Crypto Industry Mobilizes: Trump's New Regulatory Push

Crypto Industry Braces for Increased Lobbying Efforts Under Trump's New Administration

WASHINGTON, D.C. - The crypto industry is gearing up for a significant increase in lobbying efforts as President Donald Trump's new administration takes office. Trump, known for his pro-business stance, has indicated that he will prioritize the growth and development of the digital asset market. This shift in focus has led industry players to anticipate a surge in lobbying activities aimed at shaping the regulatory landscape in their favor.

Trump's executive order on digital assets, signed on his first day in office, has created regulatory clarity and sparked optimism within the crypto community. The order establishes the President's Working Group on Digital Asset Markets, chaired by crypto and AI czar David Sacks, which will propose a federal regulatory framework for digital assets, including stablecoins. The order also considers the creation of a national digital asset stockpile, which could involve the government holding seized cryptocurrencies like bitcoin, ether, and potentially even FTT tokens from collapsed exchanges like FTX.

In addition to the executive order, Trump has taken several other actions that have caught the attention of the crypto industry. On his second day in office, he issued a pardon for Ross Ulbricht, the founder of the Silk Road marketplace, who was sentenced to life in prison without the possibility of parole in 2015. The Securities and Exchange Commission (SEC), now under Acting Chair Mark Uyeda, has also scrapped its controversial SAB 121 guidance, which forced institutions to treat customer-held tokens as liabilities and effectively shut banks out of crypto custody.

The crypto industry has already begun to capitalize on the new administration's pro-business stance. Two memecoins, TRUMP and MELANIA, launched on the day of Trump's inauguration, instantly amassing billions of dollars in market capitalization. The launch was unprecedented, with TRUMP soaring to above $70 within two days and MELANIA hitting $2.2 billion within a few hours. Approximately 80% of tokens are controlled by Trump-related entities, raising concerns about potential market manipulation.

Meanwhile, Ripple, the blockchain payment giant, has obtained Money Transmitter Licenses (MTLs) in New York and Texas, allowing the firm to extend its payment services to more U.S. users. This move comes as firms prepare for a