Trump’s ‘Day One’ Lacks Crypto Executive Order Promise, Circle CEO Remains Bullish

#cryptonews

Donald Trump, the 47th president of the United States, did not mention crypto during his Monday inaugural speech.

Adding to the disappointment, a GOP congressional ‘immediate priority’ report omitted any mention of crypto or Bitcoin.  Instead, the priorities included topics such as energy independence and immigration, leaving the community to speculate about crypto-related announcements.

However, his lack of mention of Bitcoin took a toll on the crypto’s price, falling to a low of $100,000.  The largest crypto surged past $109,000 before Trump was sworn in at the White House on Monday.

Some of the sources close to the matter revealed last week that his administration would prioritize national crypto policy.

Trump had previously promised to deliver crypto executive orders on ‘day one’, including delivering long-awaited demands such as building a national Bitcoin strategic reserve.

On May 16, 2024, the US Senate voted to overturn the accounting bulletin. However, former President Joe Biden vetoed the resolution a few weeks later, defending SAB 121 as a reflection of the “considered technical” judgment of SEC staff.

Despite the disappointment and price volatility, Circle CEO Jeremy Allaire is bullish and believes that Trump will issue a crypto executive order on digital assets soon.

Industry Leaders Remain Optimistic on Trump’s Crypto EO

“That’s something I think to watch closely in terms of EOs (executive orders),” Allaire told Reuters. “I’m strongly in favour of repealing it and I would hope that President Trump would take that action.” Besides, Bybit, the world’s second-largest crypto exchange by trading volume, also had a positive outlook on the potential development within the cryptocurrency industry, following Trump’s inaugural ceremony.

The Circle head noted that SAB 121 effectively made it “punitive for banks and financial institutions and corporations even to hold crypto assets on their balance sheet”.