Donald Trump is officially the 47th President of the United States, and the US government is taking different guidelines from the last administration.
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The story
US President Donald Trump was sworn in on Monday and quickly signed a series of decrees. Although it took him a few days to approach the elements specific to cryptography, we have already seen a certain number of actions from his administration, not to mention the Republican party as a whole.
Why is it important
The initial actions of these Congress agencies and bodies set the tone for what we can expect when the new congress and the new administration really start this year.
Decompose it
It will be time to enter more detail on some of them later, but for the moment:
White House/Administration
Donald Trump has signed a highly anticipated decree on cryptography. Among its arrangements are elements which:
- Create a working group made up of firm managers, White House advisers and other people responsible for identifying the regulations concerning cryptography and recommending their modification. The AI and cryptography tsar, David Sacks, will chair this working group.
- Load the working group to assess a stock of digital assets.
- Prohibit any central bank digital currency, with a fairly wide definition of a CBDC.
- Revoke the decree of former President Joe Biden on cryptography, who mainly ordered his departments to write reports on various aspects of cryptography and consumer protection.
Trump also announced that Sacks would co-pres the Council of Presidential Science and Technology Advisers.
The Securities and Exchange Commission of the United States, now managed by acting president Mark Uyeda, has formed a working group focused on the cryptography led by Commissioner Hester Peirce. Trump had previously appointed Paul Atkins as his choice to chair the agency, once he was confirmed by the Senate.
One of the first measures of the SEC was to repeal the staff accounting Bulletin 121, which ordered the listed companies holding cryptocurrencies for their customers to mark these assets in their own assessment. The cryptography sector opposed SAB 121 strongly, which argued that it made it more difficult for banks to provide certain cryptography services.
The Futures Trading Commission Compety now works under the interim presidency of Caroline Pham. Pham appointed Harry Jung, CFTC’s senior policy advisor, head of the regulator for engagement in the cryptography industry. Trump has not yet appointed a candidate to assume the permanent presidency.
Trump pardoned the creator of Silk Road, Ross Ulbricht, declaring on Truth Social that he had done it “in honor of [Ulbricht’s mother] And the libertarian movement, which suited me so strongly. “Ulbricht was found guilty of a criminal enterprise, distribution of drugs and various accusations of conspiracy and sentenced to double prison for life and 40 years without parole.
Trump announced that he would rename the existing American digital service in his department of government efficiency, the entity led by Elon Musk (Vivek Ramaswamy, which was previously co-responsible, has now left to go to the post of governor of Ohio). Initially, the entity’s website simply included the Dogecoin logo. Companies are also asking for negotiated Dogecoin stock market funds.
Trump spoke with Salvadoral President Nayib Bukele shortly after having signed his decree on cryptography, although an official reading of the call mentions the crypto in any form.
Senate
The senatorial banking commission has confirmed the creation of a subcommittee focused on digital assets, led by senator Cynthia Lummis (R-Wyo.). The other members of the subcommittee include first-year students Bernie Moreno (R-Ohio), who overthrew the former senator Sherrod Brown (D-Ohio) with a support of a value of $ 40 million in the Committee D ‘Political Action Crypto Fairshake, Ruben Gallego (D-Arizona), which has received support of a value of $ 10 million and Dave McCormick (R-P.), among others.
The banking committee will also hold an audience on February 5, even if the precise time and the list of witnesses have not yet been announced.
Senator Ted Cruz (Texas Republican) presented a joint resolution of the Congressal Review Act alongside the representative of the House of Representatives Mike Carey (Ohio Republican) to cancel the recent rules in Crypti of the IRS. The rule, finalized at the end of last month, defines the term “broker” for the tax declaration of the IRS, but has already given rise to a trial on the part of the Blockchain Association. Industry lobbyists claim that the final rule “imposes illegal compliance constraints on software developers”.
Senator Elizabeth Warren (Mass Democrat.), The new main democrat of the Senate banking commission, also asked the US government of government ethics to examine the Trump token. She sent an open letter co -signed by the representative of Massachusetts, Jake Auchincloss.
House of deputies
The supervisory committee of the House of Representatives sent a letter announcing that it would investigate whether the banks had suppressed cryptography companies at the government’s request.
The Chamber’s Financial Services Committee has already scheduled two hearings on cryptography next month. The first, on February 6, 2025, will relate to the aforementioned debanking. The second, scheduled for February 11, is entitled “A golden age of digital assets: to trace the way to follow”.
The main democrat of the Chamber’s supervisory committee, representative Gerry Connelly, asked the Panel Republican Republican, representative James Comer, to investigate Trump’s program by Trump and his links with World Liberty Financial.
Tuesday
- 4:00 p.m. UTC (9:00 Mt) The 10th circuit court of appeal heard the arguments in the current trial of the Custodia Bank against the Federal Reserve.
- (Sam Curry) Some security researchers have discovered that they could follow and control certain Subaru cars (that is, those connected to the Internet). Vulnerability has been corrected, according to the author of this document.
- (Bloomberg) Walgreens spent 200 million dollars to replace the doors of the refrigerators with mosquito nets whose supplier is now engaged in a legal battle with the pharmacies/convenience store chain.
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