This evening brings thrilling developments for cryptocurrency enthusiasts as Trump takes anticipated actions. Despite this, Bitcoin 
$109,356 has plummeted to $103,000. This drop seems puzzling; if Bitcoin’s decline follows an overnight surge fueled by those believing in a reserve formation, then the situation becomes even more perplexing. So, what is really happening?
Trump and Crypto Executive Orders
One of the primary expectations from cryptocurrency advocates was that the government would refrain from further selling off its assets. We are well aware of the market turmoil caused by concerns over the sale of Silkroad assets. This will not happen. A Presidential Working Group has been established to offer regulatory and legal recommendations regarding Digital Asset Markets, following an executive order signed by Trump.
Functions of the Working Group
So, what will this working group do? The group will assess the potential for establishing and maintaining a national cryptocurrency reserve, proposing criteria for creating such a reserve derived from cryptocurrencies potentially seized by the Federal Government.
There is a commitment to “maintain and promote the ability to access and use blockchain and crypto services without undue pressure.” This aims to protect U.S. interests while also encouraging the growth of stablecoins (dollar-indexed).
“Executive Order: The Secretary of the Treasury has been directed to immediately revoke the “International Participation Framework Regarding Digital Assets” published on July 7, 2022.”
This executive order is highly inclusive for cryptocurrencies and will compel necessary actions from the government. The oppressive environment initiated by the Biden administration is coming to an end, as regulatory tools introduced by that administration are being revoked. Trump is mandating clear, transparent, and supportive regulations in their place. Although cryptocurrencies have yet to reflect the seriousness of this, we should see a delayed pricing response.
