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Donald Trump has been named Time Magazine's Person of the Year for the second time, recognized for his significant political influence and "comeback of historic proportions." This accolade may bolster his pro-crypto stance, as he aims to position the U.S. as the "crypto capital of the planet" and integrate Bitcoin into national financial strategy. Trump's administration promises to reshape crypto regulation favorably, with the recent appointment of Paul Atkins as SEC Chair seen as a move towards a more supportive regulatory environment for the industry.
Michael Sonnenshein, former CEO of Grayscale Investments, has been appointed COO of Securitize, a leading tokenization platform, effective December 9. After stepping down from Grayscale in May 2024, he has advised various fintech and blockchain firms and will now focus on building relationships with asset managers and enhancing marketing and sales efforts. Securitize, which has partnered with major firms like BlackRock, has moved over $1 billion in real-world assets onchain and recently secured $47 million in funding.
Superform has launched SuperUSDC, a DeFi product designed for automated yield management on Circle's stablecoin, USDC. This offering follows user feedback and aims to provide a curated selection of yield opportunities across various blockchain platforms. With $3 million raised in funding, Superform is positioned to capitalize on the anticipated growth of stablecoins, despite past market challenges.
Ripple's XRP remains in a legal battle with the SEC, which has hindered its growth and left investors uncertain. However, potential regulatory clarity could propel XRP towards $10, similar to Bitcoin's surge after institutional adoption. Meanwhile, PlutoChain aims to enhance Bitcoin's functionality by introducing smart contracts, potentially transforming its role in decentralized finance.
Chainlink's token, LINK, has seen a resurgence in price, recently climbing to over $28, a level not reached since November 2021. This recovery follows a favorable shift in regulatory sentiment after the SEC's recent developments, particularly regarding its classification as a security. With a 50% increase in DeFi's total value locked, demand for LINK is expected to rise, despite its current price being 46% lower than its all-time high.
Bitcoin (BTC) surged over 4% to reclaim $100,000, driven by positive inflation data, while Ethereum (ETH) approached $4,000 with a 7% increase. Other cryptocurrencies like Solana (SOL) and Ripple (XRP) also saw significant gains, contributing to a nearly 6% rise in the overall crypto market cap to $3.65 trillion. Despite this recovery, US bankers remain cautious about the volatile crypto landscape, emphasizing the need for a clearer regulatory framework.
Bitcoin has surged past $100,000, driven by optimism surrounding a favorable regulatory environment under President-elect Donald Trump and the potential leadership of pro-crypto figures like Brian Quintenz at the CFTC and Paul Atkins at the SEC. This rebound follows significant net inflows into US spot Bitcoin ETFs and a bullish sentiment fueled by expectations of interest rate cuts by the Federal Reserve. Technical analysts suggest that major holders are accumulating Bitcoin, with projections indicating a potential rise to $275,000.
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.
Gary Gensler
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