Trump Warns Biden is Trying to Kill US Crypto Industry
Former US President Donald Trump has accused his 2020 rival, President Joe Biden, of trying to kill the US crypto industry. Trump, who has recently begun accepting crypto campaign donations, claimed that Biden wants Bitcoin and crypto in the US to “die a slow and painful death.”
Donald Trump
“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” Trump posted on Truth Social, a social media platform he launched in 2022. “Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me.”
Ethereum ETFs Get Wall Street Spot
This week, shifting political winds in Washington helped Ethereum score a fully-fledged Wall Street spot exchange-traded fund (ETF). This development is likely to further open up the crypto market to a cohort of investors who had previously eschewed the asset class.
Ethereum ETF
Crypto Prices on the Rise
Bitcoin has bounced back over the last year, eclipsing its all-time high of just over $70,000 per bitcoin. The long-awaited arrival of spot Bitcoin ETFs on Wall Street has contributed to the price surge.
Bitcoin Price
Political Shift in Crypto Attitudes
Ahead of the US elections, Biden’s team has been radically changing its attitudes toward crypto. Trump’s positive stance on crypto has contributed to his popularity, according to Sergei Gorev, risk manager at bitcoin and crypto trading platform YouHodler.
Crypto Regulation
Galaxy Digital CEO Predicts Higher Crypto Prices
Galaxy Digital chief executive Mike Novogratz has predicted that Bitcoin, Ethereum, and crypto prices “are going to be much higher than here” due to the political sea-change.
Mike Novogratz
US House Passes Financial Innovation and Technology Act
On Wednesday, the US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would split up responsibility for cryptocurrency regulation between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), with bipartisan support despite the Biden administration opposing the bill.
Fit21
SEC Reverses Course on Ethereum ETFs
A “widespread shift among Democrats” has led the SEC to reverse course on its planned rejection of spot Ethereum ETFs this week, according to Novogratz, who told CNBC: “It feels like someone at the Biden White House made a call and said ‘Guys, we can’t be the party against crypto anymore.’”
