Latest news with #WhiteHouseCryptoSummit
Forbes
16-04-2025
- Business
- Forbes
Trump's Crypto Revolution: Promises Kept And Controversies Ignited
Trump's Crypto revolution has begun. Since returning to office in January 2025, President Donald Trump has boldly pursued a pro-cryptocurrency agenda, fulfilling numerous campaign promises aimed at reshaping America's digital asset landscape. While supporters herald these achievements as revolutionary, critics have raised serious concerns about potential conflicts of interest, regulatory gaps, and long-term economic risks. I reviewed Trump's top 10 crypto and blockchain promises, their outcomes, and the key controversies that have emerged. In a landmark move, President Trump signed an executive order establishing the Strategic Bitcoin Reserve, utilizing approximately 200,000 bitcoins seized from previous federal operations. These holdings primarily originate from high-profile cases, including the Bitfinex exchange hack, the Silk Road darknet marketplace, and recoveries linked to the James Zhong case. Modeled as a "digital Fort Knox," this reserve aims to enhance national financial security by holding Bitcoin as a strategic national asset. This decision underscores Trump's ambition to solidify America's leadership in digital finance. Responding to intense lobbying from the crypto industry, Trump swiftly replaced SEC Chair Gary Gensler—seen by many as adversarial to crypto interests—with Paul S. Atkins, a former SEC commissioner and crypto advocate. Atkins' appointment signaled a clear pivot toward crypto-friendly regulation and fostered optimism among digital asset businesses. Trump's ambitious vision of positioning America as the global center for crypto innovation is underway. Hosting the first-ever White House Crypto Summit in March 2025 marked a significant step, attracting prominent industry leaders and signaling the administration's openness to innovation. Regulatory rollbacks have accelerated domestic growth in crypto startups, though the complete realization of this vision remains ongoing. Citing concerns over privacy, government overreach, and individual freedom, Trump enacted an executive order banning the Federal Reserve from issuing or developing a Central Bank Digital Currency. This controversial move sharply contrasts with other major economies actively pursuing their own CBDCs and sparked heated debates about long-term competitiveness. Trump appointed renowned entrepreneur David Sacks as the Crypto and AI Czar, chairing the President's Working Group on Digital Asset Markets. Tasked with overseeing cryptocurrency policy, Sacks' role is central to streamlining regulatory frameworks and coordinating federal digital asset strategies. Addressing long-standing complaints from the crypto community about unclear regulations, Trump dissolved the Department of Justice's National Cryptocurrency Enforcement Team. Additionally, federal agencies were directed to deliver a unified regulatory framework within six months. While welcomed by many crypto advocates, this deregulation drew significant backlash from consumer protection groups such as Public Justice, Consumer Federation of America (CFA), and Consumer Watchdog. The Trump administration has actively promoted domestic Bitcoin mining operations, emphasizing energy independence and economic growth. New incentives and reduced regulatory hurdles have spurred significant investment, revitalizing mining operations particularly in states with abundant renewable energy resources. President Trump's decision to pardon Ross Ulbricht, founder of the controversial Silk Road marketplace, fulfilled a divisive promise. He also extended full pardons to Arthur Hayes, Benjamin Delo, Samuel Reed, and Gregory Dwyer, former executives of the cryptocurrency exchange BitMEX, who had previously pleaded guilty to violating U.S. anti-money laundering laws. Crypto libertarians and advocates celebrated these moves as correcting excessive sentencing and overly aggressive prosecution, while opponents argued they undermined justice, weakened regulatory enforcement, and set problematic precedents for similar future cases. President Trump's decision to pardon Ross Ulbricht, founder of the controversial Silk Road marketplace, fulfilled a divisive promise. Crypto libertarians and advocates celebrated it as correcting excessive sentencing, while opponents argued it undermined justice and set a problematic precedent for similar future cases. Trump repealed an IRS rule that had expanded broker definitions to include decentralized finance (DeFi) platforms, significantly reducing the tax reporting burden on these entities. The repeal, however, ignited criticism over potential increases in tax evasion and less transparent financial practices. In a bold personal venture, the Trump family launched World Liberty Financial, introducing a stablecoin pegged to the U.S. dollar, named USD1. This entry into the crypto space further blurred the lines between private interests and national economic policy, raising significant ethical and legal concerns. US Crypto Policy Tracker 2025 Sandy Carter One of the most contentious developments is the $TRUMP memecoin, championed by entities closely associated with the Trump family, alongside the high-profile launch of Melania Trump's own cryptocurrency, the MELANIA coin. Critics accuse the administration of conflicts of interest, arguing these private financial gains conflict with Trump's public role. The significant volatility and eventual collapse of these memecoins amplified ethical concerns, prompting debates about whether these ventures violate constitutional restrictions on private profit from public office. The dramatic downfall of these tokens has been cited by analysts as marking the symbolic "death of meme coins," raising deeper questions about the viability and ethics of politically affiliated cryptocurrency projects. Trump's extensive deregulation, notably disbanding the DOJ's crypto enforcement unit, has generated significant controversy. Opponents argue reduced oversight invites increased money laundering, fraud, and illicit transactions, potentially compromising market integrity and investor protection. Consumer advocates express fears that weakened enforcement mechanisms might encourage abuses within the cryptocurrency market. The Trump family's deepening involvement in cryptocurrency ventures—including stablecoins, mining investments, and financial products—raises profound ethical questions. Critics allege these activities risk policy manipulation for personal gain, undermining transparency and public trust. The launch of USD1, coupled with public-private partnerships facilitated by administration policies, further inflames suspicions about the separation of personal and presidential interests. How do we reshape the future with Trump's Crypto policies? President Trump's second administration undeniably reshaped the U.S. cryptocurrency landscape, delivering significant policy victories and fulfilling campaign promises. However, these achievements have been clouded by substantial controversies surrounding conflicts of interest, weakened regulatory oversight, and ethical dilemmas. As America grapples with the complexities of a rapidly evolving digital economy, debates over the balance between innovation, regulation, and ethics continue to intensify, highlighting the enduring challenges of integrating crypto into mainstream governance. Did you enjoy this story about Trump's Crypto promises? 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Yahoo
08-04-2025
- Business
- Yahoo
Can XRP Overtake Bitcoin?
Ever since it launched in 2009, Bitcoin (CRYPTO: BTC) has stood alone as the world's most valuable cryptocurrency. More than 15 years later, it still accounts for a whopping 60% of the value of the cryptocurrency market. However, the tech industry is filled with stories of industry leaders that once reigned supreme, but later gave ground to smaller, more nimble competitors. The one competitor that's been getting a lot of buzz recently is XRP (CRYPTO: XRP), the cryptocurrency formerly known as Ripple. In terms of market cap, it seems inconceivable that XRP could ever overtake Bitcoin. Despite being the world's fourth-largest cryptocurrency, with a $100 billion market cap, XRP is absolutely dwarfed by Bitcoin, which still trades at a hefty $1.5 trillion valuation. Let's do some simple math here. XRP would need to skyrocket in value by a multiple of 15x to have any chance of overtaking Bitcoin. And, at the same time that XRP is skyrocketing in value, Bitcoin would essentially need to trade flat, so that XRP can catch up. That's simply not probable, given that Bitcoin traditionally leads the market higher or lower. We're seeing this right now with the current tariff turbulence. So, XRP would need some sort of extraordinary catalyst to help it accelerate in value faster than Bitcoin. So what could be some of the catalysts to make that growth happen? Some have suggested that the imminent launch of new spot ETFs might attract new investor inflows, sending the price of XRP soaring. Others have suggested that the recent launch of a new stablecoin by Ripple, the company behind the XRP token, might be enough to send XRP skyrocketing to new levels. Let's shift the argument a bit, and define "overtake" to mean turning in superior market performance over time. This is a much more likely scenario, given that XRP was on an absolute tear until recently. When XRP hit a new 52-week high of $3.39 in January, it was up a mind-boggling 600%. For much of 2025, XRP was the top-performing cryptocurrency. But just how sustainable is this performance by XRP? After all, XRP's meteoric rise has largely been linked to the pro-crypto optimism surrounding the Trump administration. All of XRP's gains occurred after the election of President Donald Trump in November. For months ahead of the election, XRP was trading for a paltry $0.50 and going absolutely nowhere fast. There have been some big wins already for Ripple and XRP as a result of the Trump White House's crypto policies. For one, the SEC has dropped a long-running lawsuit against Ripple that alleged that XRP was a security, rather than a commodity. The Trump White House was also careful to include XRP as part of its new U.S. Digital Asset Stockpile, while inviting Ripple CEO Brad Garlinghouse to events such as the White House Crypto Summit in March. But these events now appear to be priced into XRP. Since January, XRP is down a very sobering 45%. It has proven to be less than immune to the risk and uncertainty of global trade tariffs. There is one area, however, where XRP could potentially "overtake" Bitcoin, and that is when it comes to utility. Utility simply refers to the possible use cases of a cryptocurrency. If XRP has more use cases than Bitcoin, then it is possible to say that it has a higher utility. While Bitcoin was originally created as a "peer-to-peer electronic cash system," it has largely failed to deliver on this promise. In other words, when was the last time you ever paid for something with Bitcoin? Over the past decade, Bitcoin has largely transformed from being a "medium of exchange" to being a "store of value." You buy Bitcoin, and you hoard it, just like gold. In contrast, XRP was designed as a cryptocurrency that could facilitate cross-border payment flows. Using blockchain technology, you can use XRP to send money across borders to different countries, and you can do so much faster and more cheaply than with traditional financial networks. Over time, XRP has steadily added to its core functionality, such that major financial institutions around the world are now using XRP to send very complex payments across borders. The only problem here, of course, is that global tariffs and a global trade war could curtail all of this. At the end of the day, it's hard to see how XRP will ever overtake Bitcoin. Yes, there's a lot to like about XRP, and its blistering growth since the November election has been eye-opening. But keep this in mind: In its entire 12-year history, XRP has never once traded above $4. The all-time high is a rather pedestrian $3.84, which it briefly hit in 2018. So if you're expecting XRP to rise 15 times in value anytime soon, you might need to readjust your expectations. A more reasonable estimate would be doubling in value, from its current price of $2 to a future price of $4. That's impressive, especially if it happens quickly, but it would still probably leave XRP trailing Bitcoin by more than $1 trillion when it comes to overall market cap. Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $461,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $578,035!* Now, it's worth noting Stock Advisor's total average return is 730% — a market-crushing outperformance compared to 147% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 5, 2025 Dominic Basulto has positions in Bitcoin and XRP. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy. Can XRP Overtake Bitcoin? was originally published by The Motley Fool
Yahoo
07-04-2025
- Business
- Yahoo
Web3 CEO Says Stablecoins Are Key To Ensuring U.S. Dollar Dominance in Global Markets
Stablecoins are being seen as a key tool to maintain the U.S. dollar's dominance in global markets, according to Bryan Pellegrino, CEO of LayerZero Labs. Pellegrino highlighted the cross-border appeal of stablecoins, particularly those pegged to the U.S. dollar, as a way to boost demand for the dollar worldwide. He explained that stablecoins are uniquely positioned to challenge other currencies, especially in countries suffering from high inflation like Venezuela and Argentina. Pellegrino believes that stablecoins will continue to gain support at both federal and state levels, further solidifying the U.S. dollar's role as the world's reserve currency. He pointed to Tether, one of the largest stablecoin issuers, as evidence of growing demand for U.S. assets. Tether recently became the seventh-largest holder of U.S. Treasury bills, surpassing several countries, including Canada and Saudi Arabia. This trend aligns with the U.S. government's plans to use stablecoins to extend the influence of the U.S. dollar. Speaking at the March 2025 White House Crypto Summit, U.S. Treasury Secretary Scott Bessent confirmed that the Trump administration intends to prioritize stablecoins in their efforts to protect the U.S. dollar's global position. Bessent noted that stablecoins will be central to future financial strategies, especially in terms of international trade. Stablecoins have already shown their utility in Latin America, where over 50% of digital asset transfers to countries like Argentina, Brazil, and Venezuela were in stablecoins, according to a 2023 Chainalysis report. These digital assets are particularly attractive in regions with economic instability because they offer low transaction fees, near-instant settlement times, and stability relative to the local currencies. For countries facing hyperinflation or strict capital controls, stablecoins have become an essential tool for remittances and as stores of value. Pellegrino added that this growing trend is likely to continue as more people in developing nations seek out stable alternatives to their volatile currencies. The rise of stablecoins is seen as a way for the U.S. government to build a "financial moat" around the U.S. dollar by capitalizing on the increasing global demand for dollar-pegged tokens. As governments and financial institutions turn to stablecoins as part of their broader financial strategies, the U.S. dollar's position as the global reserve currency could be further reinforced. Sign in to access your portfolio
Yahoo
05-04-2025
- Business
- Yahoo
Bitcoin price rises ahead of Trump crypto summit
Bitcoin (BTC-USD) surged over 5% on Thursday, soaring past $91,000 after dipping below $82,000 just two days ago. The sharp rally comes as investors brace for the upcoming White House Crypto Summit on Friday, where the US government is expected to unveil new cryptocurrency policy initiatives. US president Donald Trump and key administration officials are set to meet with cryptocurrency industry leaders to discuss the future of digital assets and potential regulatory frameworks. Confirmed attendees include Coinbase (COIN) CEO Brian Armstrong, Chainlink (LINK-USD) co-founder Sergey Nazarov, and Strategy (MSTR) co-founder Michael Saylor, among others. Read more: Crypto live prices US secretary of commerce Howard William Lutnick disclosed that Trump is set to unveil measures regarding the long-debated US Strategic Bitcoin Reserve, which could mark a shift in how the US government approaches digital assets. The proposed reserve would see the US government acquiring approximately 200,000 bitcoin (BTC-USD) annually over a five-year period, eventually accumulating 1 million BTC. Advocates argue that such a reserve could strengthen national financial security and provide a hedge against economic volatility, much like traditional commodity reserves such as the Strategic Petroleum Reserve. Read more: What Trump's planned banking deregulation means for investors However, skeptics warn that large-scale government involvement in bitcoin could disrupt market dynamics and raise regulatory concerns. Last Sunday evening, Trump unveiled plans for a broader US Crypto Reserve, extending beyond bitcoin to include other digital assets like XRP (XRP-USD), Cardano (ADA-GBP), and Solana (SOL-USD). Crypto investors have rushed to position themselves ahead of potential government intervention. However, some analysts have suggested that experienced traders are taking a more cautious approach ahead of the event. "This Friday marks a historic milestone — the first-ever White House Crypto Summit," QCP Capital analysts said in a report. "However, without any concrete executive orders, funding commitments, or congressional backing in place, many in the market remain in wait-and-see mode." Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internetSign in to access your portfolio
Washington Post
13-03-2025
- Business
- Washington Post
How Trump fell in love with crypto
How Trump fell in love with crypto On this episode, Rhonda Colvin, James Hohmann, and JM Rieger take a closer look at President Donald Trump's transformation from vocal crypto critic to now spearheading the U.S. government's full-throated embrace of cryptocurrency and digital commodities. Trump's new love of crypto was on full display during White House Crypto Summit on March 7, led by crypto and artificial intelligence czar David Sacks. The Trump administration, along with tech industry leaders, touted deregulation, a Strategic Bitcoin Reserve and a Digital Assets Stockpile, executive orders and legislation. Plus, Sam Bankman-Fried lobbies for a pardon from prison on Tucker Carlson's podcast and reaction to the White House's surprise decision to withdraw their Center of Disease Control and Prevention nomination, former congressman Dave Weldon, who found out as he was driving to the Capitol to testify.
