This morning, Trump personally made an appearance at Solana to launch a meme coin named TRUMP after himself. At the time of writing, TRUMP's market cap had surpassed 100 billion USD.

It was this image that, in just 4 hours, set a new record in the history of crypto. Never before has a new coin achieved an astonishing 200 billion USD in on-chain value in just 4 hours.

At a time when cryptocurrency memes related to the election concept had long died out, Trump, using his official account and with historic data, announced his arrival in the crypto world. The market welcomed this with open arms, as evidenced by a 200 billion USD trading volume.

This is an absolute boon for the cryptocurrency industry. A 100 billion USD market cap crypto meme has shattered the market's ceiling and expanded the realm of possibilities for funds. At this point, what this coin can actually do is no longer important. Everyone just needs to understand that when a U.S. president personally launches a coin, the significance of this action for the crypto industry far exceeds imagination.

Next Monday, Trump will officially begin his second term as U.S. president. After an expensive election season, the crypto industry has finally welcomed its own president.

Thanks to Trump's commitment to establish a strategic Bitcoin reserve, his victory has significantly boosted Bitcoin. Meanwhile, Ethereum ecosystem infrastructure applications led by AAVE also shone brightly in the December "Trump Rally," with the market believing that ETH is poised to sweep away the clouds and reach new highs in the upcoming market.

However, there are industry insiders who now believe that Trump's tenure may bring greater benefits to networks like Solana, which focus more on practical applications rather than reserve assets.

In the week leading up to Trump's inauguration, SOL's price surged by 19%. On January 16, according to the New York Post via @tier10k, Trump was reported to have an "open-minded" attitude towards the idea of using digital currencies issued in the U.S. (such as Solana, USD Coin, and Ripple) as strategic reserves. After the news broke, SOL's price increased by a further 5%.

Trump's New Crypto Policy Favors SOL

On January 15, Reuters reported that, according to three informed sources, senior Republican officials at the SEC plan to begin a comprehensive overhaul of the agency's cryptocurrency policy as early as next week, after Trump takes office.

Related Reading: "White House Will Kick Off Crypto-Friendly Era: Counting the 'Crypto Squad' Under Trump's Leadership"

Two insiders said that Commissioners Hester Peirce and Mark Uyeda are considering measures including: initiating a process to develop guidance or rules to clarify under what circumstances the agency would consider a cryptocurrency to be a security, and reviewing some cryptocurrency enforcement cases currently before the courts.

In 2023, the SEC sued Coinbase and Binance, accusing these cryptocurrency exchanges of illegally acting as unregistered brokers by facilitating trades of various tokens including SOL.

In defining SOL as a security, the SEC under Gary Gensler's leadership has stated that U.S. companies would violate the law by trading the token because the SEC has only issued two special-purpose broker-dealer licenses, neither of which offer trading of SOL.

While the SEC has dropped its charges against Solana in the lawsuit against Binance, if the enforcement action against Coinbase is also paused, a major barrier for the network's adoption would be cleared.

Possibility of a SOL ETF?

As the issue of Solana being an unregistered security settles, some have begun to look ahead to the prospects of a SOL ETF, potentially allowing a regulated Solana investment vehicle to be listed on a public securities exchange. Predictions on Polymarket give a 75% chance of approval for a SOL ETF in 2025, but Leah Wald, CEO of Sol Strategies, recently stated in an interview that she does not believe a Solana ETF will be approved in the near term.

With the Trump presidency and a more favorable regulatory environment, Solana may also gain a more intangible benefit that is harder to quantify.

Titus Capilnean, VP of Market Expansion at Civic Technologies, said that while the regulatory status of SOL remains unclear, developers are primarily focused on driving meme coin transactions, which he describes as "actually a form of protest against unclear SEC regulation."

Capilnean pointed out that with the inauguration of Trump, the cryptocurrency industry "may shift from purely speculative to growth driven by utility, developers will be more confident in launching more complex applications without worrying about regulatory resistance."

Over the past year, many American Solana developers have expressed that if regulation becomes clear, the opportunity for their products to find market fit will greatly increase. Now is the moment for them to prove this.

This morning's TRUMP may be a proof, "madness" has always been Trump's label, personally coming forward to issue coins, choosing a blockchain like Solana with a broad grassroots base, and following precedents like GME, the power of retail investors is worth imagining.

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