Following the inauguration of Donald Trump as the 47th President of the United States on Monday, market volatility across the cryptocurrency market was low. Bitcoin, at the top of the key, appears to have stabilized along the $103,000-$105,000 levels, while other coins in the top 20 market cap rankings have not seen a price rise or fall above 2% in the last day.
Analysts attributed this calm in the market to Trump Appointment From new leadership at the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The new appointments, which include individuals who are all crypto supporters, are widely seen as a positive step for the industry, and the market now appears to be at rest.
Mark Ueda Takes Over as SEC Chairman Interim: Is a Win for Cryptocurrency?
In a notice issued by the White House dated January 20, President Trump appointed Mark Ueda as acting Chairman of the Securities and Exchange Commission, succeeding Gary Gensler, who officially left the seat on the same day. Ueda has served as Republican commissioner of the SEC since June 2022 and will now assume the position in an interim capacity.
The current SEC head, along with the cryptocurrency community, is awaiting Senate approval of a permanent successor, believed to be Trump appointee Paul Atkins.
“The SEC’s policies and approach to cryptocurrencies over the past several years have been a disaster for the entire industry. […] We have put these policies through implementation and done nothing to provide guidance…the war on cryptocurrencies must end.
Ueda He said Fox News in October 2024.
A veteran of securities law, Attorney Ueda previously served as counsel to former SEC Commissioners Michael Piwar and Atkins, widely known for their pro-crypto stances.
Ueda has been a vocal critic of Gensler’s tenure, particularly his tough approach to regulating the cryptocurrency industry.
“The administrative change will give the SEC an opportunity to reset its regulatory agenda to focus on capital formation and innovation while protecting investors, such as seniors, from scammers who defraud them,” Ueda said. He said Reuters.
According to FOX News reporter Eleanor Terrett, the attorney will attend the SEC’s closed-door meeting on Thursday, January 23. XRP enthusiasts expect that the financial regulator will vote to dismiss Ripple Lab’s ongoing court case, with official meeting files referring to the “decision.” “Litigation cases” are on the agenda for the discussion.
CFTC leadership change: Caroline Pham replaces Benham
On the day he took office, Trump also selected Carolyn Pham as acting chair of the CFTC, replacing Rusten Behnam. Pham is known as a strong advocate for regulatory clarity for cryptocurrencies, having joined the Commodity Futures Trading Commission (CFTC) as a commissioner under the Biden administration in 2021.
As with Ueda at the SEC, she is expected to lead the agency until the permanent chair position is confirmed by the Senate.
“I look forward to engaging with all stakeholders in this new capacity as we focus on the CFTC’s mission of promoting well-functioning markets that support U.S. economic growth and competitiveness,” Pham said upon her appointment.
Per Bloomberg a reportthe lawyer once suggested using “regulatory sandboxes” to allow digital asset companies to test their products under regulatory oversight without fully complying with existing rules. She said the idea provides a way to innovate while maintaining oversight, a position that has earned her significant support within the cryptocurrency community.
Market sentiment is positive despite Trump’s “silence” on cryptocurrencies after his inauguration
The appointments of Ueda and Pham on Monday were met with great optimism from across the industry. President Trump failed to address anything crypto-related during his inaugural address, and that helped wipe out $1.2 billion in the market, according to Coinglass. Data. However, Bitcoin price did not fall below $101,000 and rebounded to levels above $103,000 in the early hours of Tuesday.
Agne Ling, head of growth at WeFi, noted that some investors who sold their bitcoin during the opening volatility may now feel more fear of FOMO.
“If the SEC can issue new rules to allow Web3 innovators to create new markets with blockchain capabilities, the upside is high for all stakeholders involved,” Ling said in a recent interview.
Furthermore, QCP Capital analysts echoed this sentiment, reiterating that the potential for regulatory clarity under the SEC’s new leadership is much higher than during the previous administration.
“The new leadership of the US Securities and Exchange Commission has established a task force dedicated to developing a regulatory framework for crypto assets. This initiative promises to be a game-changer in the digital assets space,” the company stressed.
Under Ueda’s interim leadership, the FSA is expected to take a more collaborative approach. Sources cited by Reuters say Ueda and SEC Commissioner Hester Peirce could launch a comprehensive cryptocurrency policy overhaul as early as this week.
Likewise, Pham’s leadership at the CFTC is expected to provide a new perspective on cryptocurrency regulation. Economists expect that she will be the one to keep the seat permanently, as her policies align with Trump’s broader agenda to make America the cryptocurrency capital of the world.
With Trump finally occupying the Oval Office for his second term as President of the United States, the entire cryptocurrency industry is optimistic about the prospect of clearer regulations and a more cooperative relationship with US regulators.
Ueda and Pham’s terms may be short-lived, but their appointments indicate efforts by the current Republican administration to deliver on its promises to fully embrace cryptocurrencies.
It also increases the chances of having a strategic Bitcoin reserve Fireda proposal that President Trump is likely to see by the end of the first half of 2025.
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