🚨Bitcoin, crypto retrace after Trump administration dropped them from top objectives
Bitcoin fell after the Trump administration sent legislators a memo listing goals.
The plan doesn't reference crypto or Trump's campaign pledge of a Bitcoin strategic reserve.$BTC $ETH $XRP
#DonaldTrump named Caroline Pham and Mark Uyeda acting CFTC and SEC Chairs.
Bitcoin (BTC) fell over 2% on Monday after President Donald Trump's administration revealed its top goals, which exclude crypto. In his inauguration address, the president did not mention crypto or Bitcoin. Commissioner Caroline Pham and Commissioner Mark Uyeda were nominated acting CFTC and SEC Chairs by Trump.
Bitcoin reserve excluded from presidential objectives slows crypto market.
Bitcoin and other leading cryptocurrencies fell on the news. BTC fell over 2% from its pre-inauguration high of $109,000 to $103,735 at press time.
Trump pledged to create America the "crypto capital of the world" and never sell government Bitcoin throughout his campaign.
Major crypto leaders, like Senator Cynthia Lummis, supported a Bitcoin reserve after his election.
The president was also rumored to sign many Bitcoin and crypto executive orders on his first day in office. These regulation revisions address problematic SAB121 and FIT21.
The exclusion of crypto has hurt short-term optimism, but Trump has appointed pro-crypto officials to key federal departments, improving the regulatory situation.
He named Republican Caroline Pham as CFTC interim Chair and Mark Uyeda as SEC acting Chair on Monday.
Pham and Uyeda are known for supporting crypto and transparent digital asset rules.
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