Market Watch
Trump’s Second Term: A New Era for Crypto?
Trump’s Second Term: Early Developments and Implications for the Digital Asset Industry
On January 20, US President Donald Trump was sworn into office for his second term, a moment the cryptoasset industry had been eagerly anticipating. During his campaign, Trump pledged to make the U.S. a global leader in cryptoasset innovation. Reports suggested that his administration would prioritize crypto as a national strategic asset, appoint a dedicated crypto czar, establish a crypto policy council, and repeal the SEC's controversial Staff Accounting Bulletin (SAB) 121.However, in his first 24 hours in office, President Trump did not issue any executive orders directly related to crypto. Instead, his initial actions focused on other campaign priorities, including ending birthright citizenship for children of undocumented immigrants, initiating the U.S. withdrawal from certain international agreements, and reversing sanctions tied to Israeli settler activity in the West Bank. This omission caused a dip in cryptoasset prices, which had rallied in anticipation of pro-crypto measures. Despite this, industry insiders remain optimistic that Trump will follow through on his campaign promises.
The transition to the new administration has already signaled meaningful changes in regulatory leadership, providing early indications of a shift in policy direction for the crypto industry.
Key Regulatory Developments
On Inauguration Day, SEC Chair Gary Gensler, known for his aggressive enforcement campaign against crypto firms, stepped down. He was replaced by Mark Uyeda, an SEC Commissioner with pro-innovation views, as Acting Chairman. Uyeda's first move was to establish the SEC Cryptoasset Task Force, led by Commissioner Hester Pierce, a prominent critic of Gensler’s enforcement-heavy approach. The Task Force aims to create clear regulatory frameworks, realistic paths for compliance, and a balanced enforcement strategy.At the CFTC, President Trump appointed Caroline Pham as Acting Chair. Pham, known for her industry-sympathetic stance, has advocated for less punitive and more collaborative approaches to crypto regulation. The Commodity Futures Trading Commission is an independent U.S. government agency that regulates the U.S. derivatives markets, including futures, options, and swaps.
The FDIC (Federal Deposit Insurance Corporation) has also signaled a potential course correction. Interim Chairman Travis Hill recently called for greater clarity on permissible crypto activities for banks and expressed a commitment to addressing the debanking of crypto firms, a practice that escalated under the previous administration. These statements suggest a more favorable environment for financial institutions engaging with cryptoassets under Trump’s leadership. The FDIC is an independent agency created by Congress to maintain stability and public confidence in the nation's financial system.
Trump’s Evolution on Crypto
Trump’s stance on crypto has undergone a dramatic transformation this election cycle. Once skeptical, he has now embraced the industry, highlighted by the launch of his cryptocurrency company, World Liberty Financial, in September. This shift coincides with the growing political influence of the crypto sector, exemplified by the rise of crypto-focused Super PACs like Fairshake, which raised over $200 million this election cycle. Trump’s suggestion of a Bitcoin strategic reserve—modeled after the national petroleum reserve—signals his commitment to integrating cryptoassets into the country’s broader economic strategy.Beyond campaign promises, the Trump administration is now tasked with delivering tangible regulatory outcomes. Passing one of the bipartisan bills on stablecoin and cryptocurrency regulation currently under review in Congress would be a critical step. Such actions, paired with the appointment of crypto-friendly leadership at agencies like the SEC and CFTC, would signal a clear pivot toward fostering innovation while providing much-needed regulatory clarity for the industry.
On the other hand, the administration’s stance on central bank digital currencies (CBDCs) underscores its commitment to individual freedoms and financial privacy. The Republican Party has firmly opposed CBDCs, with initiatives like the Heritage Foundation’s Project 2025 advocating for a complete ban. States such as Indiana, Florida, and Alabama have already enacted legislation opposing CBDCs, and the Republican-controlled House passed the CBDC Anti-Surveillance Act in May. Under Trump’s leadership, the issuance of a retail digital dollar seems highly unlikely, and the Federal Reserve’s exploration of CBDCs is expected to slow significantly.
The Implications for the Crypto Market and the Global Crypto Fund
The Trump administration's policy pivot, regulatory leadership changes, and the embrace of crypto-friendly frameworks are likely to have a profound impact on the cryptoasset industry. These shifts could unlock significant opportunities for innovation, attract institutional investors, and enhance the global competitiveness of U.S.-based crypto firms.For the 3 Comma Capital's 3CC Global Crypto Fund, these developments represent an important moment. A more favorable regulatory environment, clear guidelines, and the removal of enforcement-led barriers could increase market liquidity, reduce compliance costs, and improve investor confidence. The 3CC Global Crypto Fund is 3 Comma Capital flagship digital asset fund and is designed to capitalize on the dynamic and rapidly evolving opportunities within the digital asset market. By leveraging a carefully curated portfolio of leading cryptocurrencies and actively managing allocations based on market conditions, the Fund aims to deliver superior returns while mitigating risk. With its benchmark tied to the CF Ultra Cap 5 EUR Index, the Fund provides investors with exposure to the performance of top digital assets while seeking to outperform through strategic allocation and active management.
As regulatory clarity improves and institutional adoption accelerates, the Global Crypto Fund is well-positioned to navigate and benefit from the expanding landscape of digital assets, making it an ideal solution for investors seeking diversified exposure to this transformative asset class.
As the Trump administration continues to shape the crypto agenda, the industry remains optimistic that the promised policy shifts will translate into meaningful action. With a supportive regulatory environment, the U.S. could solidify its position as a global leader in the digital asset space, paving the way for sustained growth and innovation.
 |
Duarte Caldas
Investments Principal
|
With more than 20 years of experience in financial markets, Duarte specialized in the energy area in the last decade, where he had the opportunity to work with the main European Power and Gas institutions at CIMD Group. Previously, he worked as Market Strategist at IG Markets Iberia.
