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President-elect Donald Trump is forming a crypto advisory council comprising 24 CEOs to collaborate with the SEC, CFTC, and Treasury for regulatory clarity and to draft cryptocurrency legislation. The council aims to establish a strategic Bitcoin reserve and promote a pro-crypto environment.The crypto industry is preparing for the 'Inaugural Crypto Ball' on January 17 in Washington, DC, organized by BTC Inc and Stand With Crypto, with tickets priced at $2,500. Key figures, including Circle CEO Jeremy Allaire, have engaged with Trump to discuss crypto-friendly policies and support the new administration.
Circle has donated $1 million in USDC to Donald Trump's inaugural committee, marking its first significant political contribution in the U.S. CEO Jeremy Allaire highlighted the importance of accepting digital dollars, reflecting the growing acceptance of cryptocurrencies.This donation is part of over $200 million raised by the committee, with notable support from other crypto firms like Ripple, Kraken, and Coinbase, all backing Trump's pro-crypto policies and regulatory reforms. Trump's administration has made several pro-crypto appointments, signaling a commitment to fostering collaboration between the government and the digital asset sector.
Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty met with President-elect Donald Trump at Mar-a-Lago, marking a significant shift in US crypto engagement. Garlinghouse noted a surge in Ripple's US business activity and a strategic pivot towards the domestic market. Meanwhile, Ripple's President Monica Long announced plans to expand the RLUSD stablecoin and expressed optimism about a spot-based XRP ETF approval, reflecting the growing momentum in the crypto sector.
The crypto industry is experiencing a pivotal moment with the incoming Trump administration, which has appointed pro-crypto advocates to key positions, including Howard Lutnick as Commerce Secretary and Paul Atkins at the SEC. As industry leaders engage politically, they face challenges in unifying diverse interests and navigating complex legislative priorities, particularly around market structure and stablecoin regulation. The bipartisan Financial Innovation and Technology for the 21st Century Act aims to establish a regulatory framework, but stakeholders express concerns over its adequacy in addressing decentralized finance and regulatory responsibilities.
Bitcoin has solidified its mainstream status with the approval of 11 exchange-traded funds, attracting over $113.5 billion by year-end and pushing its price to record highs of $100,000. MicroStrategy plans to expand its Bitcoin purchases significantly, while Crypto.com launches a custody service for US institutions. Meanwhile, Russia imposes a six-year ban on crypto mining in ten regions, and the IRS maintains that staking rewards are taxable upon receipt, setting a precedent for future taxation.
Crypto.com has launched an institutional cryptocurrency custody service in the US, named Crypto.com Custody Trust Company, aimed at US institutions and high-net-worth individuals. This move reflects the company's confidence in the North American market and is part of its strategy to enhance its presence in the US and Canada.In December, CEO Kris Marszalek met with US President-elect Donald Trump to discuss crypto policies, coinciding with the company's decision to drop its lawsuit against the SEC, signaling a commitment to collaborate on regulatory frameworks.
President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at Mar-a-Lago, where they discussed a federal bitcoin stockpile and a crypto-friendly regulatory framework. Following the meeting, Crypto.com dropped its lawsuit against the SEC, signaling optimism about Trump's regulatory approach. Trump has pledged to implement regulations crafted by industry supporters and plans to replace SEC Chair Gary Gensler with former Commissioner Paul Atkins.
Crypto.com has voluntarily withdrawn its lawsuit against the SEC, a surprising move following CEO Kris Marszalek's meeting with President-elect Donald Trump. The discussions included potential government appointments and a proposed national Bitcoin reserve, signaling a shift towards collaboration with the new administration, which is seen as more supportive of crypto innovation. Key appointments, such as Paul Atkins as SEC Chairman and David Sacks as the White House A.I. & Crypto Czar, further indicate a pro-crypto regulatory environment.
Ethereum spot ETFs have seen a significant net inflow of $145 million, reflecting growing institutional interest, with BlackRock’s ETHA leading at $3.365 billion. Grayscale’s ETH also contributed, increasing its net inflow to $616 million, while cumulative net assets for Ethereum spot ETFs reached $14.04 billion.In related news, President-elect Trump met with Crypto.com CEO Kris Marszalek to discuss establishing a U.S. Strategic Bitcoin Reserve, aimed at enhancing economic security and consolidating government-held Bitcoin. This initiative follows Trump's engagement with other crypto leaders and coincides with Bitcoin hitting an all-time high of $108,268.45.
Crypto.com CEO Kris Marszalek met with President-elect Donald Trump at Mar-a-Lago to discuss a potential national Bitcoin reserve and regulatory frameworks for the crypto industry. Following the meeting, the exchange's native token, Cronos (CRO), surged over 25%. The crypto community has expressed optimism about the new administration's approach to digital assets, with Crypto.com withdrawing its lawsuit against the U.S. Securities and Exchange Commission (SEC) to collaborate on regulations.
Kris Marszalek
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