Donald Trump
Trump crypto venture WLFI is a ‘huge mistake,’ investor says
Published
3 months agoon
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adminThe latest Trump family business venture — originally pitched as a DeFi platform dubbed “The Defiant Ones,” but has since been rebranded as World Liberty Financial — is fraught with controversy just days after it was unveiled.
While Trump’s eldest sons, Eric Trump and Donald Trump Jr., are “ambassadors” of World Liberty Financial, CoinDesk reports that the once “Defiant” company is also linked to individuals involved in liquidity protocol Dough Finance.
Recall how Dough Finance lost $1.8 million in Ethereum (ETH) and USD Coin (USDC) to a flash-loan attack on July 12.
Zachary Folkman and Chase Herro – the duo that built Dough Finance — are bosses at the new Trump-led firm, too. They started the companies Date Hotter Girls LLC and crypto-focused Pacer Capital, respectively.
Trump first endorsed the decentralized finance project in an Aug. 22 post on Truth Social. He posted about it again on Aug. 29 (by then it was dubbed World LibertyFi).
The X accounts of two of his family members were subsequently compromised and used to promote a fake Solana-based memecoin. One of the targets was Lara Trump, who is co-chair of the Republican National Committee.
The whole initiative sounds fishy to crypto venture capitalist and Trump supporter Nic Carter, who didn’t mince words on the matter. “This is a huge mistake,” he said per Politico. “It looks like Trump’s inner circle is just cashing in on his recent embrace of crypto in a kind of naive way, and frankly it looks like they’re burning a lot of the goodwill that’s been built with the industry so far.”
“Goodwill?” It’s worth mentioning that some of the sector’s most famous names have been found guilty of fraud.
Former Binance CEO Changpeng Zhao received a four-month sentence in prison; crypto entrepreneur Do Kwon spent more than six months in a Montenegrin prison; and FTX founder Sam Bankman-Fried was sentenced to 25 years in prison.
Trump is also no stranger to having his business ventures marred by illegalities (see Donald J. Trump Foundation and Trump University). He is also the first former U.S. president to be convicted of felony crimes.
Trump, crypto and trust
Trump, who once said he was “not a fan” of Bitcoin (BTC), has been weaving pro-crypto policies into his stump speeches in the lead-up to the 2024 presidential election.
In May, he became the first major political candidate to accept crypto donations. Crypto celebrants then received a flurry of promises should Trump be re-elected: a government-backed crypto reserve and the firing Gary Gensler, the oft-critiqued current Securities and Exchange Commission chair.
His one-eighty won him the support and financial backing of such deep pockets as Cameron and Tyler Winklevoss — founders of the Gemini exchange — who gave $1 million in Bitcoin each to the former president.
But since then, fraudsters have targeted his so-called “MAGA” base with fake crypto websites and misleading donation centers. In June, a London-based cybersecurity company called Netcraft began monitoring several attacks surrounding the Trump campaign, discovering fraudulent donation schemes and phishing attempts.
The latest scrutiny surrounding World LibertyFi and its World Liberty Coin is no different.
For weeks, the Trump brothers teased a financial venture that would challenge traditional banking. And when it debuted, scammers had plenty of new fodder to work with.
Carter, who remains a Trump supporter (because “Trump himself is only tangentially involved”) warns that the World Liberty project “genuinely damages” the Republican nominee’s electoral prospects. Polls indicate that the presidential race against Democratic Vice President Kamala Harris is extremely tight.
“It’ll be the juiciest DeFi target ever and it’s forked from a protocol that itself was hacked. [It’s] also an obvious target for the SEC,” he wrote on Sept. 3. “At best it’s an unnecessary distraction, at worst it’s a huge embarrassment and source of (additional) legal trouble,”
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Donald Trump
Trump Wants Teresa Goody Guillén to Head the SEC
Published
2 days agoon
November 20, 2024By
adminSoon-to-be President Donald Trump is looking at Teresa Goody Guillén, an experienced Securities attorney with a strong background in traditional finance and blockchain regulation, as a potential candidate to head the U.S. Securities and Exchange Commission.
If chosen, her appointment could mark a significant shift in the agency’s regulatory stance compared to the current ‘anti-crypto’ approach under Gary Gensler.
The Trump administration has expressed its intention to move away from what it coined as “regulation by enforcement” in the cryptocurrency space. During his campaign, Trump promised to fire Gensler on his first day in office, and reports suggest that Gensler is already getting ready to resign before Trump takes office, for a second time, on Jan 20.
Trump’s team is said to be looking for someone who is knowledgeable about digital assets and can soften the SEC’s stance on harsh crypto regulations until Congress offers a more definitive legislative direction. The blockchain and finance moguls see Goody Guillén as a perfect fit for this vision. Her supporters point out her firm grasp of security law and thoughtful approach to regulation. Guillén’s unique blend of experience with the SEC and her advocacy of blockchain companies has earned her considerable backing from both crypto leaders and traditional finance executives.
Goody Guillén is a partner at BakerHostetler, where she co-heads the firm’s blockchain division. According to her LinkedIn, she worked in the SEC’s office as the general counsel from 2009 to 2011. She then collaborated with former SEC Chair Harvey Pitt to provide counsel on enforcement issues.
This combination of insider knowledge and advocacy against the SEC’s enforcement actions has made her an ideal candidate for the position, especially in the wake of Trump’s team looking for a pro-crypto regulator to revamp the SEC. Brendan Playford, co-founder of the decentralized data provider Masa, referred to her as “an instant change-maker” who has the potential to restructure the finance industry.
Goody Guillén is one of many competitive groups of candidates for the SEC Chair position, which also includes major figures like Robert Stebbins from Willkie Farr & Gallagher, Brad Bondi from Paul Hastings, former SEC commissioner Paul Atkins, and Brain Brooks, who previously served as Acting Controller of the Currency.
The Trump transition team is moving quickly this time around, and it is planning to announce the new SEC chair before Thanksgiving, as reported by CoinDesk. This urgency brings to light the administration’s focus on rapidly changing financial regulations. If Goody Guillén is appointed, her leadership could lead to significant shifts in how the SEC handles crypto regulations. With the Trump administration already making some bold and controversial picks for Cabinet positions, many are keeping a close eye, as this could mean a make-or-break for regulatory reforms in the next four years.
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$100k
Why $100,000 Bitcoin Is Right Around The Corner
Published
4 days agoon
November 19, 2024By
adminIf you have been following Bitcoin news today, like I have, you can not be more bullish on Bitcoin. Seriously, what a time to be alive!
Just today:
- MicroStrategy purchased another 51,780 BTC for $4.6 billion and announced its plans to raise $1.75 billion to buy more bitcoin
- Semler Scientific bought another 215 BTC for $17.7 million
- Genius Group launched its Bitcoin treasury by purchasing 110 BTC for $10 million
- MARA Holdings announced a $700 million raise to buy more BTC
- Metaplanet issued ¥1.75B debt offering to buy more BTC
- Global healthcare group Cosmos Health adopted BTC as a treasury reserve asset
Insane, right?
The corporate Bitcoin adoption is going absolutely parabolic. The race among public companies to stack the most satoshis has kicked into hyperdrive.
Some other news:
- Donald Trump is meeting with Coinbase CEO Brian Armstrong and is expected to discuss appointments
- Donald Trump’s media $DJT in talks to purchase crypto trading platform Bakkt
- Options trading on BlackRock’s spot Bitcoin ETF could be listed as soon as tomorrow
It’s only Monday, and my head is already spinning! With this tidal wave of positive adoption, I’d be downright shocked if we don’t blast through $100,000 per Bitcoin this week.
I expect a flood of more bullish news and serious FOMO buying pressure this week. Seriously, tighten your seatbelts, folks—with this momentum, Bitcoin hitting a hundred grand is coming sooner than you imagined!
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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24/7 Cryptocurrency News
Poland Presidential Candidate Calls for Bitcoin Reserve In Election Pitch
Published
4 days agoon
November 18, 2024By
adminPoland Presidential Candidate Slawomir Mentzen has recently pitched for a strategic Bitcoin Reserve as part of his election pitch. Drawing a leaf from Donald Trump’s victory in the US presidential election, global leaders have joined the bandwagon. Bitcoin investor Mentzen eyes a similar paradigm shift in Polish elections as BTC price a massive rally over $93,000.
Poland Eyes Strategic Bitcoin Reserve Like United States
In a post on the X platform on November 19, Slawomir Mentzen, the Polish presidential candidate of the KORWiN party, demanded that Poland create its own strategic Bitcoin reserve. Interestingly, Mentzen also proposed having crypto-friendly regulations along with support from the national banks for building this reserve. He wrote:
“If I become the President of Poland, our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators. BTC to the Moon!”
Election in Poland will tentatively happen around May 2025, and hence a Bitcoin push early on could lead to a shift in the course of elections in the coming months. Although Slawomir Mentzen is the candidate of a smaller party, he can gain significant ground with this BTC push.
Several market analysts think that the Bitcoin Game Theory will soon play out among nation-states, creating a snowball effect in no time. In the United States, top Bitcoin leaders like Michael Saylor, and Cynthia Lummis have started pitching President-elect Donald Trump about the importance of having a BTC reserve, and how it can reduce the US national debt by a staggering $16 trillion.
It is clear that leaders across nation-states have started seeing Bitcoin as a crucial reserve asset similar to gold. Senator Cynthia Lummis also proposed that state-federal banks sell some of the gold and use the proceeds to buy BTC.
Słamowir Mentzen Is A Bitcoin Businessman
Amid the strategic Bitcoin Reserve pitching reports, Polish Presidential candidate Slamowir Mentzen revealed that he had invested all his money into Bitcoins a decade before in 2013.
“In 2013, I bought cryptocurrencies with all the funds I had. I went all-in and did very well, but that was 2013,” he said during a conversation on a YouTube channel run by Filip Kowiarski. Furthermore, he also addressed accusations of pursuing others to buy BTC or providing any similar advice. In his interview, he said:
“I have been holding Bitcoins for years, I have been holding cryptocurrencies. I bought them back in 2013, at the beginning of this year I sold a little bit (…), but I hold the vast majority. Some people accuse me of trying to sell cryptocurrencies and saying: buy them. I am absolutely not trying to sell cryptocurrencies to anyone, I have not bought any cryptocurrencies for years, it is a very risky investment”.
BTC Price to Rally Over $100K?
As of press time, the Bitcoin price is trading at $90,547, with a market cap of $1.791 billion. Several market analysts predict BTC will hit $100K by the year-end, however, bulls seem to be taking a wait-and-watch approach. BTC rallied over 32% in a month
Popular crypto analyst Rekt Capital stated that the Bitcoin top hasn’t arrived yet and there’s still 3-4 weeks of rally ahead before calling a top as per the historical trends.
In the 2013, it took 6 weeks of upside into Price Discovery before #BTC experienced any sort of deeper pullback
In the 2017 cycle, BTC rallied 8 weeks into Price Discovery before a deeper pullback
In the 2020/2021 cycle, $BTC rallied 4 weeks into Price Discovery before a deeper…
— Rekt Capital (@rektcapital) November 17, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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