Following his inauguration as the 47th President of the United States, Donald Trump has set the U.S. government on a distinct path from its predecessor. This edition of State of Crypto, a CoinDesk newsletter, explores the intersection of cryptocurrency and government.
To receive future newsletters, click here to sign up. In his first week, Trump signed several executive orders, including one focused on crypto, and announced key appointments such as Sacks to co-chair the President's Council of Advisors on Science and Technology. The U.S. Securities and Exchange Commission, under Acting Chair Mark Uyeda, has established a crypto-focused task force led by Commissioner Hester Peirce.
The SEC also rescinded Staff Accounting Bulletin 121, which had required publicly traded companies to mark crypto holdings on their balance sheets. Additionally, the Commodity Futures Trading Commission is now operating under Acting Chair Caroline Pham, who has named Harry Jungas as the regulator's lead for crypto industry engagement.
Trump pardoned Ross Ulbricht, the creator of Silk Road, and announced plans to rename the U.S. Digital Service as the Department of Government Efficiency, to be headed by Elon Musk. The Senate Banking Committee has confirmed the creation of a subcommittee focused on digital assets, and the House Financial Services Committee has scheduled two hearings on crypto for next month. Other developments include Sen.
Ted Cruz introducing a joint Congressional Review Act resolution to overturn the IRS' recent crypto broker rule and Sen. Elizabeth Warren asking the U.S. Office of Government Ethics to investigate the TRUMP token.