Elon Musk will now be the sole head of the organization. On his first day back in office, President Donald Trump made many major changes, including revoking Biden-era AI safety regulations and appointing new acting chairs for the SEC and CFTC, Mark Uyeda and Caroline Pham. However, the lack of crypto-related executive orders left the crypto community speculating about his administration's direction. Vivek Ramaswamy Leaves DOGE Vivek Ramaswamy, entrepreneur and former presidential candidate, will step down from his role as co-leader of the Department of Government Efficiency (DOGE). This will leave Elon Musk as the sole head of the organization. Reports suggest that Ramaswamy is preparing to run for governor of Ohio, a position that will open when current Governor Mike DeWine’s term ends in January of 2027. While Ramaswamy did not officially announce his candidacy yet, he hinted at his intentions. On Jan. 18, he commented on a parody post suggesting it wasn’t “a bad idea.” In a Jan. 20 post on X, Ramaswamy shared his gratitude for his time with DOGE, and he is very confident in Musk and the team’s goal to streamline government operations. A spokesperson for DOGE, Anna Kelly, confirmed Ramaswamy’s departure due to the need for him to stay outside of the organization because of its structural requirements and his future political ambitions. Ramaswamy’s political ambitions were not the only driving force behind his departure from DOGE. He is also reportedly exiting the Department due to growing tensions. According to Politico , Musk recently pushed for Ramaswamy’s removal. A Republican strategist claimed that Ramaswamy alienated key figures in political and business circles, including those close to President Donald Trump. The tensions very likely got worse due to Ramaswamy’s public criticism of American culture. This includes a December post on X where he suggested that the US workforce has embraced mediocrity over excellence. DOGE was established by Trump through an executive order on his first day in office, and its main goal is to reduce federal spending through budget cuts and workforce reductions. The advisory organization was named after Musk’s favored cryptocurrency Dogecoin (DOGE), and is already facing legal challenges. Consumer advocacy group Public Citizen and other nonprofits filed lawsuits alleging that DOGE violates the Federal Advisory Committee Act by allowing private individuals to influence government decisions without proper transparency and oversight. Mark Uyeda Named Acting SEC Chair Mark Uyeda, a Republican and member of the US Securities and Exchange Commission (SEC) since 2022, was named acting chair of the financial regulator after an announcement by the Trump administration. Uyeda will replace outgoing SEC Chair Gary Gensler, and serve in the role until the US Senate confirms one of President Donald Trump’s nominees. Among those nominated is former SEC Commissioner Paul Atkins, though the timeline for the Senate's consideration is still unclear. Meanwhile, Commissioner Caroline Pham was named acting chair of the US Commodity Futures Trading Commission (CFTC) after the resignation of Rostin Behnam. Both Uyeda and Pham are expected to play key roles in shaping regulatory policy concerning digital assets. Uyeda previously criticized the SEC’s approach to crypto regulation under Gensler, and claimed that it failed to support capital formation or adequately protect investors. Under Gensler’s leadership, the SEC pursued enforcement actions against several well known crypto firms, including Ripple Labs, Coinbase, Terraform Labs, and Binance. For now, the future of these enforcement actions are still uncertain under Uyeda’s leadership and the Trump administration. Reports suggest the SEC may very likely freeze enforcement cases that do not involve fraud allegations. Since his inauguration, President Trump did not mention digital assets or blockchain directly, despite earlier speculation of an executive order related to crypto. The administration’s initial policy priorities were published on Jan. 20, but made no mention of digital assets or blockchain. Only time will tell just how these changes in leadership and policy direction will actually impact the sector. Trump Axes AI Safety Rules On his first day back in the White House, President Donald Trump also revoked several executive orders from the Biden administration, including a comprehensive artificial intelligence (AI) directive that is aimed at establishing safety and security standards for the technology. The 2023 order was signed by President Joe Biden, and it required AI developers to share safety testing information with the government. It also outlined ethical frameworks, privacy protections, and guidelines for addressing biases in AI systems. Trump called Biden’s regulations overly restrictive, and claimed that they hindered technological innovation and economic growth. The Republican Party’s 2024 platform agreed with this sentiment, and advocated for AI development that promotes free speech and human flourishing instead of government overreach. Critics, however, are still quite concerned over the repeal of Biden’s order without a replacement framework. Alondra Nelson from the Center for American Progress warned that the move could leave the public vulnerable to the risks of AI without reaping its benefits. Alexander Nowrasteh of the Cato Institute pointed out that certain provisions, like those supporting AI worker immigration, could have been kept to boost skilled talent in the United States. The Biden administration’s AI order included guidance from the National Institute of Standards and Technology to help companies identify flaws and biases in AI models, along with mechanisms to ensure ethical AI use in government and consumer protection. In its final days, Biden’s administration also proposed licensing restrictions on AI semiconductor sales. This decision faced criticism from the tech sector because it could potentially slow down innovation and undermine America’s competitive edge. Trump’s First Day in Office Leaves Crypto Industry Guessing The crypto community is concerned over the absence of any cryptocurrency-related executive orders from President Donald Trump on his first day back in office. On Jan. 20, Trump signed several executive orders but none of them addressed crypto assets or policy, despite his campaign promises to support the industry. This lack of action also coincided with a more than 6% drop in Bitcoin’s price, which fell from an all-time high of $108,786 to $102,000. Some industry observers, however, are still optimistic. Futures trader “ Satoshi Flipper ” dismissed people’s concerns, and pointed to Trump’s recent involvement in the crypto space, including his launch of a meme coin, as a reason for his optimism. Reflexivity Research co-founder Will Clemente also reassured the community by stating that pro-crypto regulations are likely forthcoming. Crypto lawyer and Blockchain Association board member Jake Chervinsky referred to the importance of having crypto-friendly acting chairs at the SEC and CFTC, Mark Uyeda and Caroline Pham. Both have shown their support for creating clear regulatory frameworks for digital assets. Asset management commentator “ MacroScope ” stated that it was unsurprising Bitcoin was not mentioned in Trump’s inaugural speech, and suggested it will receive more attention in the coming weeks. Circle CEO Jeremy Allaire said something similar during the World Economic Forum in Davos by stating that he anticipates renewed congressional activity on crypto regulations in the near future. While Trump’s silence on crypto during his first day in office raised some concerns, many in the industry are still confident that meaningful regulatory developments are on the horizon.
