Three weeks into a new U.S. Presidential Administration and the current price of Bitcoin wouldn't suggest this is exactly a "pro-crypto" led White House. Perhaps all of the good news was already baked in. Since Trump assumed office on January 20th, the price of BTC is actually down from $102,000 on Inauguration Monday to the current trading price of roughly $97,600.

But now let's not be naïve enough to think that who's in the Oval Office is directly controlling the price of all cryptocurrencies.

Executive Order

But, certain moves have been made that provide some regulatory ease on cryptocurrencies. To start, Trump signed an executive order on January 23rd designed "to promote United States leadership in digital assets and financial technology while protecting economic liberty." It paves the way for the banking industry to support and adapt crypto as an asset class, by eliminating the SEC accounting rule SAB 121 which required cryptocurrencies to be treated as a liability on balance sheets. 

While this is all fine and dandy for financial institutions and big banks, did we the people really need this executive order to protect and promote "the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets?" Were we not doing all of the aforementioned activities before, without persecution? 

Crypto Czar

Trump has appointed David Sacks as his "AI and Crypto Czar," who is calling for regulatory clarity on cryptocurrencies. He sees stablecoins as having the potential to ensure the U.S. Dollar remains the dominant world reserve currency and create a demand for U.S. Treasuries, which in turn could lower long-term interest rates. Sacks also believes a U.S. Strategic Bitcoin Reserve is in the mix.

So, these initial moves by the Trump administration will definitely make the country more "crypto friendly." But will these moves to bring crypto into government affairs and the legacy American financial system ultimately be a good thing for cryptocurrencies?

Trump and Melania Shitcoins

Fight! Fight! Fight! That's exactly what the official Trump meme coin is doing: fighting for its life. If this isn't a "pump and dump" chart then I don't know shit from Shinola. The Trump shitcoin does absolutely nothing positive for crypto. In fact, this is a black eye for crypto.

Bagholders can't really do anything but watch this Solana-based shitcoin circle the drain. By all accounts, it looks like this one is headed for zero. Don't forget that 80% of the supply has yet to be released. It's just going to get uglier, if you ask me. How this one has a $3.22 billion market cap is beyond me. We'll check in on the Trump shitcoin again in the future. To be continued...

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