In a striking political maneuver, former President Donald Trump has announced the cancellation of approximately 92% of executive documents approved by current President Joe Biden, or “Sleepy Joe” as Trump referred to him, using an autopen. This decision has not only caused a stir in political circles but also caught the attention of financial markets, including Bitcoin, which remains at a notable price of $91,000.
What Has Trump Declared?
Cryptocurrencies saw a brief pause in activity due to the Thanksgiving holiday, with markets closed starting Wednesday. Amidst this lull, Trump made two impactful announcements concerning the G20 summit and Biden’s executive actions. Asserting the illegality of autopen usage, he declared invalid all executive orders not signed personally by Biden. This includes repudiation of decisions not explicitly approved by the sitting president.
“All documents signed by Sleepy Joe Biden constituting about 92% have been nullified. These hold no legal authority without explicit approval from the United States President.”
Accusing Biden’s advisors of subverting his presidency, Trump warned of serious legal consequences for falsely claiming presidential involvement in document signing.
How Did This Affect Cryptocurrency?
This unprecedented move has rippled into the cryptocurrency realm, where Trump reversed certain policies perceived as unfavorable to crypto, which had been put in place by Biden. Appointing crypto-supportive individuals to key regulatory bodies, like the SEC, Trump sought to eliminate adverse measures signed via autopen, ensuring that such signed decisions no longer affect the industry.
Historically, both Democratic and Republican leaderships have embraced autopen utilization, but Trump took a stance against it for essential policies. Presidential leadership change can potentially repeal previous executive orders, provoking concern within the cryptocurrency community if the new administration does not favor the sector.
Trump’s modification of Biden’s official documents highlights the urgency for establishing solid crypto regulations by 2026, which would ensure market steadiness regardless of political turnover.
- •The reversal of Biden’s crypto policies may encourage significant regulatory shifts favorable to crypto investors.
- •Market stakeholders are advised to closely monitor policy changes, given executive order susceptibility to presidential preferences.
- •Crypto-friendly appointments at regulatory agencies like the SEC could play a crucial role in future market dynamics.
The saga underscores the delicate intersection of politics and market forces, with the crypto world watching keenly how leadership dynamics influence regulatory landscapes. Stability in the cryptocurrency market hinges on policy clarity amidst changing political administrations.