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COINTURK NEWS > Cryptocurrency News > Trump Takes Bold Steps in Digital Finance, Spark Limited Market Reactions
Cryptocurrency News

Trump Takes Bold Steps in Digital Finance, Spark Limited Market Reactions

In Brief

  • Trump's order introduces changes in digital finance with limited market effects.

  • Experts are divided on the potential impact of a national cryptocurrency reserve.

  • The SEC has withdrawn a controversial guideline affecting cryptocurrency companies.

İlayda Peker
İlayda Peker 5 months ago
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President Donald Trump has taken significant action to reinforce the United States’ leadership in cryptocurrency and blockchain technologies. On Thursday, he signed an executive order that introduces strategic changes in digital finance policies. However, this development led to only a limited movement within the cryptocurrency market.

Contents
What Experts Are Saying?SEC Withdraws SAB 121

What Experts Are Saying?

The executive order contains two key innovations. The first involves the establishment of a working group aimed at improving existing regulations and creating a comprehensive framework for the cryptocurrency market. This group is expected to present initial proposals within 60 days and a detailed strategy within 180 days.

Donald Trump Cryptocurrency Executive Order

The second innovation considers the potential creation of a national digital asset, or cryptocurrency reserve. However, this topic is still under research, leading to speculation in the market about the U.S. possibly establishing a Strategic Bitcoin Reserve.

Following the executive order, Bitcoin (BTC) $104,643 briefly touched the $106,000 level but quickly fell back to around $105,000. This movement signaled a 3% change, while Ethereum (ETH) $2,524 rose by 6%. Altcoins like Solana $147 (SOL) and XRP saw increases of 8% and 3%, respectively.

SEC Withdraws SAB 121

On the same day, the U.S. Securities and Exchange Commission (SEC) announced the withdrawal of an accounting guideline criticized for increasing financial burdens on cryptocurrency companies. SEC member Hester Peirce expressed her satisfaction with this decision, stating, “Goodbye SAB 121! This process wasn’t enjoyable.”

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 24 January, 2025 - 6:36 pm 24 January, 2025 - 6:36 pm
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By İlayda Peker
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