24th January 2025 > > Cynthia Lummis & an executive order.

tl;dr

Cynthia Lummis proves her mettle once more. The first crypto-related executive order is notable on several counts.

Market Snap

Market Wrap

When the Cynthia news broke (see below) there was an immediate $3k bump in the price of BTC, suggesting to me that potential good news has not yet been priced in, probably reflecting a general distrust of Trump’s crypto ambitions. I could be accused of talking my own book here, but that does suggest a considerable degree of upside.

Curious Cryptos’ Commentary – Cynthia Lummis

Cynthia is a heroine for our times.

She has now been appointed Chair of the Senate Banking Subcommittee for Digital Assets. As the news broke, Cynthia has made plain what will happen under her watch:

Chair of the Senate Banking Committee, Tim Scott, appointed Cynthia himself, a truly wise decision. This is how Tim sees it:

“Blockchain technology and cryptocurrency have the potential to democratize the financial world – and there’s no better champion for the industry than my friend Cynthia Lummis.”

Spot on, Tim old boy.

The US Strategic Bitcoin Reserve is in play, with huge positive ramifications for the entire world. Almost all other nations will follow, but I do know of one that won’t.

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Cynthia is already hard at work, setting out her initial agenda:

The crypto revolution is now on turbo charge.

Curious Cryptos’ Commentary – Executive Order

Trump has signed his first executive order relating to cryptos:

Source: @eleanorterrett.

The most exciting bit is this:

“The Working Group will be tasked with developing a Federal regulatory framework governing digital assets, including stablecoins, and evaluating the creation of a strategic national digital assets stockpile.”

So, we get a regulatory framework rather than Gensler’s cack-handed attempts at a blanket ban, which is so much of an improvement. And we get an evaluation of a Strategic Bitcoin Reserve, which is promising, but isn’t quite as dramatic as some expected. Let’s see how much influence Cynthia can bring to bear on this new working group.

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Honourable mention must go to this too:

“The Executive Order prohibits agencies from undertaking any action to establish, issue, or promote central bank digital currencies (CBDCs).”

Boom, just like that, on the narrow issue of cryptos, the US proves its moral leadership when it comes to freedom and liberty.