{
}
Ripple's stablecoin, RLUSD, is anticipated to launch by the end of 2024, despite potential delays due to holiday schedules. CTO David Schwartz expressed optimism about meeting this target, emphasizing the importance of regulatory approval from the New York State Department of Financial Services. Meanwhile, Ripple's XRP token has experienced significant volatility, recently retracing 15% after a surge of over 400% following Donald Trump's primary election victory. The upcoming inauguration of Trump and the appointment of Paul Atkins as SEC Chair may set the stage for further growth in 2025.
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.
The Senate approved several judicial nominees from the Biden administration, while the House passed bills on small business regulations and civic education. As Congress faces looming deadlines for government funding and a defense authorization bill, the focus shifts to immigration and tax legislation in the new year. The pharmaceutical industry braces for scrutiny with Robert F. Kennedy Jr. nominated as HHS Secretary, and the Republican majority in the House is set to dwindle, complicating legislative efforts.
Ethereum has surged past $4,000, driven by over $1 billion in ETF inflows in the past week, marking a 65% increase in price since Donald Trump's presidential win. Institutional interest, particularly from BlackRock, has significantly boosted market activity, resulting in $11 million in liquidations. This rally follows Trump's pro-crypto appointments, enhancing market optimism.
The SEC plans to reject applications for spot Solana ETFs and pause new crypto ETF approvals, impacting several asset managers, including Grayscale Investments, which recently filed to convert its Solana Trust into a spot ETF. The agency's restrictive stance under Chair Gary Gensler has raised concerns about the classification of Solana and other cryptocurrencies as securities. With Gensler's departure imminent, there is speculation that a new SEC chair could change the outlook for Solana and XRP ETFs.
Bitcoin experienced a significant drop from record highs, falling below $94,000 before rebounding towards $97,000 on December 6. This decline coincided with a downturn in US equities, as major indices like the Dow, S&P 500, and Nasdaq also closed lower. Following the election of President-elect Trump and the nomination of Paul Atkins for SEC chair, Bitcoin's price surged over 45%, driven by institutional investments, with approximately 3% of the total Bitcoin supply purchased in 2024.
U.S. markets paused with the S&P 500 down 0.19% and the Dow Jones losing 0.55% as traders await the November jobs report, expected to show a gain of 214,000 jobs. Meanwhile, OPEC+ extended oil supply cuts, and Bitcoin briefly surpassed $100,000, fueled by positive sentiment from political endorsements. Analysts predict continued strength in U.S. equities, with the S&P 500 potentially reaching 6,500-6,700 by the end of 2025, amid robust economic growth forecasts.
As bitcoin surges past $100,000, Jim Cramer emphasizes the importance of diversifying investments beyond cryptocurrencies, advocating for a mix of stocks and bitcoin. He highlights significant stock gains from companies like Palantir, Tesla, Costco, and Nvidia, urging investors to consider both asset classes. Cramer also notes the political support for crypto from Donald Trump, who aims to promote U.S. mining and has plans to nominate crypto advocate Paul Atkins to lead the SEC, potentially easing regulatory pressures.
[Securities and Exchange Commission]
President-elect Donald Trump has nominated Paul Atkins as the next chair of the U.S. Securities and Exchange Commission (SEC), signaling a shift from Gary Gensler's enforcement-heavy approach to a more collaborative and innovation-friendly regulatory environment. Atkins, a former SEC commissioner and founder of a consulting firm advising crypto companies, is expected to bring clarity and support to the cryptocurrency industry, which has faced uncertainty under strict regulations. His nomination has already positively impacted the crypto market, with Bitcoin surpassing $100,000 following the announcement.
Paul Atkins
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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