Cryptocurrencies To Watch

Tag: Donald Trump

  • Trump Meets Crypto.Com CEO as Firm Withdraws SEC Lawsuit

    Trump Meets Crypto.Com CEO as Firm Withdraws SEC Lawsuit

    United States President-elect Donald Trump met with Kris Marszalek, the crypto exchange Crypto.Com CEO, at Trump’s Mar-a-Lago estate following the company’s unexpected decision to withdraw its lawsuit against the US Securities and Exchange Commission (SEC).

    According to a recent Bloomberg report, the duo discussed Trump’s proposal for a national Bitcoin (BTC) reserve, financial departments, and appointments in his administration linked to the crypto sector.

    Crypto.Com Files Lawsuit Against SEC

    Earlier this year, Crypto.com filed a lawsuit against the SEC, challenging the regulator’s classification of certain digital assets as securities. The case became a flashpoint in the ongoing debate over the SEC’s regulatory reach and the need for more straightforward crypto asset rules.

    However, in a statement issued Monday, Crypto.Com announced its decision to withdraw the lawsuit, citing “productive dialogue with regulators” and a renewed focus on collaboration.

    The company also noted that its primary objective is to stop the SEC’s unlawful overreach and violation of federal law. Crypto.Com argued that the agency’s failure has led to an unfair landscape in which certain firms are singled out while others face no scrutiny.

    After being issued a Wells notice, which signals possible enforcement action, Marszalek announced in October that the exchange planned to file a lawsuit against the SEC to safeguard the future of crypto.

    Trump & Armstrong to Discuss Personnel Appointments

    Following his victory in the US presidential election on November 5, Trump has also made appointments indicating a preference for individuals supporting the crypto sector. Before the election, the president-elect introduced his digital asset project, World Liberty Financial.

    Alongside Marszalek, Trump met with Coinbase CEO Brian Armstrong in November to discuss key personnel appointments. This was the first meeting between the two since Election Day. According to a report from the Wall Street Journal, the private sessions are also part of Trump’s ongoing plans to finalize his cabinet and government heads.

    Trump Appoints Wingmen

    Following the meeting, the president-elect announced former PayPal COO David Sacks as his “AI and crypto advisor” and nominated former commissioner Paul Atkins as his candidate for SEC chair.

    In his post, Trump expressed his confidence in Paul Atkins as his pick for SEC Chair, citing his extensive experience in financial regulation. The US President claimed Atkins’ background as CEO of Patomak Global Partners and Co-Chairman of the Digital Chamber’s Token Alliance demonstrates his expertise in digital assets.

  • Bakkt Shares Jump 162% on Trump Media Acquisition Reports

    Bakkt Shares Jump 162% on Trump Media Acquisition Reports

    Crypto trading firm Bakkt saw its shares soar by 162% on Monday as the United States president-elect’s social media group, Trump Media and Technology Group (TMTG), showed interest in acquiring the crypto-focused company.

    Following the acquisition talks and negotiation, TMTG shares increased by 16.7%, signaling a potential major crypto and fintech expansion move.

    TMGT To Acquire Bakkt

    According to the Financial Times, Bakkt’s market capitalization is over $130 million. TMGT is set to close in on an all-share purchase of the crypto firm once the negotiations are finalized.

    Bakkt was established by the Intercontinental Exchange (ICE) to hold bitcoin (BTC) and ether (ETH) for investors. However, it has struggled to remain profitable due to its lack of market traction and high cost of capital.

    Consequently, Bakkt stated that its crypto custody business would most likely shut down while the company diversifies to the crypto exchange business. Representatives familiar with the TMTG negotiations have not revealed whether it will be part of the talks.

    Notably, TMTG is valued at about $6 billion and has become one of the most actively traded U.S. stocks since its founder and largest shareholder, Donald Trump, won the just-concluded U.S. presidential election.

    Due to its high capitalization and recent success, TMTG sees itself in a notable position to likely rescue Bakkt from its struggling state through its planned purchase.

    Trump’s Crypto Establishments

    The U.S. president-elect has been all-in on crypto technology since his election campaign. Alongside his sons, Donald Jr. and Eric Trump, he debuted World Liberty Financial (WLFI), a crypto project he designed to boost stablecoin adoption and promote decentralized finance (DeFi) technology in America.

    Trump also introduced the $WLFI token, which he designed to be used solely for governance purposes on the WLFI platform.

    Moreover, the U.S. president-elect has expressed support for crypto in obvious ways, promising to create a crypto-friendly America during his presidency. He vowed to make America the world’s capital of Bitcoin and ensure that the U.S. creates a strategic Bitcoin reserve by acquiring at least 200,000 units of the world’s leading crypto each year.

  • Trump Appoints Former SEC Chair Clayton as U.S. Attorney for Manhattan

    Trump Appoints Former SEC Chair Clayton as U.S. Attorney for Manhattan

    United States President Donald Trump is nominating Jay Clayton, the former Chairman of the Securities and Exchange Commission (SEC), as the new United States Attorney for the Southern District of New York.

    According to a recent report, Trump noted that Clayton is a highly respected business leader, counsel, and public servant who received Engineering and Law degrees from the University of Pennsylvania and an Economics degree from the University of Cambridge.

    Clayton has been praised for his efforts to promote transparency in financial markets. Still, his tenure at the SEC was also marked by controversies regarding his perceived leniency toward Wall Street firms, particularly in handling enforcement actions against large financial institutions.

    Trump further noted that before the current appointment as U.S. Attorney for the Southern District of New York, Clayton was a partner at Sullivan & Cromwell and served on the Management Committee.

    Clayton is currently a Senior Policy Advisor to Sullivan & Cromwell, a Board Member of several public and private companies, and an Adjunct Professor at the Wharton Business School and the Carey Law School at the University of Pennsylvania.

    “Jay is going to be a strong Fighter for the Truth as we, Make America Great Again,” Trump said. 

    U.S. Attorney’s Office Overseeing High-Profile Cases

    The U.S. Attorney’s Office for the Southern District of New York is responsible for overseeing numerous prominent cases, such as financial fraud, organized criminal activity, and public corruption. It also holds authority over the financial institutions based on Wall Street in New York.

    The Southern District of New York is also often considered one of the country’s most powerful and prestigious U.S. Attorney’s Offices.

    Over the years, the office has led multiple notable financial fraud prosecutions, including FTX co-founder Sam Bankman-Fried and Archegos Capital Management founder Bill Huang, both of whom were found guilty.

    In 2020, Trump selected Clayton as the U.S. Attorney for the Southern District of New York while the office was probing several of his associates, including advisor Steve Bannon.

    Meanwhile, if confirmed, Clayton will likely be expected to implement Trump’s policies in New York, such as addressing illegal immigration and tackling crime reduction.

  • Trump’s Project World Liberty Financial to Launch Governance Token $WLFI

    Trump’s Project World Liberty Financial to Launch Governance Token $WLFI

    On Monday, former United States President Donald Trump launched his new crypto project, World Liberty Financial (WLFI), alongside his sons, Donald Jr. and Eric Trump. During the launch, the WLFI team revealed the plan to debut a new governance token, $WLFI. The crew stated that only investors who wish to participate in governance will purchase the new token, not those after the economic returns of holding it.

    WLFI Team Confirms Plan for New Token

    On Monday’s X Spaces, the WLFI project’s investors and advisors confirmed that $WLFI will be non-transferable and not provide economic rights. It will only be distributed to qualified buyers and cannot be transferred from one owner or account to another.

    About 63% of $WLFI will be sold to the public. 17% will be reserved for user rewards, while the team holds 20% of the token. At the time of writing, the team had yet to inform the public of the token launch date.

    Meanwhile, $WLFI will be sold only to accredited investors and monitored under Regulation D exemption from the U.S. Securities and Exchange Commission (SEC). Under the Regulation D exemption, companies can offer securities to qualified investors in small or private offerings without registering the securities to the SEC. 

    “Our goal is to build projects that are easy and simple to use and where you don’t need to phone a friend to get a walkthrough,” Zak Folkman, one of the project’s founders, said Monday.

    Trump’s Crypto Onboarding

    For the first 40 minutes of Monday’s X space, Trump shared his view on crypto and how it will benefit the public:

    “Crypto’s one of those things we have to do, whether we like it or not,” he said.

    Throughout his presidential campaign, Trump has expressed and demonstrated optimism for cryptocurrency adoption in America. In addition to launching his new crypto project, he has revealed plans to make America the world’s capital of Bitcoin and crypto.

    Due to his crypto enthusiasm, investors predict that his success during the forthcoming election will benefit the crypto industry.

  • Donald Trump to Launch Crypto Platform World Liberty Financial on Monday

    Donald Trump to Launch Crypto Platform World Liberty Financial on Monday

    United States presidential crypto-friendly candidate Donald Trump, alongside his sons, Donald Jr. and Eric Trump, have revealed plans to launch a new project, World Liberty Financial (WLFI), on September 16.

    Among many features, the crypto project will boost stablecoin adoption and promote decentralized finance (DeFi) technology in the U.S. The project is a strategic move toward Trump’s efforts to make America the world’s capital of Bitcoin if he wins the forthcoming election.

    Trump to Launch WLFI

    Trump announced via a video shared on X that he’s going live on Monday, September 16, to promote the launch of his son’s new project, which will be an instrumental tool to aid crypto adoption in the country. He said, “We are embracing the future with crypto and leaving the slow and outdated big banks behind.”

    Before now, Trump had revealed very little information about the WLFI project on his social media accounts. In a video from last month, he portrayed WLFI as a tool to safeguard people from being choked out of their businesses.   

    World Liberty Financial’s X account revealed plans to promote decentralization and adoption of U.S.-pegged stablecoins. It intends to spread stablecoins across the globe and ensure that the U.S. dollar remains the world’s dominant currency without any competition from other currencies to maintain America’s financial leadership.

    “We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years. The U.S. dollar has been the backbone of global finance for decades, but it’s now under attack by foreign nation-states,” the WLFI team stated.

    CoinDesk noted in the project’s whitepaper that WLFI will offer a digital wallet and a credit account system. It will allow users to lend, borrow, and invest in cryptocurrencies.

    Trump’s Crypto Community

    As part of his presidential campaign, Trump has supported crypto adoption in many visible ways. He also welcomed donations from supporters worth over $5 million in BTC and other altcoins to support his campaign.

    Additionally, Trump has won the hearts of many crypto enthusiasts by revealing his plans to sack, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC). Famous investors and analysts have predicted a positive outcome for Bitcoin and the entire crypto industry if Trump becomes the next President of the United States.