Crypto observers are still waiting on Trump and his promises concerning the crypto industry, despite a lengthy first speech without mentioning the sector. During the inauguration yesterday, Trump touched on various issues but failed to mention the crypto sector, a development that has caused quite a stir among the crypto community.
Regardless, some investors and analysts are still quite upbeat about Trump and his pro-crypto promises during the campaign. According to a user on X Satoshi Flipper, Trump’s actions have shown he aligns with the industry. “Trump didn’t need to say anything today about crypto. Not one word. He has already fully expressed his dedication to crypto with his actions all weekend,” he said. Bitcoin also reacted, dropping from its high of $108k to $102k.
Trump’s leadership and its inspiration
The appointment of several crypto-focused experts to various regulatory positions has sparked optimism and confidence across the industry. With Mark Uyeda and Caroline Pharm heading the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) in acting capacities, they are known as staunch advocates of the sector.
Cryptocurrency lawyer Jake Chervinsky voiced his confidence in the appointments made by Trump to oversee these sectors in a January 21 post on X. “For the first time, the SEC and CFTC are in the hands of leaders who oppose regulation by enforcement and support clear rules of the road for crypto,” he said.
Different views trail Trump’s inauguration speech
Different views have trailed Trump’s inaugural speech yesterday, with most believing that he knowingly avoided talking about crypto or the industry. Meanwhile, others, including Macroscope felt that it was an occasion that did not call for the need to mention crypto or the industry.
However, Circle CEO Jimmy Allaire remains optimistic, predicting that the Trump administration will come up with a good crypto regulation when the time comes. He also urged Congress to look into the SEC Staff Accounting Bulletin, which prohibits banks from adding crypto to their financial records. Allaire noted that Trump will make the needed changes, signaling a shift to a more pro-crypto administration.