journalfront

Cryptocurrency

Trump Pressuring CFTC to Take Charge of Cryptocurrency Industry

2024-11-28

Trump is making significant moves in the financial realm as reported by Fox Business. He is reportedly pushing the U.S. Commodity Futures Trading Commission (CFTC) to take on the oversight of the cryptocurrency industry. This aligns with his campaign promise to reshape the digital assets landscape and establish the U.S. as the hub of cryptos.

Trump's Leadership in Shaping Cryptocurrency Regulation

CFTC's Potential Under Trump

The SEC has been actively targeting the cryptocurrency industry under Chairman Gary Gensler. But with Gensler set to step down when Trump assumes office, there is an opportunity for a shift. The CFTC currently oversees a substantial $20 trillion U.S. derivatives market and has a more lenient approach compared to the aggressive SEC.Former CFTC Chairman Chris Giancarlo believes that with adequate funding and under Trump's leadership, the CFTC could quickly start regulating digital commodities on day one of his presidency. This would raise the agency's profile significantly as crypto and technological innovation will be in the spotlight under this administration.Kari Larsen, a partner at Willkie Farr & Gallagher, emphasizes the potential impact. "Under Trump's guidance, the CFTC has the chance to bring much-needed order and regulation to the cryptocurrency space, which has been lacking in recent years."

Trump's Plans for SEC and CFTC

According to Fox Business, Trump plans to extend the power of the CFTC to have a regulator in charge of overseeing the cryptocurrency industry. At the same time, he aims to limit the powers of the SEC on the digital asset industry. This move is seen as a strategic shift to give more control and oversight to the CFTC.Bloomberg reported that Trump is eyeing Paul Atkins to be the next SEC Chair after Gary Gensler steps down. This further indicates Trump's intention to reshape the regulatory landscape for cryptocurrencies.

Impact on the Cryptocurrency Industry

The aggressive stance of the SEC under Gensler has had a significant impact on the cryptocurrency industry. Many fintech firms in the U.S. have faced repeated targeting. However, with Trump's plans, there is hope for a more balanced and regulated environment.Hong Kong's plans to offer tax exemptions on cryptocurrency gains for billionaires also highlight the global interest in this sector. Trump's actions could potentially attract more international attention and investment to the U.S. cryptocurrency market.In conclusion, Trump's push for the CFTC to oversee the cryptocurrency industry is a major development that could reshape the regulatory and market landscape for digital assets. It remains to be seen how these plans will unfold and what impact they will have on the future of cryptocurrencies.

Bitcoin, once hovering near the $99K mark, has now retreated to $96K. This retraction has opened up opportunities for cryptocurrency enthusiasts to closely examine the current price dips and anticipate potential price surges as Bitcoin resumes its upward trajectory towards the coveted $100,000 mark. Let's explore some of the cryptocurrencies that are worth considering in this market scenario.

Uncover the Potential of Cryptocurrencies Amid Bitcoin's Retraction

1. Ripple (XRP)

XRP stands out as one of the most bullish coins at present. With the pro-crypto regime gearing up to take the lead in cryptocurrency development in the US, XRP is experiencing a renewed wave of investor sentiment. As Gensler steps down from his role at the US SEC, this development could potentially boost XRP's price and help it reach new heights. According to CoinCodex, XRP is currently trading at $1.48 and is expected to hit the $2 price mark by April 2025. The potential for growth in XRP is undeniable, making it a coin worth holding for the long term.

Looking at the market trends and investor interest, XRP seems to be on an upward trajectory. Its strong fundamentals and the positive developments in the regulatory landscape make it a compelling investment option. The cryptocurrency community is closely watching XRP's performance, and it has the potential to become a major player in the digital currency space.

2. Dogecoin (DOGE)

Dogecoin has been in the spotlight due to its close association with Tesla chief Elon Musk. The news of Musk heading a new official department of DOGE under the guidance of the White House has further fueled the prospects for the token. A leading crypto fund issued by Valour has also announced plans to launch a DOGE ETP, indicating the increasing demand for Dogecoin.

For long-term investors, Dogecoin presents an attractive opportunity. With its strong community support and the potential for further integration with mainstream markets, Doge has the potential to see significant price appreciation. According to CoinCodex, Doge may hit $1 by March 2025. This prediction highlights the optimism surrounding Dogecoin and its potential to become a more significant cryptocurrency in the future.

3. Shiba Inu (SHIB)

SHIB is another cryptocurrency that investors should consider before Bitcoin reaches $99K. The fact that SHIB has a flourishing ecosystem with new projects like ShibaHub and ShibaSpy in the pipeline speaks volumes about its commitment to the masses. Additionally, SHIB has a strong community presence, which always benefits the token in the long run.

Based on CoinCodex's analysis, SHIB has the potential to surge by 96% and reach $0.00005 by May 2025. This growth projection showcases the upside potential of SHIB and its ability to generate significant returns for investors. With its unique features and dedicated community, SHIB is definitely a cryptocurrency worth keeping an eye on.

Thanksgiving, that special holiday sandwiched between Halloween and Christmas, holds a unique place in American culture. It brings families and communities together. This year, Thanksgiving falls on Nov. 28. However, four years ago on this very day, the cryptocurrency community faced a significant setback known as the “Thanksgiving Day Massacre.”

What Happened in 2020

During the Thanksgiving period in 2020, from Tuesday, Nov. 24, to Thursday, Nov. 27, Bitcoin BTC/USD, the leading cryptocurrency, witnessed a sharp decline. It dropped from about $19,500 to $16,200, marking a nearly 17% dip. This plunge had a considerable impact on cryptocurrency portfolios and dampened the festive mood. But for those who were bold dip buyers and seized the opportunity to buy Bitcoin at a discount, the situation turned out to be quite different four years later.An investment of $1000 when Bitcoin was trading at $16,200 would have gotten them 0.0617 units of the cryptocurrency. Fast forward to this Thanksgiving, the price of one Bitcoin has soared to $95,736.86. Consequently, their Bitcoin stash is now worth $5909.68, representing a remarkable 490% gain or nearly a sixfold increase.

Leading Up to the Holiday

Interestingly, before the holiday, Bitcoin had a steep drop from nearly $100,000 to $91,500, raising concerns of a repeat of the 2020 episode. However, the corrective action didn't sustain, and Bitcoin quickly surged back to the $95,000 - $96,000 zone just a day before Thanksgiving. This shows the volatility and unpredictability of the cryptocurrency market.

Current Price Action

As of now, according to data from Benzinga Pro, Bitcoin is trading at $95,736.86, with a 2.65% increase in the last 24 hours. This indicates the continued movement and fluctuations in the cryptocurrency market. It also highlights the importance of staying updated and making informed decisions.The Thanksgiving holiday serves as a reminder of both the joys of family and community and the uncertainties of the cryptocurrency world. It shows how events in one sphere can have a significant impact on another. Whether it's the gathering around the dinner table or the ups and downs of the Bitcoin market, these experiences shape our lives in different ways.