Bitcoin (BTC) experienced a notable dip of more than 2% on Monday, following the release of President Donald Trump’s administration’s key priorities for his second term. The list, however, did not include cryptocurrency-related issues, nor did Trump address Bitcoin or crypto during his inaugural speech. This omission has sent ripples through the crypto market, leading to declines in Bitcoin and several major altcoins.
Crypto Market Reacts to Absence of Bitcoin from Presidential Priorities
President Trump’s administration unveiled a comprehensive list of issues it aims to tackle in the coming years, as reported by Punchbowl. The document, titled “President Trump’s America First Priorities,” outlined three primary categories of focus. Yet, notably absent from the list were cryptocurrency regulations or any plan to establish a Bitcoin reserve, a proposal that had gained traction during Trump’s election campaign.
In addition, Trump’s inaugural speech, delivered at the Capitol Rotunda, made no mention of Bitcoin or the broader cryptocurrency landscape—an omission that seemed to dampen short-term market optimism. As a result, Bitcoin, which had reached an all-time high of $109,000 before the inauguration, fell to $103,735 at press time, marking a drop of over 2%.
Trump’s Past Crypto Promises and Campaign Rhetoric
During his campaign, Trump had expressed strong support for cryptocurrencies, including Bitcoin, promising to make the U.S. the “crypto capital of the world” and stating that his administration would never sell the country’s Bitcoin holdings. This rhetoric had stirred significant discussions within the crypto community, with advocates like Senator Cynthia Lummis championing the idea of a Bitcoin reserve for the U.S. Treasury.
Furthermore, rumors circulated that Trump would sign executive orders on his first day in office, including measures addressing the controversial SAB121 and FIT21 bills, which aim to define and regulate crypto assets. However, the failure to mention crypto in the presidential priorities list or in his speech has temporarily cooled expectations around these proposals.
Pro-Crypto Appointments Offer Hope for Future Regulation
While the exclusion of crypto from the immediate agenda has tempered short-term optimism, there remains hope in the broader regulatory landscape. Trump has continued to appoint pro-crypto individuals to key positions in government. On Monday, he named Caroline Pham as the acting Chair of the Commodity Futures Trading Commission (CFTC) and Mark Uyeda as the acting Chair of the Securities and Exchange Commission (SEC).
Both Pham and Uyeda are known for their pro-crypto views and have been vocal advocates for clearer regulations surrounding digital assets. Their appointments signal that while immediate legislative action on crypto may be on hold, the administration is still taking steps to create a more favorable regulatory environment for the industry.
In conclusion, the exclusion of crypto from President Trump’s immediate priorities list has led to a short-term pullback in Bitcoin prices. However, with pro-crypto figures like Pham and Uyeda in key positions, the outlook for crypto regulation remains positive, keeping long-term hopes alive for more favorable policies.
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