Crypto Executive Stay Optimistic Despite Trump’s Lack of Crypto Focus

• The crypto community panicked President Donald Trump did not mention Bitcoin on day 1.
• Despite the price of assets falling, core proponents are convinced the future is bright.

Donald Trump remained in the spotlight regarding releasing crypto executive orders on his first day in the US White House. While the President’s lack of crypto focus has raised concerns within the community, industry executives are hopeful the action is incoming.

Optimistic Statements from Crypto Observers

On his first day in office on Monday as the US 47th President, Trump signed several executive orders. However, none have targeted digital assets or related policies. The president who pledged to support crypto during his campaign did not mention Bitcoin (BTC) or digital assets in his inauguration speech.

The President’s lack of crypto mention resulted in a substantial dip in the market. In the last 24 hours, the total market capitalization of all digital assets plummeted by 5.72% to $3.51 trillion. As a result, BTC slipped 5.5% from its all-time high of $108,786 to $102,054.

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Despite the decline, some crypto executives and investors commented that Trump’s failure to mention Bitcoin is nothing to worry about. In an X post, Reflexivity Research co-founder Will Clemente commented that pro-crypto regulations are coming. 

“CT freaking out because Trump didn’t do anything with regard to crypto on the first day Trump got sworn in, we live in such a bubble,” Will added.

Futures trader “Satoshi Flipper,” wrote in an X post that Trump didn’t have to mention cryptocurrency during his first day in office. He explained that the President has already demonstrated his support for crypto through his actions over the weekend.

“His kids are locked in. His wife is locked in. He’s fully locked in, buying hundreds of millions worth of ALTS, and people out here paranoid the top is in because Trump didn’t say ‘Bitcoin’ today,” the trader added.

Moreover, crypto lawyer Jake Chervinsky congratulated Mark Uyeda and Caroline Pham for their new position. On Monday, Trump appointed Uyeda and Pham as the acting Chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission.

Chervinsky sees the appointment of the new Chairs as a clear move toward establishing favorable crypto rules in the US.

For the first time ever, the SEC and CFTC are in the hands of leaders who oppose regulation by enforcement and support clear rules of the road for crypto

Congrats to Acting Chairs Mark Uyeda and Caroline Pham.

There’s no time to waste. Let’s get the USA on the right track!

— Jake Chervinsky (@jchervinsky) January 21, 2025

What the Market Expects from the New SEC

Crypto executives also commented on the impact of Gary Gensler’s resignation as the US SEC Chairman. Many expect the US crypto regulatory landscape to shift, with Mark Uyeda now acting as the new SEC Chair. 

Gensler resigned on Monday and is known for suing multiple crypto firms, Coinbase and Binance, which he alleged were flouting SEC rules.

At the Monday World Economic Forum in Davos, Circle CEO Jeremy Allaire expects renewed activity from Congress on crypto regulations. Jeremy anticipates committee work will begin in the next few weeks.

Additionally, Allaire called for a repeal of the SEC’s Staff Accounting Bulletin, also referred to as SAB 121. Intriguingly, Mark Uyeda earlier criticized the SE’s accounting standard, as highlighted in a CNF post. This standard prevents banks and financial institutions from holding crypto assets on their balance sheets.