NewsBriefs - Trump pushes for US dominance in the crypto sector

May 25, 9:30 PM Crypto Briefing

Trump pushes for US dominance in the crypto sector

Donald Trump, potential Republican presidential candidate, has articulated strong support for leading the global crypto sector, emphasizing the necessity for the US to hold a prime position and not settle for less.

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• Jun 17, 12:42 PM Crypto Briefing

  Tether launches Alloy, a new gold-backed digital asset

  Tether introduced Alloy, a new digital asset backed by its Tether Gold and pegged to the US dollar, aimed at blending the stability of gold with digital currency benefits. Alloy allows users to mint tokens using Tether Gold as collateral on the Ethereum mainnet, facilitating diverse asset management opportunities. This innovation is part of Tether's broader strategy to expand beyond traditional crypto products into areas like education, AI, data, and Bitcoin mining, while investing $1 billion in startups by 2025.

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• Jun 17, 2:03 AM Scroll_ZKP

  Scroll set to launch native token NURI for its DEX on June 19

  Scroll has revealed plans to introduce its native token, NURI, for its decentralized exchange (DEX), Nuri Exchange, on June 19. The launch will incorporate features from Uniswap v3, focusing on enhanced security, governance, and incentives, aimed at optimizing the exchange for high-frequency liquidity providers (LPs) and layer 2 (L2) scalability. This move is expected to significantly influence the decentralized finance (DeFi) landscape.

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• Jun 17, 1:45 AM WSJ

  Stablecoins may stabilize US debt by boosting Treasury purchases

  Amid an impending national debt crisis driven by unsustainable entitlement programs, stablecoins present a new fiscal opportunity. Backed by the US dollar and secured by blockchain technology, stablecoins are emerging as significant purchasers of US government debt, now standing just outside the top ten countries in holdings. This growth highlights their potential role in supporting the dollar's dominance as the primary international reserve currency, amidst increasing global digital financial shifts and challenges from international competitors like China.

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• Jun 16, 1:31 PM Decrypt

  Tether co-founder discusses new crypto ETFs and Wall Street's influence

  Tether and WAX co-founder William Quigle predicts a continued rise in crypto ETFs following the successful launch of spot Bitcoin and Ethereum funds in the US. Quigley highlights Wall Street's profit-driven strategy as a catalyst for the development of additional crypto ETFs, despite potential risks associated with mainstream financial market integration. He expects traditional finance to keep pushing these products until a market pullback prompts a reassessment.

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• Jun 16, 12:01 PM Bitcoin Sistemi

  Biden administration to host crypto policy roundtable with Mark Cuban and lawmakers

  In early July, key figures from the Biden administration, including entrepreneur Mark Cuban and lawmakers from both houses, will convene in a roundtable organized by Rep. Ro Khanna to discuss crypto policies. This meeting, aimed at fostering Bitcoin and blockchain innovations, underscores crypto's growing significance in US economic and political spheres, especially as the 2024 presidential elections near.

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• Jun 15, 7:18 PM Beincrypto

  Tether's USDT serves over 300 million global users, reveals CEO Paolo Ardoino

  Tether CEO Paolo Ardoino highlighted USDT's critical role in global finance, particularly in emerging markets where it aids over 300 million users by providing stable, digital dollar access, enhancing efficiency in money transfers and storage. This positions Tether among the top buyers of US Treasury Bills, reflecting its substantial impact on international monetary systems and its prominent market cap which dominates the stablecoin sector.

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• Jun 14, 10:47 PM Hand-Picked

  Ethereum spot ETFs to start trading July 2nd

  Ethereum spot ETFs are poised to begin trading on July 2, following tentative approval from the SEC, which requested responses on S-1 filings within a week. This move, expected to clear the path for trading starting the holiday weekend, aligns with indications from SEC Chair Gary Gensler about potential summer approvals. The launch is likely to draw significant institutional investment, with projections of up to $45 billion in inflows in the first year and a possible 60% rise in Ethereum prices, mimicking the impact seen with Bitcoin spot ETFs.

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• Jun 14, 2:52 PM Beincrypto

  Bernstein boosts Bitcoin target by 30%, rates MicroStrategy as outperform

  Bernstein, a leading brokerage firm, has initiated coverage for MicroStrategy's stock with an 'outperform' rating and set a price target at $2,890. The firm has increased its Bitcoin price target by 30% to $200,000 by the end of 2025, citing the potential benefits of MicroStrategy’s long-term investment in Bitcoin and its strategy of leveraging convertible debt. MicroStrategy holds a significant position in Bitcoin, planning further acquisitions through a $500 million bond sale.

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• Jun 14, 1:09 AM Cryptoslate

  Coinbase criticizes SEC's increased budget request as enforcement-heavy

  Coinbase has condemned the SEC's $2.6 billion budget proposal for 2025, especially criticizing the $812.4 million earmarked for enforcement, representing an increase from the previous year. Coinbase argues this strategy emphasizes regulation by enforcement rather than providing clear crypto regulations. Concurrently, the American Securities Association (ASA) has appealed to the US government to reduce the SEC's budget, insisting on prioritizing investor protection and market fairness over expansive enforcement policies.

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• Jun 13, 2:47 PM Crypto Briefing

  Ethereum ETF trading approval likely by this summer: SEC’s Gensler

  SEC Chairman Gary Gensler has suggested that the Ethereum ETF S1 approval could be expected by this summer. Following the rapid approvals of Bitcoin ETFs, the anticipation for Ethereum ETFs has increased, with key players like VanEck and BlackRock awaiting detailed S1 form clearances. Analyst Eric Balchunas even projects a possible approval by July 4, 2024.

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• Jun 13, 11:30 AM Crypto Briefing

  MicroStrategy plans to boost Bitcoin holdings with new $500 million bond sale

  MicroStrategy is set to increase its Bitcoin portfolio through a $500 million offering of convertible senior notes, intended for institutional buyers, with an additional option for $75 million. These unsecured senior obligations, maturing in 2032, may be converted into cash, MicroStrategy stock, or a mix of both. This move marks the company's third major convertible notes initiative in 2024, aiming to expand its already substantial Bitcoin holdings of 214,440 coins valued at approximately $14.4 billion.

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• Jun 13, 12:30 AM Cryptoslate

  Biden campaign considers crypto donations to attract tech-savvy voters

  President Joe Biden's re-election campaign is exploring the acceptance of crypto donations via Coinbase Commerce, aligning with a broader initiative to engage the crypto community and counter recent pro-crypto strides by Donald Trump. This move is seen as an effort to secure support from a significant portion of the US voter base that prioritizes crypto-friendly policies. Discussions around this strategy remain in the exploratory phase, reflecting the increasing role of digital currency in political campaign financing.

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• Jun 12, 6:11 AM Coindesk

  Trump advocates for mining all remaining Bitcoin in the US

  Republican presidential candidate Donald Trump has advocated for the entire remaining supply of Bitcoin to be mined within the US. Speaking at an event with executives from CleanSpark Inc. and Riot Platforms, he emphasized that localizing Bitcoin mining could position the US as a leader in energy and serve as a counteract against central bank digital currencies (CBDCs). Trump highlighted the strategic importance of Bitcoin in contributing to national energy dominance.

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• Jun 11, 10:05 PM Crypto Briefing

  Hedge funds' short strategies impact Bitcoin despite US ETF inflows, reports Glassnode

  Despite significant inflows into US Spot Bitcoin exchange-traded funds (ETFs), the expected boost in market prices has not been realized due to hedge funds adopting a "cash-and-carry" trading strategy. This strategy, comprising long positions on spot and short positions on futures, particularly at the Chicago Mercantile Exchange (CME), has counteracted the bullish effects of ETF accumulation. Glassnode highlights that this neutralizes the influx of funds, showing that over $6.3 billion in Bitcoin is shorted in activist arbitrage trades via futures, which dilutes the direct bullish impact of these ETFs on the Bitcoin market.

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• Jun 11, 7:38 PM Crypto Briefing

  Tether plans $1 billion investment in startups by 2025, reveals CEO

  Tether, through its venture arm Tether Investments, will invest $1 billion in startups focusing on alternative financial infrastructure, artificial intelligence, and biotech by 2025. CEO Paolo Ardoino noted that the strategy aims to diversify holdings beyond their stablecoin, USDT, and build financial influence in emerging markets and technology sectors that challenge traditional finance models. This move aligns with Tether’s recent profitable streak and its plans to reduce reliance on major tech firms, despite facing past regulatory challenges.

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