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Eric Trump announced that clearer regulations for the US crypto sector are on the horizon, aiming to foster innovation and competition. He emphasized the potential of blockchain technology to streamline processes like home loans, criticizing the current banking inefficiencies. SEC Commissioner Hester Pierce outlined key regulatory changes needed to enhance transparency and collaboration within the crypto industry, signaling a shift from the stringent policies under Gary Gensler.
Ripple's XRP is gaining attention as a potential strategic asset for the U.S., with experts suggesting it could enhance the country's dominance in finance and crypto. The company’s control over 45% of XRP's supply and plans for a USD stablecoin position it uniquely for improving cross-border payments. Under a second Trump administration, the U.S. aims to become the "crypto capital" of the world, promoting a favorable environment for digital currencies.
Eric Trump has called for "sensible" cryptocurrency regulations to position the U.S. as a global leader in the crypto space, especially following Bitcoin's recent surge past $100,000. He emphasized the need for clear guidelines to foster industry growth and criticized the previous administration's regulatory approach. Trump also highlighted the roles of Elon Musk and Vivek Ramaswamy in driving efficiency and innovation within the government.
Spot Bitcoin and Ethereum ETFs have seen record inflows, with $3.85 billion entering digital asset funds last week, driven by institutional demand. BlackRock's iShares ETFs accounted for $3.2 billion, pushing total crypto assets under management to $56.7 billion. Meanwhile, long-term Bitcoin holders sold 827,783 BTC in 30 days, contributing to Bitcoin's struggle to maintain momentum above $100,000. The U.S. has emerged as the leading market for digital asset investment, with speculation that smaller crypto ETFs may soon be approved following Donald Trump's return to the presidency.
Crypto advocacy groups, including the Blockchain Association and DeFi Education Fund, have opposed the re-nomination of SEC Commissioner Caroline Crenshaw, citing her negative stance on cryptocurrency and actions that undermine Congress's regulatory mandate. Crenshaw, a Biden appointee, dissented on the approval of spot Bitcoin ETFs, aligning with the SEC's critical approach to the industry. The U.S. Senate Banking Committee is set to vote on her re-confirmation, which could extend her term until 2029.
Donald Trump has nominated Paul Atkins, a pro-crypto former SEC commissioner, to replace Gary Gensler as chair of the SEC, fulfilling a campaign promise to cryptocurrency voters. Meanwhile, the SEC is defending its amended lawsuit against Binance and its former CEO, Changpeng Zhao, for allegedly operating an unregistered securities exchange. In Australia, new guidelines mandate that crypto exchanges obtain financial licenses, emphasizing that compliance is now essential for the industry.
Eric Trump emphasized the need for clear and sensible regulations in the U.S. crypto market during a CNBC interview in Abu Dhabi. He criticized the previous regulatory approach as a "disaster" and warned that without proper guidelines, the U.S. risks falling behind in the global crypto landscape. Trump expressed support for decentralized finance (DeFi) and stated that his father aims to make America the "crypto capital of the World" if re-elected.
Paul Atkins is poised to replace Gary Gensler as chair of the SEC, sparking optimism in the crypto industry. Known for his understanding of cryptocurrencies, Atkins may initiate a "special study" on digital assets and potentially reshape regulatory frameworks to better align with industry needs. His appointment signals a possible end to the SEC's stringent crypto crackdowns.
Donald Trump aims to position America as the global leader in cryptocurrency, advocating for investments and clear regulations. Eric Trump emphasized the need for the U.S. to embrace digital assets to avoid falling behind other nations, citing the UAE as a successful example. The incoming administration plans to establish sensible regulatory frameworks while moving away from strict oversight, particularly criticizing SEC Chair Gary Gensler's approach to the industry. Paul Atkins, a known cryptocurrency advocate, has been appointed to lead the regulatory body.
Ripple CEO Brad Garlinghouse criticized a recent 60 Minutes segment for omitting key details about the SEC's lawsuit against Ripple, particularly a federal judge's ruling that XRP is not a security in programmatic sales. The segment featured counterarguments from former SEC official John Reed Stark, who maintained that XRP could still be classified as a security. Garlinghouse expressed concern that the SEC's approach to digital assets under Chair Gary Gensler has hindered initiatives like the political action committee Fairshake, which supports pro-crypto candidates.
Gary Gensler
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