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Donald Trump To Make US “Crypto Capital” With Pro-Crypto Candidates
President-elect Donald Trump is preparing to shift the U.S. government toward a more crypto-friendly stance, aiming to fulfill his campaign promise to make the U.S. the “crypto capital of the planet.” To support this objective, Trump is reportedly considering industry-friendly candidates for key financial regulatory positions, focusing on individuals with pro-crypto views. This strategy comes as Trump’s advisers hold discussions with crypto industry leaders on potential federal policy changes.
Donald Trump Eyes Pro-Crypto Candidates to Make US ‘Crypto Capital’
According to recent reports, Donald Trump intends to appoint pro-crypto figures to lead major financial regulatory bodies in his second term. This move aligns with his goal to transform the U.S. into the leading global hub for cryptocurrency innovation and adoption. Trump’s advisors have been in discussions with various crypto industry leaders and executives to identify suitable candidates for roles in agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Among those under consideration are Hester Peirce and Daniel Gallagher, both known for their favorable stance on digital assets. Peirce, often referred to as “Crypto Mom” for her support of a more open regulatory environment, has expressed criticism of the SEC’s current approach to digital assets. Gallagher, currently an executive at Robinhood, has also faulted the agency’s aggressive stance on crypto regulation.
More so, recent CoinGape report revealed that Gary Gensler is expected to step down by the end of the year. Sources suggest that the Trump administration is considering Dan Gallagher as his replacement to bring a more crypto-friendly approach to the SEC.
Similarly, industry experts and executives have voiced optimism for Trump’s proposed regulatory changes. For instance, Cardano founder Charles Hoskinson expressed a desire to collaborate with the U.S. government to develop clear and consistent regulations for the industry. Hoskinson’s involvement aims to offer the crypto sector a more structured framework to operate within.
Many in the industry see this approach as a step toward more concrete guidelines that will aid crypto business operations.
Pro-Crypto Stance Boosts Market, Rallies BTC To New ATH
Concurrently, Donald Trump’s unqualified support for cryptocurrency has sent a ripple through the markets, contributing to BTC price rally to an all-time high of over $89,000. Crypto investors are hopeful that Trump’s administration will enact policies favorable to the industry.
The incoming administration’s interest in pro-crypto policies has generated positive sentiment among major stakeholders. A clear and supportive regulatory framework will possibly drive further market rally.
However, some economic commentators remain critical. Economist and crypto critic Peter Schiff voiced concerns over Trump’s proposed national Bitcoin reserve, cautioning that it could harm the dollar’s stability. Schiff argues that if the government were to invest heavily in Bitcoin, the dollar might face devaluation. Nonetheless, Donald Trump’s team and industry advocates remain focused on making the U.S. a “crypto capital.”
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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The renowned dog-themed meme crypto Shiba Inu has continued birthing market speculations, primarily in the wake of its sluggish performance despite ecosystem developments. On Wednesday, January 1, SHIB price soared roughly 1% intraday, struggling to reach the $0.0001 level. In turn, crypto market enthusiasts are now anticipating whether the token could achieve gains ahead, primarily in the wake of broader market trends and ecosystem developments.
Here’s Why Shiba Inu Price Unable To Reach $0.0001
In an unprecedented turn of events, the meme coin Shiba Inu has garnered significant scrutiny, primarily as investors speculate over the token’s future potential. As per the latest market data, the leading dog-themed meme crypto has encountered substantial hurdles.
Notably, the SHIB burn rate has witnessed a sluggish performance in recent days, with only 55.54 million coins burnt in the past week. Interestingly, this feat marks a much lower burn rate as compared to past chronicles. The waning burn rate, in turn, lines with the sluggish performance, underscoring that the circulating supply has not taken a drastic hit. Further, even the intraday burn rate witnessed only a 55% uptick, aligning with the asset’s sluggish performance. Altogether, the recent decline in burn activity has significantly impacted Shiba Inu’s price.
On the other hand, recent market trends further rationalize the coin’s price volatility. Notably, the broader crypto market faces immense heat moving into 2025, in tandem with the broader trends and a holiday sentiment brewing. Notably. investors continue showcasing a low-risk appetite, aligning with the crypto seeing downside pressure in the market.
Besides, despite recent ecosystem developments, such as the SHIB Metaverse launch and the looming TREAT token launch, the token is yet to show its potential in this bull cycle.
What’s Ahead For The Meme Coin?
At the time of reporting, SHIB price traded at $0.00002015, up marginally by 0.4% over the past day. Its 24-hour low and high were $0.00002052 and $0.00002178, respectively. Notably, the current volatility falls in line with the broader market trend following the U.S. Fed’s hawkish stance on rate cuts.
Nevertheless, long-term prospects for the asset continue to reflect bullishness, indicating more price gains ahead. Notably, as the Shiba Inu community has seen remarkable advancements in recent days, such as the Metaverse launch and the looming TREAT token launch, market participants remain optimistic about future movements as the coin enjoys enhanced market visibility.
In addition, a recent SHIB price analysis by CoinGape revealed that a $0.0001 target is achievable for the token despite the broader market turmoil as of now. A rally to the abovementioned price target is possible by January 2025, given that the market has recovered and SHIB has leveraged its strong market technicals. Market watchers continue to eye the coin for further price shifts.
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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Ripple’s Chief Legal Officer, Stuart Alderoty, outlined six key principles on New Year’s Eve, urging the US SEC to adopt a measured approach to crypto regulation. According to Alderoty, the SEC should only regulate securities transactions rather than expand its authority over asset sales without contractual rights or obligations.
Ripple CLO Shares 6 Guidelines for SEC Crypto Regulation in 2025
In a statement shared on social media, Ripple CLO Stuart Alderoty emphasized the limited jurisdiction of the US SEC. He stated that the regulatory body should only oversee security transactions. Simple asset sales, such as selling a gold bar without associated rights or obligations, fall outside the Securities and Exchange Commission purview.
Alderoty illustrated his point by contrasting two scenarios: selling a gold bar with contractual rights to a gold mine, which constitutes a security transaction, versus selling a gold bar without such conditions, which does not. This clarification asserts that the US Securities and Exchange Commission cannot regulate transactions that lack post-sale obligations.
Moreover, Alderoty rejected the idea that a cryptocurrency token can change its classification from a security to a non-security. He labeled this concept a theory without legal support. This notion, he argued, serves only to complicate cryptocurrency regulations.
Alderoty insisted,
“Let’s hope these principles won’t need repeating in 2025 and beyond.”
The Ripple CLO also reiterated that while cryptocurrency tokens may be used in security transactions, they are not inherently securities. This distinction is crucial for the industry, as it challenges the SEC’s broader interpretation of its authority over digital assets.
Call for Collaboration Between US SEC and Congress
Alderoty urged the next SEC chair to adopt a collaborative approach with Congress. He recommended focusing on clear and transparent rules for the cryptocurrency industry. This call for cooperation aligns with Ripple’s position against the SEC’s enforcement actions.
In his statement, Alderoty also emphasized the need for the US Securities and Exchange Commission to address only fraud-related cases involving crypto. He criticized the regulator for expanding its jurisdiction based on subjective criteria, which he described as self-serving.
Moreso, recently, Ripple CLO Stuart Alderoty emphasized the urgency of ending the Ripple vs SEC lawsuit, labeling it a “lawless lawsuit”. Alderoty reiterated his call for the incoming Trump administration to address the controversies surrounding former SEC official William Hinman’s statements. The Ripple CLO claims that his statements caused regulatory confusion and undermined trust in the agency.
The six principles outlined by Alderoty reflect Ripple’s stance on fostering fair regulatory practices. With the incoming Donald Trump administration, the cryptocurrency industry anticipates a shift toward more cooperative regulatory practices.
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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24/7 Cryptocurrency News
Justin Sun Ethereum Exchange Deposits Continue, ETH Price Drop to $2,800 Soon?
Tron founder Justin Sun continues with his Ethereum exchange deposits moving an additional 29,153 ETH to crypto exchange HTX earlier this. This is one of the several deposits that Sun conducted this year sparking cell-off concerns. ETH price continues to face selling pressure dropping another 2% while moving closer to $3,300, with analysts predicting to $2,800.
Justin Sun Deposits $96.7M in Ethereum to HTX
Tron founder Justin Sun has made substantial deposits to crypto exchange HTX moving another 29,153 ETH worth $96.7 million in the last 11 hours, as per the data from Spot On Chain. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun had acquired a majority of these holdings earlier in 2024 at a cost basis of around $3,036 per ETH.
In addition, Justin Sun has initiated the unstaking of 96,580 ETH (valued at $322.7 million) from platforms such as Lido Finance and EtherFi. Analysts suggest these assets are likely intended for further deposits to HTX, indicating continued activity and liquidity management by the crypto magnate.
The recent Ethereum movement by Tron founder has sparked concerns of a major sell-off, however, Sun has denied these rumors calling it a routine part of Ethereum wallet transfers. Interestingly, this ETH movement by Sun coincides with the ETH price drop.
Where Is ETH Price Heading Next?
As we bid adieu to 2024, Ethereum and the broader crypto market have witnessed some selling pressure. ETH bulls have failed to take past the price above the crucial resistance of $3,500 opening the gates for an ETH price drop under $3,000, all the way to its next support of $2,800. As shown in the chart below, Ethereum could be forming an inverse head-and-shoulders pattern wherein it will take a support of $2,800 before reversing the trajectory.
Amid the latest move from Justin Sun’s exchange, popular analyst Charting Guy expects the ETH price to rally all the way to $7,080 by April 2025. Thus, a major rally for Ethereum could kickstart in the first quarter of 2025. Popular crypto analyst Crypto Rover expects the Ethereum rally to start from January 1, 2025, citing the peak of Bitcoin dominance based on historical trends.
As of press time, Ethereum price is trading 1.38% down at $3,340 with a market cap of $402 billion. As per the Coinglass data, the 24-hour liquidations have soared to $38.3 million with $27.52 million in long liquidations.
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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