Bitcoin, crypto retraces following omission from list of top priorities for President Trump's administration
- Bitcoin saw a retracement after the Trump administration released a document to lawmakers noting immediate priorities.
- The document fails to mention crypto or a Bitcoin strategic reserve, which were part of Trump's campaign promises.
- Donald Trump appointed Caroline Pham and Mark Uyeda as the acting Chairs of the CFTC and SEC, respectively.
Bitcoin (BTC) dived over 2% on Monday as President Donald Trump's administration shared its most important priorities, which do not include crypto. The president also failed to mention crypto or Bitcoin during his inaugural speech. Meanwhile, Trump named Commissioner Caroline Pham and Commissioner Mark Uyeda as the acting Chair of the Commodities & Futures Trading Commission (CFTC) and Securities & Exchange Commission (SEC), respectively.
Crypto market retraces following exclusion of Bitcoin reserve from presidential priorities
Donald Trump's administrative team released a documented list of primary issues the president intends to address as he begins his second term in office, according to Punchbowl.
The document, titled "President Trump's America First Priorities," classifies three priority lists but does not include crypto regulations or a Bitcoin strategic reserve plan. Likewise, Trump omitted Bitcoin or cryptocurrencies during his inaugural speech at the Capitol Rotunda.
The news stirred declines in Bitcoin and several top altcoins. BTC dropped over 2% from its pre-inauguration all-time high of $109,000 to $103,735 at press time.
During his campaign, Trump made several promises around crypto, stating that he would make America the "crypto capital of the world" and ensure that the government never sells its Bitcoin.
Following his election victory, talks of a Bitcoin reserve saturated the crypto community with key figures, including Senator Cynthia Lummis, championing its move.
Additionally, reports that the president would allegedly sign several executive orders regarding Bitcoin and crypto regulations on his first day in office made the headlines. These regulatory changes include addressing the controversial SAB121 and the FIT21 bill.
While the omission of crypto has affected short-term optimism, the regulatory landscape for crypto still looks green as Trump has been appointing pro-crypto individuals to head key government agencies.
On Monday, he appointed Republicans Caroline Pham as the acting Chair of the CFTC and Mark Uyeda as the acting SEC Chair.
Pham and Uyeda are popular for holding pro-crypto views and have been advocating for clear digital assets regulations.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
