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As significant global events go, the swearing in of a new US President ranks pretty high up there. The second coming of Donald Trump officially kicked off on 20 January, much to the displeasure of Democrats and woke liberals.
For the crypto industry, Trump's inauguration couldn't have come quicker, after four painful years of the merciless Gary Gensler and his SEC, at the behest of then-President Joe Biden.
It didn't take long for Trump to begin forecfully expelling illegal immigrants, declaring a "national emergency" at the border in his inauguration speech.
However, crypto folk were left bewildered, slightly disappointed, and understandably anxious that Trump's first few words as President didn't include "crypto" or "digital assets." After all, isn't that what everyone and anyone cares about all the time? Trump U-turning on the industry would be the biggest rugpull of them all.
But much to the relief of the industry, after just three days silence, Trump signed an executive order that specifically focuses on crypto leadership, blockchain, dollar-backed stablecoins, and a digital asset stockpile.
Trump even mentioned cryptocurrency in his speech at the World Economic Forum in Davos, declaring that the US will become the “world capital of artificial intelligence and crypto.”
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Meanwhile, the industry has recognised the Republicans' victory as a victory of their own, with industry leaders warming towards a rejuvenated SEC. Debatably slightly preemptive in excitement, some have regressed to unleash their inner degen.
Bitwise, whose Bitcoin ETF (BITB) was one of the first ten BTC ETFs to be approved by the SEC last year, has just filed for a Dogecoin ETF. The "Bitwise Dogecoin ETF" is the first filing by any financial institution to bring a DOGE-centric ETF to the US market.
But if this wasn't degen enough, Osprey Funds and Rex Shares have filed for seven separate ETFs with the SEC including a DOGE ETF, BONK ETF and a TRUMP memecoin ETF. Could Trump be inadvertently paving the way for the return of the degen? We unapologetically hope so.
Over in the markets, things haven't been as exciting as you may have thought. Although both are in the green, Bitcoin is up only 3.66% over the week while Ethereum performed slightly better with a 5.40% rise. You know it's a bull market when we're disappointed with anything less than a double-digit weekly increase.
Risk appetites have remained the same as last week's 50, "Neutral." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
Nonetheless, BRN analyst Valentin Fournier, who made his second live appearance on Money FM 89.3 this week, believes that maintaining strong exposure to digital assets is still the way to go.
The formation of a Working Group tasked with enhancing current regulations within 60 days and proposing advanced regulatory frameworks within 180 days.
— BRN (Blockhead Research Network) (@thebrn_co) January 24, 2025
Top Stories (In No Particular Order)
Trump Breaks Crypto Silence, Signs Executive Order For National Digital Asset Stockpile
Just as crypto folk were beginning to get nervous that Donald Trump had not mentioned "crypto" since his inauguration, the returning US president has fulfilled his promise of prioritising the digital asset industry by signing an executive order.
On Thursday, Trump signed an order in the Oval Office that aims to advance cryptocurrency in the US while exploring the development of a digital asset stockpile.
“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the executive order reads.
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Bitcoin ETFs Shaped 2024, Memecoin ETFs in 2025?
Bitcoin ETFs were approved in January 2024, ushering in a wave of Wall Street money, which continued to flood the market throughout the year, ultimately pushing BTC beyond the $100,000 watermark.
Ethereum ETFs and Solana ETFs became the next logical products to blossom from TradFi's budding romance with crypto and although not widely approved yet, still retained the stripes of maturity that crypto had just began to wear comfortably.
One year later, crypto is still strengthening its venture into TradFi with a more compliant SEC, as promised by Trump, paving the way for even more synergy. However, just as a leopard can't change its spots, you can never truly take the degen out of the crypto industry.
Blockhead
SEC Axes Crypto Accounting Rule SAB 121
The US Securities and Exchange Commission (SEC) has rescinded a notorious accounting rule that drastically impacted how cryptocurrency is recognised.
Known as Staff Accounting Bulletin (SAB) No. 121, the rule requires companies to list crypto assets on their balance sheets, increasing the expense for financial institutions to deal with cryptocurrencies.
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Coinbase Pushes US Appeals Court to Rule Crypto Trades Aren't Securities
Coinbase has filed a petition with the U.S. Second Circuit Court of Appeals to clarify whether cryptocurrency is subjected to federal securities laws.
In a filing submitted on Tuesday, Coinbase’s legal team emphasized that this case provides “the single best opportunity to decide the fundamental legal question of how to treat the secondary trading of digital assets.”
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Tornado Cash Sanctions Reversed in Landmark Ruling
The U.S. Court of Appeals for the Fifth Circuit has reversed the sanctions previously imposed on Tornado Cash, a decentralized crypto mixer, by the Treasury Department’s Office of Foreign Asset Control (OFAC).
The Fifth Circuit’s ruling stated: “It is ordered and adjudged that the judgment of the District Court is reversed, and the cause is remanded to the United States Court of Appeals District Court for further proceedings in accordance with the opinion of this Court.”
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Hong Kong’s Legislative Council Discusses New Stablecoin Bill
Hong Kong's Legislative Council has discussed the government's proposed "Stablecoins Bill."
Meeting for the first time since December, the Legislative Council committee reviewed details of the bill's regulation with key government officials in attendance.
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As Promised, Trump Frees Silk Road Creator Ross Ulbricht
US President Donald Trump has granted a full and unconditional pardon to Ross Ulbricht, the creator of the dark web marketplace Silk Road.
Ulbricht was convicted in 2015 on charges of narcotics and money laundering conspiracy and had been serving a double life sentence in prison.
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MicroStrategy Shareholders Willing to Dilute Stake for More Bitcoin Purchases
MicroStrategy and its shareholders just can't get enough Bitcoin. In an effort for the company to acquire even more Bitcoin, MicroStrategy shareholders have approved an increase in the number of authorized Class A common shares.
The authorized shares will rise from 330 million to 10.3 billion, significantly expanding the company’s equity base, following a shareholder meeting on Tuesday in which 56% voted in favour, reflecting founder Michael Saylor's dominant 47% voting power. Shareholders also approved an increase in authorized preferred shares from 5 million to 1 billion.
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Bybit Becomes First Crypto Exchange to Offer Gold, FX Copy Trading
Bybit has introduced copy trading on gold and FX for its users, becoming the first crypto exchange to do so.
The Copy Trading Gold&FX feature allows users to replicate professional traders' strategies directly within their MetaTrader 5 (MT5) accounts, using USDT as collateral.
Blockhead
Crypto Markets React to Trump’s Inauguration as 47th US President
The cryptocurrency world held its breath as Donald Trump was sworn in as the 47th President of the United States. Market watchers were keenly attuned to his inaugural address, hoping for signs of a bold policy shift or direct support for the digital asset industry.
Yet, while no explicit references to cryptocurrency were made during his speech, the day’s developments painted a picture of cautious optimism within the sector.
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CZ’s New Chapter: Binance Labs Rebrands as YZi Labs to Tackle AI, Biotech, Web3
The venture capital arm of Binance, once known as Binance Labs, has undergone a significant transformation, rebranding as YZi Labs and setting its sights on a broader investment horizon. This move comes with a shift from a purely crypto-focused mandate to an ambitious strategy encompassing artificial intelligence (AI), biotechnology, and Web3 innovations.
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Trump Team Claims $TRUMP Coin is a "Meme, Not Security"
It's a matter of hours before Donald Trump is sworn in again as the US president, but at the tip of every degen's tongue is his brand new memecoin, $TRUMP.
Announced on Friday by the man himself, $TRUMP is designed to celebrate "WINNING" the election.
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Events
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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