9 Crypto Actions from Trump’s Big First Week

Even though Donald Trump was only inaugurated this past Monday, it has already been a pretty interesting week, to say the least. What kicked off everything was the launch of the TRUMP and MELANIA memecoins, a move which triggered plenty of mixed reaction from the crypto community (including from Vitalik himself). 

After the inauguration, however, Trump got to work, signing executive orders pertaining to the crypto space and pardoning some notable names.

Here’s a rundown of some top events that occurred over the past week! 👇

✅ Trump Family Memecoins

Last Friday, a tweet from Donald Trump’s Twitter came out announcing the launch of his memecoin. While many users initially thought his account had been hacked, people soon started to realize it was indeed real. The TRUMP token got up to an FDV of around $72B, with 80% of the token supply being held in one wallet, in accordance with a vesting schedule. The price of TRUMP then took a hard dip following Melania Trump's announcement of her memecoin, MELANIA. Both tokens have since settled down, with TRUMP sitting at an FDV of $32B and MELANIA at $2.5B.

✅ Trump Creates Crypto Working Group

One of the more exciting executive orders that Trump signed this past week was to form a crypto working group. Some of the key goals for this group are to help craft a regulatory framework for cryptocurrencies and evaluate the creation of a digital asset stockpile. Some of the key members of this group include the SEC, CFTC, and the Treasury. Additionally, large crypto-related companies are also fighting for seats within the group to assist in helping the crypto space flourish. 

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✅ Trump Pardon Silk Road Founder

Earlier this week, Trump kept his promise of pardoning Ross Ulbricht, the founder of Silk Road, who was serving a life sentence without parole. Ross Ulbricht later tweeted out his gratitude for Trump, freeing him after spending over 11 years in prison. 

✅ Federal Court Overturns Sanctions on Tornado Cash

A federal court in Texas has ruled that the US Treasury crossed the line in sanctioning Tornado Cash. The court reasons that the International Emergency Economic Powers Act cannot sanction Tornado Cash’s smart contracts because the smart contracts cannot be owned. 

✅ SEC Forms New Crypto Task Force

Chairman Mark Uyeda announced on Tuesday that he is launching a crypto task force that will develop a clear regulatory framework for crypto assets. The announcement noted that the SEC “relied primarily on enforcement actions to regulate crypto” but is now taking a different approach, creating a more collaborative environment. The task force will be led by Hester Peirce, SEC Commissioner appointed by Donald Trump, who will assist in forming the regulatory framework for the crypto space.

✅ Senator Lummis named chair of the Senate Banking Subcommittee on Digital Assets

Senator Cynthia Lummis was appointed as the chair of the Senate Banking Subcommittee on Digital Assets, the first US oversight body dedicated to digital assets. This position's main goal is to assist in creating a clear regulatory framework for digital assets. This seems like a win for the crypto community, as Lummis has been one of the most vocal advocates for a strategic Bitcoin reserve.

✅ Stargate Initiative

President Trump announced a $500B investment into AI companies within the US that will be spread across 4 years. Some of the AI companies that are involved in this initiative are OpenAI, Oracle, and SoftBank. The first phase of this initiative will focus on building data centers in Texas. As AI fever continues to take hold in crypto, this development could push synergies here further.

✅ Trump Revokes Biden’s AI Executive Order

Joe Biden signed an executive order pertaining to AI meant to address concerns around public safety that some in the AI community felt was too restrictive. Trump felt that this executive order put constraints on the development of the AI sector, prompting him to sign this EO to “enhance America’s AI leadership”.  

✅ SEC Rescinds SAB 121

The SEC has rescinded SAB 121, which required companies to put digital assets under custody as an asset and a liability. Now, with SAB 122, banks will be encouraged to adopt digital assets and hold them on their balance sheet.