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President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being named Time's 2024 Person of the Year, marking his second time receiving the honor. In his remarks, he highlighted his administration's plans, including expedited permits for major projects and a commitment to mass deportations. Trump also expressed skepticism about trusting others, including Israeli Prime Minister Netanyahu, while emphasizing his approach to reshaping American politics.
Richard Teng, CEO of Binance, stated that discussions about the exchange's potential return to the U.S. market are premature. This comes after Binance's exit following a $4.3 billion settlement with the Department of Justice over sanctions violations and money laundering. Teng emphasized the company's focus on global deployment and compliance as a competitive advantage, especially with a more crypto-friendly regulatory environment anticipated under former President Donald Trump's administration.
Pump.fun, a Solana-based platform for creating and trading tokens, has banned UK users following warnings from the financial regulator. The site has facilitated over 3.85 million token launches since January 2024, but has faced backlash over issues related to violence and abuse. Meanwhile, the JUSTICE token, created to honor euthanized pets, has seen a dramatic decline of over 99% since its launch, reflecting the volatility of meme coins in the market.
Donald Trump's incoming administration is set to feature a roster of ultra-wealthy appointees, including Elon Musk, who will co-lead an advisory group aimed at reducing government waste. With an average net worth of $616 million among Trump and his top picks, this administration could surpass the previous one, where the total wealth of Biden's Cabinet was estimated at $118 million. The influx of billionaires raises concerns about potential financial and ethical conflicts, as well as the impact on Trump's populist appeal.
David Sacks, a venture capitalist and former PayPal executive, has been appointed by President Trump as the White House AI & Crypto Czar, a role aimed at positioning the U.S. as a leader in these fields. His appointment is celebrated in the crypto industry, which hopes for clearer regulations and a more favorable environment after years of regulatory challenges. Sacks will lead a council to develop policies and legal frameworks for crypto businesses, working closely with the SEC and CFTC.
Trump has appointed David Sacks, a venture capitalist and member of the "PayPal mafia," as the czar for artificial intelligence and cryptocurrencies. Sacks will lead the Presidential Council for Science and Technology, focusing on establishing the U.S. as a leader in these critical sectors while also working on deregulating the crypto industry to provide legal certainty. Despite his new role, he will continue his involvement with Craft Ventures, where he has invested in numerous high-profile companies.
President Biden faces mounting pressure to forgive student loans before the Trump administration takes office, with Democratic lawmakers urging the Education Department to process pending applications for 400,000 borrowers defrauded by their colleges. Despite forgiving over $28 billion for 1.6 million borrowers, concerns grow that the incoming administration may reverse these efforts, particularly affecting older Americans. Advocates emphasize the urgency for action, as many borrowers are running out of time for relief.
Elon Musk's initiative to reduce the federal workforce, part of Donald Trump's "department of government efficiency," could disrupt the labor market, as economists warn that cutting jobs from the 3 million civilian employees may hinder job creation. Musk and co-head Vivek Ramaswamy aim for $500 billion in savings through mass layoffs, raising concerns about the impact on job seekers and potential increases in contractor costs. Meanwhile, Trump has nominated Paul Atkins to lead the SEC, signaling a crackdown on Big Tech, as he reshapes his administration with loyalists and financial experts.
Donald Trump has nominated Paul Atkins, a crypto enthusiast and former SEC commissioner, to chair the US Securities and Exchange Commission, indicating a shift towards a more lenient regulatory approach. Trump emphasized Atkins' commitment to common sense regulations and the importance of digital assets for America's growth.In a related move, Trump appointed Gail Slater to lead the Department of Justice’s antitrust division, aiming to combat Big Tech's dominance and promote competition. He expressed pride in addressing these issues during his first term and expects Slater to continue that effort.
Donald Trump is considering appointing Gail Slater, a key aide to vice-president-elect JD Vance, to lead the Department of Justice’s antitrust unit, signaling a tough enforcement approach against Big Tech. This move aligns with a growing populist sentiment among Republicans advocating for aggressive antitrust actions, similar to those of the Biden administration. Other contenders for leadership roles at the FTC include Melissa Holyoak and Mark Meador, with varying views on antitrust policy.
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