Trump’s First Month in Office Sparks Major Crypto Shakeups

Crypto News Sparks: How Trump’s First Month Reshaped crypto Market

Trump’s First Month in Office: A Crypto Rollercoaster

It’s been a month since Donald Trump was sworn into office, and the crypto world has been riding a wild wave of developments ever since. Under Trump’s presidency, multiple moves have reshaped the landscape of cryptocurrency, bringing both remarkable improvements and some areas which saw the hurdles. While the industry has seen several positive shifts, not everything has been smooth sailing.

Progress Under Trump’s Administration

Howard Lutnick was recently confirmed as the U.S. Secretary of Commerce, a major development for the crypto industry. His strong connections to digital assets suggest that the administration is open to embracing cryptocurrency. Another big change came with Scott Bessent taking over as U.S. Treasury Secretary. As a well-known Bitcoin supporter, his appointment has raised expectations for more crypto-friendly policies. With these crypto-friendly figures in key positions, the industry is expecting favorable policies ahead.

Then there’s the National Crypto Working Group, which Trump established through an executive order to explore a national crypto reserve. There’s WLFI. At the same time, the administration explicitly banned the creation of a Central Bank Digital Currency (CBDC), a move that delighted many crypto enthusiasts.

Even the Securities and Exchange Commission (SEC) saw a transformation, with Paul Atkins nominated as SEC Chair and Mark Uyeda acting as interim leader. The formation of a crypto task force under Hester Peirce further signaled a pro-crypto stance, aiming to create a more structured and predictable regulatory environment.

Not to be forgotten, the infamous DOGE (Department of Government Efficiency), seemingly backed by Elon Musk, has begun its restructuring efforts, with whispers that the SEC itself could be its next target. It seems Trump and Musk are on a mission to reshape Washington in ways few expected. 

These developments are just a glimpse of the positive momentum we've seen in the past month, and with the pace of change, there's hope that even more breakthroughs are on the horizon.

Hurdles in the Path of Progress

Despite these major wins for the industry, not everything has been smooth. The Libra coin scandal turned into one of the biggest rug pulls in crypto history, causing a staggering $4.4 billion loss. Adding to the chaos, the Central African Republic (CAR) Meme coin scams followed, further denting trust in memecoins. Trump launched the OFFICIAL TRUMP Coin, a memecoin, which quickly surged to a $15 billion market cap before plunging 40% in a single day. This rapid rise and fall have sparked debates on whether memecoins represent real innovation or just another speculative frenzy.

Trump’s tariff decisions on Mexico, Canada, and China shook financial markets, sending ripples through the crypto world. Bitcoin’s price dropped, and worries about economic instability grew. More recently, he added a 25% tariff on steel and aluminum, adding to market uncertainty.

At the same time, security concerns rose when Trump approved a prisoner swap with Russia, freeing Alexander Vinnik, who had been linked to crypto money laundering. While some saw this as a diplomatic move, others worry about the precedent it sets.

What’s Next for Crypto Under Trump?

One thing is clear—Trump didn’t mention crypto on day one, but he’s certainly made up for it in the weeks since. With his administration stacked with pro-crypto figures, expectations are high for stablecoin legislation and policies that favor innovation.

The real question is: Will 2025 be the year of crypto? If Trump’s first month is anything to go by, the answer may just be a wild and unpredictable ride ahead.