Trump’s Crypto Push: Key Appointments and Policy Shifts

SEC Reshuffle and Crypto Czar Plans

As the U.S. prepares for the Trump administration's return, significant changes are anticipated in financial regulation. SEC Chair Gary Gensler announced plans to step down on January 20, coinciding with Trump’s inauguration. Among potential replacements, securities attorney Teresa Goody Guillén is reportedly under consideration.

Additionally, the administration is in talks to establish the White House’s first-ever “crypto czar,” assembling a council of executives to advise on blockchain and cryptocurrency policy. This marks a pivot toward a pro-crypto stance, aligning with Trump’s recent appointments.

Pro-Crypto Nominees

Trump’s nominations for top economic posts signal a shift toward fostering digital asset innovation. Howard Lutnick, known for his advocacy of blockchain technology, has been tapped for Commerce Secretary, while Scott Bessent, a pro-Bitcoin voice, has been nominated for Treasury Secretary.

FDIC Leadership Transition

FDIC Chair Martin Gruenberg, a key figure in recent regulatory crackdowns on crypto, announced plans to step down on January 19, 2025. His departure could pave the way for a more crypto-friendly leadership at the agency.

GOP Senator Advocates for a Bitcoin Reserve

Republican Senator Cynthia Lummis reignited discussions around creating a U.S. Bitcoin reserve, proposing the sale of gold reserves to fund Bitcoin purchases. While BlackRock, the world’s largest asset manager, declined to endorse the idea, investment firm VanEck publicly supported the initiative, reflecting a growing institutional interest in Bitcoin’s role as a reserve asset.

Bitcoin Nears $100,000 as Institutional Interest Surges

Bitcoin continued its impressive run, reaching new all-time highs (ATHs) amid strong market momentum. After briefly dipping below $89,000 on November 17, BTC rallied, crossing $97,000 by November 22. It peaked at $99,800 before closing the week at $97,775, bolstered by $1 billion in ETF inflows.

On Polymarket, the probability of Bitcoin hitting $100,000 in November surged to 83%. Analysts attribute the rally to slowed spot ETF outflows, institutional demand, and a bullish market outlook.

Institutional Players Double Down on Bitcoin

Major corporations continued adding Bitcoin to their reserves:

• MicroStrategy purchased 51,780 BTC worth $4.6 billion, increasing its total holdings to 331,200 BTC.

• Semler Scientific acquired 215 BTC, bringing its holdings to 1,273 BTC purchased for $88.7 million.

• Japanese firm Metaplanet added 142 BTC, raising its holdings to 1,142 tokens.

• Acurx Pharmaceuticals announced plans to purchase $1 million worth of Bitcoin as part of its reserve strategy.

These moves highlight the growing institutional confidence in Bitcoin as a store of value.

Related: ECB Warns of Financial Contagion Risk from US Crypto Push, Calls for Urgent MiCA Revisions

Altcoin Highlights: XRP and Cardano Break $1

For the first time in years, two major altcoins reclaimed the $1 threshold:

• XRP surged 41% to reach $1.265, a three-year high. Despite slight pullbacks, it peaked at $1.60 by week’s end, maintaining strong support above $1.

• Cardano (ADA) followed suit, rallying 27% to hit $1.0440, its first time above $1 since April 2022. ADA has since held steady above this key psychological level.

These price movements reflect renewed investor interest in these assets, driven by improving market conditions and network developments.

Sui Blockchain Faces First Downtime, Recovers Quickly

The Sui blockchain experienced its first major outage, halting block production for over two hours due to a bug in transaction scheduling logic. The swift intervention of validators resolved the issue, and the network resumed operations without further disruptions.

Despite the setback, Sui secured a significant partnership with Franklin Templeton, a $1.6 trillion asset manager, to drive blockchain innovation. This partnership underscores the resilience and potential of layer-1 protocols like Sui.

Looking Ahead

With Bitcoin on the verge of crossing $100,000 and altcoins gaining momentum, the crypto market’s future looks promising. The Trump administration’s pro-crypto appointments and policy discussions could further catalyze adoption and innovation in the space.

Stay tuned for more updates as the crypto world continues to evolve at a breakneck pace.

Related: Bitcoin ETFs Face $812M Outflow, While Ether ETFs Snap 20-Day Inflow Streak