On January 20, 2025, Donald Trump was inaugurated. He became the first pro-cryptocurrency US president. As part of his election campaign, Trump made many big promises to members of the crypto community. The politician has already begun to implement some of them.
We’ll tell you what Donald Trump managed to do for the crypto industry in the first days of his presidential term and why the president, despite his loyal attitude to crypto, disappointed many participants in the crypto community.
Pardoned Ross Ulbricht
Trump announced a full and unconditional pardon for Ross Ulbricht, the founder of the darknet marketplace Silk Road. He called his 40-year sentence “ridiculous” and emphasized the significance of the move for the libertarian movement.
Ulbricht, whose platform first popularized the use of Bitcoin in the digital economy, spent more than 12 years in prison. This move fulfilled Trump’s campaign promise to support the crypto community.
Appointed new heads of SEC and CFTC
Donald Trump has appointed Mark Ueda as acting chairman of the US Securities and Exchange Commission (SEC), and Caroline Pham will temporarily head the US Commodity Futures Trading Commission (CFTC). Ueda is known for criticizing the policies of former SEC head Gary Gensler, especially regarding the regulation of digital assets. The new composition of regulators may reconsider cases against crypto companies such as Ripple and Coinbase.
The SEC team also announced the creation of a working group led by “crypto mom” Hester Pierce, a well-known supporter of cryptocurrencies. The group will develop clear rules for the crypto industry in order to create transparent regulation and improve the industry’s interaction with the government.
Established the DOGE department
Trump established the Department of Government Effectiveness (DOGE). Its official website displays the logo of Dogecoin, the favorite cryptocurrency of businessman Elon Musk, who will head the department. The new department is focused on reducing government spending and simplifying regulation.
Supported the development of AI
The politician announced the creation of the $500 billion Stargate project to support the development of the AI industry in the United States. According to the politician, this step will strengthen America’s leadership position in the market for developments in the field of artificial intelligence. Since many AI projects are closely related to the crypto industry, the initiative launched a rally of thematic tokens.
What’s wrong with Trump’s crypto initiatives
Many members of the crypto community are upset that the politician, in their opinion, pays too much attention to minor initiatives. For example, some cryptans condemned the launch of Trump’s official memecoin against the backdrop of his inauguration. Crypto investors were confused by the coin distribution scheme. Members of the crypto community were also alarmed by the fact that Trump, according to his own statements, knows little about the memecoin named after himself.
Another disappointment was the lack of direct mention of cryptocurrencies and issues related to the crypto industry on the first day of his presidency.
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Source: Cryptocurrency
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