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Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump

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Galaxy CEO Mike Novogratz believes that Commissioner Hester Peirce, who has been vocal in her criticism of SEC Chairman Gary Gensler’s approach of regulating the crypto industry through lawsuits rather than rulemaking, would be an excellent choice for the next US SEC Chair.

Novogratz’s endorsement of Peirce comes as she has been a staunch advocate for a more thoughtful, clear regulatory framework for the crypto space. Peirce’s position as the most outspoken Republican on the SEC under Gensler’s leadership further solidifies her potential candidacy for the top position at the agency.

Hester Peirce May Become Future US SEC Chair, Says Novogratz

While the crypto industry awaits the forthcoming shift in regulation, many are setting their gaze upon Hester Peirce – a prominent commissioner of the SEC – who is in a great position to have a lot to say about the future of cryptocurrency in this country. She would be an excellent choice for the US SEC Chair, at least when it comes to Galaxy CEO Mike Novogratz who openly supported Peirce, during his CNBC call.

The crypto community has often called her “Crypto Mom” due to her friendly stance toward crypto. Her influence has greatly influenced considering more friendly regulations toward digital assets. With Gary Gensler’s term ending in a few months as US SEC Chair, Peirce’s name comes out tall. One can see the elevation as turning the tide in a different direction concerning crypto regulation by the SEC.

She has also long supported bringing clarity and regulatory certainty to crypto. Her more open and balanced perspective is a far cry from that of Gensler. He was decidedly tough on the operators in the industry with his aggressive enforcement activities. His push for more strict regulation also resulted in significant friction with the crypto community.

With rumors that Gensler will soon resign, Peirce’s possible appointment is a cause for optimism in the cryptospace. Industry players like Novogratz believe that with Peirce, the SEC might finally turn toward a more enabling framework. As such, it could allow innovation rather than being throttled in growth.

Trump to Fire SEC Chairman Gensler if Re-Elected – But Not So Fast

At the conference Bitcoin Nashville in July, Donald Trump promised to fire Gensler if he won re-election in 2024. “On Day one, he will be gone,” Trump told attendees. But technically, he would have to cite legal reasons for removal, such as neglect or incompetence. The process could take longer than a year with legal reviews.

The crypto community widely regards Peirce as a “Crypto Mom” because she has criticized Gensler’s approach. In a September 16 dissenting opinion with Commissioner Mark Uyeda, she stated, “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”

Peirce has extensive experience in financial market regulation. She has done research at George Mason University and in advisory roles to the Senate Committee on Banking, Housing, and Urban Affairs. Peirce also worked as an attorney with the SEC and an associate at WilmerHale. Former President Obama appointed Peirce, and she has been an SEC commissioner since 2018.

While she has gained much support in the crypto industry, Peirce said to leave the commission when her term ends. Setting her up as the US SEC Chair because of this, therefore, would be very farfetched.

A New Era for Crypto Regulation?

The recent political jolts have given Mike Novogratz reason to speak loudly and clearly about the probable regulatory change in the pipeline. He believes that the crypto industry is in a better place with a Congress open toward blockchain and cryptocurrency.

He said more significant electoral victories have placed pro-crypto lawmakers in key positions that preach a wide trend of support for crypto-friendly policies. Novogratz underlined far more growth is yet to be seen. Of course, with the exemplary leadership of the most important regulatory agencies,

Novogratz said the whole dynamic changes if someone gets in charge of the SEC and is open-minded about crypto. He added that perhaps with Peirce as the US SEC Chair, the SEC could finally start fleshing out a regulatory regime friendlier to the crypto world.  He said a scenario would follow in which large institutions would come aboard with digital assets. That would bring severe liquidity into the market, fostering innovation in the sector.

The crypto industry has seen tough regulatory times lately, but Novogratz remains optimistic about its future. He says that in the next couple of years, there is a likelihood of massive changes. These changes could help crypto grow further with new appointments like those announced in the SEC, FDIC, and FCC. “It is going to be a step change,” he said, of the wholesale regulatory change that could unleash billions in market value.

Still, Novogratz believes the long-term prospects of crypto are very bright. The regulatory landscape has only started shifting, and the hope is that this new leadership at the SEC will take away the uncertainty and allow for a better climate in which crypto can grow for investors, businesses, and innovators alike to have much-needed clarity.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Bitcoin Miner MARA Buys Another 5771 BTC As Price Nears $100k

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Bitcoin miner MARA Holdings has expanded its cryptocurrency portfolio by purchasing an additional 5,771 BTC for $572 million. The acquisition was completed at an average price of $95,554 per Bitcoin, according to the company.

With its 0% convertible note offering, the company has achieved a 35% BTC yield per share and now owns a total of approximately 33,875 BTC, currently valued at $3.4 billion based on Bitcoin’s spot price of $99,000. This move follows Bitcoin’s ongoing rally, with the cryptocurrency nearing the $100,000 milestone amid increasing institutional demand and limited supply.

Bitcoin Miner MARA’s 0% Convertible Notes Drive Bitcoin Accumulation

MARA Holdings has leveraged its 0% convertible senior note offering to fund its Bitcoin acquisitions and other corporate activities. The company raised $1 billion from its latest offering, generating $980 million in net proceeds after fees and discounts. MARA revealed that a portion of these proceeds has been used to purchase 5,771 BTC at an average price of $95,554 per Bitcoin.

This recent acquisition reinforces MARA’s strategy to accumulate Bitcoin as a corporate asset. The company now holds approximately 33,875 BTC, solidifying its position as one of the largest Bitcoin-holding miners globally. In a statement, the company reported a 35% BTC yield per share, underscoring the financial benefits of its aggressive Bitcoin accumulation strategy.

By issuing zero-coupon convertible notes, MARA has been able to access funds without the immediate burden of interest payments, allowing the company to focus on expanding its Bitcoin reserves and scaling its mining operations.

Bitcoin Rallies Toward $100k

Bitcoin continues to surge, with its price reaching $99,742 earlier today and nearing the highly anticipated $100,000 milestone. This price rally has fueled optimism across the cryptocurrency market, with Bitcoin’s total market capitalization now surpassing $1.9 trillion.

Galaxy Digital CEO Mike Novogratz described Bitcoin’s price movement as “a big moment,” highlighting the resilience of the crypto community during volatile times. “Shoutout to the crypto community. You’ve endured years of uncertainty and headwinds,” he noted in a recent social media post.

The rally has been driven by several factors, including rising institutional interest, expectations of regulatory clarity, and Bitcoin’s upcoming halving event in 2024, which is expected to reduce supply while demand continues to grow. However, some analysts have warned of potential short-term BTC price corrections as the market faces increased leverage and speculative activity.

Marathon Digital’s Growth Strategy Mirrors Saylor’s Playbook

MARA’s latest Bitcoin purchase aligns with strategies popularized by MicroStrategy’s Michael Saylor, who has championed Bitcoin as a corporate reserve asset. Saylor has often advocated for accumulating Bitcoin during dips, leveraging corporate debt to acquire the asset for long-term growth.

MARA’s use of convertible notes to fund its Bitcoin acquisitions mirrors this approach. The company has strategically positioned itself to benefit from Bitcoin’s price appreciation, viewing the cryptocurrency as a store of value and a hedge against inflation.

In addition to acquiring Bitcoin, MARA plans to allocate funds from its convertible note offering to expand mining operations, pursue strategic acquisitions, and repay debt. This diversification ensures the company remains financially stable while increasing its exposure to Bitcoin’s growth potential.

Regulatory Developments and Institutional Demand Support Bitcoin’s Momentum

The increasing corporate interest in Bitcoin comes amid growing optimism surrounding regulatory clarity and the potential approval of a U.S. spot Bitcoin ETF. Spot ETF inflows are expected to make Bitcoin more accessible to traditional investors, further boosting demand.

Meanwhile, U.S. Senator Cynthia Lummis recently suggested that Bitcoin could play a role in reducing national debt over the next 20 years, sparking interest in its long-term economic potential. As institutional and corporate players like MARA continue to strengthen their Bitcoin positions, the cryptocurrency’s path toward $100,000 could serve as a catalyst for further adoption.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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?

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Solana 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.

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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

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Chris 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.

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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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