America has a new leader. Yesterday, Donald Trump was sworn in as the 47th president of the United States, becoming the first cryptocurrency-friendly president in the country’s history.
During his campaign last year, Trump openly expressed his support for cryptocurrencies, making bold promises such as turning the U.S. into a global cryptocurrency hub and creating a strategic national Bitcoin reserve. However, on his first day in office, the issue of digital assets was conspicuously absent.
Immediately after taking office, Trump signed dozens of executive orders and presidential actions. Notably, none of these actions referred to cryptocurrencies.
“Today, I will sign a series of historic executive orders. With these actions, we will begin the full restoration of America and the revolution of common sense,” Trump declared during his inauguration speech, making no mention of Bitcoin or digital assets.
Trump Signs Dozens of Executive Orders
Among the executive orders signed, Trump withdrew the United States from the Paris climate agreement and the World Health Organization, for the second time; granted pardons to over 1,500 supporters charged in connection with the January 6, 2021 Capitol riots, including individuals who attacked law enforcement; and ordered TikTok’s continued operation for another 90 days.
From the Oval Office, Trump continued signing orders addressing immigration, economic policies, and regulatory reform. He revoked several immigration directives enacted during Joe Biden’s presidency and declared a national emergency on the U.S.-Mexico border. Additionally, he directed the federal government to resume construction of the border wall that began during his first term.
Trump also granted formal powers to the newly established Department of Government Efficiency (DOGE), proposed and directed by Elon Musk. Despite its unofficial status, the department is expected to wield significant influence, with Musk tasked with identifying inefficiencies in government programs and recommending spending cuts, according to information from the Associated Press.
New Chairmen for the SEC and CFTC
On financial matters, Trump appointed new interim chairmen for the two primary financial regulatory agencies, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Mark Uyeda retained his position as acting SEC chairman, while Caroline Pham was named chair of the CFTC.
These appointments aligned with Trump’s campaign pledge to fire former SEC Chairman Gary Gensler, a figure widely viewed as antagonistic toward the cryptocurrency industry. Gensler had confirmed weeks earlier that he would step down on January 20, coinciding with Trump’s inauguration.
Cryptocurrency Market Reaction
Trump’s lack of comments about cryptocurrencies during his inaugural address and the absence of related executive actions sent a bearish signal to the cryptocurrency market. This triggered a wave of liquidations totaling over $1.2 billion within 24 hours. Bitcoin, which had recently hit a new all-time high above $109,000, sharply retreated, mirroring the uncertainty stemming from the administration’s silence on digital assets.
