"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

The cryptocurrency market is witnessing renewed excitement following recent actions by Donald Trump. Enthusiasts are shifting their focus to meme coins,

President-elect Trump has launched his own crypto token called Trump coin. In less than 24 hours, the coin has had a 12,000% gain and has seen billions in trading volume.