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Donald Trump Seeks Votes From Crypto Lovers, Extends Full Support

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7 months ago

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Donald Trump, the Republican candidate for the U.S. Presidential Elections in 2024 has come out openly endorsing cryptocurrencies adding that he would protect the rights of crypto investors. In his campaign speech, the Trump administration stated that the Biden administration has no idea of how cryptocurrencies function and so they have been cracking the whip on digital assets.

Joe Biden vs. Donald Trump – The Crypto Battlefield

In his latest presidential campaign speech, the Republican candidate stated: “If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

Presidential candidate Donald Trump has been very clear that he would not crack down on Bitcoin and other digital assets by using regulatory power. “I have seen there has been a lot of use of that. “And I’m not sure that I’d want to take it away at this point,” he said during an interview with CNBC last month.

However, Donald Trump’s views on Bitcoin were not the same back in 2021 when he termed Bitcoin as a “scam” and something that threatens USD’s status as the world’s reserve currency. But he still talks about protecting the Dollar. “I want one currency, I want the dollar, I don’t want people leaving the dollar,” he continued.

However, over the last few years, Donald Trump has dabbled into the world of digital assets by launching his self-branded NFTs in the market. “People were going crazy for these things [NFTs], and so many of these were bought with this new cryptocurrency and I couldn’t believe the amount,” he said.

Democrats vs Republicans

Fox News Journalist Eleanor Terret mentioned that the debate over cryptocurrency took center stage as the two leading presidential contenders staked out contrasting positions.

President Joe Biden aligned himself with Senator Warren and SEC chair Gary Gensler, expressing unwavering support for the SEC’s regulatory approach, and emphasizing regulation by enforcement.

Meanwhile, Donald Trump has taken a different stance, vowing to end the adversarial stance towards crypto in the United States. He further pledged to actively embrace cryptocurrency by accepting campaign donations in digital assets.

In an interesting development, some Democrats also joined the Republicans to pass a resolution that nullifies SAB 121. However, the Biden administration has opposed this bill.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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Regulation

Elon Musk Secures Victory Against US SEC As Court Rejects Sanction Request

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1 day ago

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November 23, 2024

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The world’s richest man, Elon Musk, has secured victory in a legal battle with the US Securities and Exchange Commission (SEC). This came as the court refused the Commission’s request to sanction Musk regarding the X acquisition deal for $44 billion.

Court Rules In Favor Of Elon Musk Against US SEC

According to a Bloomberg report, US District Judge Jacqueline Scott Corley has refused to sanction Elon Musk for skipping a meeting with the US SEC and option to watch one of his rockets launch instead.

The judge said there was no need to sanction Musk because he had already agreed to reimburse the Commission $2,923 to cover airfare for the three agency lawyers, which he stood up back in December. Corley also noted that the world’s richest man eventually met with these SEC lawyers to give his testimony regarding the X deal on October 3.

Reacting to this development in X post, Elon Musk jokingly said,

SEC. The middle word is definitely “Elon’s”, but I can never remember what the other two words stand for.

Meanwhile, Dogecoin’s creator, Billy Markus, also responded to Musk’s post and labeled the Commission an “annoying organization.” It is worth mentioning that this is the second legal battle Musk has won in the space of a week as investors in the Dogecoin manipulation lawsuit last week withdrew their appeal against the world’s richest man and Tesla.

Meanwhile, Musk’s legal battle with the SEC might not be the last encounter he has with the Commission since he is set to co-lead the Department of Government Efficiency (D.O.G.E). He is likely to oversee how the Commission spends its budget.

In line with this, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty called on Musk to probe the US SEC’s spending. Alderoty believes the Commission has misused taxpayer funds to finance unnecessary enforcement actions.

Donald Trump Also Secures Major Legal Victory

Alongside Elon Musk, US President-elect Donald Trump also recently secured a major legal victory. Judge Juan Merchan has delayed Trump’s sentencing hearing in his hush-money case, which was to take place on November 26.

The judge made this decision to let the incoming US president argue to dismiss the conviction before his inauguration on January 20. This situation is novel, as there has never been a situation in which the incoming president faces sentencing on a criminal conviction.

Meanwhile, earlier in the month, there was also a CNBC report that the Department of Justice (DOJ) is looking to wind down the two federal criminal cases against Trump. This aligns with their policy that they cannot prosecute a sitting president.

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Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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.





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US SEC Commissioner Jaime Lizárraga Announces Departure Amid Trump Transition

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2 days ago

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November 22, 2024

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SEC Commissioner Jaime Lizárraga announced his decision to step down on January 17, 2025, as the Donald Trump administration prepares to assume office. A Democrat since 2022, Lizárraga cited personal family reasons for his departure.

Notably, His resignation will reduce the commission to one democratic commissioner, Caroline Crenshaw, and two Republican commissioners, Hester Peirce and Mark Uyeda.

US SEC Faces Leadership Shift as Commissioner Lizárraga Steps Down

According to a recent filing, SEC Commissioner Jaime Lizárraga will officially resign from the US SEC by January 17, 2025. His decision is made at the backdrop of Donald Trump preparing to take office three days later.

This also means change of guard within the commission as the current US SEC Chair Gary Gensler is expected to leave office on January 20, 2025, the Inauguration day of Trump. His resignation comes after weeks of pressure to remove him starting with Trump’s pledge to fire him.

Lizárraga, known for advancing corporate reporting on climate risk and data breaches, cited his wife’s battle with breast cancer as the reason for stepping down. He emphasized need to prioritize his family during this critical time.

Jaime Lizárraga stated, 

“For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit. In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey.”

Lizárraga’s departure leaves the Securities and Exchange Commission with just one Democratic Commissioner, Caroline Crenshaw. The two remaining Republican members are Hester Peirce and Mark Uyeda. This shift will alter the commission’s political balance and spark potential challenges in advancing or overturning regulatory measures. 

With a three-member commission, the commission’s quorum rules mandate full participation to adopt or amend regulations unless there is a formal recusal or disqualification.

Speculation Builds Around the Next Commission Chair

With the departure of both Chair Gary Gensler and Jaime Lizárraga, discussions about the next US SEC Chair have intensified. Names under consideration include Robert Stebbins, a partner at Willkie Farr; former Commissioner Paul Atkins; and Teresa Goody Guillén, a partner at BakerHostetler and a former litigation counsel for the commission. 

The new Chair is expected to reshape the crypto regulatory landscape and other pressing financial matters. As the Trump administration ushers in new appointments, the focus will be on implementing balanced and innovation-friendly policies.

Meanwhile, the Blockchain Association has urged the incoming government to address critical issues in cryptocurrency regulation. The association outlined five major priorities for Trump administration. These include, a clear and comprehensive regulatory framework for digital assets, implementing stablecoin legislation, and ending the debanking of cryptocurrency companies. 

The association also proposed the formation of a Crypto Advisory Council to enhance collaboration between regulators and stakeholders. A recent CoinGape report revealed that the crypto advisory council will help create a strategic Bitcoin reserve.

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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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US SEC Commissioner Jaime Lizárraga to resign in January

Published

2 days ago

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November 22, 2024

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US SEC Commissioner Jaime Lizárraga to resign in January
  • Jaime Lizárraga will resign as SEC Commissioner on January 17, 2025.
  • His departure leaves only one Democrat on the SEC amid a Republican-led shift.
  • Discussions intensify over the next SEC Chair, with crypto regulation in focus.

In a significant development at the US Securities and Exchange Commission (SEC), Commissioner Jaime Lizárraga has announced that he will step down from his post on January 17, 2025.

His resignation comes shortly after SEC Chair Gary Gensler revealed plans to depart when President-elect Donald Trump is sworn into office.

Lizárraga’s decision to resign has been attributed to personal reasons, specifically his wife’s serious illness, a matter he shared with President Joe Biden.

Jaime Lizárraga, who has served as an SEC Commissioner since 2022, was appointed during the Biden administration and had a term slated to last until 2027. His departure means that the SEC will lose one of the remaining Democratic voices on the five-member commission, leaving Caroline Crenshaw as the only Democratic Commissioner.

The commission will now have three Republicans: Hester Peirce, Mark Uyeda, and the soon-to-be vacated chairmanship under Gensler.

SEC’s leadership change as Trump prepares to assume office

The timing of Lizárraga’s resignation adds to the ongoing shift in the SEC’s leadership, raising questions about the future direction of regulatory policies, especially on issues like cryptocurrency.

Under Gensler, the SEC pursued a stringent stance on crypto, but with the departure of both Gensler and Lizárraga, the upcoming administration may steer the agency in a different direction, particularly in light of Trump’s pro-crypto rhetoric.

The SEC requires only a majority of three commissioners to make decisions, so the incoming Republican majority will hold significant sway over the commission’s agenda.

Lizárraga’s departure, alongside Gensler’s exit, further intensifies the debate over the next SEC Chair. The position is crucial for setting the regulatory tone, particularly on emerging issues like cryptocurrency.

As the Trump administration prepares to fill key positions, speculation grows over potential appointees, with names such as Brian Brooks, the former CEO of Binance.US, and current Republican SEC Commissioners Hester Peirce and Mark Uyeda emerging as potential candidates for the role.

Robinhood Chief Legal Officer Dan Gallagher, who was previously considered one of the top contenders for the SEC chair, has announced his withdrawal from consideration for the role.

This shift signals a new chapter for the SEC, with potential ramifications for both financial markets and regulatory approaches under the incoming administration.

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