Latest news with #JDVance
Yahoo
an hour ago
- Business
- Yahoo
Rostin Behnam on Trump, Crypto, Regulation
Rostin Behnam, Former Chair of the Commodity Futures Trading Commission, weighs in on Vice President JD Vance speaking at the Bitcoin 2025 Conference and states regulators are very important to the US financial markets. He also talks about President Trump's embrace of cryptocurrency raising red flags. Rostin Behnam speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."
Yahoo
6 hours ago
- Business
- Yahoo
Regulatory clarity ‘foundational' for crypto: Gemini CFO
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. As Vice President JD Vance noted Wednesday at the 2025 Bitcoin conference in Las Vegas, cryptocurrency 'finally has a champion and an ally in the White House," with the election of President Donald Trump. Both the president and vice president are large proponents — and owners — of cryptocurrency, and the Trump administration has taken immediate steps to woo cryptocurrency exchanges and related businesses, appointing industry-friendly heads to regulators like the Securities and Exchange Commission and touting plans to create a national stockpile of digital assets, among other initiatives. Though some have expressed concern over the policies and Trump's potential conflicts of interest given his business interests in the industry, many are hoping the new spotlight on crypto will help to create more space for it next to traditional currencies — something that requires firm regulatory standards to be put in place. Regulatory clarity is 'really foundational,' not just for the cryptocurrency space, but for businesses across any industry, said Dan Chen, CFO of crypto exchange Gemini Trust. The exchange, a major cryptocurrency player, was founded by Cameron and Tyler Winklevoss. 'Regulatory clarity is simply put, an ability for business to know what the rules are and how to remain in compliance with the rules,' Chen told CFO Dive in an interview. 'And I think the mode we're in now, where regulators are investing the time to create frameworks that are clear, that are concise and allow businesses to operate, is essential.' The need to bring regulatory clarity to the cryptocurrency space — which has long operated on the fringes of the mainstream financial system — has been dogged by persistent murkiness and uncertainty. Crypto exchanges and regulators have repeatedly clashed over how to properly characterize digital assets, over accepted definitions of key terms such as stablecoins — digital assets that are pinned in value to that of a fiat currency, but which lack a widely accepted regulatory definition — and which entity should ultimately hold the responsibility for regulating those assets and industry players. Among other moves praised by crypto advocates, the Trump administration has taken several steps to ease some of that tension, such as creating a working group focusing on stablecoins. Congress has also recently passed the 'Genius Act,' a bill that would create the first regulatory framework for stablecoins, NBC reported. Other regulators have also recently issued new guidance on crypto assets, with the Financial Accounting Standards Board, for example, recently implementing new standards that ask firms to report crypto assets using fair value accounting methods. 'I'm sure a lot of the regulators in the space also prefer having more clear rules, because then they know what policies and procedures they need to enforce and follow,' Chen said. Like many exchanges, Gemini itself has clashed with the SEC in the past. In 2023, for example, the regulator charged Gemini with selling unregistered securities through its Earn program. This April, the exchange and the SEC asked a federal judge for a pause on the ongoing suit in favor of reaching a potential resolution, Bloomberg reported. For Gemini, the bigger stage that is opening up for crypto also represents growing opportunity, creating more space for the exchange to cultivate relationships with businesses and individuals that might previously have been wary of utilizing digital assets. One in four (24%) individuals now own cryptocurrency, according to Gemini's 2025 Global State of Crypto report released earlier this week, compared to one in five (21%) the previous year. That growth is likely due in part to Trump's crypto policies, the exchange said, noting its survey results 'suggest these policies are inspiring interest in the industry among non-owners — those who have never invested in crypto,' according to a press release. 'Understanding and winning over this group will drive significant growth for the industry, which has experienced relatively flat adoption over the past few years.' Cryptocurrency still has 'a lot of room to grow,' Chen said, noting the total value of all crypto currently hovers around $3 trillion, compared to the approximate $60 trillion total value of the U.S. stock market. Amid changing policies, many businesses are exploring new potential use cases for cryptocurrency — payment players, including PayPal, Mastercard and Payoneer, are now experimenting with stablecoin usage for cross-border payments, for example, CFO Dive sister publication Payments Dive reported. 'There are so many use cases, many of which have not been fully developed, but to me, that's clearly the platform that things will be built upon,' Chen said of digital assets. 'And that's really the goal, you skate to where the puck will be, and that's where that future will get built in.' One of the areas Chen is particularly excited about in regards to Gemini is the company's credit card business, he said. The exchange offers a credit card product in partnership with Mastercard that enables users to earn Bitcoin on purchases, according to its website. Such a card is appealing to individuals who are already fully invested in cryptocurrency or digital assets, but also those who are interested, 'but they don't know what the right time to invest is,' Chen said. 'That's always one of the big riddles.' It's a way for individuals to ease into the space 'without making a conscious decision to buy at one moment with one large dollar amount,' he said. 'And you might look at that and realize the interface is great, the exchange is fantastic, and it's a great tool to get involved with Gemini. So for us, it is not just a side business. It's a part of an ecosystem to build engagement.' An alum of buy now, pay later company Affirm, where he previously served as VP of capital markets and bank partnerships, Chen joined the crypto exchange as its CFO in March, CFO Dive reported, amid speculation that the exchange had confidentially filed for an initial public offering. Chen's past experience includes serving as CFO for financial services company Nearside, which was acquired by Plastiq in 2022, as well as a stint as treasurer for Cross River Bank, according to his LinkedIn profile. 'It's really important to me that wherever I go in my career, I move towards an industry that's in high growth, high opportunity, high scaling, because it's frankly, a lot more fun,' Chen said of his decision to move to the Gemini exchange. Chen declined to comment on 'market speculation' when asked about a potential IPO. In his first few months in the CFO role for the exchange, Chen is largely in listening mode. 'I think one of the mistakes I've made earlier in my career is to arrive somewhere and say, 'what was I really good at before, and how quickly can I deploy that skill set now in my new role?'' Chen said. 'And I realize sometimes that's kind of like putting a square peg in a round hole.' Recommended Reading Verizon's interim CFO lands permanent seat Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
9 hours ago
- General
- New York Times
JD Vance's Campaign Plane Is Being Used for Migrant Deportation Flights
In its former life, the charter plane with the tail No. N917XA went by the moniker Trump Force Two. The ubiquitous red, white and blue livery logged thousands of miles last year as the campaign plane of JD Vance, who was elected as President Trump's vice president in November. But that plane — the same one the campaign offered rides on to entice donors to give money — is now carrying out a much different and clandestine kind of task for the Trump administration. The Boeing 737 has been chartered more than a dozen times this year by the federal government to deport migrants to several Central American countries, according to public aviation logs and a group that tracks the flights. The Trump-Vance campaign rode to victory in part on its vow to undertake the largest deportation push in American history. The Trump administration has since expanded the range of people who can be targeted for removal, sped up the deportation process for others and, in some cases, tightened the rules for legal immigrants. In 2018, during President Trump's first term, the plane was used for at least three deportation flights that took about 360 migrants to El Salvador and Guatemala, according to the Center for Human Rights at the University of Washington. The center obtained the data through a public records request. A fourth flight, chartered by U.S. Immigration and Customs Enforcement as part of what is known as its ICE Air program, was used to transfer about 144 migrants between detention centers in the United States. Want all of The Times? Subscribe.
Yahoo
9 hours ago
- Business
- Yahoo
Vice President JD Vance Predicts 100M Bitcoin Holders: 'The US Ought To Be Leaning Into Bitcoin'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. U.S. Vice President JD Vance on Wednesday predicted that Bitcoin (CRYPTO: BTC) adoption in the United States is on the cusp of doubling. What Happened: Addressing a crowd at the Bitcoin 2025 Conference in Las Vegas, he estimated that while 50 million Americans currently own Bitcoin, the number will soon surpass 100 million. His speech served as both a bullish forecast and a strategic roadmap, calling on the crypto community to remain politically active and engaged with policymaking to ensure the continued growth and protection of digital assets. "I believe it's 50 million Americans who own Bitcoin, and I believe that's going to be a hundred million before too long," Vance told the audience. Trending: — no wallets, just price speculation and free paper trading to practice different strategies. The Vice President framed Bitcoin not only as a financial innovation but as a strategic asset that the U.S. must formally embrace to maintain global economic leadership. Vance laid out three core pieces of advice for the community — focused on political engagement, long-term strategy and awareness of the intersection between Bitcoin and artificial intelligence. Vance credited the crypto community's increasing involvement in politics for recent regulatory progress. Reflecting on his first Senate campaign, he noted the lack of organized resistance to anti-crypto regulation at the time. Now, he said, the landscape has changed. "Unless you guys get involved in politics, politics is going to ignore this industry," he said. He urged the community to carry the momentum from 2024 into 2026 and beyond, emphasizing that political pressure will be essential to preventing future regulatory overreach. The Vice President positioned Bitcoin as a long-term geopolitical tool, arguing that the U.S. should lean into adoption as strategic rivals lean away. "If the Communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin," he It Matters: Vance revealed that the administration has begun laying the groundwork for a Bitcoin Reserve, developed with input from Trump's AI advisor David Sacks, aimed at formalizing the asset's role in national economic strategy. He urged the audience to participate in shaping that future saying, "The way that Bitcoin is involved in the strategic future of our country, that's got to be a two-way conversation. While acknowledging the ideological divide that often separates proponents of Bitcoin and AI, Vance argued that the two technologies are deeply intertwined. He warned that regulatory developments in the AI space could have ripple effects on crypto and vice versa. "While this is certainly a Bitcoin conference... make sure you're keeping tabs on and staying involved in what's happening with artificial intelligence," he said. He called on the crypto community to be proactive in helping shape AI-related policies to ensure that both technologies are steered in a direction that benefits national and economic security. Vance also used the platform to tout recent policy changes made under the Trump administration. Chief among them was the formal end of what he referred to as "Operation Choke Point 2.0," a regulatory crackdown that targeted crypto businesses through banking restrictions and enforcement actions. "Operation Choke Point 2.0 is dead and it's not coming back under the Trump administration," he declared. He also reaffirmed support for the GENIUS Act, legislation focused on regulating stablecoins, arguing that clear rules will keep the fast-growing stablecoin sector within the U.S. rather than pushing it offshore. "We view [stablecoins] as a force multiplier of our economic might," Vance said, stating that dollar-pegged stablecoins should be embraced rather than treated as a threat. Looking ahead, Vance said the administration's third major policy objective will be pushing forward a market structure bill that establishes a tailored and transparent regulatory framework for all digital assets, further integrating them into the U.S. economy. Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Image: Shutterstock Send To MSN: Send to MSN This article Vice President JD Vance Predicts 100M Bitcoin Holders: 'The US Ought To Be Leaning Into Bitcoin' originally appeared on Connectez-vous pour accéder à votre portefeuille
Yahoo
11 hours ago
- Business
- Yahoo
Vance rode Middletown pride to the White House. Will he help its schools?
The U.S. Department of Education is recalling millions of promised federal dollars from 18 Ohio school districts, including $5.6 million from Middletown City Schools. I wonder if Vice President J.D. Vance will step up and save the day for his hometown school district, considering that 62% of Middletown voters cast their ballots for him and Donald Trump in the 2024 election. It remains to be seen if Vance is as committed to Middletown. As a Middletown native, count me among the skeptics. Unlike so many of my Middletown brethren, I never fully bought into Vance's pretense about his love for our town. I always felt Middletown was nothing more than a prop Vance used to further his personal and political goals. He trashed Middletown in the selling of his book "Hillbilly Elegy," something many proud residents took exception to. He played up his Appalachian roots and connection to the Butler County steel-mill town during the presidential campaign to make himself seem more Middle America, despite more recently being a Silicon Valley tech guy. More: JD Vance's Middletown: What really went wrong In the end, I saw Vance as little more than an opportunist preying on Middletown's sense of community pride. That's the thing about my hometown; the people there are very proud of their own. Middletonians who achieve great success are celebrated, revered, and, most of all, strongly supported and promoted. So, I wasn't surprised when Middletown went all out backing the Trump-Vance ticket. I won't say politics wasn't the main decider, but Middie pride was a big factor in how people there voted, too. Heck, the city put up road signs honoring Vance just a couple of weeks after he was sworn in as vice president. Middletonians stand up for each other that way. More: JD Vance blames local deputy's death on leaders who make police officers 'to be enemies' Now, Vance has the chance to do the same − a chance to show that I'm wrong about him. At least on this one thing. Deliver for all those Middletonians who believed in you enough to give you their votes. Who believed that you could help fix the town's "bad rap." Who believed that not only could you and Trump "Make America Great Again," but that, together, you might also help bring about the resurgence of a once All-American City. Make sure Middletown schools — the district you attended — get to keep that $5.6 million, Mr. Vice President. Pull whatever levers you need to; talk to Trump directly if you have to. Selecting Middletown High School's marching band to perform at the Inaugural Parade in Washington, D.C. was nice for those students, but securing nearly $6 million for a new transportation center would benefit Middletown students districtwide. The community is counting on that money, and it is counting on you. You've certainly profited from our hometown. Now it's time to return the favor. Opinion and Engagement Editor Kevin S. Aldridge can be reached at kaldridge@ On X: @kevaldrid. This article originally appeared on Cincinnati Enquirer: Middletown's loyalty to Vance meets federal abandonment | Opinion
