Trump’s first day in office ends with no mention of crypto

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Donald Trump was sworn in as the 47th president of the United States on Jan. 20, delivering an inaugural address that made no mention of digital assets. Following the inauguration, the White House unveiled Trump’s “America First Priorities,” which similarly omitted any reference to crypto or Bitcoin. His initial batch of executive orders also lacked any focus on cryptocurrency. Meanwhile, the Trumps’ recently launched memecoins have seen double-digit percentage losses, and Bitcoin has declined after reaching a new all-time high on Jan. 20.

Trump seemingly wraps day 1 actions as crypto space holds hope for EO

Jan. 21, 4:50 am UTC: Trump appears to have wrapped up his executive actions for his first day back, with the president now scheduled to hit up three inaugural balls in Washington, DC this evening.

The White House is reportedly touting a “historic” first day in office, saying Trump has signed 42 executive orders, memoranda and proclamation actions — but so far none have addressed crypto.

FOX reporter Eleanor Terrett posted to X that crypto policy leaders are expecting an executive order banning a central bank digital currency and another creating a crypto council but added it’s “unclear when exactly those EOs may be signed.”

🚨NEW: In addition to signing an executive order establishing a crypto council, #crypto policy leaders are also expecting Trump to sign an EO banning the creation of a CBDC. Unclear when exactly those EOs may be signed. https://t.co/MlpZD9AYcE

— Eleanor Terrett (@EleanorTerrett) January 21, 2025

Bloomberg reported on Jan. 17 that those close to Trump said he would sign executive orders, possibly on his first day back, that would designate crypto as a national priority and create a crypto council.

The Washington Post on Jan. 13 reported that Trump was expected to sign day one executive orders covering crypto de-banking and repealing a bank accounting policy that requires banks holding crypto to list the digital assets as a liability.

Other crypto advocates are still hopeful the president will take action on a strategic Bitcoin reserve and either commute or pardon Silk Road founder Ross Ulbricht as he has promised to do.

The president, in the last hour, spoke at the Commander-In-Chief’s inaugural ball and has recently arrived at the second ball for the evening, The Liberty Ball. He will later attend the final event on the evening’s schedule, The Starlight Ball.

Bitcoin, Trump tokens fall as president still silent on crypto

Jan. 21, 3:10 am UTC: Bitcoin (BTC) has fallen around 6% from its all-time high of nearly $109,000 on Jan. 20 and Trump-related memecoins have tanked as the president is yet to mention crypto in his public statements or in a slew of executive orders signed in the Oval Office.

Donald Trump’s Official Trump (TRUMP) memecoin launched on Jan. 18 has fallen 28.5% over the last 24 hours, and TRUMP’s market cap has now fallen by $8 billion since its Jan. 19 peak, CoinGecko data shows.

Trump’s wife Melania’s memecoin — Melania Meme (MELANIA)— has fallen even further, plummeting 55.3% over the last 24 hours.

The TRUMP and MELANIA tokens have seen the third and sixth-highest trading volumes over the last 24 hours, according to CoinGecko.

Meanwhile, Bitcoin has traded flat over the last 24 hours at $102,300 but has fallen nearly 6% from its $108,786 peak hit earlier on Jan. 20.

DOGE officially in effect as Trump signs EO

Jan. 21, 1:41 am UTC: Trump signed an executive order officially launching the Department of Government Efficiency, or DOGE — an advisory commission aimed at cutting federal government spending led by billionaire Tesla CEO Elon Musk.

”OK, that’s a big one,” Trump said when signing the order.

Trump added that Musk will not get an office in the West Wing but would have a team of around 20 people “to make sure these [executive orders] get implemented.”

Trump signs an order creating the Department of Governmental Efficiency

Doocy: Is Elon Musk getting a West Wing office? pic.twitter.com/kqxUGKXyWd

— Acyn (@Acyn) January 21, 2025

”Elon’s very busy sending rocket ships up to various places,” he later said.

In seemingly its first cut, DOGE posted to X an image of a deleted page for the Office of Personnel Management’s interagency chief diversity officer council, which advised government agencies on diversity, equity and inclusion.

“It begins,” Musk posted to his platform, sharing DOGE’s post.

Former Republican US presidential candidate Vivek Ramaswamy will reportedly no longer co-lead DOGE as he gears up to run for governor of Ohio next year.

Crypto absent from first batch of EOs signed by Trump

Jan. 21, 12:22 am UTC: Trump signed a slate of executive orders on stage at a post-inauguration celebration at the Capital One Arena — none were about crypto or making a Bitcoin reserve.

Instead, several executive orders were signed to address immigration, the US-Mexico border, federal workforce hiring and withdrawing from the climate change-focused Paris Agreement, which Trump claimed would save the country “trillions.”

Orders to “end the weaponization of the federal government” and restore freedom of speech were also signed.

A Trump aide said on stage that the president would be signing more executive orders through the evening in Washington, DC. Reports have said the president will sign up to 100 orders on his first day in office, with one expected to cover crypto.

Trump nominates Paul Atkins to SEC, names Mark Uyeda as acting chair

9:29 pm UTC: In one of the first official announcements by the Trump White House, the US President has officially nominated former SEC commissioner Paul Atkins to serve the remainder of former chair Gary Gensler’s term, ending in June 2026. He also chose SEC commissioner Mark Uyeda, a Republican, to serve as acting chair until the US Senate could confirm a replacement chair. 

Under Gensler and Jay Clayton — the SEC chair during Trump’s first term — the regulator filed multiple enforcement actions against crypto firms, some alleging they offered and sold unregistered securities. It’s unclear what the status of these cases will be in the next administration.

Trump’s priorities don’t mention crypto

8:00 pm UTC: For all the euphoria surrounding Trump’s pro-crypto presidency, his “America First Priorities” omitted any mention of digital assets or their role in boosting American innovation and the economy.

According to a White House briefing, the key priorities of Trump’s second term include energy independence, public safety, reforming the government bureaucracy and promoting “American values.”

The briefing said all government agencies “will take emergency measures to reduce the cost of living” and that “President Trump will announce the America First Trade Policy.”

CFTC names Caroline Pham as acting chair

6:44 pm UTC: Commodity Futures Trading Commission (CFTC) member Caroline Pham will become the acting chair of the financial regulator under President Donald Trump.

In an announcement shared with Cointelegraph on Jan. 20, a representative of Commissioner Pham said she would replace former CFTC Chair Rostin Behnam temporarily until Trump could nominate a permanent head of the regulator whom the Senate could confirm.

She has been serving as a CFTC commissioner since April 2022 after being nominated by former US President Joe Biden.

Trump’s inaugural address silent on crypto

5:51 pm UTC: President Donald Trump’s first address to the nation made no mention of digital assets, disappointing those who expected the alleged pro-crypto president to address token regulations and make cryptocurrency a national priority.

In his 40-minute speech, Trump focused on immigration, declaring a national emergency at the southern border, and briefly referenced the ongoing hostage deal between Israel and Hamas. He also introduced his proposal for the so-called “External Revenue Service,” a plan to collect tariffs and duties from foreign sources.

Trump concluded his inaugural speech by asserting that under his leadership, “America will be respected again and admired again.”

SEC gives statement on Gensler’s departure

5:47 pm UTC: The US Securities and Exchange Commission issued a statement on Gary Gensler’s resignation as chair of the federal regulator. 

SEC Commissioners Hester Peirce, Caroline Crenshaw and Mark Uyeda lauded Gensler for his “extensive experience and knowledge of the financial markets.”

“Although as Commissioners we approached policy issues from different perspectives, there was always dignity in our differences,” the statement read. “Chair Gensler has been committed to bipartisan engagement and a respectful exchange of ideas, which has helped facilitate our service to the American public.”

On Nov. 22, Gensler announced his intent to step down as chair shortly after Trump’s election victory. His tenure was marked by fierce battles against the crypto industry, including lawsuits against crypto exchanges Coinbase and Binance, as well as a crackdown on unregistered securities offerings.

On Dec. 4, Trump nominated the pro-crypto Paul Atkins to head the SEC as Gensler’s replacement.

Related: Biden’s crypto legacy: A mixed bag as Trump takes office

Trump is sworn into office as the 47th president

5:10 pm UTC: Trump was officially sworn in as the 47th president of the United States, making history as the second leader to serve nonconsecutive terms and the first convicted felon to hold the office.

Trump’s World Liberty Financial sells more marked-up tokens after sold-out presale

4:53 pm UTC: The Trump-backed decentralized finance (DeFi) platform World Liberty Financial announced in the early hours of Jan. 20 that it had completed the initial sale of its token, along with the offer of an additional supply at a 230% markup due to “massive demand.”

“We’ve completed our mission and sold 20% of our token supply,” World Liberty Financial said in a Jan. 20 X post. “Due to massive demand and overwhelming interest, we’ve decided to open up an additional block of 5% of token supply.”

The Trump family’s DeFi platform launched in September and initially aimed to sell 20% of the 100 billion total World Liberty Financial (WLFI) tokens it created. The project’s website shows it has now added an additional 5 billion tokens for sale at $0.05 each.

On Jan. 20, rumors surfaced alleging that the platform was engaging in a TWAP (Time-Weighted Average Price) buying strategy for Bitcoin (BTC) and Ether (ETH).

Tech billionaires appear for inauguration 

4:06 pm UTC: Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg and Apple CEO Tim Cook were reported to have entered St. John’s Church next to the White House as part of a pre-inauguration proceeding.

Before Trump announced his swearing-in ceremony would take place inside the US Capitol Building, several executives from cryptocurrency companies who donated to the inauguration fund were expected to attend. Reports suggest that anyone watching from the grounds of the National Mall will not be able to view the ceremony on jumbotron screens.

Trump’s pre-inauguration weekend marked by memecoin mania

3:58 pm UTC: Just days before his inauguration, Trump launched the OFFICIAL TRUMP memecoin on Solana, triggering a spike in trading volume on the blockchain. 

The price of the token soared immediately after launch, reaching an all-time high above $74. Despite giving back some of its gains, the TRUMP token has a total market capitalization of around $10.8 billion in the hours before the inauguration. Trading volumes over the last 24 hours reached $41 billion, according to CoinMarketCap.

The Trump memecoin has spurred allegations of insider trading amid reports that a crypto wallet was funded with $1 million in the hours before the token’s launch. The same wallet purchased $5.9 million worth of TRUMP tokens in the first minute the memecoin started trading and later sold $20 million. 

Preetam Rao, CEO of Web3 security company Preetam Rao, told Cointelegraph that 10 holders own 89% of the TRUMP token’s supply. 

Rao said, “We can see some insider traders involved, but I feel if the US government is supporting projects to set a roadmap for innovation in the country, maybe it’s a rug pull, but it lays the foundation for innovation.”

BTC price nears $110,000 after Trump Bitcoin reserve odds spike to 60%

3:40 pm UTC: Bitcoin spiked to new all-time highs on Jan. 20 as analysis warned of a BTC price reversal and the possibility of Trump “creating a Bitcoin reserve in first 100 days” spiked on Polymarket.

Data from Cointelegraph Markets Pro and TradingView confirmed a new Bitcoin (BTC) record high of $109,356 on Bitstamp.

Trump’s inauguration set the tone for more instability on the day. Pro-crypto policy announcements and new all-time highs had long been anticipated.

Vivek Ramaswamy to exit Trump’s DOGE task force

3:19 pm UTC: Vivek Ramaswamy, Trump’s pick to co-lead the Department of Government Efficiency (D.O.G.E.) alongside Elon Musk, is expected to step down soon, CBS News reported on Jan. 20.

Multiple sources confirm that Ramaswamy plans to launch a campaign for Ohio governor by the end of January. His departure follows allegations of internal friction, with Musk’s allies frustrated over his lack of involvement. Sources suggest Ramaswamy was subtly encouraged to exit due to tensions with DOGE staff.

The DOGE is set to face a lawsuit alleging violations of the Federal Advisory Committee Act (FACA) of 1972. The legal action is expected to be filed shortly after President Trump’s inauguration.

Trump’s inauguration

2:23 pm UTC: Trump will take his oath of office on Jan. 20 at 12:00 pm ET. He announced last week that the Inauguration Address will take place indoors due to extreme weather caused by the “Arctic blast sweeping the country.”

“Therefore, I have ordered the Inauguration Address, in addition to prayers and other speeches, to be delivered in the United States Capitol Rotunda, as was used by Ronald Reagan in 1985, also because of very cold weather,” said Trump.

According to NPR, Trump’s inauguration will be attended by tech moguls Musk, Zuckerberg, Bezos, Sam Altman and TikTok CEO Shou Zi Chew. Trump’s transition team also confirmed that Chinese Vice President Han Zheng will also attend the ceremony.