What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
Trump made bold statements about bitcoin in the run-up to the elections. Amid thunderous applause at a bitcoin conference in Nashville, the new president announced that his first act in office would be to dismiss the current chair of the SEC. Under his administration, crypto would be allowed to flourish. Trump pledged to support the bitcoin mining industry in the US, remove regulatory hurdles, and ban central bank digital currencies (CBDCs). Additionally, his administration would establish a strategic national bitcoin reserve. And in his first days in office, the president delivered. Trump signed an executive order commissioning a crypto task force to evaluate all promised initiatives.
A bill proposed by U.S. Senator Cynthia Lummis seeks to mandate the Treasury Department to purchase billions in bitcoin.
Restructuring the sec
The newly sworn-in President Donald Trump temporarily appointed Mark Uyeda, a Republican member of the US Securities and Exchange Commission (SEC), as the agency’s chair. Uyeda takes over from Gary Gensler, the controversial SEC chair under former President Joe Biden. As his first official act, the new chair formed a crypto task force “to set the SEC on a reasonable regulatory path that respects the boundaries of the law.” The task force is led by Republican SEC Commissioner Hester Peirce, whose pro-crypto stance earned her the nickname “Crypto Mom.”
Under the leadership of SEC Commissioner Hester Peirce, a crypto task force is seeking to reverse the agency’s anti-innovation approach.
US president launches two memecoins
The 45th and 47th President of the United States launched his own memecoin last week. Just three days before his second inauguration and mere hours after Gary Gensler’s final day as SEC chair, Trump announced the move on social media. With massive trading volumes, the cryptocurrency quickly skyrocketed to a fully diluted valuation of over $70 billion. Shortly thereafter, his wife, Melania Trump, also launched her own token, leading to a sell-off of the TRUMP token.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
Ripple in a tight spot
In 2024, Ripple co-founder Chris Larsen donated nearly $12 million to the Harris campaign to influence crypto policy under a potential Democratic administration. This raises questions about how the Trump administration will approach the Ripple project. While Ripple also contributed $5 million in XRP to Trump’s $200 million inauguration fund, the new president is known as a tough negotiator who can hold grudges.
Ripple Co-founder Chris Larsen has donated nearly $12 million to the Harris campaign, which could toughen Trump’s stance on XRP.
What about switzerland?
In addition: As all eyes are on the US, the Crypto Valley must remain vigilant. According to the latest edition of the CV VC Top 50 report, the region encompassing Switzerland and Liechtenstein remains a leader. Even in 2024, the Crypto Valley recorded positive growth, accounting for a record-breaking 29.1% of blockchain funding across Europe. To avoid falling behind Trump’s initiatives, Switzerland must continue fostering innovation with openness rather than overregulation.
The tenth edition of the CV VC Top 50 Report, the biannual analysis of Crypto Valley, was released during the World Economic Forum.
