The cryptocurrency industry is abuzz with speculation about the appointment of a potential “Crypto-Czar” in the White House. It comes as President-elect Donald Trump considers creating the role of an advisor to guide federal policy on blockchain and digital assets.

Charles Hoskinson, co-founder of Ethereum and founder of Cardano, proposed Coinbase CEO Brian Armstrong as the ideal candidate for the position. This proposal sparked a spirited debate within the crypto community.

Brian Armstrong: Hoskinson’s Vision for a Crypto-Czar

In a post on X (formerly Twitter), Hoskinson emphasized the importance of appointing a neutral and knowledgeable individual to the role. He highlighted Armstrong’s leadership at Coinbase, the largest cryptocurrency exchange in the US. This, among others, is evidence of his ability to navigate regulatory challenges and foster innovation.

“With respect to the idea of a Crypto-Czar at the White House, I feel the role needs to be filled with someone who is neutral, works with all protocols, and has a deep understanding of why crypto is special,” Hoskinson wrote.

The Cardano executive criticized the current administration under President Joe Biden for its regulatory stance. He called them out for “unfair tactics” and “regulation through enforcement.”

Hoskinson argued that Armstrong could unite the crypto industry and lead legislative efforts to modernize the US regulatory framework for digital assets.

He also shared his plans to assist lawmakers directly, leveraging his experience in helping Wyoming pass 31 crypto-friendly laws. Hoskinson announced Operation Baseline, an initiative by IOHK’s policy division to identify inefficiencies and opportunities in the American cryptocurrency industry.

Community Reactions: Support and Criticism

Hoskinson’s endorsement of Armstrong has drawn mixed reactions. One X user, Maxime, voiced concerns about Armstrong’s association with centralized entities.

“I don’t like the turn personally because Brian is bringing centralization in full swing in crypto. Whether it is technically through Base or via facilitating pension funds like BlackRock with custody,” Maxime argued.

This critique reflects broader apprehensions about Coinbase’s growing influence. Some are concerned about the perceived alignment of its business model with traditional financial (TradFi) institutions.

However, other voices in the crypto community see Armstrong as a pragmatic choice. Ed n’ Stuff, another commenter on X, supported the idea.

“It’s important the crypto czar is not seen as partisan, so everyone buys in (not favoring any chain/ecosystem). A major CEX founder that is involved in a bit of everything makes sense,” the user quipped.

This sentiment highlights Armstrong’s potential to appeal to diverse stakeholders in the crypto space. Besides Coinbase’s Armstrong, another potential candidate may be Brian Brooks, the former Binance.US CEO. Brooks also has a history of serving as Coinbase CLO.

Brooks has extensive experience working with the overlap between cryptocurrency and TradFi, making him a strong contender. His tenure at the US Office of the Comptroller of the Currency (OCC) was marked by initiatives to integrate digital assets into the banking system. These, among other achievements, earned him respect across the industry.

Both Armstrong and Brooks bring distinct strengths to the table. Armstrong’s experience as a pioneer in the crypto exchange space gives him a deep understanding of the market. Meanwhile, Brooks’ regulatory expertise positions him as a bridge between policymakers and the crypto industry.

Nevertheless, Trump’s consideration of a dedicated crypto advisor reflects the growing importance of digital assets in the global economy. Hoskinson believes this move presents a unique opportunity for the US to position itself as a global leader in blockchain innovation. He called on the industry to unite behind a shared vision.

“The president’s goal is to make America the best place in the world to start and run a cryptocurrency and blockchain business,” Hoskinson said.

It remains to be seen whether more candidates will join the race for a Whitehouse Crypto-Czar. Notwithstanding, this debate reflects the challenges of balancing innovation with regulation. While Armstrong’s selection would signal a commitment to industry growth, it also raises questions about the role of centralization in a space rooted in decentralization.

The eventual appointment is expected to help shape the trajectory of US crypto policy for years to come. Whether it is Armstrong, Brooks, or another candidate, the decision will reflect how the next administration plans to address the crypto economy’s complexities while fostering innovation.

Ethereum price started another decline below the $3,150 zone. ETH is struggling and might decline further below the $3,000 support zone.

• Ethereum is slowly moving lower below the $3,150 zone.
• The price is trading below $3,100 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could extend losses if there is a close below the $3,000 support zone.

Ethereum Price Struggle Continues

Ethereum price attempted an upside break above the $3,200 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.

There was a move below $3,080 and the price tested $3,040. A low is formed at $3,033 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low.

Ethereum price is now trading below $3,000 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,080 level.

The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent drop from the $3,225 swing high to the $3,033 low. The main resistance is now forming near $3,180. A clear move above the $3,180 resistance might send the price toward the $3,220 resistance.

An upside break above the $3,220 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,030 level. The first major support sits near the $3,000 zone.

A clear move below the $3,000 support might push the price toward $2,920. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,030

Major Resistance Level – $3,100

On November 19, the crypto payment gateway MoonPay announced that it had more Solana transactions that day than all of November 2023. The following day, its SOL trade volumes increased even further.

MoonPay has not disclosed a reason for this heightened Solana transaction rate, but a frenzy in SOL meme coins might provide an explanation.

MoonPay’s Solana Bull Run

MoonPay, a cryptocurrency payment gateway, is enjoying substantial rates of Solana (SOL) transactions. The firm has not deliberately specialized in Solana recently, as it did with its August Ripple integration, except for enabling Venmo for SOL buys in October. Nonetheless, MoonPay announced unprecedented volumes.

“On November 19, MoonPay smashed our single day all-time record for Solana transactions! More SOL transactions that day than ALL of November 2023 combined, [and] 295% increase in 2024 daily SOL average. And they said it was only a Solana Summer…” the company claimed via social media.

Soon after this first statement, MoonPay also announced that today’s Solana transaction volumes were already exceeding the previous day. For an undetermined reason, MoonPay has evidently become a particularly attractive platform for SOL trades. To analyze this phenomenon, it’s worth noting that Solana is experiencing a bull market.

Solana is flirting with $5 billion in open interest but is still far from its all-time high. Beyond the general bull run in the entire crypto market, a “meme coin mania” is pushing Solana right now. For example, PNUT, a newly launched SOL meme coin, became one of the 100 highest-performing assets 36 hours after launch.

This heightened interest in meme coins might explain MoonPay’s Solana success. The platform integrated Venmo support for meme coins in late October and has continued advertising this service. However, its exact transaction data remains private.

Regardless, MoonPay is encouraging further Solana trading. It offered to follow large numbers of X users if Solana hits an all-time high in November and has once again showcased SOL trade functionality. This crypto bull market is creating a wild array of new profit opportunities, and these trade volumes are just one example.