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The SEC is seeking industry feedback on NYSE Arca's request to list the Bitwise Bitcoin and Ethereum ETF, which aims to provide balanced exposure to the two largest cryptocurrencies. This move comes amid increasing competition in cryptocurrency index funds, with other proposals from Grayscale and asset managers like Hashdex and Franklin Templeton. As regulatory dynamics shift with the upcoming leadership change, the approval of such ETFs could enhance accessibility for both retail and institutional investors in the crypto market.
A Senate committee vote to re-nominate SEC Commissioner Caroline Crenshaw has been postponed, leaving her future uncertain. The delay, attributed to Republican opposition, raises the possibility of a Republican majority at the SEC following the upcoming Trump administration. Current SEC Chair Gary Gensler will depart on January 20, 2025, and Crenshaw's critics within the crypto industry are vocal about their desire for her removal.
The SEC is advancing NYSE Arca's request to list a Bitwise Bitcoin and Ethereum ETF, which aims to provide balanced exposure to the two largest cryptocurrencies. This move comes amid increasing competition in the crypto index ETF space, with several asset managers filing similar proposals. As the regulatory landscape shifts with the upcoming presidential term, issuers are eager to launch a variety of crypto funds.
SEC Commissioner Hester Peirce has outlined three key steps for the Trump administration to support the crypto industry: cease hindering access to essential services, clarify which assets fall outside SEC jurisdiction, and collaborate with crypto firms to adapt existing regulations. Peirce emphasizes the need for public engagement in this process to foster a more favorable regulatory environment. Her comments come amid criticism of SEC Chair Gary Gensler's aggressive enforcement actions against major crypto firms.
Donald Trump has appointed David Sacks as the White House AI and Crypto Czar, aiming to position the U.S. as a leader in both fields. Sacks will guide policy to foster innovation while addressing regulatory clarity for the crypto industry. Trump plans to repeal Biden's Executive Order on AI, advocating for development rooted in free speech and human flourishing.
Goldman Sachs CEO David Solomon indicated the bank may explore cryptocurrency trading if US regulations allow, despite currently holding over $700M in Bitcoin ETFs. Meanwhile, Ripple's $RLUSD stablecoin has received approval to launch, and Best Wallet aims to capture 40% of the crypto wallet market by 2026, leveraging its non-custodial model and advanced security technology. Investors have a limited time to purchase the $BEST token before a price increase.
XRP, ADA, ALGO, HBAR, and XLM have surged significantly in a recent bull run, driven by factors such as regulatory clarity, potential legal victories for Ripple against the SEC, and increased retail trading, particularly from South Korean investors. XRP alone saw a 450% increase, boosting its market cap by $100 billion and displacing Tether. The strong community support and familiarity among retail investors have also contributed to the rally of these "Dino coins."
Paul Manafort, former campaign chairman for Donald Trump, expressed optimism for Bitcoin's future, predicting it could exceed $100,000 as Trump’s administration aims to create a more crypto-friendly regulatory environment. With recent appointments, including Paul Atkins to lead the SEC and David Sacks as the White House AI & Crypto Czar, the market anticipates clearer regulations that could bolster Bitcoin's growth. Analyst Ali Martinez suggests Bitcoin could reach $275,000, provided it maintains support above $96,000.
Ripple's XRP has plummeted by 17% recently, hitting a multi-day low of under $2 twice in 24 hours. This decline follows a significant price surge after Donald Trump's election victory and speculation about the SEC's leadership change, leading to a classic 'sell-the-news' reaction. XRP's market cap has dropped to $114 billion, putting it at risk of losing its third position to Tether.
Bitcoin's recent surge to an all-time high of $100,000 is igniting hopes for a sustained altcoin season, with analysts predicting a 'Santa Rally' for cryptocurrencies like XRP and Solana. Key drivers include Donald Trump's election victory, which is expected to ease regulatory pressures, and increased institutional adoption, particularly with the anticipated launch of more crypto ETFs. As Bitcoin's market dominance declines to under 54%, traders are increasingly shifting their focus to smaller altcoins.
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