Latest news with #WorkingGrouponDigitalAssets
Time Business News
04-08-2025
- Business
- Time Business News
U.S. Strategic Crypto Reserve: Why XRP Could Be America's Next Digital Asset Play
In a bold departure from traditional fiscal planning, former President Donald Trump has unveiled a wardrobe of national digital assets, signaling a major policy transformation in Washington—one that places XRP, Solana, Cardano, Bitcoin, and Ethereum at the heart of a new U.S. crypto strategic reserve. On March 2, Trump directed the President's Working Group on Digital Assets to progress toward establishing a federal digital reserve. His initial announcement focused on XRP, SOL, and ADA—later expanding the roster to include BTC and ETH as foundational assets. The move immediately reverberated across markets, igniting a one-day crypto rally that pushed the total capitalization of digital assets up by nearly $300 billion, with XRP surging approximately 30% in hours. Supporters argue that XRP's U.S. origins, its lightning-fast settlement times, and ultra-low transaction fees uniquely qualify it as a strategic digital asset. Ripple CEO Brad Garlinghouse has been an outspoken advocate (and active lobbyist), pushing for XRP to be the centerpiece in government-led innovation. In contrast, Bitcoin maximalists see XRP's centralized supply and close ties to its parent company as incompatible with crypto's decentralized ideals. Industry voices like Pierre Rochard have vocally opposed the elevation of XRP over decentralized rivals. Price action was swift: XRP vaulted from about $2.20 to nearly $2.90 , before stabilizing near $2.50 . vaulted from about , before stabilizing near . SOL climbed ~20%, and ADA briefly spiked as much as 50–70%. climbed ~20%, and briefly spiked as much as 50–70%. The combined crypto market cap surged by ~10% in just hours. Crypto wallets for XRP saw an explosive 620% jump in activity over one week—evidence of revived investor interest since Trump's announcement. Yet, these gains were short-lived. Within days, prices receded back toward pre-announcement levels, reflecting broader concerns over volatility and regulatory ambiguity. Trump's announcement comes alongside a broader shift in U.S. crypto policy. It aligns with an executive order banning Federal Reserve development of a CBDC, reaffirming his administration's preference for market-led innovation. A White House crypto summit is set to unpack further details. Critics cite major concerns: Asset volatility : Cryptocurrencies are fundamentally more erratic than traditional reserves. : Cryptocurrencies are fundamentally more erratic than traditional reserves. Centralized influence : XRP's governance structure remains contentious among decentralization advocates. : XRP's governance structure remains contentious among decentralization advocates. Regulatory gaps: Unclear protocols for acquiring, storing, and managing crypto reserves expose legal and financial risks. Key questions loom as momentum builds: How will the government fund and store its crypto holdings? its crypto holdings? Will Congress or regulatory bodies shape oversight or eligibility criteria ? ? Could Ripple's lobbying efforts face scrutiny, particularly around alleged influence over XRP's inclusion? Some reports indicate former Trump allies may have pushed XRP's placement behind closed doors. The inclusion of XRP in a U.S. strategic reserve marks a watershed moment. It reflects a shift toward embracing crypto assets beyond Bitcoin, while also intensifying debate over the nature of decentralized finance, regulatory clarity, and public policy influence. For now, XRP sits in the spotlight—poised between opportunity and controversy. Its future as a government-backed digital asset remains to be fully revealed. Source: TIME BUSINESS NEWS
USA Today
25-07-2025
- Business
- USA Today
US stock futures mixed as investors digest more earnings reports
U.S. stock futures are mixed as investors digest more earnings reports. Strong earnings and continued spending from Alphabet boosted the broad S&P 500 and tech-laden Nasdaq to fresh record highs, and investors are looking for more to keep the rally going. Slightly more than 20% of S&P 500 companies have reported earnings," said Thomas Shipp, Head of Equity Research for LPL Financial. "So far, it appears that results are good enough. The rate of results outpacing earnings expectations is near 90%, with average upside surprises around the historical average of approximately 7% on earnings per share, while about 2% upside on sales is coming in ahead of historical averages of roughly 1.2%." However, investors also are scrutinizing guidance. So far, Shipp said companies seem to be managing tariffs well, feel Trump's mega tax bill will help companes and companies are still planning to spend on artficial intelligence. At 6:20 a.m. ET, futures linked to the blue chip Dow rose 0.09%, while S&P 500 futures added 0.07% and Nasdaq futures fell-0.02%. Corporate news Cryptocurrency Trump's Working Group on Digital Assets has finished its 180-day study and will release it publicly on July 30, said Bo Hines, executive director of president's Council of Advisers on Digital Assets of the White House, in a social media post. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
Yahoo
03-03-2025
- Business
- Yahoo
Crypto Prices Show Signs of Recovery With Bitcoin Above $84k Amid Trump's Summit Plans
The cryptocurrency market is showing initial signs of recovery from its worst month in three years after the price of bitcoin (BTC) plunged to $78,000 in a week that saw the space's total market capitalization drop by over $400 billion. The dip in prices saw the Crypto Fear & Greed Index plunge to 10, a level that hadn't been seen since the 2022 bear market. However, it has since recovered to 20 while still being in the 'extreme fear' range. Bitcoin's price has now risen more than 3% in the last 24-hour period to now trade above $84,400, while the broader CoinDesk 20 Index (CD20) rose 1.5% in the same period to 2,700. Its performance is being affected by SOL dipping nearly 3% in the period, while other components are up for the day. The cryptocurrency market seemed to have caught a bid after the White House announced that U.S. President Donald Trump will host a crypto summit on March 7. Summit attendees are set to include 'prominent founders, CEOs, and investors from the crypto industry, as well as members of the President's Working Group on Digital Assets, according to a press release. The event is the latest sign of the Trump administration's pro-crypto policies. It comes after the U.S. Securities and Exchange Commission (SEC) dropped lawsuits against Coinbase and MetaMask developer Consensys, as well as investigations Into Robinhood, Gemini, Uniswap Labs, and OpenSea. In addition, the world's largest asset manager, BlackRock, has added a 1% to 2% allocation of its iShares Bitcoin Trust (IBIT) to one of its model portfolios. These models propose portfolio and rebalancing strategies that are subsequently executed by advisors and platforms. This is the first time BlackRock has decided to add IBIT to any of its models, opening up the potential for a new wave of demand for bitcoin ETFs. As of December 31, 2024, BlackRock's model portfolios manage approximately $150 billion in assets. Read more: Bitcoin Dip-Buyers Step in Friday, but What Might Weekend Action Bring?
The Hill
02-03-2025
- Business
- The Hill
White House to host first Crypto summit
The White House is set to welcome professionals in the cryptocurrency industry on March 7 for a first-of-its-kind summit. 'Attendees will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the President's Working Group on Digital Assets,' the Office of Communications said in a Friday announcement. 'The Summit will be chaired by the White House A.I. & Crypto Czar David Sacks, and administered by the Working Group's Executive Director Bo Hines.' One of President Trump's first executive orders signed during his second term stated his administration would aim to 'support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.' Trump has pledged to make the U.S. the 'crypto-capital' of the world after his family embarked on a business venture in digital currency, earning Eric Trump a keynote address at Bitcoin Mena 2024 in Abu Dhabi. 'You're going to have the most pro-crypto president in the history of America,' Eric Trump said to the audience. The president also served as the primary speaker for Bitcoin 2024 in Nashville while on the campaign trail. Vice President Vance is now set to give similar remarks at 16z's American Dynamism Summit in Washington next month, making Republicans a leading voice in the industry. The Office of Communications announcement of the White House summit said the administration will be working towards providing a clear regulatory framework for crypto investors while protecting economic liberty.
Yahoo
01-03-2025
- Business
- Yahoo
Trump Will Host Crypto Summit at the White House Next Friday
(Bloomberg) -- President Donald Trump will preside over the White House's first cryptocurrency summit next Friday, further establishing his embrace of the industry. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty The Trump Administration Takes Aim at Transportation Research Shelters Await Billions in Federal Money for Homelessness Providers NYC Office Buildings See Resurgence as Investors Pile Into Bonds NYC's Congestion Pricing Pulls In $48.6 Million in First Month Trump will deliver remarks at the gathering that 'will include prominent founders, CEOs, and investors from the crypto industry, as well as members of the president's Working Group on Digital Assets,' the White House said in a statement on Friday night. The summit will be led by venture capitalist and White House crypto czar David Sacks, and will be administered by working group executive director Bo Hines, according to the statement. Earlier: Ex-Yale Football Player Ascends to Key Crypto Job at White House Shortly after taking office, the president signed an executive order to create the working group from key agencies that would advise the White House on digital asset policy and evaluate the creation of a stockpile. The working group includes the Treasury and justice departments as well as the Securities & Exchange Commission and the Commodity Futures Trading Commission. During the 2024 campaign, Trump, who had once derided crypto as a 'scam,' promised to streamline regulations, choose friendly figures to oversee the sector, support a stablecoin framework and establish a Bitcoin stockpile. After his election, the industry donated millions of dollars to his inaugural committee. Earlier: Trump Signs Executive Actions Related to Cryptocurrency, AI While he has not fulfilled all of those pledges, his administration's policies and the summit itself mark a sharp departure from the Biden administration's tough regulatory approach after the failure of FTX digital-asset exchange and other scandals. Trump has even gotten into the cryptocurrency business himself, introducing a memecoin shortly before he returned to office and supporting a project involving his sons called World Liberty Financial. 'The administration is committed to providing a clear regulatory framework, enabling innovation, and protecting economic liberty,' the White House added in the statement. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Trump's SALT Tax Promise Hinges on an Obscure Loophole Warner Bros. Movie Heads Are Burning Cash, and Their Boss Is Losing Patience Walmart Wants to Be Something for Everyone in a Divided America China Learned to Embrace What the US Forgot: The Virtues of Creative Destruction ©2025 Bloomberg L.P.
