Donald Trump has officially taken office as the 47th President of the United States, and his administration is already making significant changes in various areas, including cryptocurrency. Here’s a breakdown of some of the key developments in the crypto space under the new administration:
White House/Administration:
– President Trump signed an executive order focused on cryptocurrency, establishing a working group to review existing regulations and recommend changes. The group will be led by AI and crypto expert David Sacks.
– The order also tasks the group with evaluating a digital asset stockpile and banning any central bank digital currency.
– Former President Joe Biden’s executive order on crypto has been revoked.
– Trump announced that Sacks would co-chair the President’s Council of Advisors on Science and Technology.
– The U.S. Securities and Exchange Commission, under Acting Chair Mark Uyeda, formed a crypto-focused task force led by Commissioner Hester Peirce.
– The SEC also rescinded Staff Accounting Bulletin 121, which impacted how publicly traded companies reported crypto holdings.
– The Commodity Futures Trading Commission, under Acting Chair Caroline Pham, appointed Harry Jung as the lead for crypto industry engagement.
– Trump pardoned Silk Road creator Ross Ulbricht, citing support from the Libertarian Movement.
– The U.S. Digital Service has been renamed the Department of Government Efficiency, headed by Elon Musk.
– Trump spoke with El Salvador President Nayib Bukele, but the official readout did not mention crypto.
Senate:
– The Senate Banking Committee created a subcommittee focused on digital assets, led by Sen. Cynthia Lummis.
– Sen. Ted Cruz introduced a resolution to overturn the IRS’ crypto broker rule.
– Sen. Elizabeth Warren is calling for an investigation into the TRUMP token.
House of Representatives:
– The House Oversight Committee announced it would investigate banks de-banking crypto companies.
– The House Financial Services Committee scheduled hearings on crypto-related topics.
Overall, the Trump administration’s actions and the direction of the new Congress indicate a significant shift in policy towards cryptocurrency. It remains to be seen how these developments will impact the crypto industry and its regulation in the coming months. Stay tuned for more updates on the State of Crypto. The Benefits of Meditation for Mind, Body, and Spirit
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