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Bitcoin Surges as US SEC Announces Plan to Overhaul Crypto Regulations

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Bitcoin’s price surged towards a previous record high as the U.S. Securities and Exchange Commission (SEC) unveiled its first major policy move under President Trump’s administration to regulate the digital assets market.

Key Points:

  • Bitcoin Price Movement: Bitcoin briefly reached a record high of $109,071 on Monday, following President Trump’s swearing-in. Despite a temporary drop after the inauguration due to a lack of crypto-related executive orders, Bitcoin rebounded with a 3.8% rise on Tuesday. Ethereum, the second-largest cryptocurrency, saw a 1.4% increase as well.
  • SEC’s Crypto Task Force: The SEC, under new leadership, announced the creation of a task force aimed at developing a regulatory framework for digital assets. This move marks a significant step in Trump’s plan to overhaul the regulatory landscape for cryptocurrencies. The task force will focus on providing clear regulations, creating registration pathways, crafting disclosure frameworks, and enhancing enforcement resources.
  • Market Reactions: Despite the positive news, the cryptocurrency market remains volatile. Analysts, including Geoffrey Kendrick from Standard Chartered, expressed concerns over ongoing uncertainty in the market, especially as no concrete crypto policies have been announced yet by Trump’s administration.
  • Trump’s Own Crypto Ventures: President Trump’s own involvement in the cryptocurrency space, including the launch of his $TRUMP-branded “meme coin” and a separate crypto project, has raised eyebrows among critics who question the ethical implications. His ventures have also sparked discussions about potential conflicts of interest, given his business empire’s connections to crypto.
  • Industry Expectations for Executive Orders: The crypto industry remains hopeful that Trump will soon issue executive orders to further boost Bitcoin adoption. Jeremy Allaire, CEO of stablecoin issuer Circle, expects imminent executive orders that could allow banks to trade cryptocurrencies and offer crypto investments to wealthy clients.

Circle CEO Anticipates U.S. Executive Orders to Broaden Crypto Adoption

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Circle CEO Jeremy Allaire has expressed expectations that U.S. President Donald Trump will issue executive orders “imminently” aimed at reducing regulatory barriers for the cryptocurrency sector, which could enable banks to trade, offer investments, and hold crypto assets in portfolios.

Key Points:

  • Executive Orders Expected: Allaire anticipates executive orders under the new administration to address regulatory challenges facing cryptocurrencies, enabling banks to more actively engage with digital assets, including offering crypto investments to wealthy clients.
  • USDC and Crypto Regulations: As the issuer of the USDC stablecoin, Allaire advocates for the repeal of the SEC’s Staff Accounting Bulletin 121, which he claims has made it difficult for financial institutions to hold crypto assets on their balance sheets.
  • Trump’s “Crypto President” Agenda: Trump’s administration has promised to embrace digital assets, with the president aiming to streamline crypto regulation and support broader adoption, aligning with his vision of being a “crypto president.”
  • Broader Industry Impact: Industry leaders, including Faryar Shirzad from Coinbase, expect swift regulatory actions that could further integrate banks into the crypto space, bolstering institutional adoption and broader ecosystem growth.

US Crypto Industry Presses for Day-One Executive Orders Under Trump

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The cryptocurrency industry is urging President-elect Donald Trump to prioritize his campaign promise of overhauling crypto policies by issuing executive orders as early as his first day in office on January 20. These potential directives aim to push cryptocurrency further into the mainstream, according to insiders.

Trump has signaled plans for a wave of executive orders on diverse topics, including immigration and energy. The crypto sector hopes this momentum will extend to their agenda, advocating for measures such as creating a strategic bitcoin reserve, guaranteeing banking access for crypto companies, and establishing a crypto industry council. Insiders suggest one such order may even be unveiled on Inauguration Day, with additional orders expected within the administration’s first 100 days.

“Given the tenor of the campaign, it would be imperative for executive orders to outline clear priorities and provide a roadmap,” said Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs.

Trump’s proposed approach marks a sharp departure from President Joe Biden’s administration, which implemented stringent regulations on the sector, citing concerns over crime and volatility. Trump, branding himself as a “crypto president,” has promised to reverse this stance. His transition team already includes pro-crypto figures such as SEC chair Paul Atkins and White House crypto advisor David Sacks.

In July, Trump unveiled plans to establish a U.S. bitcoin reserve, driving Bitcoin prices above $107,000. Although the cryptocurrency has since dropped below $100,000, the industry remains divided over whether Trump could use executive powers or would need Congress to implement such a reserve. A draft executive order by the Bitcoin Policy Institute proposes spending $21 billion over a year to designate Bitcoin as a strategic reserve asset.

Other anticipated executive actions include directives to prevent banks from excluding crypto firms from the traditional financial system, a longstanding industry grievance. While federal regulators assert that banks are free to work with compliant crypto firms, some executives argue that regulatory pressure has stifled such partnerships. However, analysts caution that executive orders may have limited impact on federal banking regulators, who operate independently.

Additionally, Trump has floated the idea of forming a crypto industry council, which his team is currently exploring. Previous administrations have successfully created similar councils through executive orders.

The broader crypto community is also pushing for an executive order that sets foundational principles for crypto regulation, akin to Trump’s 2017 directive for banking rule reviews. Such an order could encourage regulatory agencies to revisit existing rules to better align with the rapidly evolving cryptocurrency landscape.

“An early executive order articulating core principles for crypto regulation wouldn’t be surprising,” said Jonah Krane, a partner at financial firm Klaros Group. “It would signal the administration’s direction while initiating long-term regulatory adjustments.”