Latest news with #Bitcoin2024
CNBC
28-05-2025
- Business
- CNBC
JD Vance tells bitcoin conference that stablecoins don't threaten the dollar
LAS VEGAS — Vice President JD Vance used his position on stage at the biggest bitcoin conference of the year to push the Trump administration's efforts on stablecoin legislation, touting its potential benefits to the U.S. economy. "In this administration, we do not think that stablecoins threaten the integrity of the U.S. dollar. Quite the opposite," Vance said, in his keynote at Bitcoin 2025 in Las Vegas on Wednesday. "We view them as a force multiplier of our economic might." Months after a successful campaign for the White House that was heavily funded by the crypto industry and less than a year after then-candidate Donald Trump spoke at Bitcoin 2024 in Nashville, Tennessee, Vance reiterated the message that the Trump-Vance administration is pursuing a decidedly pro-crypto agenda. Stablecoins, which are designed to have a stable value against a non-crypto asset, usually the U.S. dollar, are a big topic at the moment as Republicans attempt to pass the GENIUS Act, a bill that would regulate the digital asset. The legislation was cleared a key procedural vote in the Senate last week, due to support from 15 Democrats, but still could face an uphill battle in the House, which has its own proposed bill for stablecoin regulation. David Sacks, President Trump's top crypto and AI advisor, told CNBC last week that the market is flush with over $200 billion in stablecoins that are unregulated, and that a legal framework "could create trillions of dollars of demand for our Treasuries practically overnight." Democrats previously rejected the GENIUS Act in part on concern that President Trump's personal cryptocurrency ventures, including his own meme coin and a stablecoin from his family's crypto business, created an unprecedented conflict of interest. Vance didn't address that issue on Wednesday from the stage at the Venetian, but he did joke that he wasn't just complimenting the crowd to "juice my own meme coins." Rather, he focused on the value in legitimizing stablecoins. "Dollar-pegged stablecoins, particularly once GENIUS is enacted, is only going to help the American economy," Vance said. "And it's only going to help the American dollar." The event in Las Vegas is expected to attract 35,000 attendees. In addition to using the occasion to promote stablecoin legislation, Vance applauded the administration's creation of a strategic bitcoin reserve and its efforts to roll back regulations. Vance disclosed that he owns "a fair amount of bitcoin today," and he took a shot at former SEC Chairman Gary Gensler, who has become a regular punching bag for many lawmakers and crypto executives. "We fired Gary Gensler — and we're going to fire everyone like him," Vance said. Prior to Vance's keynote, the Department of Labor rescinded 2022 guidance that had discouraged cryptocurrency investments in retirement plans. Labor Secretary Lori Chavez-DeRemer said that fiduciaries, not bureaucrats, should decide whether crypto belongs in 401(k) plans. The rollback is part of a broader effort to bolster digital assets. Banks can now custody crypto, after the repeal of a key accounting rule known as SAB 121. The Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency also rescinded their anti-crypto guidance, and the Federal Reserve has partially followed suit.
Yahoo
28-05-2025
- Business
- Yahoo
Trump Media plans $2.5 billion bitcoin reserve
Donald Trump'a media company has announced plans to establish a bitcoin reserve by selling $2.5 billion (£1.85bn) of its stock to institutional investors. The Trump Media and Technology Group, which operates the Truth Social platform, said about 50 institutional investors will put up $1.5 billion in the private placement for common shares in the company and another $1 billion for convertible senior notes Trump Media said it intends to use the proceeds for the creation of a 'bitcoin treasury', with chief executive Devin Nunes describing the cryptocurrency as 'an apex instrument of financial freedom'. He added: 'Trump Media will hold cryptocurrency as a crucial part of our assets.' Industry figures have said the move reflects bitcoin's transition from a fringe asset, to one endorsed by the highest levels of government. 'Trump Media raising $2.5bn to buy bitcoin reflects a broader trend: publicly traded companies are waking up to the idea that holding debasable dollars is a liability – and bitcoin, money that cannot be debased, is the solution,' Joe Burnett, director of market research at crypto firm Unchained, told The Independent. The announcement is the latest potential conflict of interest, which has seen Trump pursuing policies while in public office that may financially benefit his business interests. Trump, who referred to cryptocurrencies in his first term as 'not money,' citing volatility and a value "based on thin air," has shifted his views on the technology. During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that crypto industry backers would spend lavishly to get him reelected. Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects – the $Trump meme coin – with a swanky dinner luxury golf club in Northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit. Trump has received significant support from the crypto industry since appearing at the Bitcoin 2024 conference in Nashville last July, during which he pledged to be the first 'crypto president'. Vice President JD Vance is scheduled to speak at the Bitcoin 2025 conference in Las Vegas on Wednesday. Additional reporting from agencies
Int'l Business Times
20-05-2025
- Business
- Int'l Business Times
Bitcoin Champion Sen Cynthia Lummis Cancels Meeting With Ripple CEO, $XRP Tumbles
Cynthia Lummis Sen. Cynthia Lummis, R-Wyo., reads the draft of the "Bitcoin reserve bill" at Bitcoin 2024 conference in Nashville. Bitcoin Magazine YouTube | Cynthia Lummis Unveils Bitcoin Strategic Reserve Bill Bitcoin Magazine on YouTube / Screenshot Garlinghouse urged Lummis to reconsider her stance and "be a leader for all of crypto" Bitcoin maximalists slammed the Ripple CEO for criticizing Lummis in public $XRP holders said it appears Lummis doesn't want a level-playing field in the crypto industry Sen. Cynthia Lummis, R-Wyo., has canceled a meeting with Ripple CEO Brad Garlinghouse, dashing hopes for a potential shift in dynamics in the long-running power struggle between the Bitcoin and XRP communities. Garlinghouse took to X on Monday to reveal that Lummis, known for championing a national strategic Bitcoin reserve, "canceled a meeting" with him and will not reschedule. Ripple CEO calls out Lummis In his Monday revelation, Garlinghouse said he was heading to the Capitol "to champion sensible pro-crypto legislation around stablecoins and market structure." As he has done in the past, the Ripple leader called for open-mindedness when it comes to politicians dealing with the cryptocurrency industry. He specifically called on Lummis to reconsider her stance. "As a leader in Congress and Senator from one of the most crypto-friendly states (WY), I hope you will reconsider and be a leader for all of crypto," he wrote. Heading to DC to champion sensible pro-crypto legislation around stablecoins and market structure, and I'm very encouraged to see our elected officials look at crypto as it should be – a multichain industry. That said, @SenLummis, as Chair of the Digital Assets Subcommittee,… — Brad Garlinghouse (@bgarlinghouse) May 19, 2025 Despite his subtle jab at the Bitcoin-friendly senator, who also chaired the Senate's Digital Assets Subcommittee, Garlinghouse said it was still encouraging to see that some government officials "look at crypto as it should be – a multichain industry." This was hardly the first time Garlinghouse criticized "maximalism," a term used by crypto users to refer to crypto holders who believe a specific digital coin is the only digital asset the world will need in the future. $XRP dips amid news XRP, the world's current fourth-largest crypto asset by market capitalization, retreated Monday after news of the canceled meeting spread across crypto communities. Data from CoinGecko showed that XRP prices plunged as low as $2.30 from trading at around $2.38 earlier in the day. Despite the price dip, XRP remains in the green, climbing by 0.6% in the last 24 hours. Ripple oversees the development of the XRP Ledger, whose native cryptocurrency is XRP. There has been an ongoing war of words between BTC maximalists and the XRP Army, which has often pushed Bitcoin and XRP to trend on social media. $BTC maximalists, $XRP army clash on X On X, where the bitter word war among top crypto communities has triggered questions on unity in the space, another exchange of words emerged from Garlinghouse's revelation. Prominent BTC maximalist Pierre Rochard blasted Garlinghouse for his alleged push for central bank digital currencies (CBDCs). "Nobody takes you seriously anymore," the Bitcoin Bond Company CEO said. You ruined your reputation and lost all credibility by pushing for CBDCs and against Bitcoin. Nobody takes you seriously anymore. — Pierre Rochard (@BitcoinPierre) May 19, 2025 Chainlink community liaison Zach Rynes said Garlinghouse shouldn't have called out Lummis publicly, saying it doesn't help improve crypto's relationship with politicians. Very weird tweet, if she didn't want to take a private meeting, why call her out publicly? That's not going to help relations, and why offer an even more public livestream discussion? — Zach Rynes | CLG (@ChainLinkGod) May 19, 2025 Other prominent crypto users encouraged Lummis to take up Garlinghouse's offer to discuss the broader crypto space with the Ripple CEO through an X Spaces session. That would be a great X space, @SenLummis! — Vet (@Vet_X0) May 19, 2025 Some also encouraged Lummis to join advocacy groups that provide advice on pro-crypto policies. Others in the XRP community said Lummis may want "an unfair advantage for Bitcoin" since a level-playing field for all crypto firms and projects might threaten the world's most valuable cryptocurrency. Why would @SenLummis cancel a meeting? Perhaps she wants an unfair advantage for Bitcoin. A level playing field is too threatening for Bitcoin, perhaps. — 🪝 (@DarkScarf89) May 19, 2025 @bgarlinghouse's spot on. If the U.S. wants to lead in crypto, open dialogue between the public and private sectors is non-negotiable. Refusing to meet sends the wrong message, and slows real progress. This is a multichain, global industry. Policy needs to reflect that. — JDNomax (@JDNomax) May 19, 2025 The official X handle of the Rowen Exchange agreed that Garlinghouse was right for publicly revealing Lummis's cancelation of the meeting, indicating growing demand for political interest in other crypto coins and companies outside the Bitcoin brand. Thank you for calling this out. This needed to be said — Rowen Exchange (@RowenExchange) May 19, 2025 Lummis has yet to respond to concerns around her supposed favor of BTC and rejection of other crypto projects. © Copyright IBTimes 2024. All rights reserved.
The Star
06-05-2025
- Business
- The Star
Trump's crypto ventures cause tensions to bubble over as Democratic lawmaker scuttles key hearing
FILE PHOTO: Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. REUTERS/Kevin Wurm/File Photo (Reuters) -Tensions on Capitol Hill over President Donald Trump's various cryptocurrency ventures escalated on Tuesday and threatened to derail the digital asset sector's hope of legislation by the end of this year as a top Democratic lawmaker stalled efforts to debate a bill. Although Congress had appeared likely earlier this year to pass legislation governing digital assets for the first time, Democrats have grown increasingly frustrated as Republican Trump and his family members have promoted their personal crypto projects. Representative Maxine Waters' objection to a joint hearing scheduled for Tuesday effectively cancelled proceedings between the House Financial Services Committee and the House Agriculture Committee, which were due to discuss creating a new legal regime for cryptocurrencies. Trump's crypto ventures include a so-called meme coin called $Trump,launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. Trump on social media has promoted a private dinner later this month for the top holders of his meme coin, along with a "special VIP tour" for a select few investors. The business endeavors have drawn criticism from government ethics experts and political opponents over potential conflicts of interest, especially because Trump courted cash from the crypto industry on the campaign trail and pledged to overhaul regulations for the sector. They have also put further legislation this year related to cryptocurrency in doubt as some lawmakers have expressed concern about self-dealing. "I cannot in good faith agree to such a hearing to discuss crypto market structure while Republicans refuse to stop or even acknowledge Trump's abuse of power," Waters said in a statement ahead of the scheduled hearing. Representative French Hill, the Republican chairman of the House Financial Services Committee, said that Waters objecting to Tuesday's hearing"has thrown partisanship into what has historically been a strong, good, working bipartisan relationship." In a statement, Anna Kelly, the White House deputy press secretary, said there were no conflicts of interest and that Trump's assets are in a trust managed by his children. 'President Trump is dedicated to making America the crypto capital of the world and revolutionizing our digital financial technology," she said. Still, Trump's crypto arrangements have threatened to derail legislation that was once considered near certain by analysts and lobbyists to pass this year. Congress is also debating a bill to create a regulatory framework for stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg. Senate Democrats have expressed concerns about the bill, especially after World Liberty Financial announced last week that its stablecoin would be used by an Abu Dhabi investment firm for its $2 billion investment in crypto exchange Binance. The White House wants that bill to pass the Senate by next week, according to a source familiar with the discussions. But some Democrats said on Saturday that Republicans had failed to negotiate on stronger provisions related to foreign stablecoin issues and anti-money-laundering protections, and that they would be unable to support the bill as it currently stands. The stablecoin bill could still pass the Senate, in which Republicans hold the majority, but could pose a setback for the crypto industry which has tried to portray digital asset regulation as a bipartisan issue. (Reporting by Hannah Lang in New York; Editing by Pete Schroeder and Matthew Lewis)
Business Mayor
25-04-2025
- Business
- Business Mayor
Trump's tanking meme coin gets massive boost when dinner with the president is offered as a reward
Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter President Donald Trump's meme cryptocurrency surged in price on Wednesday after its website announced a few lucky investors could win a private dinner with the president in Washington, D.C. The $Trump coin surged approximately 60 percent after announcing the 'most exclusive invitation in the world' dinner to the top 220 holders. The sudden price jumped to $14 – still well below its peak o $70 after launching in January. 'President Donald J. Trump is known as the ' Crypto President,'' the site stated. 'At this intimate private dinner, hear first-hand President Trump talk about the future of crypto.' Trump has vowed to make the United States the 'crypto capital of the planet' and, in doing so, has launched his own crypto ventures, including NFT digital trading cards and memecoins. His attempts to brand his own coin and NFTs have raised concerns about conflicts of interest. Donald Trump gives a keynote speech at the Bitcoin 2024 conference at Music City Center on 27 July, 2024 in Nashville, Tennessee (Getty) The dinner is scheduled at Trump National Golf Club in D.C., on May 25. Winners will also have a 'Special VIP Tour' arranged for them. However, those who win the opportunity to have a 'private dinner' must pay 'all expenses' themselves, and there is no guarantee that Trump will attend. The terms and conditions say the dinner 'may be cancelled for any reason,' and in the event it is not rescheduled, winners will get a 'limited edition Trump NFT in lieu.'' Since his inauguration on January 20, Trump has overseen the biggest crash in the history of cryptocurrency. Bitcoin slid from $109,000 in late January to below $75,000 this month, with more than $1.3 trillion wiped from the broader crypto market in less than three months. The downturn comes amid global economic uncertainty fuelled by an escalating trade war between the U.S. and China, which has seen investors shed assets more prone to risk. Some figures within the crypto industry have also lamented Trump's failure to fulfill his pro-crypto campaign promises. At the Bitcoin 2024 Conference in Nashville last July, the Republican candidate said he would ensure that 'all the remaining bitcoin [is] made in the USA'. In January, Trump signed an executive order establishing a government reserve for bitcoin (REUTERS) He also pledged to set up a bitcoin treasury, however, the Strategic Bitcoin Reserve established in March was seen as underwhelming, as it did not involve the purchase of any new bitcoin. The crypto market has seen a slight uptick in recent days, though the rally has been attributed to institutional investment rather than any political moves in Washington. 'We're seeing increased long-term confidence and signals from institutional players,' Anil Oncu, chief executive of crypto payments platform Bitpace, told The Independent . 'Reports that banking giants Deutsche Bank and Standard Chartered are considering expanding their US crypto operations point to a more strategic investment in the sector and may be driving a sustained new optimism for bitcoin and the broader crypto market. 'Despite the surge, there will still be some caution. The Federal Reserve's next interest rate decision and ongoing discussions between Washington and Beijing will have a key influence on Bitcoin's price in the coming weeks.'
