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Crypto News: Key Developments in Trump’s First Week

by January 24, 2025
January 24, 2025
Crypto News: Key Developments in Trump’s First Week

The inauguration week of U.S. President Donald Trump has ushered in several notable developments in the cryptocurrency sector, signaling potential regulatory clarity and market optimism.

SEC Establishes Crypto Task Force

In a significant move, the U.S. Securities and Exchange Commission (SEC) has formed a dedicated task force to streamline cryptocurrency regulations. This initiative aims to provide clear guidelines for the digital asset market, addressing longstanding industry concerns. The task force, led by Commissioner Hester Peirce—affectionately known as “Crypto Mom” for her pro-crypto stance—plans to develop practical frameworks for token registration, transparent disclosure practices, and targeted enforcement actions against fraudulent activities. The group will engage with stakeholders, including investors, industry participants, academics, and other regulatory bodies, to foster a collaborative regulatory environment.

Leadership Changes in Regulatory Bodies

Carolyn Pham has been appointed as the interim Chair of the Commodity Futures Trading Commission (CFTC), one of the primary regulators overseeing the cryptocurrency industry. In her new role, Pham has initiated a reorganization of the agency’s leadership, replacing several senior officials from the previous administration. Harry Jung, who joined the CFTC in 2023 as an advisor to Pham, will now oversee the agency’s cryptocurrency division. Pham expressed confidence in the new leadership team, emphasizing their commitment to adapting regulatory frameworks to the evolving digital asset landscape.

Presidential Pardon for Ross Ulbricht

Fulfilling a campaign promise, President Trump has granted an unconditional pardon to Ross Ulbricht, the founder of Silk Road, a darknet marketplace that facilitated transactions using Bitcoin. Ulbricht was sentenced to life imprisonment in 2015 for his role in the platform, which was associated with illegal activities. The severity of his sentence had been a point of contention within the cryptocurrency community and among libertarian circles, who advocated for his release. President Trump described the sentence as “excessive,” aligning with sentiments that Ulbricht’s punishment was disproportionate to his offenses.

Legal Reversal for Tornado Cash

In a related development, a Texas court has lifted the ban on Tornado Cash, a platform that enables anonymous cryptocurrency transactions. Previously, the platform had been restricted due to concerns over its potential use in money laundering activities. The court’s decision underscores a legal perspective that platforms facilitating transactions should not be held accountable for the illicit actions of individual users. Following the ruling, the value of Tornado Cash’s native token experienced a notable increase.

Market Outlook

These developments have contributed to a positive sentiment in the cryptocurrency market. Notably, BlackRock CEO Larry Fink suggested that Bitcoin’s price could reach $700,000, reflecting growing institutional interest and confidence in the digital asset’s potential. Additionally, there has been a surge in applications for cryptocurrency exchange-traded funds (ETFs), including one based on President Trump’s own “MAGA” token, indicating a broadening acceptance and integration of digital assets into traditional financial instruments.

The post Crypto News: Key Developments in Trump’s First Week appeared first on FinanceBrokerage.

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