Regulation
Donald Trump Calls Press Conference, ‘Huge’ Crypto Announcement?
Former President Donald Trump announced plans to hold a press conference on Thursday, August 8, at his Mar-a-Lago estate. This announcement drew widespread attention due to recent developments both in the political and crypto regulatory space. The announcement comes at a pivotal moment in the 2024 election race, as Vice President Kamala Harris gains traction in national polls.
Will Donald Trump Make Major Crypto Announcement?
The Trump family recently teased major developments in decentralized finance (DeFi), which makes this latest announcement much more significant. The press conference, scheduled for 2:00 P.M. today, was confirmed by Donald Trump on his social media platform, Truth Social. He wrote, “I will be doing a General News Conference at 2:00 P.M. at Mar-a-Lago, Palm Beach. Thank you!”
This post sparked speculation about the topics he might address. Netizens expect him to take aim at his opponent, Kamala Harris, who hasn’t made a press appearance in the last 18 days. However, the real intrigue leading up to Trump’s press conference revolves around his family’s recent activity in the crypto world.
On Wednesday, August 8, Donald Trump Jr. took to X (formerly Twitter) to hint at a major upcoming development in the crypto and decentralized finance (DeFi) sectors. “We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future—don’t get left behind,” Trump Jr. tweeted.
The post quickly garnered attention from both political and crypto circles, especially following remarks from Eric Trump, Donald Trump’s second son. Eric recently declared his own enthusiasm for the burgeoning DeFi space. “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement,” Eric Trump shared.
The timing of these statements, coming just before the scheduled press conference, has led to rampant speculation about what the former president might announce. Moreover, at the Bitcoin Conference 2024, Trump outlined a vision to use Bitcoin as a strategic reserve for the United States. Hence, these historical precedent also fueled theories on the latest announcements.
Also Read: ‘We’re About To Shake Up The Crypto World’ – Donald Trump Jr.
Cut-Throat Competition With Harris
Amid the political turmoil, Vice President Kamala Harris has seen a surge in momentum. A recent Marquette Law School poll shows Harris leading Trump in a national matchup. In addition, this momentum has been reflected on Polymarket, a popular prediction market.
On the platform, Harris slightly edges out Donald Trump with 49.2% win odds compared to his 49% re-election probability. Despite this, Trump continues to lead in many battleground states, which are expected to play a crucial role in determining the election’s outcome, according to the Washington Post.
Earlier, during the Bitcoin Conference 2024, Trump signaled his intention to remove SEC Chair Gary Gensler from his position if re-elected. Gensler has been a controversial figure in the crypto community. He is widely seen as an obstacle to the industry’s growth due to his aggressive regulatory stance. Thus, the community expects further pro-crypto announcements by Trump before the November elections.
Also Read: Kamala Harris Beats Donald Trump On Prediction Market Ahead Crypto Meet
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
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.
Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.
Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin
In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.
Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.
Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.
“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.
In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.
Industry Players Are Bracing For New Stablecoin Regulations
Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.
For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.
Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.
Aliyu Pokima
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.
The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.
New FDIC Guidelines on Crypto-Related Activities
The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.
Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.
This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.
“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.
This Is A Developing News, Please Check Back For More
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.
Vitalik Buterin Promotes Ethereum Layer 2 Roadmap
US Senators Question Trump’s Involvement in USD1 Stablecoin
Ethereum Drops As Two Whales Face $235 Million Liquidation Risk
Dark Web Criminals Are Selling Binance and Gemini User Data
Bitcoin Price Could Surge To $95,000 — But Analyst Sounds ‘Bull Trap’ Alarm
Ethereum Breakdown, Analyst Eyes $1,130–$1,200 Price Target
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
-
Regulation22 hours agoFDIC Revises Crypto Guidelines Allowing Banks To Enter Digital Assets
-
Altcoin20 hours agoPiDaoSwap, Trump Media, & Grayscale
-
Regulation20 hours ago
US SEC Drops Charges Against Hawk Tuah Girl Hailey Welch
-
Market23 hours agoPopular Analyst Peter Brandt Identifies XRP Head & Shoulder Pattern, Reveals Path To Take
-
Market22 hours agoWhat to Expect from XRP Price in April 2025
-
Market17 hours agoWhy Did MUBARAK Drop 40% Despite Binance Listing?
-
Altcoin22 hours agoShiba Inu Price Set To Repeat History? Falling Wedge Pattern Shows A Rally
-
Altcoin17 hours agoAnalyst Reveals Bullishness On Ethereum Price At This Point, Can It Hit $4,000 Again?
✓ Share: