Donald Trump
Donald Trump celebrates Satoshi’s whitepaper anniversary
Published
3 weeks agoon
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adminOn Bitcoin’s 16th birthday, former U.S. President Donald Trump reaffirmed his promise to end the government’s crackdown on cryptocurrency.
Trump’s message to Bitcoin supporters in the U.S. on the anniversary of Bitcoin’s whitepaper, written by its creator Satoshi Nakamoto, included a jab at political rival Kamala Harris.
The former president and current Republican candidate stated he would end the “war on crypto” and support Bitcoin innovation in the U.S. He also reiterated his plan to pardon Silk Road founder Ross Ulbricht, who is serving a life sentence.
Trump’s Bitcoin rhetoric came days before the U.S. general elections on Nov. 5. The Republican candidate has courted Bitcoin and crypto supporters for months, pledging to end government Bitcoin sales and dismiss Securities and Exchange Commission chair Gary Gensler.
On the other side, Harris expressed support for emerging technologies like artificial intelligence and a commitment to protect digital asset investors.
Meanwhile, Bitcoin adoption and price have continued to trend upward. Ahead of the U.S. election, supporters suggested that Bitcoin would succeed regardless of the victor. Sixteen years after Satoshi’s whitepaper release, Bitcoin remains one of the best-performing assets of the past decade, with a 192% increase year-to-date, compared to the S&P 500’s 36% gain.
Corporate holders like Michael Saylor’s MicroStrategy rushed to buy more Bitcoin through capital raises. Spot BTC exchange-traded funds on Wall Street made history, as BlackRock’s fund became the fastest-growing ETF, and investors parked over $72 billion in BTC investment products.
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Donald Trump
Gary Gensler’s Departure Is No Triumph For Bitcoin
Published
5 hours agoon
November 22, 2024By
adminAs I’ve explained previously, I don’t think Donald Trump actually gives a damn about Bitcoin; at best, he’s a shitcoiner who wants in on the scam. Having said that, it is fair to say that Trump adopted a pro-crypto stance during his campaign. And indeed, his promise at Bitcoin 2024 to fire Gary Gensler on “day one” of his presidency seems to have already resulted in the SEC chairman announcing his resignation.
An optimistic scenario (as for example suggested by Trey Walsh) is one in which the Democrats now (also) adopt Bitcoin as part of their party platform. But given how many other seemingly neutral topics get unnecessarily politicized (the COVID vaccines are perhaps the best recent example of this), I wouldn’t be surprised to see the opposite happen.
As the upcoming Trump administration is gearing up to establish a regulatory landscape facilitating full-on anything-goes multicoinery, and with Gary Gensler gone, we could well see the most atrocious scam coins proliferate and soar— before they inevitably implode. And as people over the next four years get rug pulled, dumped on, and otherwise defrauded, I could also easily imagine a political response from the other side of the aisle that fails to recognize the distinction between Bitcoin and the World Liberty Financials of the world altogether. They could turn against all of cryptocurrency even more than they already have— Bitcoin not excluded.
Of course, this is all speculation; I have no crystal ball here. But in a few years from now, bitcoiners might find themselves in between polarized positions from both major American political parties. Nocoiners to the left of me, shitcoiners to the right, here I am, stuck in the middle with you.
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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Blockchain
Blockchain Association urges Trump to prioritize crypto during first 100 days
Published
6 hours agoon
November 22, 2024By
adminThe Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation.
In an open letter, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.
The Blockchain Association is a U.S.-based crypto lobbying group advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the SEC, Treasury Department, and IRS.
They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.
Five priorities for Trump’s first 100 days
The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:
- Creating a Crypto Regulatory Framework
The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users. - Ending the Debanking of Crypto Companies
The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted. - Reforming the SEC and Repealing SAB 121
The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses. - Appointing New Treasury and IRS Leadership
Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets. - Establishing a Crypto Advisory Council
The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.
Crypto collaboration
In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.
This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump plans to create a White House position solely focused on cryptocurrency and related policies.
This letter also comes a day after crypto-foe and SEC chair Gary Gensler announced his upcoming resignation.
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Donald Trump
Trump Wants Teresa Goody Guillén to Head the SEC
Published
3 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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