Trump Sparks Crypto Rally with Anti-Regulation Stance
Former President Trump’s latest pro-crypto comments ignite 15% market surge as traders bet on regulatory relief.
Key moves: BTC breaks $70k, ETH options volume triples, and memecoins rally 40%+ as Trump positions himself as the ’crypto candidate’.
Wall Street analysts warn: ’This political pump might not survive first contact with SEC reality.’
XRP and ETH: Securities or Digital Assets?
The debate over whether XRP and ETH are securities has been a topic of heated discussion in recent years. Through the Freedom of Information Act, Coinbase has acquired and published over 10,000 documents shedding light on previous challenging periods.
The latest documents reveal the SEC’s actions concerning XRP and ETH. The NY Attorney General’s Office requested an amicus brief to support its argument that ETH is a security. Known from the Ripple
$2 case, an amicus brief presents expert opinions on a particular matter. This request was communicated via email by Shamiso Maswoswe, Chief of the Investor Protection Bureau at the NY Attorney General’s Office, in June 2023, the same time legal proceedings were initiated against both Binance and Coinbase.
Gary Gensler spearheaded wide-ranging legal actions against the Ethereum
$1,808 ecosystem last year. Targeting entities like Consensys, this legal scrutiny raised questions about whether ETH is a security, yet Gensler has not provided clear answers.
These developments document a well-defined stance against cryptocurrencies in both judicial and regulatory establishments.
Trump’s Crypto Renaissance
Last year saw a series of investigations initiated in response to Ethereum’s transition to PoS, also known as Ethereum 2.0. Currently, Trump is enacting supportive moves for cryptocurrencies as part of his campaign promises, termed as Crypto 2.0.
Meanwhile, the Senate and House of Representatives are formulating cryptocurrency regulations. The SEC is coordinating with industry leaders through roundtable discussions to lay down foundational rules. Consequently, the US has stored proceeds from seized crypto assets, with legislation for state-level BTC reserves already enacted, signaling more transformative actions to follow.
Farewell, CVP Coin
A notable update today involves an email from Binance regarding the delisting of CVP Coin, which was slated for automatic conversion by November 27. This conversion process, originating on May 28, ensures users receive an equivalent amount in USDC.
In essence, CVP Coin is ceasing to exist on Binance.
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