Trump's return to the White House and his official inauguration as the 47th President of the United States have brought major changes to the cryptocurrency market. The price of Bitcoin broke through the historical high of $109,000 in response, which was generally interpreted by the market as a direct effect of Trump's pro-cryptocurrency stance. This victory not only provides a strong impetus to the price of Bitcoin, but also indicates that there may be a major shift in US cryptocurrency regulatory policy.
During the campaign, Trump publicly expressed his positive attitude towards cryptocurrencies many times, and made it clear at the 2024 Bitcoin Conference that he would be committed to shaping the United States into the "global cryptocurrency capital and the world's Bitcoin superpower." He pledged to reduce the regulatory burden on the cryptocurrency industry, halt Securities and Exchange Commission (SEC) enforcement actions against cryptocurrency companies, and plan to include Bitcoin in the U.S. strategic reserves alongside traditional assets such as Treasury bills. This move will have a profound impact on US monetary policy.
Trump returns to the White House and begins to deliver on his cryptocurrency policy promises
Trump's policy promises have begun to be fulfilled. He proposed approving exchange-traded funds (ETFs) that include cryptocurrencies such as XRP and SOL to provide more investment avenues and enhance the legitimacy of market participants. More importantly, he has initiated major changes in the SEC's leadership. Gary Gensler, who took office as SEC Chairman in April 2021, resigned on January 20, 2025. During Gensler's tenure, the SEC was very active in enforcing the law against cryptocurrency companies, which was seen by the industry as an obstacle to the development of cryptocurrency. His departure is seen as a signal that the Trump administration will change the SEC's tough stance on cryptocurrencies.
Trump Appoints Pro-Crypto Mark T. Uyeda as Acting SEC Chairman
Trump has appointed Mark Uyeda as acting chairman of the SEC. Uyeda is considered to have a more friendly attitude towards cryptocurrencies and is expected to reshape the SEC's regulatory strategy for the cryptocurrency industry. In addition, Trump also nominated Paul Atkins as SEC Chairman and appointed former SEC Chairman Jay Clayton as Manhattan Federal Attorney. Clayton, who served as SEC chairman between 2017 and 2020, was known for his balanced approach to regulation and openness to financial innovation, and his return heralds a possible more pragmatic and innovative approach to regulation from U.S. regulators.
These appointments, coupled with the Trump administration’s aggressive push for a Bitcoin ETF, demonstrate its determination to integrate digital assets into the broader financial system. Market data also reflects this positive shift: last month, the assets under management of spot Bitcoin ETFs exceeded US$129 billion, surpassing gold ETFs for the first time, and large institutional investors such as BlackRock, Fidelity and ARK Invest have entered the market. In addition, companies such as Rumble and Metaplanet have also begun to include Bitcoin in their treasury reserves.
Although it remains to be seen whether Trump's policies can be fully implemented, the price of Bitcoin has exceeded $102,024 and continued to climb to $109,000. The market is full of optimism about the future, heralding a "Bitcoin superpower" led by the United States. That time may be coming.
