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Policy

Crypto Landscape Under Trump's Presidency

Following his inauguration as the 47th President of the United States, Donald Trump has set the U.S. government on a distinct path from its predecessor. This edition of State of Crypto, a CoinDesk newsletter, explores the intersection of cryptocurrency and government. To receive future newsletters, click here to sign up. In his first week, Trump signed several executive orders, including one focu…

Jan. 25, 2025, 4:35 a.m.

Policy

US Republicans Investigate Alleged Crypto Debanking Under Biden Administration

A probe by the US House of Representatives and a Senate hearing will investigate whether regulators under the Biden administration improperly denied banking services to crypto industry leaders. Senate Banking Committee Chair Tim Scott stated, 'Debanking is un-American - every legitimate business deserves equal treatment, regardless of their political views.' The investigation aims to determine if…

Jan. 24, 2025, 8:12 p.m.

Policy

Crypto Industry Figure's Abduction Exposes Risks of Digital Currency-Related Crimes

In a shocking turn of events, David Balland, a key figure behind the cryptocurrency wallet developer Ledger, was rescued in a police operation after being taken hostage in a ransom attack in France. This dramatic rescue brings an end to days of speculation surrounding the incident. According to Paris Prosecutor Laure Beccuau, Balland and his wife were abducted from their home in central France an…

Jan. 24, 2025, 4:06 p.m.

Policy

Crypto Attorney Argues Prediction Markets Are Not a Form of Gambling

Recently, Singapore and Thailand banned Polymarket, citing that it operates as a gambling platform. At first glance, this argument seems valid, given the site's inclusion of sports prediction markets, which appear to compete with licensed sportsbooks worldwide. However, according to New York-based crypto attorney Aaron Brogan, this argument is flawed. Brogan explains that traditional gambling pla…

Jan. 24, 2025, 10:05 a.m.

Policy

SEC Revokes Disputed Crypto Financial Disclosure Guideline

The United States Securities and Exchange Commission issued a new Staff Accounting Bulletin on Thursday, thereby withdrawing the contentious SAB 121. SAB 121 had instructed banks and other publicly traded companies to record their customers' cryptocurrency assets on their own balance sheets. In its place, SAB 122 rescinds the previous interpretive guidance and instead advises firms to adhere to F…

Jan. 23, 2025, 11:14 p.m.

Policy

Industry Anxiety Grows as Trump Omits Crypto from Speech

As the US crypto industry eagerly awaits action from President Donald Trump, the lack of confirmation on an executive order from the White House has created uncertainty. Although Trump did not directly address the crypto industry in his recent speech at the World Economic Forum, he did hint at its potential by mentioning the US as a hub for artificial intelligence and crypto. The majority of his …

Jan. 23, 2025, 5:10 p.m.

Policy

Senator Lummis to Chair Influential US Senate Committee on Digital Assets

The US Senate Banking Committee has finalized the lineup for its new digital assets subcommittee, with Senator Cynthia Lummis at the helm. The panel also includes two members who received significant support from the crypto-focused political action committee Fairshake during the 2024 elections. Among the Republicans on the panel is new Senator Bernie Moreno, a blockchain entrepreneur from Ohio, w…

Jan. 23, 2025, 4:37 p.m.

Policy

New Leadership Takes Shape at US Crypto Regulator Under Trump's CFTC Nominee

Following President Donald Trump's return to the White House, Caroline Pham, the newly appointed Chairman of the U.S. Commodity Futures Trading Commission, has overseen a major reshuffling of the agency's top officials. This change in leadership, with Pham appointing interim replacements for each departing official, is expected to have significant implications for the regulation of cryptocurrenci…

Jan. 23, 2025, 1:17 a.m.

Policy

Democrats Raise Concerns Over Trump's Potential Crypto Conflict of Interest

As the crypto industry awaits a potential executive order from President Trump that could usher in a new era of digital asset oversight, Democrats are sounding the alarm over potential ethical lapses and conflicts of interest. An executive order on crypto could potentially boost the value of Trump's family business, including a crypto venture and a token bearing his name. Representative Gerry Con…

Jan. 22, 2025, 6:03 p.m.

Policy

Coinbase Seeks US Appeals Court Ruling on Crypto Trading Regulations

Coinbase has submitted a petition to a US appeals court, seeking a ruling on whether crypto transactions on its platform are subject to federal securities laws. In a recent court filing, Coinbase's lawyers urged the Second Circuit Court of Appeals to hear the case, emphasizing its significance in providing clarity on the regulation of digital asset trading. The lawyers argued that the case is of …

Jan. 22, 2025, 5:09 p.m.