crypto regulation
Can Trump’s return to power and pro-crypto policies spark a historic bull run?
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6 days agoon
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Could the increasing support for Trump within the crypto community and his pro-crypto policies lead to a historic bull run if he wins the 2024 election?
The current political climate in the U.S. is charged with uncertainty. Voters are deeply divided, and the economic challenges facing the nation are substantial.
As President Joe Biden and former President Donald Trump prepare for the upcoming 2024 U.S. Presidential election face-off, the stakes are high, not just politically, but economically and technologically.
The U.S. is grappling with persistent inflation, de-dollarization risks, geopolitical tensions, and a polarized political environment. Amid this uncertainty, the role of crypto assets has emerged as a key issue for voters.
According to a recent survey by Grayscale, nearly half of the voters now expect to include crypto in their investment portfolios. This growing interest is particularly pronounced among younger voters, with 62% of Gen Z and Millennials seeing crypto as the future of finance.
Recent developments suggest that crypto tides seem to be shifting towards Trump. What are those reasons, and could his revival herald a long-awaited bull run in the crypto market?
Changing stances and political wars
As the election draws near, both Biden and Trump offer starkly different visions for the country’s future, each with distinct implications for the economy and, by extension, the crypto market.
Former President Donald Trump, once a vocal critic of cryptocurrencies, has made a surprising pivot. Previously describing Bitcoin (BTC) as a “scam” and cryptocurrencies as a “disaster waiting to happen,” Trump has now embraced the digital asset industry.
He recently proclaimed on social media that he is “very positive and open-minded to crypto companies and all things related to this new and burgeoning industry.”
Trump’s new stance is a marked departure from his earlier views and suggests a strategic move to align with the growing pro-crypto sentiment among voters.
In contrast, President Joe Biden’s administration has maintained a more skeptical stance towards crypto. Biden recently vetoed a resolution that had passed through both the House and Senate, which was widely supported by the crypto industry.
The resolution aimed to repeal an SEC decision that would have imposed stricter regulations on financial institutions holding crypto assets.
Biden argued that the resolution would undermine the SEC’s ability to set necessary guardrails for the industry, stressing on the need to protect consumers and investors.
The rise of pro-crypto sentiment and Trump’s influence
As the 2024 U.S. Presidential election approaches, Trump’s backing from crypto billionaires and social media influencers is becoming increasingly apparent.
Tyler and Cameron Winklevoss, well-known figures in the crypto world, have openly declared their support for Donald Trump. Tyler Winklevoss tweeted about donating $1 million in Bitcoin to Trump’s campaign, citing the Biden administration’s “war against crypto” as a key reason.
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024
His brother, Cameron, echoed this sentiment, advocating for Trump’s pro-Bitcoin, pro-crypto, and pro-business stance.
Meanwhile, social media influencers like Wendy O have also voiced their support for Trump. She pointed out the regulatory uncertainty and stressed how crucial this election is for the future of the industry.
Trump supports the future of BITCOIN and CRYPTO
I also do not believe he launched the meme coin that’s all over the feed based on various factors covered earlier
We are in a time of regulatory uncertainty where our livelihood depends on this election…pic.twitter.com/kKLr6io9V3
— Wendy O (@CryptoWendyO) June 18, 2024
Trump has cleverly integrated cryptocurrency into his campaign. He is reportedly in talks to speak at the Bitcoin 2024 convention, the largest BTC event of the year, scheduled for July 25-27 in Nashville, Tennessee.
This event, following the Republican National Convention, could provide Trump with a huge platform to solidify his pro-crypto stance.
Earlier this month, Trump also met with leading Bitcoin miners in the U.S., advocating for all remaining BTC to be mined domestically.
Moreover, during a recent rally, he promised to end Joe Biden’s “war on crypto” and ensure that the future of Bitcoin and crypto would be shaped in America.
Trump’s pro-crypto stance has already resulted in substantial on-chain donations. Before the Winklevoss brothers’ contributions, Trump’s campaign had received roughly $60,000 in on-chain crypto donations.
With the recent influx, total on-chain donations now stand at around $1.75 million. This figure is expected to rise as more contributions made via exchanges are accounted for.
The growing support for Trump within the crypto community is also reflected in prediction markets.
Platforms like Polymarket show Trump leading with 60% odds compared to Biden’s 34%, with bets amounting to around $185 million, indicating a strong belief among bettors that Trump’s pro-crypto policies will resonate with voters.
As the political climate heats up, the crypto market is seeing a surge in a new category: Politifi. This sector, which combines politics and finance, has quickly amassed over $1.25 billion in market cap as of June 27.
The majority of this market cap is dominated by Trump-related meme coins, reflecting the influence of the former president on the crypto community.
The most trending of all Trump-related meme coins is MAGA (TRUMP), which has seen a staggering rise of over 540 times since its inception in September 2023. As of June 29, it is trading at around $7,35.
Another coin gaining ground is MAGA (MAGA), which has increased more than 34 times since its inception in May 2024, currently trading at $0.0002374.
Both of these coins are based on Trump’s famous slogan “Make America Great Again” (MAGA) and are experiencing huge trading volumes and investor interest amid the ongoing political drama.
Amid this, social media is abuzz with speculations and bullish predictions about the impact of Trump’s potential return on the crypto market.
For instance, one user tweeted, “Trump is going to send crypto to new highs. 2025 will be the greatest bull market of all time.”
Trump is going to send crypto to new highs
2025 will be the greatest bull market of all time
— borovik (@3orovik) June 27, 2024
This sentiment is echoed by another user, who tweeted, “A Trump victory would send the SP500 to 6000 and $BTC to $250k IMO and it’s going to happen.”
A Trump victory would send the SP500 to 6000 and $BTC to $250k IMO and it’s going to happen. America will never forgive the Biden administration for the terror their border polices have caused American families. And the crypto population of 100M will never forgive Gary Gensler… https://t.co/k6Nj4Ph1vn
— Satoshi Flipper (@SatoshiFlipper) June 26, 2024
The optimism surrounding Trump’s potential victory and its impact on the crypto market is palpable, with many believing it could spark a bull run. But is it possible?
Can Trump’s arrival ignite a crypto bull run?
Amid all this political drama, the question on everyone’s mind is: can Trump ignite a crypto bull run? To answer this, we need to consider several factors, starting with the necessity of regulations.
No matter who wins the election, clear and balanced regulations are crucial for the crypto market’s growth. The lack of regulatory clarity has been a major hurdle, causing uncertainty among investors and hindering innovation.
Both Trump and Biden have different approaches, but the core issue remains: the need for sensible and neutral policies that support growth while protecting consumers.
Politics is often a game of lies, deceit, and changing sides, and Trump is a prime example. He has shifted from being a vocal critic of crypto to its staunch supporter.
While Trump’s newfound pro-crypto stance is attracting attention and support, it is essential to remember that his views could change again based on political convenience.
Under the Biden administration, the SEC has been criticized for its stringent approach, which many believe has stifled innovation.
However, it’s important to note that neither Trump nor Biden can be seen as saints in this context. What truly matters is the implementation of regulations that strike a balance between innovation and protection.
Without such balanced policies, the crypto market may find a more welcoming environment in other countries. Nations like Switzerland and Singapore are already vying for the lead in the crypto race by offering more favorable regulatory frameworks.
Without clear regulations, the U.S. risks losing its edge in the global crypto landscape, regardless of who occupies the White House.
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Donald Verrilli Says US is “Debanking Crypto
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21 hours agoon
July 4, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/bitcoin-86-1-e1701671123539.jpg)
Donald B. Verrilli, the Former Solicitor General under the Obama Administration has weighed in on crypto regulation in the US. Linked to Grayscale Investments, Verrilli has first-hand experience in dealing with the bottleneck around crypto regulation in the country.
Crypto Regulation: Debanking Crypto Innovators
Fox Business Journalist Eleanor Terrett spotlighted the take of Donald Verrilli, referencing the Custodia Bank legal tussle in the US. Recall that Custodia Bank and the Federal Reserve are locking horns regarding the failure of the latter to issue a Master Account to the former.
🚨NEW: Verrilli (Obama’s Solicitor General who was in office during the original Operation Chokepoint) and Clement (Bush’s Solicitor General) have clashed over a number of Supreme Court cases over the years but the pair have come together to support @custodiabank, and the #crypto… https://t.co/wGgoqZM0x7
— Eleanor Terrett (@EleanorTerrett) July 4, 2024
The immediate ruling in the case has favored the Federal Reserve, however, the case is far from over. According to Verrilli, the United States Office of the Comptroller of Currency (OCC) might have a hand in this. In a communique co-authored with Paul Clement, President Bush’s Solicitor General, the duo shed light on the directive of the OCC to banks.
Though the regulator tagged the guidance an informal one, it explicitly curtailed the ability of banks to do business with crypto firms. For an industry that is innovating at a fast pace, Verrilli and Clement noted that the conditions attached to banking crypto were daunting to meet.
With the duo wading into the crypto regulation challenges, analysts considers the political terrain is changing. While Eleanor Terrett blew open the position of Verrilli and Clement, she acknowledged that they have clashed in the past regarding Supreme Court cases.
Market experts believe the United States is falling back and might need futuristic crypto regulation to get back on track.
Legal Tussle For Crypto Exchanges
The digital currency ecosystem is not free from the grip of the United States Securities and Exchange Commission (SEC). In the Verrilli and Clement write-up, they cited the recent Coinbase lawsuit against the SEC and the FDIC.
Despite the pushback from Coinbase, the SEC has continued to file lawsuit against top firms in the industry. At the moment, the regulator has existing cases with Ripple Labs, Uniswap and more recently ConsenSys among others.
The crypto ecosystem is more united now than ever and there are coalition funding the next US election. The goal is to help more crypto focused lawmakers land seats in DC.
Read More: UK Labor Party Wins In Exit Poll, Is Labor Good For Bitcoin?
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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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US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance
Published
2 days agoon
July 3, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Donald-Trump-e1708676500107-1224x689-1.jpg)
United States lawmaker French Hill noted that Donald Trump will take a more crypto-friendly approach than the present administration. The run-up to the Presidential Election has seen crypto become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also moved closer to the sector making a pro-crypto case.
French Hill Backs Trump’s Pro Crypto Stance
Republican lawmaker, French Hill explained the type of crypto regulatory framework he feels Donald Trump might adopt in the country. In a recent CNBC interview, French Hill stated that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector.
#FIT21 that passed the House with 71 Democratic votes is exactly the kind of regulatory framework for digital assets that former President Trump would support if he were re-elected.
Watch more on @SquawkCNBC🔽 pic.twitter.com/ceTmU4LApU
— French Hill (@RepFrenchHill) July 3, 2024
The FIT21 bill is tipped to protect investors and consumers in the market by stating clear rules and powers of different regulatory bodies in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market.
“… for people who are innovative and starting a token crypto, a related firm, custody of those assets, how to make sure consumers are protected, so that framework I think is the right approach and that’s what I will recommend for the President that he endorses, is we haven’t passed it between now and the end of this Congress.”
Furthermore, he tipped Trump to be a pro-growth and innovative President on financial matters.
Crypto Becoming Mainstream
This election cycle saw the crypto industry taking a place in mainstream issues following wider adoption across demographics. From candidates moving toward enthusiasts to recent pro-legislation in Congress, crypto assets have become a rallying point for officials. The US regulatory landscape has been criticized for stifling growth due to frequent SEC lawsuits. This led to executives pushing for pro-crypto laws and raising funds for pro-industry candidates.
Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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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Circle
Circle Awarded Europe’s First Stablecoin License Under New MiCA Crypto Rules
Published
4 days agoon
July 2, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Screenshot_244.jpg)
Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution (EMI) in France. This move grants Circle a crucial license to operate as a compliant stablecoin issuer under the European Union’s rigorous crypto laws.
Circle Breakthrough
According to a CNBC report, the approved license positions Circle as the first global stablecoin issuer to achieve compliance with the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA).
This framework, considered a cornerstone in the EU’s approach to governing cryptocurrencies, sets out comprehensive rules and obligations for crypto companies to ensure investor protection and safeguard against market manipulation.
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Circle’s acceptance into the MiCA regulatory framework means that both its USDC and Euro Coin (EURC) tokens can now be issued within the European Union while meeting the stablecoin regulatory obligations outlined by MiCA.
Additionally, Circle is opening up its Circle Mint service, enabling businesses to mint and redeem Circle stablecoins, to customers in France.
Expressing his satisfaction with the achievement, Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s longstanding commitment to building compliant and well-regulated infrastructure for stablecoins. He stated:
Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance.
European Stablecoin Adoption
The EU’s MiCA law, which officially came into effect in May 2023, introduced the world’s first comprehensive regulatory framework for cryptocurrency operations.
Last week, provisions specifically governing stablecoins were approved, imposing stringent measures on trading volume limitations for certain stablecoins, particularly those denominated in US dollars.
As a registered EMI in France, Circle can now extend its services, including the minting and redemption of USDC through Circle Mint, not only to customers in France but also to individuals and businesses across the European Union.
This is made possible by the concept of “passporting” outlined in MiCA, which allows crypto businesses to offer services in one EU country and expand into other markets within the bloc.
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While Circle’s achievement is commendable, it should be noted that additional obligations under MiCA about crypto asset service providers will become applicable by December 30, 2024. Crypto companies will then have until July 2026 to ensure full compliance with MiCA’s requirements.
Since its launch in September 2018 by Circle and crypto exchange Coinbase, USDC has gained significant traction and now holds the position of the second-largest stablecoin globally.
According to CoinGecko data, USDC’s circulation amounts to $32.4 billion, trailing only Tether’s USDT, which holds the title of the world’s largest stablecoin with a circulation of $112.7 billion.
Featured image from Shutterstock, chart from TradingView.com
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