Author: 0xxz@Jinse Finance
The start of Trump's presidency began with the launch of the Trump couple's memecoin. This move sparked a lot of mixed reactions in the crypto community.
Subsequently, on January 20, after Trump's inauguration, he began working and signed numerous executive orders, including in the crypto field, triggering a series of major crypto events.
This article summarizes the major crypto events that have occurred in the first week of Trump's tenure.
1. Issued the First Crypto Executive Order
On January 23, 2025, Trump issued the first crypto executive order (the full text can be found in Jinse Finance's previous report "Key Points of Trump's First Crypto Executive Order"), requiring: protecting and promoting the ability of citizens and the private sector to access and use public blockchains; allowing US citizens to develop and deploy software, participate in mining and validation, conduct transactions, and self-custody digital assets; promoting and protecting the sovereignty of the US dollar, and promoting the development and growth of dollar-backed stablecoins; protecting and promoting fair and open access to banking services for all law-abiding citizens and private sector entities; providing regulatory clarity and certainty; protecting Americans from the risks of CBDCs, and prohibiting the establishment, issuance, circulation, and use of CBDCs within US jurisdiction; revoking Executive Order 14067 "Ensuring Responsible Development of Digital Assets" and the Treasury Department's "Digital Assets International Engagement Framework"; establishing a President's Working Group on Digital Asset Markets; proposing a federal regulatory framework to manage the issuance and operation of digital assets (including stablecoins) in the US; and assessing the feasibility of establishing and maintaining a national digital asset reserve, and proposing standards for such a reserve.
2. Established a Presidential Crypto Working Group
The crypto executive order signed by Trump last week established a crypto working group. Some of the group's main goals are to help develop a regulatory framework for cryptocurrencies and assess the creation of a digital asset reserve. The group's key members include the US SEC, CFTC, and Treasury Department. In addition, large crypto-related companies are vying for seats on the group to assist in the thriving crypto field.
3. Senator Lummis Appointed Chair of Senate Banking Digital Assets Subcommittee
Senator Cynthia Lummis has been appointed Chair of the Senate Digital Assets Banking Subcommittee, the first dedicated oversight body for digital assets in the US. The main goal of this position is to help create a clear regulatory framework for digital assets. This seems to be a victory for the crypto community, as Lummis has been one of the most outspoken advocates for strategic Bitcoin reserves.
4. US SEC Revokes SAB 121
The US SEC has revoked SAB 121, which required companies to account for digital assets as assets and liabilities.
Banks will now be encouraged to adopt digital assets and hold them on their balance sheets. This could have an even bigger impact than the US BTC strategic reserve.
5. US SEC Establishes New Crypto Assets Working Group
SEC Acting Chair Mark Uyeda announced that he will establish a Crypto Assets Working Group to develop a clear regulatory framework for crypto assets. The announcement states that the SEC "has primarily relied on enforcement actions to regulate cryptocurrencies," but is now taking a different approach to create a more collaborative environment. The working group will be led by SEC Commissioner Hester Peirce, appointed by Donald Trump, who will assist in developing a regulatory framework for the crypto currency field.
6. Trump Pardons Silk Road Founder
Trump fulfilled his promise and pardoned Silk Road founder Ross Ulbricht, who was sentenced to life in prison without parole.
Ulbricht later expressed his gratitude to Trump on Twitter, as Trump released him after 11 years of imprisonment.
7. Federal Court Overturns Sanctions on Tornado Cash
A federal court in Texas ruled that the US Treasury Department's sanctions on Tornado Cash exceeded their bounds. The court found that the International Emergency Economic Powers Act cannot authorize Tornado Cash's smart contracts, as smart contracts cannot be owned.
8. Trump Revokes Biden's AI Executive Order
Biden had signed an executive order on artificial intelligence, aiming to address some in the AI industry who felt the public safety issues were too strict. Trump believed this executive order restricted the development of the AI industry, prompting him to sign an executive order to "strengthen America's AI leadership".
9. Stargate Plan
President Trump announced a $500 billion investment in AI companies within the US over the next 4 years. Some of the AI companies participating in this plan include OpenAI, Oracle, and SoftBank. The first phase of the plan will focus on establishing data centers in Texas. As the AI craze continues to spread in the crypto field, this development could further drive synergies here.
10. Trump Family Memecoin
On January 18, Trump tweeted about the launch of his memecoin. While many users initially thought his account had been hacked, people soon realized this was indeed real.
The TRUMP token reached a fully diluted valuation of around $72 billion, with 80% of the token supply held in a single wallet according to the vesting schedule.
After First Lady Melania Trump announced the launch of her memecoin MELANIA, the price of TRUMP dropped significantly.
Since then, the prices of both tokens have stabilized, with TRUMP's FDV at $30 billion and MELANIA's at $2.5 billion.
