Trump meme coins react as NY jury finds former president guilty of felony charges
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Donald Trump has become the first former US president to be convicted of crime, as a New York jury found him guilty on 34 counts of falsifying business records. This conviction comes as Trump faces current US President Joe Biden in November as the presumptive Republican nominee, with the verdict marking one of the most critical moments in recent US political history.
Their stances on crypto policy differ, and both have softened to the idea that the US, as the world’s largest economy, should set the tone for global crypto policy, despite this year’s generally hostile regulatory climate. While some point out that these moves could appear as political pandering to pro-crypto voters, degen markets have reacted wildly across the spectrum.
On the matter of crypto policy, House Financial Services Committee Chairman Patrick McHenry (R-NC) and Senator Cynthia Lummis (R-WY) led a letter urging President Joe Biden to reconsider vetoing the bipartisan Congressional Review Act (CRA) resolution overturning Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121). The legislative piece makes it prohibitive for highly regulated financial firms to custody Bitcoin and crypto, and the lawmakers argue that rescinding the bulletin is well within the SEC’s authority, and has ample precedent.
While the US is busy with how it would shape crypto policy for the coming years, the global crypto market continues to amass investor interest. From the looks of it, it’s not just retail and institutional investors being attentive. Hackers see these growth numbers as a lucrative vulnerability.
Japanese crypto exchange DMM Bitcoin has been hit by a security breach resulting in a loss of 48.2 billion yen, equivalent to over $303 million. The exchange has committed to fully reimbursing affected customers, drawing on resources from its group companies, and has temporarily halted certain operations to mitigate further risks. This incident marks one of Japan’s most substantial illicit crypto outflows since the 58 billion yen loss at Coincheck in 2018.
Today’s Newsletter
- Trump meme coins react as NY jury finds former president guilty of felony charges
- Lawmakers push Biden to approve SAB 121 overturn
- Japanese exchange DMM Bitcoin hit with $300 million hack
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MEME COINS
Trump meme coins react as NY jury finds former president guilty of felony charges
This election year, Trump has become an advocate for digital assets and crypto during his presidential campaign, marking a shift from his previously critical view of crypto. Trump has pledged to protect the rights of Americans to self-custody their digital assets and has promised to oppose regulatory measures that he believes stifle the industry’s growth, in contrast to the Biden administration’s approach, which he criticizes as hostile towards the industry.
Trump-inspired meme coins, such as TRUMP (MAGA), have reacted to the verdict, with the tokens going down 16% in a day prior to the announcement. Lower market cap meme coins inspired by Trump, such as MAGA Hat and Super Trump (STRUMP), are also down, while a meme coin inspired by Joe Biden, jeo boden, saw a brief surge during the same period. [cryptobriefing]
REGULATION
Lawmakers push Biden to approve SAB 121 overturn to allow regulated financial firms to hold crypto
The CRA resolution overturning SAB 121 passed the Senate 60-38 and House 228-182, with McHenry stating that it protects essential custody services and consumers. Senators Kirsten Gillibrand (D-NY), Representatives French Hill (R-AR), Ritchie Torres (D-NY), and others have also urged regulators to state that SAB 121 is unenforceable after the Government Accountability Office deemed it a rule under the CRA.
Recent developments in the US regulatory landscape, such as the SEC’s sudden stance shift towards a spot Ethereum ETF approval, which was reportedly motivated by “political issues,” and presidential candidate Donald Trump’s crypto-friendly approach in his campaign, might increase the chances of Biden deciding not to veto the bill. Biden might want to stay on the good side of the crypto electorate share as the presidential race heats up. [cryptobriefing]
BITCOIN
Japanese exchange DMM Bitcoin hit with $300 million hack
DMM Bitcoin, part of the DMM Group, which is composed of different subsidiaries providing over 40 different services, has temporarily halted certain operations, including new account reviews and spot trading buy orders, to mitigate further risks following the security breach.
The exchange’s commitment to fully reimburse affected customers, drawing on resources from its group companies, highlights the importance of maintaining customer trust and confidence in the face of such incidents. The hack serves as a reminder of the ongoing security challenges faced by crypto exchanges and the need for robust measures to protect user funds and prevent illicit outflows. [cryptobriefing]
Other News
Next Week’s Token Unlocks
- SUI is looking at an unlock of $67M, which translates to a 2.8% supply increase, alongside a market cap of $2.4B.
- DYDX’s unlock is scheduled at $67M, which is an 11.9% rise in supply, with a market cap of $562M.
- 1INCH has an upcoming unlock of $47M, resulting in an 8.5% supply increase. 1INCH has a market cap of $558M.
- ENA’s upcoming unlock of $48M will increase the supply by 3.6%, with a market cap of $1.3B.
Vince
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