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EU Commission Denies Pre-Warning On Donald Trump And Elon Musk Interview
Published
3 months agoon
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adminThe EU Commission has noted that a letter that was sent from Thierry Breton, the EU Internal Market Commissioner to Elon Musk, owner of the social media platform X was not green-lit by Ursula von der Leyen the commission’s president.
Subsequently, the letter threatened Musk with legal action under the Digital Services Act (DSA) if content on X endangered EU citizens. It was published on the platform shortly before Musk’s interview with the US presidential candidate Donald Trump.
EU Commission Denies Pre-Warning on Trump Musk Interview
According to a Financial Times report, the EU Commission has denied giving any prior approval to Thierry Breton’s letter to Elon Musk. The letter, shared on X, addressed Musk to the platform’s adherence to the Digital Services Act, including the removal of content with adverse effects on EU citizens.
The Commission also said that neither the timing of the letter, nor its content was cleared with or by the president of the Commission, Ursula von der Leyen or other commissioners.
BREAKING: EU accused its internal market commissioner of going rogue by sending a letter to Elon Musk threatening punishment hours before Elon interviewed US presidential candidate Donald Trump on X.
— unusual_whales (@unusual_whales) August 13, 2024
One of the EU officials who wished to remain anonymous stated that Breton has been known to work autonomously at times, sometimes without the input of other top officials in the Commission. The timing of the letter, which came following Musk’s meeting with Donald Trump, was questioned within the Commission. The letter focused on Musk’s obligation to censor negative content on X because the platform has many users, and one-third of them are in the EU.
Investigation into X’s Compliance with DSA
As of now, the EU Commission is probing X for possible violation of the Digital Services Act, which was enacted in 2022 in response to increasing dependence on social media. This case is linked to the handling of the illegal content and the spreading of the disinformation which are the concerns that are emerging in the EU. The Commission has noted that X’s approach to addressing the issue of problematic content will be crucial in the further investigation.
In his letter, Breton provided specific examples of how content found on X was related to some recent protests and expressed concerns regarding the role of the platform in ensuring that freedom of speech does not lead to public threats. The letter also brought to mind that Musk has certain legal obligations under the DSA, with regards to the measures which need to be taken proportionately to address the issue of amplification of harmful content.
Nonetheless, if the platform is considered to have violated the Digital Services Act, it may be subject to severe sanctions, including fines of up to 6% of the company’s global turnover. Initial revelations of the probe have also accused X of not being clear on its marketing strategies and of deceiving its consumers through the paid subscription-based blue tick verification process.
Elon Musk’s X Probed in Austria and Pushes Antitrust Case
However, the platform has also faced other legal challenges in Europe apart from the scrutiny of the EU commission. Recently, the Austrian privacy organisation NOYB complained against X to the Irish DPAs claiming that the platform uses personal data for AI training without valid consent from the users. The complaint filed by the privacy activist Max Schrems has led to X being investigated for possible breaches of data protection laws in Austria.
Concurrently, the platform is currently involved in an antitrust lawsuit against several big names and an advertising industry body, accusing them of conspiring to cause harm to the platform.
As reported by Coingape, X’s CEO Linda Yaccarino stated that the lawsuit is against companies such as CVS Health, Mars, and Unilever, all of which are accused of colluding to damage Elon Musk platform and other conservative media organisations.
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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.
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Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?
Published
2 hours agoon
November 22, 2024By
adminSolana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.
Solana Hits New ATH Amid Massive Whale Buying
According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.
Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.
Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.
Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.
Coin Price Gians 8% Breaking ATH
SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.
Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.
Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
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“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role
Published
6 hours agoon
November 22, 2024By
adminChris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.
This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.
Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump
According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.
As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.
The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.
Trump’s Strategic Approach to Digital Asset Policy
President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.
Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.
The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.
Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,
“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”
His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,
“I would be honored to be considered for the role.”
The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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.
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Donald Trump Proposed Crypto Advisory Council To Set Up Strategic Bitcoin Reserve
Published
10 hours agoon
November 21, 2024By
adminDonald Trump plans to establish an advisory council to position the U.S. as a leader in the cryptocurrency space. The council will spearhead policy changes, coordinate with Congress on crypto legislation, and oversee the creation of a strategic Bitcoin reserve.
The advisory council will also operate under the White House’s National Economic Council or a similar executive body. Industry executives have revealed that the council will collaborate with federal agencies like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury to streamline regulatory frameworks for the crypto industry.
Donald Trump To Establish Bitcoin Reserve Amid Crypto Council Formation
According to a recent report, Donald Trump’s crypto advisory council will advise on digital asset policies and oversee the creation of a strategic Bitcoin reserve. The reserve aims to position Bitcoin as a core element of the United States’ economic strategy. This will enhance the nation’s leadership in the global crypto space.
The council will work with Congress to draft legislation and coordinate between agencies such as the SEC, CFTC, and Treasury. The initiative seeks to establish clear regulatory guidelines within the crypto sector. More so, the idea of a Bitcoin reserve reflects a commitment to integrating blockchain technology into national economic frameworks.
Additionally, the move comes amid rising discussions on why the United States should consider Bitcoin as part of its national reserves, particularly in light of countries like El Salvador and Bhutan already adopting it. Advocates like Anthony Pompliano stress the urgency for the U.S. to act to maintain its leadership in the evolving digital economy.
Industry Leaders Compete for Seats on Trump’s Crypto Council
Several players in the industry, including Ripple, Kraken, Coinbase, and Circle, are vying for a position on Donald Trump’s council. These companies aim to influence the administration’s approach to crypto regulation and advocate for pro-industry policies. Executives from Paradigm and Andreessen Horowitz’s crypto arm, a16z, are also expected to play key roles in shaping the council.
Ripple and Circle, represented by their executives, have already expressed interest in contributing to the council. Circle CEO Jeremy Allaire recently emphasized the importance of building a robust, crypto-friendly infrastructure under Trump’s administration. Industry leaders hope this council will bring an end to enforcement actions seen under the previous administration.
Most recently, Cardano founder Charles Hoskinson endorsed Coinbase CEO Brian Armstrong for the potential White House crypto role under Donald Trump’s administration. Hoskinson praised Armstrong’s neutrality and deep understanding of the crypto industry, emphasizing his ability to guide regulatory progress.
Meanwhile, this major push comes as the current SEC Chair, Gary Gensler, announced he is set to resign on January 20, 2025, coinciding with Donald Trump’s inauguration as U.S. President. Ripple’s CLO, Stuart Alderoty, emphasized the need for a new Chair who will establish clear rules for crypto.
Notably, former regulators, including Heath Tarbert, former CFTC Chair and now Circle’s chief legal officer, and Brian Quintenz, a16z’s head of policy, are reportedly advising Donald Trump’s transition team. These individuals bring extensive regulatory experience to the development of the Crypto Council and its proposed Bitcoin reserve.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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.
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