The Trump administration's early actions provide insights into potential changes in U.S. cryptocurrency regulation, indicating that cryptocurrencies may not be classified as securities. Despite criticisms of the lack of concrete changes, significant actions have reshaped the regulatory landscape. Notably, directives like SAB 122 and guidance from the Office of the Comptroller of the Currency have eased restrictions on banking institutions regarding cryptocurrency transactions. Several investigations and cases by the SEC against cryptocurrency firms have been dropped or paused, hinting that many cryptocurrency activities may fall outside traditional securities law. This flurry of policy changes reflects a shift in the regulatory environment, allowing banks to hold cryptocurrencies and reducing litigation for companies. While challenges remain, particularly concerning fraud allegations, the overall trend suggests a more accommodating approach towards cryptocurrency in the U.S. regulatory framework, fostering a potentially favorable environment for innovation and market participation.

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