Morning Minute | Trump Follows Through on Crypto Promises

Staff Writer

TylerD's Market Summary

🇺🇸 Trump's Crypto Promises Kept

Many wanted to believe Trump's crypto campaign promises ahead of his election.

But there was always some level of doubt, until the deeds were officially done.

And hard to blame, given the crypto industry has been choked by the Biden admin for the prior 4 years.

Now Trump has stopped that choking within 1 day of becoming President.

What Happened?

Two key things have happened over the past day, signaling Trump's plans to keep his crypto promises.

Yesterday he gave a full pardon to Ross Ulbricht, who was convicted back in 2013 for his ties to Silk Road.

For those unfamiliar, "Free Ross" has been a rallying cry for the crypto cohort for several years, and Trump promised to free him live at Bitcoin Nashville.

Promises made, promises kept.

The other key development from yesterday was out of the SEC.

On Monday, Trump appointed Mark Uyeda as interim chair following Gary Gensler's resignation. Mark is acting fast.

Yesterday the SEC set up a new crypto task force spearheaded by cyprto-friendly Hester Pierce. The task force is aimed at developing a clear regulatory framework for crypto.

This is exactly what we wanted, and it's actually happening.

What Are They Saying?

The SEC commented on the new task force:

"To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way. Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive."

"The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better."

Coinbase CLO Paul Grewal commented on the SEC task force: "Nature is healing."

Why It Matters

First, we now have clear signal that Trump plans to follow through with his campaign promises.

That primarily means a crypto-friendly environment in the United States, welcoming builders, banks and more users to get involved in what is likely to be a more regulatory-friendly environment.

It also means that Strategic Reserve is more likely (a topic for longer discussion).

The impact is already being seen.

Yesterday Crypto dot com relaunched its US exchange, citing regulatory optimism.

Major change, one day in.

Trump is a polarizing President for sure, but from a crypto-specific lens, it's becoming clearer than ever -

He is the Crypto President.

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

ETH NFT leaders were mostly green; Punks even at 38 ETH, Pudgy +2% at 20.3, BAYC -2% at 13.25 ETH, Azuki +3% at 12 ETH, Doodles +3% to 4.59 ETH
Imaginary Ones (+30%) and 2049 / Reflections (+30%) led notable top movers
Binance announced Azuki's ANIME is coming to its Hodlers
BTC NFT leaders were mostly red; Bitcoin Puppets -6%, NodeMonkes -4%, OMB +1%, Quantum Cats -9%
The Runes leaders were mostly red; DOG -7% at $464M mc, PUPS -5% at $69M, BDC +3% at $44M, GIZMO even at $12M
The RSIC team posted on its 1-year anniversary "Block 888,888" in an announcement of an announcement
The NBA Top Shot Sotheby's auctions wrapped up yesterday, with the Yves Missi 1/1 fetching the top big of $3,120

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and airdrop news from the day:

Jupiter's $630M airdrop is set to go live at 10:30 am today (JUP -3% at $0.86)
Moonshot enabled deposits via Robinhood
Myriad announced its pre-SZN will end on Friday at 2 pm ET as they gear up for launch on Abstract mainnet
Kaito introduced its Yapper Launchpad where yappers and NFT holders will be able to vote on new project launches 3x per week

🤖 AI x Crypto

New section dedicated to headlines in the AI sector of crypto:

Overall market cap jumped 18% to $16.58B, adding nearly $3B in market cap on the day
Most leaders up 15-40%: VIRTUAL (+14%), ai16z (+35%), FARTCOIN (+3%), AIXBT (+34%), ARC (+48%) and GRIFFAIN (+13%)
Top movers include Project89 (+120%), LEA (+120%), AICMP (+111%), DAIGE (+80%), PIPPIN (+80%), AGIXT (+74%) and AVB (+68%)
AIXBT saw a jump in mindshare though still trailing Fartcoin for the top spot
DogeAI debuted and has run to $58M in its first 36 hours of trading, with the AI Agent focused on "uncovering waste & inefficiencies in government spending"
MakeAI's MAI token debuted and ran to $10M tied to its Solana onchain AI assistant
OpenAI announced the new Stargate Project which will see $500B in capital injected into the AI sector
Pippin's open-source mainnet went live
Virtuals announced a platform update featuring Terminal APIs, Eliza integration, agent-to-agent commerce and more
Daos dot fun announced its v4 including new vesting and unlocks, stemming from the AICC launch criticism
Story Protocol shared its mainnet documentation ahead of launch with a focus on AI agents
The TANK team dropped a new demo showing its AI Agents performing technical analysis
The Aiccelerate DAO (AICC) announced its first partnership with SendAI to grow AI on Solana, with integration support, sponsored hackathons, go-to-market support and more
ANON announced new partnerships with Shawo and Ionic as it reclaimed $23 and nears ATH
DuckAI released its trading app and that it will open source its P2P node and DUCK framework

🌎 Macro Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

Crypto majors are slightly green; BTC +1% at $105,000, ETH +1% at $3,310, SOL +7% at $257, XRP +4% at $3.21
ai16z (+35%), VIRTUAL (+17%), WLD (+16%) an HYPE (+13%) led alts
Trump pardoned Ross Ulbricht with an Executive Order on Tuesday, fulfilling his campaign promise
Crypto-related apps reached 8 of the top 10 spots in the Finance app category of the iOS store
Rex filed for DOGE and TRUMP ETFs on Tuesday, and because of their filing process chosen, they could potentially be approved ahead of the SOL and XRP ETFs
The SEC launched a crypto task force headed by crypto-friendly Hester Peirce dedicated to developing a clear crypto regulatory framework for crypto assets
Crypto dot com is relaunching its US central crypto exchange with Trump in the White House
Circle acquired the world's largest tokenized money market fund USYC, which is backed by U.S. Treasury Debt and reverse repurchase agreements
Memecoin majors are mixed led by TRUMP; DOGE -6%, SHIBA -1%, TRUMP +12%, PEPE +2%, PENGU even, BONK +10%, FARTCOIN +5%
New meme Heart Sparkle Mermaid (HSM) ran to $25M in its debut on $150M volume (now $16M)
STARGATE also debuted after the OpenAI announcement and ran to $17M

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