Connect with us

Donald Trump

NOOSUM, KAMA surge as Biden candidacy remains uncertain

Published

4 months ago

on



The meme coins Gabin Noosum and Kamala Horris enjoy significant surges amid speculation surrounding the 2024 U.S. presidential election.

NOOSUM’s price increased notably after President Joe Biden tested positive for COVID-19, while KAMA saw gains following President Joe Biden’s lackluster debate performance against Republican nominee Donald Trump.

Since then, key Democratic figures have reportedly told Biden that his path to victory on Nov. 5 isn’t viable.

Over the past two months, meme coins inspired by potential Democratic replacements for President Joe Biden have surged in value. According to data from CoinGecko, “Gabin Noosum” (NOOSUM) has rallied by 320.8% since July 17, while “Kamala Horris” (KAMA) has surged by 905% in the past 30 days.

Crypto prediction markets currently favor Vice President Kamala Harris as the preferred Democratic nominee, giving her a chance of winning the presidency, while Biden’s chances have declined.

Barely 24 hours after Biden tested positive for COVID-19, bettors on Polymarket began placing bets on Harris securing the Democratic ticket.

Those wagering on Polymarket’s “Democratic Nominee 2024” outcome have staked $13.6 million on the odds that Kamala Harris will be picked over Joe Biden. As a result, the odds of Harris representing the Democrats in the upcoming November election rose to 52% on July 18, up from under 25% at the start of the previous week.

The rally in these meme coins is fueled by the belief that Biden may step aside before the 2024 election. The BODEN token, based on the current president, has plummeted by 45% over the last seven days amid rumors of his potential withdrawal.

At the time of writing, the meme coin frenzy continues. NOOSUM, based on California Governor Gavin Newsom, has seen a 49% price decline in the past 24 hours, while KAMA, inspired by Vice President Kamala Harris, has declined by 21%.

While Vice President Harris has been relatively quiet about her stance on crypto, other potential replacements, such as Colorado Governor Jared Polis, have been more vocal in their support for the industry.

As discussions about a potential replacement for Biden gain momentum, Harris has faced both increased scrutiny and support. Some within the party question her credentials and approval ratings, while others advocate for her due to her national profile, campaign infrastructure, and appeal to younger voters.

As the political landscape shifts, it remains to be seen how these meme coin rallies will influence the upcoming election cycle.

MAGA (TRUMP) rallies on heels of RNC

The MAGA (TRUMP) token is up by 11% over the past 24 hours. At last check, it trades at $6.96. This increase has boosted its market capitalization to over $320 million. 

TRUMP token’s surge comes after Trump delivered a long-winded speech to conclude the four-night Republican National Convention event in Milwaukee.

Following a recent assassination attempt during a rally, Trump’s chances of winning the presidency, according to bettors on Polymarket, improved significantly. The TRUMP increased over 40% after the incident. This rise was fueled by speculation that a Trump victory would boost the token’s value.

Similarly, Other Trump-themed meme coins, such as Tremp (TREMP) and Maga Hat (MAGA), also experienced significant price increases following the incident.

Investors perceive Trump as a pro-crypto candidate, which enhances the appeal of tokens related to him.

According to blockchain intelligence firm Arkham, Donald Trump currently holds 579,290 TRUMP tokens, valued at approximately $4 million based on the latest report. 

Per a May 27 post on X by Lookonchain, an astute trader made a $2.7 million profit in just three days on the Trump-themed MAGA (TRUMP) meme token. The trader spent over $535,000 to buy six billion MAGA tokens on May 25, achieving a return of over 505 times his initial investment.

Since its launch in October 2023, the MAGA (TRUMP) token has seen a price increase of over 60,703%.



Source link

Related Topics:
Continue Reading

Donald Trump

Gensler to resign as SEC chair: What’s next under Trump?

Published

15 hours ago

on

November 23, 2024

By



Gary Gensler, the high-profile and often polarizing chair of the U.S. Securities and Exchange Commission, announced his resignation, effective the day President-elect Donald Trump takes office.

Here’s the announcement on X:

Gensler’s decision is hardly unexpected for those attuned to Washington’s political rhythms. Leadership changes at federal agencies often coincide with the arrival of a new administration, especially when there’s an ideological shift. 

Here’s a closer look at the situation.

Gensler’s crackdown on crypto

Although Gensler’s term was slated to run through 2026, his resignation aligns with these unwritten rules of political transitions.

Gensler’s tenure, which began in 2021 under President Joe Biden, has been anything but uneventful. Known for his bold and uncompromising regulatory stance, he led an unprecedented crackdown on the crypto industry—a sector he once described as “rife with fraud and hucksters.”

Under his leadership, the SEC initiated a record 46 enforcement actions against crypto-related entities in 2023 alone, a 53% increase from 2022. 

Some of the crypto-related lawsuits filed seemed reasonable. For example, the SEC’s case against Terraform Labs involved allegations of a massive fraud scheme. In June, a federal jury ruled against Terraform and its co-founder Do Kwon. They were ordered to pay over $4.5 billion in penalties, the largest ever imposed in a crypto-related case.

While some applauded his efforts to bring order to the industry, Gensler’s critics often accuse him of regulatory overreach and stifling innovation, particularly when it comes to cases against Ripple (XRP) and Coinbase.

Trump, whose family launched a crypto startup this year, vocalized his disdain for Gensler on the campaign trail and pledged to replace him “on day one.”

Dan Gallagher, Robinhood Markets’ chief legal officer, was considered a possible replacement for Gensler, but he is no longer interested.

As the SEC prepares for this leadership change, the agency faces critical questions about its future direction. What does Gensler’s departure mean for financial regulation in the U.S.? Who will take the reins, and how will their approach shape the nation’s financial landscape?

When Gensler confirmed his resignation, social media — particularly crypto enthusiasts populating X — erupted with tweets that ranged from bitter resentment to cautious relief. 

Many within the crypto community didn’t hold back, particularly supporters of Ripple. Known as the “XRP Army,” they had long blamed Gensler for the SEC’s aggressive lawsuit against Ripple Labs, which tanked the value of XRP and dragged the community into a years-long legal battle. 

“Congratulations to the XRP Army—this is the moment we’ve been waiting for,” one XRP supporter tweeted.

Criticism extended beyond XRP, with retail investors calling Gensler’s tenure “the most destructive period in SEC history.” They cite his initial resistance to approving a Bitcoin (BTC) ETF and his handling of smaller investor disputes, such as the MMTLP stockholder case.

Adding to the backlash, the same post referenced a federal judge’s reported reprimand of the SEC in another enforcement case, framing it as a reflection of Gensler’s heavy-handed and controversial approach. 

“Thank you for protecting no one from actual scams. You set America back years in crypto,” another social media user quipped.

High-profile industry figures also joined the chorus of criticism. Justin Sun, the founder of Tron (TRX), took a harsher tone, calling Gensler’s resignation “too late” and lamenting the “massive damage” he allegedly inflicted on U.S. markets and the global economy.

In the end, Gensler’s exit isn’t just the close of a contentious chapter; it’s the start of a critical transition for the SEC and the industries it oversees.

Who will lead the SEC next?

With Gensler’s resignation, the focus is shifting to who will succeed him—a decision that could reshape the future of crypto regulation in the U.S.

Journalist Eleanor Terrett of Fox Business has suggested that the next SEC chair may bring a fresh outlook on crypto. 

According to her sources, the incoming administration is prioritizing a candidate who is “pro-crypto” yet equipped to handle the SEC’s broader responsibilities, including oversight of public companies, stock and bond markets, and private funds.

Among the leading contenders is Paul Atkins, a former SEC commissioner known for his free-market philosophy and favorable stance on crypto. 

Charles Gasparino of Fox Business reported that Atkins is currently viewed as a frontrunner, buoyed by strong support from both the business and crypto communities. 

Atkins’ approach stands in stark contrast to Gensler’s enforcement-heavy style. While critics argue that Atkins may be too lenient, his supporters believe his leadership would promote innovation by lowering regulatory barriers.

Another prominent name in the running is Robert Stebbins, a partner at Willkie Farr & Gallagher and former SEC General Counsel under Jay Clayton. 

Stebbins is widely regarded as a steady and pragmatic candidate, offering deep legal and regulatory expertise. While his pro-crypto stance is less favorable than Atkins’, his previous experience at the SEC gives him credibility with both policymakers and financial institutions.

Teresa Goody Guillén is also emerging as a potential candidate. A veteran of the SEC and a partner at BakerHostetler, where she co-leads the blockchain practice. 

Crypto companies are reportedly advocating for her nomination, confident that her dual experience as an SEC insider and blockchain advocate would bring a balanced perspective to the role.

Brian Brooks, the former Acting Comptroller of the Currency, is another notable name being floated for key financial regulatory positions, including the SEC chair. 

Dubbed the “Crypto Comptroller” for his blockchain-friendly policies during his tenure at the OCC, Brooks has been a vocal proponent of integrating crypto into mainstream banking. 

While Terrett noted that Brooks is under consideration for multiple roles beyond the SEC, his appointment here could signal a transformative period for crypto regulation.

Interestingly, the shakeup may not be limited to the SEC. Terrett suggests that the Trump administration is exploring an expanded role for the Commodity Futures Trading Commission in crypto oversight. 

Such a move could involve splitting regulatory responsibilities between the SEC and CFTC—or even transferring primary authority to the CFTC entirely. 

However, as Terrett pointed out, this shift would require a colossal increase in funding for the CFTC, which currently lacks the resources to manage such an expansive mandate. For now, speculation continues.

Preparing for the change

Gensler’s resignation has left crypto industry insiders speculating about what lies ahead, with many experts pointing to a mix of challenges and opportunities. 

Slava Demchuk, CEO of AMLBot, in a conversation with crypto.news talked about one of the most pressing issues: the lack of clear rules for crypto in the U.S., especially compared to the EU’s Markets in Crypto-Assets Regulation. 

“Without clear regulations, crypto companies have been left in limbo, unable to fully understand compliance requirements or attract major institutional players.”

One particularly thorny problem is crypto companies’ struggles to access banking services. Niko Demchuk, Head of Legal at AMLBot, described how banks in the U.S. are often hesitant to work with crypto firms due to the risk of regulatory fallout. 

“Banks don’t want to associate with companies that might be out of compliance. Even indirect ties to crypto can bring scrutiny or fines, creating bottlenecks for the industry, making it difficult for businesses to perform everyday financial operations.”

If the next chair adopts a more crypto-friendly stance, there’s potential for key improvements, including clearer regulations, better access to banking, and a more welcoming environment for innovation. 

The prospect of a regulatory framework similar to the EU’s MiCA is also gaining traction. Experts believe that such a framework could bring greater consistency to the U.S. market, addressing issues like cybersecurity, anti-money laundering, and market manipulation. 

For crypto companies, this transitional period is an opportunity to get ahead and focus on strengthening compliance systems, enhancing know-your-customer processes, and investing in tools like transaction monitoring. 

“Businesses need to be proactive. Regulatory changes are coming, and those who are prepared will have a smoother adjustment,” Demchuk added.

For crypto firms, the time to act is now—because what comes next could reshape the future of the crypto industry in the U.S. and across the globe.





Source link

Continue Reading

Donald Trump

Another U.S. SEC Democrat to Drop Out, Leaving Republicans Running Agency by February

Published

18 hours ago

on

November 23, 2024

By



Commissioner Jaime Lizárraga is leaving January 17, he said in a Friday statement, which could give Republicans a head start on what could otherwise have been months of delay in redirecting the regulator’s policies — including on cryptocurrency. At this point, Caroline Crenshaw will be the sole Democrat on the five-member commission going into 2025, and her term has already expired, putting her into an extension that can last as long as about 18 months.



Source link

Continue Reading

24/7 Cryptocurrency News

Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary

Published

1 day ago

on

November 23, 2024

By


Ripple CEO Brad Garlinghouse has shared another good news with the XRP community. US President-elect Donald Trump has finally picked his Treasury Secretary, making the crypto community including Garlinghouse bullish on XRP and the end of the SEC lawsuit. Ripple CEO Garlinghouse claims Scott Bessent is the perfect pick.

Donald Trump Nominates Scott Bessent As US Treasury Secretary

US President-elect Donald Trump has nominated Scott Bessent to lead the US Treasury Department. The new Treasury Secretary is the founder of hedge fund manager Key Square Group. He is known for the famous short bet against the British sterling in 1992 when he worked for George Soros.

Picking the US Treasury chief proved to be one of Trump’s most crucial decisions as Wall Street closely watched the drama. Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh were in the race.

“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump wrote on Truth Social, reported Reuters.

Both Wall Street and the crypto market reacted bullishly as Trump named Scott Bessent to lead Treasury Department. Bessent is positive on crypto adoption policy, but investors await more details on his views on fiscal policy and the next steps.

Ripple CEO Brad Garlinghouse Hails Trump’s Treasury Sec Pick

Ripple CEO Brad Garlinghouse took to X to express his satisfaction with Scott Bessent as Treasury Secretary. He said “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick.” He claims Bessent will be the most pro-innovation, pro-crypto Treasury Secretary ever seen.

Other crypto executives and experts including Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey reacted positively.

Pro-XRP lawyer John Deaton said the Trump transition team now needs to get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion timeline for Ripple SEC case.

XRP Price Rises Over $1.60 As Ripple CEO Turns Bullish

Bullish reactions from Ripple CEO and Cardano founder Hoskinson triggered further rally in XRP and ADA prices. All eyes are now on upcoming nominations by Donald Trump.

XRP price extended its weekly rally to more than 60%, with a 12% pump in the last 24 hours. XRP saw a 24-high of $1.62 as trading volume climbed further by 22%. Popular analysts predicted an XRP price target of $2.

ADA price jumped 22% in the past 24 hours, with the price finally surpassing $1. The 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, the trading volume has increased by 130% in the last 24 hours, indicating a massive interest among traders.

✓ Share:

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon