswamy expected to exit Trump's DOGE task force
At 3:19 pm UTC, CBS News reported on January 20th that Vivek Ramaswamy, who was appointed by Trump to co-lead the "Department of Government Efficiency" (D.O.G.E.) with Elon Musk, is expected to resign soon.
Multiple sources confirmed that Ramaswamy plans to announce his candidacy for Ohio governor by the end of January. His departure is related to internal conflicts, as Musk's supporters were dissatisfied with his level of involvement. According to sources, Ramaswamy was indirectly advised to leave due to tensions with the DOGE team.
DOGE is expected to face a lawsuit alleging violations of the 1972 Federal Advisory Committee Act (FACA). The lawsuit is expected to be filed shortly after Trump's presidential inauguration.
Trump's Inauguration
At 2:23 pm UTC, Trump will be sworn in as president at 12:00 pm Eastern Time on January 20th. Due to the "polar vortex" sweeping the nation, he announced last week that the inauguration speech, prayers, and other remarks would be held indoors at the US Capitol Rotunda, similar to the venue used by President Reagan in 1985 due to extreme cold weather.
According to National Public Radio (NPR), Trump's inauguration ceremony will be attended by tech giants, including Elon Musk, Mark Zuckerberg, Jeff Bezos, Sam Altman, and TikTok CEO Shou Zi Chew. Trump's transition team also confirmed that Chinese Vice President Han Zheng will attend the ceremony.
