Morning Minute | Trump's Day 1 Pro-Crypto Agenda
TylerD's Market Summary
🇺🇸 Trump Set to Become 'The First Crypto President' from Day 1
We knew that Trump was supposed to be good for crypto (see Bitcoin run from $65k to $100k).
But the billion-dollar question headed into this administration has been - will he follow through?
Well, we have our first glimpse into his Day 1 actions, and it's looking like a resounding Yes.
What Happened?
President-elect Donald Trump is set to sign executive orders on his first day in office to reshape crypto policy.
He will start by creating a presidential crypto council of industry leaders and is then expected to dive into a series of actions.
Those proposed actions include:
- Establishing a joint crypto working group between the CFTC and SEC
- Addressing de-banking issues for American crypto companies
- Repealing a crypto accounting policy that burdens banks (SAB 121)
- Coordinating international crypto innovation through the State Department, and
- Potentially establishing Bitcoin as a national reserve asset
Bo Hines, tapped to lead Trump’s crypto council, has been soliciting policy proposals from crypto leaders in Washington
What Are They Saying
Trump's transition team emphasized crypto as a top priority, working closely with industry leaders to develop supportive policies.
A source went as far to say "The Trump team has made it very clear that this is a priority."
Brian Hughes, a spokesperson for Trump’s team, highlighted plans to position the U.S. as a leader in the crypto sector, saying: "President Trump will deliver on his promise to encourage American leadership in crypto."
It looks like he's planning to deliver.
Why It Matters
A pro-crypto President of the United States, executing on his campaign promises from day 1 and aiming to foster crypto innovation in the US and aboard, is simply not priced in.
This is literally a new paradigm.
The best we've had in the White House is agnosticism, and at worst, direct attacks (see the last 4 years under Biden / Warren).
The attacks are coming to an end.
Crypto innovation will be fostered in America.
That means brighter minds can build in this area, who may have been on the sidelines. That means foreign-based companies can migrate here and recruit domestic talent.
And that doesn't even scratch the surface of the impact a Bitcoin Strategic Reserve would have.
Many have called that unlikely, but if Trump fulfills his other promises on day 1 in office, the likelihood of the Strategic Reserve has to go up (in fact the Polymarket odds are up to 36% that he'll create it in the first 100 days).
The First Crypto President is about to take office.
Pack your bags accordingly...
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH NFT leaders were mixed, led by Pudgy and Doodles; Punks even at 36 ETH, Pudgy +6% at 24.2, BAYC +2% at 14.8 ETH, Azuki -7% at 13.2 ETH, Doodles +19% to 4.46 ETH
- Tiny Astro (+24%) and Sproto Gremlins (+18%) led notable top movers
- Doodles released another teaser in similar style of its token tease announcement with the words "make something" embedded in the video
- BTC NFT leaders were mostly green; Bitcoin Puppets +15%, NodeMonkes +8%, OMB -3%, Quantum Cats even
- The Runes leaders were very green; DOG +15% at $515M mc, PUPS +10% at $66M, BDC +15% at $31M, GIZMO +12% at $9M
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- MoonPay acquired Solana-native crypto payment processor Helio for $175M
- The Jupiter team rolled out a new onboarding method allowing the gifting of SOL to friends with a few button clicks
- Over 8M HYPE was staked in the first day following the ANIME announcement that some tokens would go to HYPE stakers
- Chainalysis acquired Fraud Detection firm Alterya for $150M to help its efforts in stopping scammers
- Layer Zero went live on Soneium, Sony's new EVM L2
🤖 AI x Crypto
New section dedicated to headlines in the AI sector of crypto:
- Overall market cap rebounded 27% to $14.7B, adding nearly $4B from the local bottom
- Most leaders up 20%-40%: VIRTUAL (+19%), ai16z (+19%), FARTCOIN (+60%), FAI (+27%) and AIXBT (+40%)
- Top movers include AIOS (+180%), HOLO (+113%), YOUSIM (+88%), GRIFT (+73%), TANK (+71%), FATHA (+70%) and AVA (+69%), though nearly 40 AI coins are up +40% or more on the day
- FARTCOIN reclaims top spot in mindshare after soaring 60% to $1.10, major winner of the day
- New token MOBY soared to $40M in its debut; project Moby AI is an AI Trading assistant, built on top of Griffain and powered by Asset Dash
- The AVA team debuted their flagship AI agent launched pad "Agent Market," their v1 no-code agent creator aimed at non-devs
- Shaw teased "full autonomy, unified wallet abstraction, plugin registry, easy setup..." and more for ai16z v2 coming this week, and the Eliza technical white paper was released
- Cygaar called ARC's rig framework "one of the most well-written ai agent codebases" he's read so far
- ANON hit $20 and a new ATH at $240M after showing off Base capabilities
🌎 Macro Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors rebounded majorly from yesterday's dip, up 4-6%; BTC +6% at $96,300, ETH +4% at $3,200, SOL +6% at $186, XRP +9% at $2.57
- KAS (+20%), HYPE (+17%), XDC (+17%) and AIOZ (+16%) led alts
- Tether is moving to El Salvador after acquiring a Digital Asset Service Provider license in the Bitcoin-friendly country
- Donald Trump is expected to issue several Crypto-focused executive orders on his first day according to the Washington Post, including a repeal of a crypto accounting policy (SAB 121) and de-banking of Crypto companies
- Donald Trump's inauguration will feature a "Crypto Ball" to honor him as the "first Crypto President," with tickets available for $5,000/person
- A US Court demanded the SEC explain itself for denying Coinbase's requests related to crypto regulations
- MicroStrategy bought another $243M worth of Bitcoin at a $95,972 average this past week
- A BlackRock report said that crypto has "outpaced growth for mobile phones and the internet" in its race to 300M users
- Memecoin majors are green this morning up 6-12%; DOGE +9%, SHIBA +6%, PEPE +7%, PENGU +12%, BONK +7%, WIF +3%, MOG +11%
- Coinbase announced it will list PNUT for spot trading starting today
- BUTTHOLE rebounded 74% following the FARTCOIN move, now $47M
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