Trump’s executive order bans CBDCs, forms a digital assets task force, and ends SEC crypto restrictions. He also pardoned Silk Road founder Ross Ulbricht, signaling major shifts in U.S. crypto policy.
The president has prohibited CBDCs and set up a group to create a federal plan for regulating digital assets, like stablecoins, within 180 days.
Crypto supporters, who have been looking for clear rules, might view this as an important progress.
That wasn’t the only success for the business. A few hours after the executive order, the SEC canceled Staff Accounting Bulletin 121. This bulletin had made it difficult for big banks to keep a lot of crypto for their clients because its unclear meanings affected even tokenized securities.
This removal could boost Wall Street’s efforts in tokenization, a market expected to grow to $16 trillion by 2030.
More developments followed: Republican senators proposed a bill to overturn a regulation classifying DeFi platforms as “brokers,” requiring them to monitor users and record transactions for tax reasons.
Starting in 2027, the new rule might make DeFi platforms either close down or move to other countries. This is because there is $182 billion being handled by DeFi websites.
There were also changes in leadership at the SEC. Gary Gensler has stepped down, and Mark Uyeda, who supports cryptocurrency, is currently the acting chair until a new one is appointed.
Uyeda chose Commissioner Hester Peirce, known as “Crypto Mom,” to head a group working on rules for digital assets.
In a surprising turn of events, Trump pardoned Ross Ulbricht, the founder of the Silk Road, who was serving a life term for running a famous online drug marketplace.
The Senate has set a meeting for February 5 to discuss worries about “debanking.”
With all that’s happening, it looks like Trump is keeping many of his promises about cryptocurrency. Investor Nic Carter said on X, “It’s a mix of happiness and sadness that we’ve achieved so much—now I don’t have as many things to complain about.” “I might start gardening.”
