Crypto Community Holds Its Breath: Will Trump Finally Speak on Bitcoin?

It is with no small measure of disquietude that the crypto community has observed the silence of President Donald Trump upon his return to the esteemed office. On the first day of his renewed incumbency, the absence of any executive orders pertaining to the realm of cryptocurrency has left many a heart heavy with apprehension. Yet, amidst this palpable anxiety, a flicker of hope remains, as some still cling to the belief that action may yet be forthcoming. 🤞

On that fateful day of January 20, the President did indeed sign a multitude of executive orders, yet none, alas, have deigned to address the pressing matters of crypto assets or policy. One cannot help but wonder if the President has misplaced his enthusiasm for Bitcoin (BTC) and digital assets, as he has not graced us with a mention of them in his speeches or statements. The markets, in their usual dramatic fashion, have responded with a dip, as Bitcoin has plummeted a staggering 6% from its lofty perch of $108,786 to a mere $102,000. Oh, the tragedy! 😱

However, not all are consumed by despair. Some industry commentators and investors, with a remarkable degree of nonchalance, have chosen to remain unperturbed. “He has already fully expressed his dedication to crypto with his actions all weekend,” proclaimed the illustrious Futures trader known as “Satoshi Flipper” to their 225,000 followers on X, in reference to Trump’s newly-minted memecoin. One can only imagine the fervor with which they await the next tweet! 🐦

“He’s fully locked in, buying hundreds of millions worth of altcoins, and people out here paranoid the top is in because Trump didn’t say ‘Bitcoin’ today,” they added, as if the mere utterance of the word could restore the market to its former glory.

Will Clemente, co-founder of Reflexivity Research, took to X to observe that online commentators were “freaking out because Trump didn’t do anything with regard to crypto on the first day he got sworn in.” Indeed, one might ponder whether we are all ensconced in a bubble of our own making. “Pro-crypto regulations are coming,” he assured us, as if that were a balm for our troubled souls.

Meanwhile, the astute crypto lawyer and Blockchain Association board member, Jake Chervinsky, noted the arrival of new crypto-friendly acting chairs at the Securities and Exchange Commission and the Commodity Futures Trading Commission, namely Mark Uyeda and Caroline Pham. “For the first time ever, the SEC and CFTC are in the hands of leaders who oppose regulation by enforcement and support clear rules of the road for crypto,” he stated, as if this were a cause for celebration. 🎉

Asset management and monetary policy commentator “MacroScope” remarked that one ought not to be surprised by the absence of Bitcoin in Trump’s inaugural speech, as it was “not an appropriate topic for that speech, to say the least.” One can only imagine the collective sigh of relief from the audience! “There will be more than enough headlines about it in the coming days and weeks,” they assured us, as if we were all eagerly awaiting the next installment of a particularly riveting novel. 📚

Circle CEO Jeremy Allaire, speaking at the World Economic Forum in Davos on January 20, expressed his expectation of renewed activity from Congress regarding crypto regulations. “We expect Committee work to be very active, literally in the coming weeks,” he declared, as if the mere mention of activity could quell the rising tide of uncertainty.

Allaire further called for the repeal of an SEC’s Staff Accounting Bulletin, known as SAB 121, which prevents banks and financial institutions from holding crypto assets on their balance sheets. “I would hope that President Trump would take that action,” he said, with a hopefulness that could only be described as charmingly naïve.

2025-01-21 08:47

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