Latest news with #cryptocurrency
Bloomberg
an hour ago
- Business
- Bloomberg
Put the Crypto in the Index Funds
The basic situation is that the US stock market will pay $2 for $1 worth of cryptocurrency. If a small public company has a $100 million pot of Bitcoin or Ethereum or Trumpcoin or what have you, its stock will be worth at least $200 million. This trade is baffling and magical; it was pioneered by MicroStrategy Inc. (which now calls itself Strategy, and which has about a $70 billion stash of Bitcoins and a $138 billion equity market capitalization 1), and is now regularly and successfully imitated by all sorts of random small companies. I make fun of this a lot, but it is worth asking what it means that the stock market will pay $2 for $1 worth of crypto. There are in principle three sorts of answers:
The National
an hour ago
- Business
- The National
White House AI chief says Biden hurt Gulf AI ambitions
The White House cryptocurrency and artificial intelligence adviser has blamed the Biden administration for stifling Middle East technology ambitions, particularly in the AI space. David Sacks made the comments on Tuesday during a round-table discussion at the Pennsylvania Energy and AI Summit, which President Donald Trump is scheduled to attend. He said former president Joe Biden's push to increase export controls that limited access to processing units deemed critical to pro-AI countries such as the UAE that are seeking to be leaders in the sector. Those export controls sought to prevent countries such as China from taking the lead in the AI arena but other nations, many of them US allies, were disproportionately affected by the policies. 'We already have hostile relations with a country on one side of the Persian Gulf,' Mr Sacks said, referring to Iran. 'Do we have to alienate everybody?' Alleviating some of these concerns, however, was Mr Trump's announcement in May during a visit to the UAE of a partnership in the form of a new 5-gigawatt UAE-US AI campus. Proponents of the deal highlighted security guarantees that would prevent the misuse of US technology, CPUs and GPUs. 'I know that our Gulf state partners will honour our security agreement,' Mr Sacks said. He added that stories of chip smuggling to other countries were overblown and oversimplified. 'The stories give people the impression that the chips are like diamonds in a briefcase that can be smuggled,' he explained. 'They're not, they're mainframe computers, it's not easy.' Mr Sacks added that inspectors can easily keep track of servers at data centres to ensure that US technology is accounted for. He also accused the Biden administration of placing too many burdens on US tech companies with the executive order that sought to put guardrails on AI development by emphasising data privacy and labour protection. Mr Sacks pointed out that in the days after inauguration, Mr Trump rescinded Mr Biden's executive order. Ahead of the conference, Nvidia, which has been a vocal critic of export control policies under the Biden administration, announced that following meetings with Mr Trump and other US officials, the company would soon be able to sell its Nvidia H20 GPU in China again. 'Nvidia hopes to start deliveries soon,' the company said. Also taking part in the summit was Khaldoon Al Mubarak, managing director and chief executive of UAE-based Mubadala Investment Company, who highlighted Mubadala's push to have an AI member as a consultant on its investment committee. 'The AI co-pilot that sits with us in the committee with all the board members, and all the investment committee members, obviously get to interact directly agent,' he said. Mr Al Mubarak said the UAE's economic history – from the rise and fall of the pearl industry that preceded a boom in oil and natural gas that helped propel the country to unprecedented prosperity – serves as a compass as it navigates its AI ambitions. 'At some point, this [oil and gas] was going to be disrupted, and I think that was the wise approach that our leadership and my government took,' he said, pointing out the UAE's push over the last decade to invest in AI. Mr Al Mubarak highlighted the creation of the UAE's Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) – where he currently serves as chairman of the board of trustees – in 2019 as proof the country was ahead of the curve in identifying AI as an economic game-changer.
Gizmodo
2 hours ago
- Business
- Gizmodo
Trump Lets Polymarket Off the Hook, Ends Probe Into Crypto Betting Platform
If you bet 'Donald Trump ends an investigation into a Peter Thiel-backed cryptocurrency platform,' you can claim your winnings. According to Bloomberg, two investigations into the prediction market Polymarket have been shut down by the Trump administration, just in time for Republican lawmakers' planned 'Crypto Week.' The probes, which were launched toward the end of the Biden administration, included an investigation by the Department of Justice into whether Polymarket was allowing U.S.-based bettors, who were supposed to be barred from making bets, to use the platform. Another, led by the U.S. Commodity Futures Trading Commission, similarly was looking into bets placed around the 2024 Presidential election, and had expanded to loop in Coinbase, a crypto wallet that users can deposit or withdraw money to through Polymarket. Now both of those are over, per Bloomberg, which shouldn't come as a huge surprise given Trump's usual M.O., Polymarket really hits a sweet spot for him. First, the Polymarket betting odds favored him significantly more than most polling data did (reportedly in part boosted by just a small percentage of bettors who took big positions on Trump and moved the markets for him), which he loves. Second, it's funded by Peter Thiel, a guy who has his fingerprints all over the current Trump administration and has been a long-time Trump backer. Third, the company just hired one of Trump's advisors, David Urban, to serve as its first lobbyist, and Trump just loves to favor trade. The people around Trump also have little motivation to crack down on what Polymarket is trying to do. Brian Quintenz, an executive at venture capital firm a16z, was tapped to run the CFTC under Trump. He previously served on the board of Kalshi, another online prediction market that would like to operate in as unrestrained a manner as possible. Backing off on Polymarket signals a looser regulatory environment for others operating in the space. Oh, and Donald Trump, Jr. joined the board of Kalshi earlier this year, in case there weren't enough obvious connections for you. So, of course, the Trump administration decided to turn down the heat on Polymarket. And the timing is perfect for House Republicans as they head into their planned 'Crypto Week,' during which they plan to argue for several industry-friendly policies that will loosen the regulatory strain on the cryptocurrency business. Headlining the week is the GENIUS Act, the controversial bill that would establish weak standards for stablecoins that has already passed in the Senate.
Finextra
2 hours ago
- Business
- Finextra
Standard Chartered launches bitcoin spot trading
Standard Chartered has become the first global systemically important bank to offer digital asset spot trading to institutional clients. 0 The offering includes spot trading for Bitcoin (XBT/USD) and Ether (XET/USD) through the bank's UK branch and will soon add non-deliverable forwards trading. The trading is fully integrated with Standard Chartered's existing platforms, allowing institutional clients to access and trade cryptoassets through familiar FX interfaces. Clients can settle to their choice of custodian, including the bank's own service. Bill Winters, group chief executive, Standard Chartered, says: 'As client demand accelerates further, we want to offer clients a route to transact, trade and manage digital asset risk safely and efficiently within regulatory requirements.' Standard Chartered has been an enthusiastic player in the digital asset market, recently unveiling a partnership with crypto exchange OKX on a collateral mirroring programme, enabling institutional clients to utilise cryptocurrencies and tokenised money market funds as off-exchange collateral for trading. Earlier this year, the bank's head of digital assets Geoffrey Kendrick forecast that bitcoin could hit a high of $500,000 over the next three years.
Fast Company
4 hours ago
- Business
- Fast Company
What is ‘Crypto Week'—and how will it affect Bitcoin, XRP, and other cryptocurrency prices?
Welcome to Crypto Week: No, contrary to what it sounds like, that's not a period coined by some crypto bro investor. Instead, it's the name members of the U.S. House of Representatives have given to the week that kicked off yesterday, on July 14. Here's what you need to know about Crypto Week and how its events could change the future of the cryptocurrency industry. What is 'Crypto Week'? Crypto Week is the term given to the week of July 14, 2025. The term was coined by the U.S. House of Representatives' House Leadership, as well as the House Committee on Financial Services Chairman French Hill, and the House Committee on Agriculture Chairman GT Thompson. Crypto Week is so designated because during this week, the House will vote on three bills that could significantly impact the future of cryptocurrencies in the United States. The bills, according to the U.S. House Committee on Financial Services, feature heavily in 'Congress' efforts to make America the crypto capital of the world.' The House Committee on Financial Services originally announced Crypto Week at the beginning of this month. 'We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House,' Chairman French Hill said. 'After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans' financial privacy.' The legislation Hill referenced includes three different bills coming before the House this week: The Digital Asset Market Clarity Act of 2025 The Anti-CBDC Surveillance State Act The GENIUS Act of 2025 Here's a rundown of what each bill entails. The Digital Asset Market Clarity Act of 2025 As noted by CNBC, the Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, looks to regulate cryptocurrencies by establishing roles for the Securities and Exchange Commission and the Commodity Futures Trading Commission to do so. As noted by the bill's summary, the CLARITY Act 'establishes a regulatory framework for digital commodities,' which the bill defines as 'digital assets that rely upon a blockchain for their value'—in other words, cryptocurrency. Generally, industries don't like regulation. However, as Coinbase notes, the passage of the CLARITY Act, which would give regulators more oversight over digital tokens, is viewed as beneficial for the crypto industry as a whole, as it would further legitimize the industry in the eyes of investors. The increased legitimacy of cryptocurrencies, along with enhanced regulatory protections, could lead to more investors opting to invest in crypto, thereby boosting its value. The Anti-CBDC Surveillance State Act The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a digital dollar. As stated by the bill's summary, the act would prohibit 'a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar).' While many nations are exploring the issuance of their own digital currency, there are serious privacy concerns about such tokens. Privacy proponents fear that a state-backed digital currency could easily allow a government to track every transaction a person makes. Privacy proponents also worry that if a digital dollar becomes the primary store of value, the government could retaliate against individuals or groups by cutting off their access to the currency, leaving them unable to spend their money. The GENIUS Act of 2025 The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025, or GENIUS Act, would regulate stablecoins, which are cryptocurrencies pegged to a stable asset, such as the U.S. dollar. Stablecoins pegged to the dollar are generally much less volatile than those that are not, which helps mitigate some investment risk. Popular stablecoins include Tether and USDC. The GENIUS Act would introduce regulation to the stablecoin market, requiring institutions that offer stablecoins to maintain liquid reserves that back up the value of their stablecoins. In addition, the bill would establish other regulatory frameworks, including ensuring stablecoin holders have priority over other claimants in the case that a stablecoin issuer files for bankruptcy. How will Crypto Week affect cryptocurrency prices? It's impossible to tell how Crypto Week will impact cryptocurrency prices of coins like Bitcoin, Ethereum, and XRP. Crypto king Bitcoin recently hit all-time highs, and any legislation that is passed that makes Bitcoin a more appealing investment option could cause the digital token to rise even further. The stock prices of companies involved in cryptocurrencies could also be impacted this week, depending on the outcome of voting on the above bills. Those companies include Coinbase Global, Inc. (Nasdaq: COIN) and Robinhood Markets, Inc. (Nasdaq: HOOD).
