Trump fails to deliver crypto executive orders on Day One, but industry remains optimistic

Ahead of President Donald Trump’s inauguration, rumors swirled that the crypto industry would see an executive order related to cryptocurrency on the first day of Trump’s second term. This anticipation catapulted the price of bitcoin to $109,241 ahead of his swearing-in ceremony.

However, the anticipated day-one crypto executive order failed to materialize, as Trump prioritized other issues, such as immigration — declaring a national emergency at the U.S. border and suspending the entry of refugees — withdrawal from the Paris Climate Agreement, temporarily protecting TikTok, and pardoning individuals linked to the January 6 Capitol attack.

Despite pouring millions into Trump’s campaign, the crypto industry did not receive the spotlight in his initial wave of executive orders. Nevertheless, industry leaders remain optimistic that crypto-related executive actions are forthcoming, given Trump’s apparent embrace of the sector.

"A lot of crypto investors were expecting Trump to mention bitcoin or crypto in his speech yesterday, but previous presidents have never mentioned stocks or other tradable assets in their inauguration speeches – for good reason," said James Toledano, COO of Unity Wallet. "Speculation around a U.S. bitcoin strategic reserve, rumors of a Trump executive order on crypto and hopes for regulatory clarity on day one of his presidency have fueled exaggerated expectations, but change doesn’t happen overnight."

"Price surges around major political events are often rooted in speculative narratives and wishful thinking rather than concrete policy shifts," Toledano explained. "The market’s volatility underscores a need for tempered expectations and a focus on long-term fundamentals over speculative milestones... Meaningful crypto policy changes take time and require coordination with the Federal Reserve and regulatory bodies."

Trump has made a sweeping array of promises to the crypto industry, pledging measures such as a national bitcoin stockpile, the release of Silk Road marketplace founder Ross Ulbricht, and potentially addressing the unofficial de-banking of the crypto industry — commonly referred to as "Operation Chokepoint 2.0." The crypto industry is also hopeful that Trump will overturn a contentious accounting rule impacting the industry, alongside a range of other regulatory relief requests.

Jeremy Allaire, the CEO of stablecoin issuer Circle, recently stressed the urgency of rolling back of onerous regulations — specifically pointing to the U.S. Securities and Exchange Commission's Staff Accounting Bulletin 121: "[It] effectively made it punitive for banks and financial institutions and corporations even to hold crypto assets on their balance sheet," he said.

Like many in the crypto space, Allaire remains optimistic that Trump will fulfill pledges to the digital asset sector. That optimism is widely shared across the industry. "We expect the new SEC will take action," said Faryar Shirzad, Chief Policy Officer at Coinbase, America's largest registered crypto exchange.