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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.
Rumble, a conservative video platform, plans to invest up to $20 million in bitcoin as part of a new treasury strategy, citing the cryptocurrency's potential as an inflation hedge. CEO Chris Pavlovski emphasized the importance of bitcoin in a world of government currency dilution. This move aligns Rumble with other companies like MicroStrategy and Tesla, as interest in bitcoin grows amid expectations of a pro-crypto stance from the incoming Trump administration.
Donald Trump, the wealthiest US president, has expanded his business empire and appointed several affluent individuals to key government positions, including Elon Musk. US ethics laws mandate the disclosure and potential divestment of significant financial holdings to avoid conflicts of interest, a requirement some of Trump's appointees struggled to meet during his first term. Critics have pointed out Trump's failure to distance himself from his assets, diverging from presidential traditions.
U.S. stock and bond markets reacted positively to President-elect Trump's nomination of Scott Bessent for Treasury secretary, signaling confidence in his market expertise and economic philosophy. Bessent anticipates strong growth and low inflation, advocating for a balanced approach to tariffs and national debt reduction. While some political opposition exists, analysts expect a smooth confirmation process, viewing Bessent as a stabilizing force in Trump's economic agenda.
The Dollar Index fell 0.6% at the week's start, influenced by a 10 basis point drop in the US 10-year yield. Concerns over U.S. fiscal debt sustainability topped the Fed's financial stability report, alongside geopolitical tensions and political uncertainty. The bond market reacted positively to a recent appointment, though its long-term impact on the dollar and interest rates remains uncertain.
Donald Trump has assembled a cabinet that blends media-savvy loyalists with diverse thinkers, despite his campaign rhetoric against "globalists" and "elite." Notably, he has nominated banker Howard Lutnick for Secretary of Commerce and hedge fund manager Scott Bessent for Secretary of the Treasury, signaling a commitment to both workers and financial interests.
Trump's incoming administration is marked by hawkish appointments, yet there are signs of a more accommodating approach towards China, influenced by business interests. Despite ambitions to broker peace globally, challenges such as escalating conflicts in Ukraine and Israel's military actions complicate his peacemaking goals. The evolving international landscape may hinder Trump's ability to leverage negotiations effectively, raising questions about his capacity to fulfill his promises of ending wars and making significant deals.
Rhomaios Ram, CEO of Fnality, plans to step down as the company seeks a replacement. Fnality, backed by 20 global institutions, including UBS and Goldman Sachs, operates a tokenized payment system designed for interbank transactions, with plans to expand to multiple currencies. Despite recent funding rounds, the company faces challenges, including potential competition from central bank digital currencies in both the UK and EU.
Howard Lutnick, CEO of Cantor Fitzgerald LP, plans to step down from his businesses and divest his interests in BGC Group Inc. and Newmark Group Inc. if confirmed as commerce secretary in Donald Trump's administration. He intends to retain his shares rather than sell them on the open market.
Arab officials express concern over Trump's potential support for Israeli annexation in the West Bank and Gaza, hoping Saudi Arabia can leverage its relationship with him to moderate his stance. Meanwhile, Marc Rowan emerges as a leading candidate for Treasury secretary, with significant backing from Wall Street. As the region braces for a pro-Israel agenda, Lebanese officials are cautiously optimistic about the influence of Massad Boulos, a family connection to Trump.
Howard Lutnick
People
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