Introduction

This report summarizes the previous week’s update: Gate Research: Solayer TVL Reaches New ATH of $434M, as U.S. Congress Addresses Digital Asset Regulation under the “What to Watch Next Week - Crypto Calendar - Macro Sector.”

Summary

• January 20 — Trump’s inauguration speech did not address cryptocurrencies, resulting in noticeable volatility in the crypto market.
• January 21 — Trump nominated Caroline Pham as Acting Chair of the CFTC.
• January 22 — Trump announced a $500 billion AI project in collaboration with three tech giants.

Key Focus Events

January 20 – Trump’s Inaugural Speech Did Not Address Cryptocurrencies, Leading to Significant Volatility in the Crypto Market

In his inaugural address, U.S. President Trump focused on economic recovery and immigration policies, without mentioning Bitcoin or cryptocurrencies. During this period, the cryptocurrency market experienced significant volatility, with over $824 million in liquidations within a 24-hour period. Despite market speculation that the Trump administration might establish a Bitcoin Strategic Reserve (SBR), former BitMEX CEO Arthur Hayes stated that the likelihood of Bitcoin being incorporated into reserves under the current economic and political climate is low. At the same time, Trump appointed Mark Uyeda and Caroline Pham to lead the SEC and CFTC, respectively, which could influence the future direction of cryptocurrency regulation. Although market fluctuations were observed, Bitcoin remained relatively stable, demonstrating its resilience as a digital asset. However, investors should continue closely monitoring policy developments from the new administration, especially any potential changes in cryptocurrency regulation.[1]

January 21 – Trump Nominates Caroline Pham as Acting Chair of the CFTC

According to Bloomberg, U.S. President-elect Donald Trump has nominated Caroline Pham, a current commissioner of the Commodity Futures Trading Commission (CFTC), to serve as the acting chair of the CFTC. The five commissioners of the CFTC voted on Monday to confirm the nomination. Pham will replace Rostin Behnam until the Senate confirms a new permanent chair.[2]

Trump’s nomination of Caroline Pham as the acting chair of the CFTC could positively impact the cryptocurrency market. Pham is known for supporting regulatory clarity in the digital assets sector. She introduced the concept of a “regulatory sandbox,” which allows companies to test their products and services within a defined regulatory framework. This approach could foster a more flexible and innovation-friendly regulatory environment for cryptocurrencies and digital assets. Such a balance between innovation and regulation might encourage greater participation from businesses and investors in the crypto market while also providing a reference for the CFTC’s potential expansion in the digital assets space. This, in turn, could help promote mainstream acceptance of cryptocurrencies and contribute to market stability. However, the market’s specific response will depend on Pham’s policies and actions once in office, as well as the overall development of the regulatory landscape.

January 22 – Trump Announces $500 Billion AI Project in Partnership with Three Tech Giants

On January 22, President Trump announced a major investment initiative at the White House, revealing that Oracle, OpenAI, and SoftBank would form a joint venture named “Stargate” to invest $500 billion in building artificial intelligence infrastructure. Shortly after the announcement, Trump’s key campaign ally, Elon Musk, attempted to criticize the plan. Musk wrote on his social media platform, X: “They don’t actually have that much money; the funding SoftBank can actually secure is far less than $10 billion. I have reliable information on this.” Trump’s initiative highlights his commitment to advancing the AI sector, but uncertainty remains about whether the project will be successfully realized.[3]

Conclusion

From January 18, 2025, to January 24, 2025, several macroeconomic events influenced the crypto market. This report comprehensively analyzes key developments in both the crypto market and the broader macroeconomic landscape. Trump’s inaugural speech did not address cryptocurrencies, leading to noticeable volatility in the crypto market. Trump nominated current Commodity Futures Trading Commission (CFTC) Commissioner Caroline Pham as the acting chair, a move that could positively impact the crypto market. Additionally, Trump announced a significant investment at the White House, where Oracle, OpenAI, and SoftBank will form a joint venture named “Stargate,” with plans to invest $500 billion in AI infrastructure development.


References:

1. CBS NEWS,https://www.cbsnews.com/news/transcript-trump-inauguration-speech-2025/
2. Bloomberg,https://www.bloomberg.com/news/articles/2025-01-20/trump-picks-caroline-pham-to-serve-as-acting-cftc-chair
3. CNN,https://edition.cnn.com/2025/01/22/tech/elon-musk-trump-stargate-openai/index.html

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