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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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Mubarak Meme Coin Trader Turns $232 Into $1.1 Million, Here’s How

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Binance-based Mubarak meme coin has witnessed huge trading activity surging by another 70% today and moving to $.20 with its market cap hitting $200 million just within two days of launch. An early trader of the meme coin has managed to earn a 4860x return just within two days of launch, converting his $232 investment to a $1.1 million return.

Mubarak Meme Coin Trader Mints Huge Profit

Blockchain analytics platform LookonChain recently pointed out that a trader has achieved extraordinary profits from the newly launched BNB Chain-based meme coin, the Mubarak token. A savvy trader managed to turn an initial investment of just 0.4 BNB ($232) into over $1.1 million, achieving a staggering 4,860x return.

The trader purchased 10.5 million $MUBARAK tokens for $232 and later sold part of the holdings for 576 BNB, worth approximately $363,500. Currently, the trader retains 5.16 million tokens, valued at $764,000, spread across three wallets.

Source: LookonChain

What’s Behind This New Meme Coin Frenzy

The Mubarak meme coin has gained significant traction in the last two days following an investment by Binance founder Changpeng Zhao. This announcement was enough to garnet significant trader attention leading to a sharp rally in a very short time period.

Furthermore, the listing of this meme coin on the Binance Alpha platform has led to a huge trading activity around it. Pseudonymous crypto analyst Thanos has expressed strong optimism about the token, describing it as a “no-brainer” investment at its current price levels.

According to Thanos, the recent Binance Futures listing triggered a market shakeout, eliminating overleveraged long positions. With this correction behind, the analyst believes the token can continue its upward trajectory.

BNB Price Rally to Continue?

The launch of the MUBARAK meme coin on the BNB Chain has led to a huge surge in network activity thereby pushing the BNB price higher to the breakout resistance of $630. As a result of this, the decentralized exchange (DEX) volumes on the BNB chain have also skyrocketed.

In a recent milestone, the daily trading volumes on the BNB chain also surpassed that of the popular Solana network. Over the last few months, the meme coin market has been shifting from Solana to Binance, as the latter sees a strong surge in address activity.

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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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Bitcoin Price Eyes $200,000 Breakout If This History Aligns

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The price of Bitcoin (BTC) is undergoing bullish consolidation at the moment after the intense selloff in the broader market cooled off. The current outlook shows relief for a coin that dropped as low as $76,624.25 in the past week. Per the historical trend of BTC prices, this consolidation might be a buildup to a massive rally for the top coin.

Bitcoin Price and Potential $200,000 Play

When writing, the BTC price changed hands for $83,927.24, up by 1.38% in 24 hours. The coin has jumped from a low of $82,017.90 to a high of $84,725.32, a show of brewing breakout.

Market analyst Rekt Capital analyzed whether this current price is a short-term relief. He spotlighted a trend from June 2021, when the price of Bitcoin was consolidating between the 21-week EMA and the 50-week EMA. The consolidation came just after a crash.

About a week ago, the BTC price crashed, triggering millions in liquidation across the market. Following this price slump, the coin is consolidating between the same EMA showcased by Rekt Capital. 

In June 2021, Bitcoin prices increased from $33,000 to $42,000. This gives an average price of $37,500. From here, the coin jumped by over 123.95% to its current price of $83,927.24. If history repeats, Bitcoin Bitcoin may soar to almost $187,280 or approximately $200,000.

BTC Price and Accumulation Trend

According to market data from Glassnode, Bitcoin currently has a high of 0.1. According to the market analytics platform, this figure indicates sustained buying pressure despite the market selloff.

Rather than steer clear of the market, Glassnode hinted that the coin’s distribution remains dominant overall. Other onchain indications also point to reboot from BTC proponents. IntoTheBlock data points to a 5.34% surge in large transactions to $34.7 billion.

This whale transaction is important as it shows a trend shift among market players that can impact prices. It is also complemented by the 24% surge in BTC trading volume of crypto exchanges, a sign of sustained positive sentiment.

What Next for the Crypto Market?

The growth or fall in the price of Bitcoin has a way of impacting the broader market. In an earlier cryptocurrency price prediction, the impact of Trump and Putin’s peace deal over Ukraine was considered. Experts are convinced the broader market may ignite a bullish rally if the conversations turn positive.

Although spot Bitcoin ETF market has been showcasing outflows over the past week, the coin is positioned to be the biggest beneficiary in this shift. While the Rekt Capital historic forecast teases $200,000, experts like Cathie Wood predict deflationary boom for the market, riding on massive BTC adoption rate by institutions and governments.

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Godfrey Benjamin

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.

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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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MUBARAK Coin Price Soars 22% Amid This Binance Announcement, What’s Next?

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MUBARAK coin emerged as the latest hot buzz of the crypto sector, securing a prominent mark on traders’ and investors’ radars amid Binance founder CZ’s involvement in the meme coin. CZ recently hinted that he is Mubarak, a shilling cryptic move that sent shockwaves across the meme crypto industry. Now, with the crypto exchange titan itself revealing plans to launch a perpetual contract for the token, market sentiments over the crypto’s price prospects have turned highly bullish.

Notably, MUBARAK price is currently up 22% intraday in the wake of Changpeng Zhao spotlighting the token, further escorted by the CEX’s futures listing.

Mubarak Coin Gains Traction As It Secures Binance Listing

According to an official announcement dated March 17, Binance futures is launching a MUBARAKUSDT perpetual contract today at 13:30 UTC. The platform’s colossal user base remains primed to enjoy up to 25x leverage trading the new token.

This announcement by one of the top crypto exchanges ignited optimistic waves, paving the way for further investor interaction with the new asset. As market participants look to capitalize on emerging opportunities, a gush of money inflow into this meme token remains anticipated.

In turn, bullish market sentiments about MUBARAK coin’s price prevail across the broader market.

Is Binance’s CZ Mubarak?

CoinMarketCap’s data about this new token reveals that “CZ just subtly acknowledged that he’s Mubarak,” a cryptic move that sparked market discussions globally. On the other hand, a recent CoinGape report spotlights that CZ also bought $600 worth of the new meme coin, sparking a market frenzy.

When coupled with Binance’s futures listing, these developments add an extra layer of market optimism to the new token.

What’s More In The Listing Announcement?

Apart from enhanced trading support for MUBARAK coin, the crypto exchange behemoth unveiled Bubblemap’s (BMTUSDT) perpetual contract with up to 25x leverage. This announcement triggered 43% gains in the asset, reaching $0.1289, as indicated by the intraday trading chart.

MUBARAK Price Surges Over 20%

As of press time, MUBARAK price witnessed a 22% pump and exchanged hands at $0.09902. Notably, the coin hit an intraday peak of $0.1458, which was in sync with Binance’s announcement. Further, traders reacted positively to the abovementioned developments, as signaled by a 120% increase in the asset’s intraday trading volume to $165.45 million.

More Support From Binance?

Simultaneously, it’s noteworthy that in a previous announcement on Binance Alpha, the crypto exchange revealed support for the Mubarak coin. Binance Alpha is a platform featuring tokens that can be potentially considered for listings on the exchange moving ahead.

Overall, traders and investors anticipate potential gains in this newly launched token amid rising market demand and interest.

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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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