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Editor: @PhoenixxDown

Trump’s First Day in Office: 3 Crypto Reforms to Watch For

As Donald Trump prepares to assume office, speculation is mounting about the sweeping changes his administration may bring as early as his first day in office. Reports suggest that Trump plans to issue transformative executive orders on day one, largely targeting the regulatory hurdles and financial barriers that have long impeded U.S. crypto innovation.

Let’s explore what some of those Day 1 E.O’s could include.

Repealing SAB 121 and Addressing Crypto De-Banking

Central to Trump's crypto agenda is the repeal of the SEC’s controversial rule SAB 121. This rule requires banks holding digital assets to list them as liabilities, discouraging traditional financial institutions from engaging with the crypto sector. Critics argue that SAB 121 is emblematic of "Operation ChokePoint 2.0," a broader effort to stifle crypto progress.

The Trump administration has labeled repealing SAB 121 a priority, a move that would enable banks to embrace crypto and potentially restore investor confidence.

Additionally, Trump aims to combat crypto de-banking, a practice where regulatory pressures force financial institutions to sever ties with crypto companies.

Bitcoin Reserve and Presidential Crypto Council

It’s been well documented already that among Trump’s rumored plans is the establishment of a Bitcoin Reserve, but that’s not come without it’s hurdles as detailed in Issue #92 last week.

Trump has also floated the idea of establishing a presidential crypto council. This council, composed of 20 industry leaders, would guide policy development, ensuring a balanced and cooperative regulatory framework that promotes innovation while addressing security concerns.

Pardoning Ross Ulbricht

Trump is also expected to commute the sentence of Ross Ulbricht, the founder of Silk Road. Imprisoned since 2013, Ulbricht has become a symbol of libertarian values. Advocates argue that his double life sentence, plus 40 years without parole, is excessive and politically motivated.

Furthermore, a hallmark of this shift is the first-ever “Crypto Ball,” set to take place on January 17 at the Andrew W. Mellon Auditorium in Washington, D.C. Hosted by David Sacks, Trump’s AI and Crypto Czar, the gala celebrates crypto’s growing influence in politics and finance.

Featuring a star-studded guest list, VIP tickets priced at $100,000, and private dinners costing up to $1 million, the event is set to showcase the crypto industry’s ascent to mainstream recognition.

Elizabeth Warren: “We Need Stricter Regulation”

While these initiatives are promising, skeptics caution against over-optimism. Opposition from figures like Senator Elizabeth Warren, who has once again intensified her calls for stricter crypto regulations, poses a serious challenge.

Warren, who previously ran for the presidential nomination on a platform of “building an anti-crypto army,” has renewed her stance in the wake of these developments, pushing for even tighter measures than those seen during the Gensler era.

Is This News Already Priced In?

Analysts such as Bob Loukas seem to believe so and suggest that if it didn’t happen, it would indeed be massive news—but to the downside.

Price action has been better since yesterday, so it appears things are on our side as it stands.

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Daily Bites: Today’s Top Articles

Todays Markets

Catch up with Landy in yesterdays Macro Monday:

Ordinals

WZRDS, a collection long forgotten by most, has emerged to become the third highest volume rank on the day, registering a 340% increase. That said, the floor sits at $8.39, so if you've got enough for a burger, you've still got time to buy in at a cheap price—the ship has not yet sailed!

Originally minted back in February 2024, the collection size stands at 61,100, with some of those being airdropped to eligible wallets holding other collections.

The X account hasn't posted since June of last year, making this sudden attention even more puzzling. It appears that most of the sentiment is centered around the anticipation of the Unsanctioned Wizards mint, which could potentially kick off a "wizard meta."

Shibuya Station is the newest mint to hit the top 10, but it is currently under floor price. Some minters are delisting and relisting at an extraordinary pace, presumably in a frightful panic. Once these participants are out of the way, maybe it can recover.

Bitcoin Frugs has made a slight gain after the fall in the past few days, and OCM continues to stay strong with sales flowing in.

Natcats finishes 7th for volume but is dangerously close to the 0.01 level again.

Runes

The new ticker display replacing the long name format for Runes really does look a lot better! Nice update, Magic Eden!

It also brings it more in line with how tokens are displayed on other chains. One of the numerous barriers Runes has faced has been the over-complication of everything, including how the names are displayed. It even sparked debates about whether we should be calling them “Bitcoin Memecoins” rather than “Runes.” Making this easier on the eye is a great step forward.

The top 5 Runes are mostly looking well today, with $BDC leading the price increase with an 11.4% rise, taking it back above 30 sats. There’s still a long way to go for all, though.

$BRO and $NMS have bounced back hard, with over 40% increases on both.

$CYPHER continues to hold steady in its position, and as we mentioned yesterday in the feature on Bootoshi, it looks like the craziest value bet for the AI sector right now.

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