The cryptocurrency market has returned to rally mode, fueled by President Donald J. Trump’s first crypto policy. During his first week back in the White House, President Trump has already delivered on several campaign promises, including his pledge to prioritize cryptocurrency. His newly signed policy has set the groundwork for crypto regulation and propelled the market to new heights, with Bitcoin reaching an all-time high (ATH) of $109,000 before stabilizing at $106,000 by week’s end.
Trump’s First Crypto Policy: A Push for Regulations
According to a Reuters report, President Trump signed a policy establishing a working group to develop cryptocurrency regulations. This is Trump’s first significant move toward fulfilling his crypto-related promises, a key part of his 2024 campaign.
While specific policy details remain unclear, it’s widely anticipated that the regulations will provide much-needed clarity for the blockchain industry and alleviate pressure from federal agencies such as the SEC. Trump’s administration also plans to build U.S. strategic reserves of cryptocurrencies, focusing on Bitcoin, as part of its broader crypto strategy.
Market Rally Follows Policy Announcement
The announcement of the new policy has spurred a surge in the cryptocurrency market, reminiscent of the bull run in late 2024. Massive investments from institutional investors and crypto whales have pushed Bitcoin to its latest ATH of $109,071 before it slightly corrected to $106,000. Other major cryptocurrencies also experienced significant gains, signaling renewed confidence across the sector.
Trump’s Vision: U.S. as a Crypto Powerhouse
Trump made bold promises during his campaign to transform the U.S. into a global crypto hub. His vision includes creating strategic Bitcoin reserves, implementing favorable regulations, and fostering an environment where cryptocurrency can thrive. This policy announcement aligns with his campaign rhetoric and marks a significant step in his effort to solidify the U.S. as a leader in the crypto space.
A Controversial Pardon for Ross Ulbricht
On his second day in office, Trump fulfilled another crypto-related promise by granting a full pardon to Ross Ulbricht, the founder of the infamous Silk Road dark web marketplace. Ulbricht, who was serving double life sentences for his 2015 conviction, has now been released after a decade behind bars. This move, lauded by some in the Libertarian and crypto communities, is part of Trump’s broader fight against what he calls the “lunatics“ opposing both his administration and his vision for crypto.
Crypto’s Resurgence Under Trump
Since his return to the Oval Office, the cryptocurrency industry has closely monitored Trump’s every move. His proactive approach and the newly introduced policy have revitalized the market. After a brief downturn in January, the crypto sector rallied again, with Bitcoin leading the charge to new heights.
Trump’s first crypto policy is expected to pave the way for further developments in the coming months as the administration works toward creating a more stable and transparent regulatory environment for the industry.
