Regulation
Elon Musk denies having talks with Donald Trump about crypto
- Elon Musk denies discussing crypto with Trump amid speculation.
- Lately Trump has been actively promoting Bitcoin (BTC), possibly as a way to attract voters.
- There is speculation of a potential advisory role for Musk in Trump’s 2024 presidential campaign.
Elon Musk, the CEO of Tesla and SpaceX, in a post on X has firmly denied reports suggesting he discussed cryptocurrency with former President Donald Trump.
This denial comes amid growing speculation and multiple reports claiming the two influential figures have been conversing about crypto-related matters.
Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do
— Elon Musk (@elonmusk) May 30, 2024
Bloomberg started it stating Musk advised Trump on Crypto
The controversy began when a Bloomberg report suggested that Musk had counseled Trump on cryptocurrency policy, igniting significant interest and speculation within the media and the cryptocurrency community.
Adding fuel to the fire, DogeDesigner, a notable figure in the crypto community, tweeted about Musk and Trump allegedly discussing cryptocurrency policy.
These rumors surfaced as Trump, the leading candidate for the 2024 Republican presidential nomination, has been vocally promoting Bitcoin and other digital assets on the campaign trail. He recently even promised to free Silk Road creator Ross Ulbricht if re-elected.
Trump has been positioning cryptocurrencies as a strategic asset for the United States, emphasizing that the country must be a leader in the field. His personal crypto holdings reportedly exceed $10 million, and the MAGA token, associated with his campaign, recently hit an all-time high of $15.4.
Further adding to the intrigue, The Wall Street Journal reported on May 29 that Trump is considering a possible advisory role for Musk should he win the 2024 presidential election. The report highlighted that, despite a previously tense relationship, Musk and Trump have been engaging in political discussions on various policy ideas, including immigration and crypto.
Musk, however, clarified that he will not be contributing to any presidential campaigns but has allegedly informed Trump of his intention to hold events aimed at discouraging wealthy supporters from backing Joe Biden.
What Elon Musk, Trump relationship mean for crypto
The developing relationship between Musk and Trump has significant implications for the cryptocurrency market. Both individuals possess the ability to influence public attitudes toward digital currencies profoundly.
Their discussions and Musk’s proactive stance on crypto could sway investor sentiment and shape future regulatory policies, potentially impacting the broader adoption and stability of the crypto market.
As the 2024 election approaches, the intertwining of political discourse and cryptocurrency continues to draw attention.
While Musk has denied any crypto talks with Trump, the potential for collaboration between these two influential figures remains a subject of keen interest and speculation.
USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firm’s plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.
Circle To File IPO In Late April
According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.
The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.
The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.
Revelation about Circle’s IPO plans comes just days after the stablecoin issuer partnered with NYSE’s parent company to explore USDC’s use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the country’s regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japan’s stablecoin framework.
An Easier Path Now For The Stablecoin Issuer
Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Gensler’s administration.
US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Gensler’s administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.
Circle’s IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.
The firm’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.
Donald Trump’s World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Hedera (HBAR) Bears Dominate, HBAR Eyes Key $0.15 Level
Charles Hoskinson Reveals How Cardano Will Boost Bitcoin’s Adoption
Coinbase Tries to Resume Lawsuit Against the FDIC
Ethereum Bitcoin Ratio Drops to Record Low, What Next for ETH?
BlackRock’s Larry Fink Thinks Crypto Could Harm The Dollar
Ethereum May Have To Undo This Death Cross For Bull’s Return
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin24 hours agoCardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024
-
Market20 hours agoBitcoin Bears Tighten Grip—Where’s the Next Support?
-
Market19 hours agoEthereum Price Weakens—Can Bulls Prevent a Major Breakdown?
-
Ethereum15 hours agoEthereum Is ‘Completely Dead’ As An Investment: Hedge Fund
-
Market9 hours agoBitcoin Mining Faces Tariff Challenges as Hashrate Hits New ATH
-
Market15 hours agoThis Is How Dogecoin Price Reacted To Elon Musk’s Comment
-
Regulation8 hours ago
USDC Issuer Circle Set To File IPO In April, Here’s All
-
Bitcoin14 hours agoUS Macroeconomic Indicators This Week: NFP, JOLTS, & More
✓ Share: