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.
SEC v Ripple: The recent win of Donald Trump in the 2024 US presidential election has brought back hope to the cryptocurrency enthusiasts especially on the matter of the ongoing SEC v Ripple lawsuit.
Legal experts and Ripple supporters are speculating that the Donald Trump administration could bring positive changes to the crypto space which could help the company to reach a settlement faster in the ongoing Ripple case.
Potential Settlement Scenarios for SEC v Ripple Case
Fred Rispoli, a lawyer who has been monitoring the SEC v Ripple case has suggested that there are two likely outcomes for the case. According to Rispoli, shifts at the Securities and Exchange Commission that could occur as soon as March 2025 may influence the outcome of the Ripple trial. The first scenario will be the current US SEC leadership, under the chairmanship of Gary Gensler, deciding to act before a new leadership takes over.
According to Rispoli, Gensler’s team may wish to settle the case but keep penalties such as the $125 million fine in place as a means of exercising control over the market.
The second scenario that Rispoli sees is more beneficial for Ripple. The new leadership at the Securities and Exchange Commission may cause the agency to reconsider the case and less the penalties on Ripple or even dismiss some of the charges. According to Rispoli, the current administration of Trump may view the lawsuit as an adverse event for the US crypto industry and may want to settle the case in a way that would be beneficial to Ripple, such as excluding the current sales of XRP from being deemed securities.
Ripple CEO Garlinghouse Responds to Trump Win
Ripple CEO Brad Garlinghouse has spoken about the influence that Trump’s victory may have on the regulation of the cryptocurrency industry after “a frustrating journey”. In a statement, Garlinghouse remained hopeful, suggesting that the years of what he has called the SEC’s “interference” in the digital currency sector, could be giving way to a change in regulatory policy that is potentially more favorable.
Brad Garlinghouse, though not directly speaking about the possibility of the lawsuit being settled, pointed out the endurance of the XRP community and noted that “the tide is turning” in their favor.
I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support.
A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey.~6…
— Brad Garlinghouse (@bgarlinghouse) November 7, 2024
Garlinghouse’s comments come in the wake of recent court rulings ordering the SEC to file its opening brief for its appeal in the Ripple case on or before January 15, 2025. If the SEC does not meet this deadline, the appeals could be thrown out, which might limit the Securities and Exchange Commission’s actions as new management comes in.
Donald Trump Administration’s Approach to the SEC
The Trump transition team is reportedly considering candidates for the Securities and Exchange Commission chair role, with names such as Dan Gallagher and Paul Atkins, both former SEC commissioners, being mentioned.
Gallagher, currently Robinhood’s Chief Legal Officer, is viewed favorably by many in the crypto community.
According to Reuters, Trump’s team has also indicated intentions to reverse what they see as regulatory overreach by Gary Gensler’s Securities and Exchange Commission, which has aggressively pursued enforcement actions against crypto companies.
XRP Price To $1 After SEC v Ripple End?
The market has responded positively to Trump’s election and the prospect of a resolution in the Ripple case. XRP, Ripple’s digital asset, recently saw a price surge, reaching its highest level since October. With XRP price currently trading above $0.55, some analysts believe the asset could continue its upward trend, potentially nearing the $1 mark if a settlement appears imminent.
Concurrently, Donald Trump’s administration has already sparked discussion about potential crypto-friendly policies, including the approval of an XRP ETF.
Although the US SEC has previously resisted crypto ETFs, a Republican-led Securities and Exchange Commission could be more open to approving new financial products tied to digital assets, especially those like XRP and Solana following Bitcoin and Ethereum ETF’s earlier approval.
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.
The US Federal Reserve announced a 25 basis point (bps) rate cut following its November FOMC meeting. This development is undoubtedly significant, considering the impact it could have on the Bitcoin price and broader crypto market.
US Federal Reserve Announces 25 Bps Rate Cut
In a press release, the US Fed announced its decision to cut interest rates by 25 bps, just about two months after it cut them by 50 bps at its September FOMC meeting. This move from the US Central Bank provides a bullish outlook for the Bitcoin price, which is already hitting new highs.
Interstingly, similar to the US Federal Reserve’s decision, the Bank of England (BOE) announced a 25 bps rate cut earlier in the day. This decision from both central banks will likely open up a liquidity cycle, causing more money to flow into risk assets like Bitcoin and other cryptocurrencies.
The crypto community will look forward to US Federal Reserve Chair Jerome Powell’s speech to see how dovish the Fed is. Positive remarks from him would suggest that the Fed could still cut interest rates at its December FOMC meeting.
In the press release, the US Federal Reserve stated that economic activity has continued to expand at a solid pace. They remarked that since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. They added that inflation has progressed toward their 2% goal.
Boluwatife Adeyemi
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.
Polymarket, a crypto-based prediction market, is likely to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 U.S. presidential election. Since the global audience engaged in prediction platforms, Polymarket experienced a record jump, with $450 million expected to be distributed to users following the victory of Donald Trump.
This increase of betting volume and large stakes has become a matter of concern for the French regulator because the platform offers unlicensed gambling services.
$450 Million in Payouts Expected After U.S. Election Bets
Prediction markets, which are expected to increase their payout to election bettors to around $450m following Donald Trump’s projected win, are attracting increasing attention.
Although conventional polls pointed to a closer contest, prediction markets such as Polymarket and Kalshi recorded a steep rise in Trump’s chances in the last few days, indicating a strong divergence with poll-based expectations.
Among the active users of Polymarket, a French trader called “Theo” made a $26 million bet on Trump’s win and won $49 million. This big bet made Polymarket popular, as the French authorities paid attention to the platform and its popularity among French residents, which led to concerns about the compliance of the platform with French gambling legislation.
France’s ANJ Considers Blocking Access to Polymarket
The ANJ has claimed that Polymarket is involved in gambling which is only allowed in France by licensed operators. According to local media, the regulator has the power to ban access to unlicensed gambling sites and is expected to restrict access to Polymarket soon.
An ANJ insider said: “Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”
If put in place, the ban would prevent the usage of the application in France, despite the fact that users can still try to avoid the restriction by connecting to VPN. The ANJ could also try to influence media outlets and directories to stop advertising or linking to Polymarket and, thus, limit its audiences even more.
Regulatory Concerns Over Market Manipulation
The high level of activity on Polymarket has led to speculations that the platform may be used for market manipulation. Two blockchain analysis firms, Chaos Labs and Inca Digital, recently revealed that there was potential wash trading within Polymarket’s U.S. presidential betting market where the same assets are bought and sold to simply create a fake market. This type of trading is rather manipulative and can lead to the distortion of signals on the market and mislead other participants.
The US Commodity Futures Trading Commission also has concerns about prediction markets and put forward a rule in May aiming at stricter regulation of such markets due to the potential for manipulation.
Although no final decision has been reached, regulatory actions could impact Polymarket’s ability to operate freely in other markets, including the U.S.
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.
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