Regulation
Judge Drops Donald Trump Document Charges
A Florida judge has thrown out the classified documents case against former President Donald Trump, arguing that the special counsel Jack Smith was appointed unlawfully. This comes on the scheduled planned appearance of Trump, at the Bitcoin Conference.
Judge Drops Donald Trump Document Charges
On Monday, U. S. District Judge Aileen Cannon said that the appointment of special counsel Jack Smith was unconstitutional and threw out the classified documents case against Donald Trump.
In her 93-page decision, Judge Cannon expressed that there is a violation of the U. S. Constitution’s appointments clause where Senate confirmation is required for such positions as held by Smith.
BREAKING: Judge Cannon has dismissed the Trump documents case, citing violation of appointments clause: pic.twitter.com/GPV9jXYAfZ
— Kyle Cheney (@kyledcheney) July 15, 2024
The decision is a legal victory for Trump as his lawyers had argued that the appointment of Smith by the Attorney General without the approval of the Senate was unlawful. The case’s dismissal also extends to the co-defendants of Trump, Walt Nauta, who is the valet, and Carlos De Oliveira, the Mar-a-Lago property manager. The Justice Department is expected to appeal the ruling to the 11th Circuit Federal Appeals Court.
Special Counsel’s Actions
After the ruling by Judge Cannon, the office of special counsel Jack Smith is anticipated to appeal the decision. The validity of Smith’s appointment will remain a subject of legal challenge in the higher courts, possibly up to the Supreme Court of the United States.
Smith is also leading the prosecution of Trump in another federal case in Washington D.C., touching on the 2020 election fraud. Cannon’s decision may be used by Trump’s legal team to question the jurisdiction of Smith in this and other present matters.
Furthermore, this dismissal comes in the wake of a Supreme Court ruling that provided Trump with almost a get out of jail free card when it comes to many things he did while in office. Trump’s legal team however managed to block the appointment of the Special Counsel Smith stating that the congress had not established his position and the senate had not confirm him. Despite this, Smith and his team argued that there is a clear precedent of using special counsels in politically charged investigations.
Nevertheless, the dismissal in Florida did not impact the other criminal cases of Donald Trump. These are the cases in Georgia concerning election interference and a New York state case concerning a 2016 hush money payment. Even though this is a major victory for Trump in Florida, it does not dispel all his legal problems.
Will Trump Attend the Bitcoin Conference?
Despite the legal fight and an assassination attempt and taking out of the alleged sniper, Trump is expected to continue with his public activities. His campaign team confirmed that Trump will be present at the Republican National Convention that is set to commence this week.
Furthermore, Trump is expected to deliver his address at the subsequent Bitcoin Conference in Nashville. The conference organizers were optimistic about his attendance stating that the global Bitcoin community is united.
As reported by Coingape, Donald Trump is in high spirits and has promised to attend the event. Concurrently, the assassination attempt on Trump during the Pennsylvania rally has not in any way stopped Trump from carrying out his planned programs with him congratulating his security detail for their response. The Bitcoin Conference, which is planned for the end of the month, will attract a lot of interest, particularly due to Trump’s attendance.
Read Also: Genesis Trading Unloads More Bitcoin To Coinbase, BTC Recovery In Jeopardy?
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.
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