Catenaa, Thursday, January 23, 2025 – Donald Trump was inaugurated as the 47th President of the United States on January 20, making a return to power as the first leader since Grover Cleveland to serve non-consecutive terms.
Due to freezing temperatures caused by a polar vortex, the ceremony was held in the Capitol Rotunda.
In his inaugural address, Trump promised sweeping changes, including ending the Green New Deal and repealing the electric vehicle mandate. He introduced plans for an External Revenue Service to collect foreign tariffs and announced the creation of a Department of Government Efficiency to rebuild trust in federal governance.
On the day Trump also issued a pardon to Ross Ulbricht, the founder of the Silk Road dark web marketplace, who was serving a double life sentence for conspiracy charges tied to cryptocurrency-based illegal activities.
Trump framed the pardon as a push for “innovative freedom in financial markets,” while opponents argued it undermined efforts to combat illicit online activities.
The decision, coupled with Trump’s promise to bolster blockchain technologies, highlighted his administration’s interest in reshaping the crypto space.
Trump’s policies appeared to spark immediate economic shifts. The wealth of leading fossil fuel billionaires surged by $3.31 billion on inauguration day, according to the Climate Accountability Research Project. This followed Trump’s pledges to roll back environmental regulations and prioritize domestic oil and gas production.
Shortly after taking office, President Donald Trump signed an executive order to create a Cryptocurrency Advisory Council, which will advise the government on policies to support the cryptocurrency industry. The council will consist of up to 20 members and aims to foster a more favorable environment for digital assets, marking a shift from the previous administration’s regulatory stance.
Trump’s administration is also moving to reverse certain regulatory measures that have hindered cryptocurrency companies. A key target is the Securities and Exchange Commission’s (SEC) 2022 accounting guidance, “SAB 121,” which critics argue raised compliance costs for banks holding cryptocurrencies. The administration intends to address these rules to reduce financial burdens and encourage wider participation in the crypto market.
Another focus of Trump’s executive orders is addressing concerns over “Operation Choke Point 2.0,” a term used by cryptocurrency executives for perceived efforts by bank regulators to block crypto companies’ access to traditional financial services. Trump plans to issue an order to halt such practices, reinforcing his support for the sector.
In addition, the administration is pushing for broader digital asset adoption, aiming to accelerate mainstream cryptocurrency acceptance. This initiative sharply contrasts with the previous administration’s tighter regulations designed to prevent fraud and protect consumers in the crypto space.
In a bold move, Trump ordered the dismantling of federal diversity, equity, and inclusion (DEI) programs. A memorandum directed DEI staff across agencies to be placed on paid leave pending the elimination of their departments, signaling a stark shift away from policies emphasizing diversity and inclusion.
The within two days, he withdrew the US from the World Health Organization (WHO) and the Paris Climate Accord, rolled back birthright citizenship for certain children, and established binary definitions of sex across federal agencies. He also paused funding for major Biden-era climate and infrastructure projects.
The president granted clemency to over 1,500 individuals convicted in connection with the Jan. 6 Capitol attack, including members of the Proud Boys and Oath Keepers. Critics called the move a blow to accountability, while supporters framed it as a gesture toward reconciliation.
