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Donald Trump was inaugurated as the 47th President of the United States on Jan. 20, delivering a speech that celebrated American innovation and entrepreneurship. However, neither his address nor his administration’s “America First Priorities” included any mention of cryptocurrencies, despite his campaign promises that resonated with the crypto industry. His priorities instead focused on public safety, energy independence, government reform, and restoring “American values.”

During his campaign, Trump pledged to make cryptocurrencies a national policy priority, protect the right to self-custody, and oppose a central bank digital currency, which some Republican lawmakers argue could lead to government surveillance. He also promised to commute Ross Ulbricht’s life sentence and establish a crypto council with representatives from the sector. However, no mention of these commitments was made during his inauguration or subsequent White House communications.

The crypto market responded with sharp fluctuations. Bitcoin, which had surged to a record high of over $109,000 before the inauguration, dropped to around $104,000 after the speech. The price had been bolstered by optimism about Trump’s potential crypto-friendly policies, leading to a 50% rally since his election. Betting platforms like Polymarket saw confidence in the creation of a U.S. strategic Bitcoin reserve within Trump’s first 100 days fall from 60% to 45%. Meanwhile, Kalshi bettors still gave a 60% chance that such a reserve would be enacted this year.

Adding to the volatility, Trump launched the TRUMP token on the Solana blockchain just days before his inauguration. The memecoin surged by over 490% in its first 24 hours, reaching a market capitalization of nearly $11 billion. The launch drew mixed reactions, with critics like Nic Carter calling it "preposterous." Trump also supported the launch of World Liberty Financial, a DeFi protocol where he serves as "chief crypto advocate." This project faced criticism for being perceived as a meme disguised as a serious initiative.

Despite the lack of immediate action on cryptocurrencies, Trump’s appointments suggest potential future moves. Venture capitalist David Sacks was named "AI & Crypto Czar," and crypto advocate Paul Atkins was nominated to lead the Securities and Exchange Commission (SEC). These appointments signal a willingness to engage with the crypto industry, though concrete policies have yet to be seen.

While the absence of crypto in the administration’s early agenda disappointed some, insiders remain optimistic that executive orders related to the sector may still emerge, including a potential crypto council and revisions to controversial SEC policies.