The first week of President Donald J. Trump's return to the White House is nearing its end, and the country's leader has so far fulfilled many of his promises in his campaign, with the latest one being his commitment to cryptocurrency. The President of the United States (POTUS) has recently signed his first policy on crypto that designates a working group toward creating cryptocurrency regulations.
Its turnout is another overwhelming performance for the entire cryptocurrency market where the top coins are rallying, with Bitcoin yet again achieving an all-time high of over $109,000 before resting this Friday.
Trump's First Crypto Policy Is Here, And It Focuses on Regulations
A new report by Reuters revealed that President Trump has recently signed a policy that designates a working group that will be responsible for working towards creating cryptocurrency regulations for the industry. This is the first major move by President Trump toward his promises in the crypto industry, with this being one of his promises to the public during his campaign.
There were no specifics on what regulations will be created to appease the crypto industry, but it is expected that they willhelp the blockchain market be more apparent in the market instead of being persecuted by federal agencies, including the SEC.
Also part of this latest policy is the United States' dive towards stockpiling cryptocurrency assets, with Trump also known for planning to establish US crypto reserves which centers on the top coin in the market.
Regulations Under Works, Crypto Market Rallies
As a result of the latest signed policy, the cryptocurrency market rallied the market to a similar trajectory as last November and December where massive investments are pouring in from whales and investors. Bitcoin reached another all-time high at $109,071 before dipping back to 106,000 this Friday, and the other top coins in the market also made significant improvements after the industry mellowed down in the past weeks.
Donald Trump's Promise For US Crypto
Before Trump won the 2024 US elections last November, he made massive claims and promises to the industry which centers on making it a priority in his term, including transforming the United States into a crypto capital in the world. After winning the elections, Trump made significant claims on how his administration would proceed with crypto's improvements including US Bitcoin strategic reserves, crypto regulations, and more, leading to an impressive rally throughout 2024's last months.
In his second day in office, President Trump fulfilled another promise in the crypto world and to Libertarians by giving Silk Road creator, Ross Ulbricht, a full pardon for his crimes in operating the dark web marketplace. Ulbricht is serving double life sentences after his conviction in 2015, and after serving ten years, President Trump set the convicted felon free as he fights against the 'lunatics' who are also going against him.
The cryptocurrency industry has closely monitored Trump's moves as soon as he set foot in the Oval Office, and this already prompted a significant rally which helped crypto gain its footing back after faltering this early January. Now, crypto is back to its massive rally which led to another ATH for Bitcoin, following the first legitimate policy on cryptocurrency as President Trump is looking to ramp up regulations for the industry.
