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Bitcoin has reached an all-time high just under $100,000, driven by a surge in interest following Donald Trump's election victory and the resignation of SEC Chair Gary Gensler, signaling a potentially more favorable regulatory climate. Despite this rally, altcoins struggle to keep pace, with lingering concerns from the 2021 crypto bubble affecting the broader market.
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.
In a significant political shift, the cryptocurrency industry funneled over $245 million into the recent elections, helping candidates like Bernie Moreno defeat long-standing incumbents and secure nearly 300 pro-crypto lawmakers in Congress. This strategic investment aimed to eliminate critics and bolster support for crypto-friendly regulations, particularly following the SEC's aggressive stance under Gary Gensler. With the backing of major crypto executives and PACs, the industry is poised to exert unprecedented influence over future legislative agendas.
Bitcoin approached the $100,000 mark, trading at $98,550 in Singapore after reaching a record $99,000 in the US. This surge is driven by optimism over favorable US regulations and increased investor interest following President-elect Donald Trump's support for cryptocurrency. The overall crypto market has gained approximately $1 trillion since Trump's election win on November 5.
Charles Schwab Corp.'s incoming CEO, Rick Wurster, announced plans to offer spot cryptocurrency trading once US regulations become more favorable, a shift anticipated with the upcoming administration of President-elect Donald Trump. Wurster expressed confidence in the regulatory environment changing and stated that the firm is preparing for this eventuality during a recent Bloomberg Radio interview.
Bitcoin is nearing the $100,000 mark as SEC Chairman Gary Gensler plans to resign at the end of Biden's term, potentially paving the way for a more crypto-friendly regulatory environment under Donald Trump. The anticipated approval of Bitcoin spot ETFs has further fueled investor optimism, suggesting a historic price milestone could be within reach.
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The upcoming Trump administration may lead to significant regulatory rollbacks and stricter tariffs, potentially benefiting Swiss private banking as geopolitical divides widen. Clients from the Global South may seek alternatives to US, European, and Chinese banks, favoring offshore financial centers. Andrew Isbester, with nearly two decades in Swiss and European finance, explores these themes in "The Double Take" feature on finews.com.
The event at the Chamber of Deputies focused on the social value of cryptocurrencies and Web3, highlighting their potential for financial inclusion and philanthropy in Italy. Gianluigi Guida, CEO of Binance Italy, warned that a proposed tax increase on cryptocurrency capital gains could hinder innovation and competitiveness, stressing the technology's role in supporting humanitarian efforts and transparency in charitable donations. Binance Charity has already contributed over $20 million to various projects, showcasing the tangible benefits of blockchain beyond mere investment.
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