Trump to Sign Executive Order on Cryptocurrency by January 20President Trump is expected to issue an executive order on cryptocurrency by January 20, 2025, aiming to establish a U.S. Bitcoin Reserve, enhance banking access for crypto firms, and create a cryptocurrency advisory committee. The industry anticipates that Trump will fulfill his campaign promise to be a "crypto president" by promoting growth and innovation. The Bitcoin Policy Institute has proposed an executive order requiring the Treasury to spend $21 billion on Bitcoin reserves. Although an executive order can guide regulations, significant changes may not happen immediately. Circle Donates $1M USDC to Trump's Inaugural Committee, Joining Other Major Crypto FirmsCircle has donated 1 million USDC to President-elect Donald Trump's inaugural committee, joining Ripple, Coinbase, and Kraken in support. The Trump-Vance Inaugural Committee aims to raise $150 million and has reportedly exceeded this goal. Ripple is contributing $5 million in XRP, while Coinbase and Kraken have collectively donated over $3 million. Major tech figures, including Jeff Bezos, Sam Altman, and Mark Zuckerberg, each pledged $1 million. Trump's inauguration is scheduled for January 20, 2025, at the U.S. Capitol, with expectations of a more favorable regulatory environment for cryptocurrency under the incoming administration. Scott Bessent's Treasury Confirmation Hearing Set for January 16 Amid $36 Trillion Debt and Crypto AdvocacyScott Bessent's confirmation hearing for U.S. Treasury Secretary is set for January 16, 2025. He faces a $36 trillion national debt and rising federal deficits, as Trump's tax cuts could add $8 trillion over the next decade. Bessent, a hedge fund manager and crypto advocate, believes Trump’s policies will stimulate economic growth. Despite his ties to liberal billionaire George Soros raising concerns among conservatives, Trump supports Bessent's financial expertise. He will replace Janet Yellen and must navigate issues of cryptocurrency, inflation, and tariffs, influencing key economic policies in a turbulent financial environment. Barr Resigns as Fed Vice Chair for Supervision Amid Trump Transition, Remains on Board of GovernorsMichael Barr, the Vice Chair for Supervision at the Federal Reserve, announced his resignation effective February 28, 2025, amidst speculation regarding a potential replacement by President-elect Donald Trump. He will remain a member of the Federal Reserve Board of Governors. Barr emphasized the importance of stablecoin regulation for financial stability in his resignation letter, addressing the necessity for oversight. His exit is perceived as less beneficial for big banks, as Democrats will retain a majority on the board until 2026, hindering significant deregulatory actions. The Fed plans to pause major rulemaking until a successor is confirmed. CFTC Chairman Rostin Behnam to Resign on January 20, 2025, Amid Regulatory ChallengesCFTC Chairman Rostin Behnam will step down on January 20, 2025, with his final day at the agency on February 7. Behnam advocated for the CFTC as the primary regulator of Bitcoin and cryptocurrency exchanges while working to block political prediction markets. He noted the challenges faced during his tenure, as the agency dealt with new markets and asset classes, stating it was "stretched thin." The incoming chairman will face significant challenges, particularly in regulating digital assets and event contracts, with Behnam's actions against prediction markets, including a legal dispute with Kalshi, drawing significant attention. Bryan Steil Appointed Chair of Subcommittee on Digital AssetsBryan Steil has been appointed chair of the House Financial Services Committee's Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. In this role, he will regulate digital assets and oversee policies for emerging technologies. He supports legislation like FIT-21, which aims for clear regulatory frameworks, and SAB 121, advocating for unified digital asset policies. Steil emphasizes the need for the U.S. to lead in blockchain development while criticizing current SEC regulations for stifling innovation. His leadership is expected to enhance market transparency and competitiveness, ensuring investor protection as the industry evolves. Gensler Critiques Crypto Industry's Risks and Bad Actors as He Bids Farewell from SECAs Gary Gensler nears his departure from the SEC, he critiques the cryptocurrency industry, asserting it is “rife” with bad actors. He acknowledges Bitcoin's dominance, comprising 80% of the market, but expresses concerns over numerous lesser-known projects lacking solid fundamentals, predicting many will fail due to their speculative nature and susceptibility to “pump-and-dump” schemes. Despite his focus on crypto garnering attention, Gensler highlights that it comprises only about 5% of the SEC’s workload. He also notes that his predecessor initiated 80 enforcement actions, emphasizing the continued regulatory scrutiny in the sector.This article has been refined and enhanced by ChatGPT.