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President-elect Donald Trump is consulting the crypto industry on his selection for the new SEC chair, with top contenders including Paul Atkins and Brian Brooks. As he prepares to overhaul SEC leadership, Trump has pledged to support the crypto sector, promising to create a favorable regulatory environment and appoint a crypto czar to guide policy. The crypto industry anticipates a significant shift in regulatory dynamics following the resignation of current SEC chair Gary Gensler.
[Bloomberg](https://www.bloomberg.com) and [SEC]
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
The latest episode of WIRED Politics Lab discusses the fatigue surrounding toxic online discourse and the potential for platforms like Bluesky to foster healthier communities. The conversation highlights the importance of smaller, trusted communities in shaping credible information and changing perspectives. The hosts also delve into the recent conspiracies surrounding a viral photo of Trump and Musk, suggesting deeper meanings behind the seemingly innocuous image.
SEC Chair Gary Gensler will resign on January 20, allowing President-elect Donald Trump to appoint a successor. Gensler's tenure, marked by a rigorous regulatory approach, included increased disclosures for companies and disputes with the crypto industry and Elon Musk. Trump's administration may reshape the SEC further, with additional commissioner terms expiring soon.
Coinbase shares and Bitcoin are nearing record highs, driven by speculation around a potential takeover of Bakkt Holdings by the Trump Media and Technology Group and the recent launch of Bitcoin options trading on Nasdaq. The psychological milestone of $100,000 for Bitcoin could attract more investors but may also prompt profit-taking. Despite the bullish sentiment, risks remain, particularly if regulatory changes in the U.S. fall short of expectations.
Bitcoin surged to a record high above $94,000, driven by investor optimism surrounding President-elect Donald Trump"s transition and the launch of bitcoin ETF options trading. The cryptocurrency reached $94,686.79, with significant gains seen in related stocks like Coinbase and MicroStrategy. Traders are closely monitoring Trump"s appointments for key financial positions, anticipating a more favorable regulatory environment for cryptocurrencies.
Coinbase has diversified its revenue streams by focusing on institutional services and new product offerings, reducing reliance on volatile retail trading. The company"s proactive regulatory compliance enhances trust with financial institutions, while ongoing investments in technology and geographic expansion position it for long-term growth. Despite market volatility, Coinbase"s stock has shown resilience, with recent gains energizing a long-term uptrend, although regulatory uncertainty and competition remain key risks.
Bitcoin rose slightly to $92,003.28 amid escalating tensions between Ukraine and Russia, just below its recent all-time high. While Bitcoin showed resilience, ether and stocks like Coinbase and Robinhood faced declines. Analysts note Bitcoin"s dual nature as both a risky asset and a potential safe haven during geopolitical uncertainty.
Bitcoin is experiencing a resurgence, with expectations that President-elect Donald Trump will position the U.S. as the "crypto capital of the world." However, regulators must implement safeguards to prevent potential pitfalls, as many crypto enterprises remain speculative and disconnected from real-world value. Under President Biden, the SEC has taken a hard stance against major trading platforms like Binance and Coinbase, aiming to enforce compliance with securities laws.
Coinbase Global, Inc.
Companies
| Symbol | COIN |
| Name | Coinbase Global, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | DE |
| City | Wilmington |
| Zipcode | 19801 |
| Website | http://www.coinbase.com |
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