The day of President Donald Trump’s inauguration reportedly also saw big gains by his new crypto token and meme coin.
The Trump-connected crypto project World Liberty Financial (WLF) raised $1 billion in token sales Monday (Jan. 20), while a new Trump meme coin topped $10 billion in market value, Reuters reported Monday.
WLF was formed and promoted by Trump, his sons, and his new special envoy to the Middle East, Steve Witkoff, according to the report.
The meme coin, $TRUMP, was launched Friday night during a Crypto Ball held in conjunction with Trump’s inauguration festivities, per the report.
The boom in these ventures came as crypto traders and investors hope that Trump, who has dubbed himself a “crypto president,” will loosen regulations in the sector, the report said.
It was reported Monday that Jeremy Allaire, CEO of Circle, the issuer of the USDC stablecoin, anticipates that Trump will move quickly on new cryptocurrency rules.
Allaire said he expects executive orders “imminently” from the new president, allowing banks to trade crypto, offer crypto investments to wealthy clients and hold it in portfolios.
He also said he hopes the administration rescinds the Securities and Exchange Commission’s Staff Accounting Bulletin 121, while Allaire argued “effectively made it punitive for banks and financial institutions and corporations to even hold crypto assets on their balance sheet.”
One of the most immediate impacts of a new administration is the appointment of regulatory agency heads, PYMNTS reported Monday. The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and others play a crucial role in determining how cryptocurrencies and blockchain technologies are regulated.
Trump’s choices for these positions will signal the administration’s priorities and set the tone for the industry.
It was reported Sunday (Jan. 19) that the cryptocurrency industry is hoping the new administration will deliver the clearer regulatory framework the sector has long wished for.
The crypto world’s “wish list” includes an executive order requiring regulators to work together on a digital asset policy framework.
While the classification of crypto assets is still up to Congress, an executive order could lead regulators to produce research pushing the issue forward.
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