Ah, the calendar has turned a page, and lo! It has been a mere month since the illustrious Donald Trump, that grand maestro of the American stage, took his oath of office, unleashing a torrent of changes that would make even the most stoic crypto enthusiast raise an eyebrow. 🧐
In this whirlwind of 30 days, our dear President has handpicked a veritable bouquet of pro-crypto executives to adorn the regulatory throne, while simultaneously conjuring the Department of Government Efficiency (DOGE) — a temporary organization where the ever-visionary Elon Musk reigns supreme. Yes, you heard it right, folks! The man who once promised us Mars is now promising us tech support! 🚀
During a rather affectionate tête-à-tête on February 18, Trump and Musk, the dynamic duo, proclaimed that DOGE aims to sprinkle some fairy dust on the administration, trimming what they deem wasteful spending and radically restructuring the bureaucratic behemoth. Who knew efficiency could be so… entertaining? 🎭
Now, let us embark on a delightful jaunt through the major crypto-related escapades that have defined this month of Trumpian transformation.
Jan. 20 — Trump’s World Liberty Financial bags millions on inauguration day
On that fateful first day, Trump unleashed a veritable deluge of executive orders — a staggering 42, to be precise. Alas, the crypto industry was left in the lurch, disappointed that none of these orders were aimed at its glittering realm. But fret not, dear readers, for the crypto gods had other plans! 🌌
In a move that sent shockwaves through the digital ether, Trump launched his very own memecoin, TRUMP, on the Solana blockchain. The token soared to a dizzying $15 billion market cap before plummeting like a lead balloon on January 20. And just when you thought it couldn’t get any more absurd, First Lady Melania Trump unveiled her own memecoin, MELANIA. Because why not? 💃
On inauguration day, the Trump family’s decentralized finance venture, World Liberty Financial (WLFI), celebrated by splurging nearly $47 million on cryptocurrencies, bringing their total holdings to a jaw-dropping $326 million. Talk about a financial fiesta! 🎉
Jan. 20 — DOGE immediately slapped with lawsuits
But wait! The festivities were short-lived, as DOGE found itself embroiled in a legal quagmire right out of the gate. Lawsuits began to rain down like confetti, with claimants alleging violations of the Federal Advisory Committee Act (FACA). Who knew efficiency could be so litigious? ⚖️
Among the plaintiffs were watchdog groups and transparency advocates, including Citizens for Responsibility and Ethics, who must have been having a field day. 🎈
Jan. 21 — SEC changes leadership and shifts crypto approach
As the dust settled, Trump, ever the showman, promised to revamp the Securities and Exchange Commission (SEC) to be more crypto-friendly. On January 21, he began reshuffling the deck, nominating Paul Atkins to replace Gary Gensler. The SEC was about to get a makeover, folks! 💄
While Atkins awaited Senate confirmation, Acting Chair Mark Uyeda took the reins, adopting a more convivial approach to the digital assets industry. He even had the audacity to criticize Gensler’s enforcement, claiming it neither facilitated capital formation nor protected investors. A bold move, indeed! 🎩
Jan. 21 — SEC task force tackles crypto policy
On the same day, the SEC sprang into action, forming a cryptocurrency task force under the guidance of pro-crypto Commissioner Hester Peirce. Their mission? To draw clear regulatory lines and craft sensible disclosure frameworks. Because who doesn’t love a good framework? 🏗️
Jan. 21 — AI’s $500-billion moon shot
Also on January 21, Trump unveiled “Stargate,” a $500 billion investment initiative to catapult the US AI industry into the stratosphere
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2025-02-19 19:53