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Robinhood’s Gallagher SEC Bid: Will Trump’s Win Secure His Leadership?

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  • Robinhood’s Dan Gallagher is a top contender for SEC Chair if Trump wins the 2024 election.
  • The Securities and Exchange Commission is investigating Robinhood’s crypto operations, potentially impacting Gallagher’s candidacy.
  • Other potential candidates include Chris Giancarlo, Robert Stebbins, and Hester Peirce.

If Donald Trump secures the presidency in 2024, Robinhood’s Chief Legal Officer, Dan Gallagher, could become the next Chairman of the U.S. Securities and Exchange Commission. Gallagher, known for his political expertise and prior experience as an SEC commissioner, has emerged as a leading candidate for the position.

His candidature represents a dramatic change in regulatory leadership, a fact insiders confirm is due to his deep experience in securities law and market regulation, making him an obvious choice for the appointment. One former Securities and Exchange Commission official went so far as to call Gallagher a “natural choice,” suggesting that his rise to the seat is all but certain in a Trump regime.

SEC’s Crypto Scrutiny: A Potential Conflict

Despite the promising candidature, the nomination of Gallagher might prove to be an awkward one as the SEC is still investigating Robinhood’s cryptocurrency business. The Securities and Exchange Commission is conducting an investigation into whether Robinhood, represented by Gallagher, has served as an unregistered broker-dealer in the crypto markets.

No charges have been filed yet, but if the agency does file a lawsuit, it could propel Gallagher into a fight with the agency he may soon oversee. Gallagher already has slammed the possible lawsuit, contending that Robinhood’s crypto offerings are much more conservative than those of rivals.

Gallacher emphasized that Robinhood had been conservative in listing only a few crypto tokens when many competitors are offering hundreds of coins. “Shooting at the good guys is a really bad policy,” he added, supporting Robinhood’s approach.

Chairman Gary Gensler has actively cracked down on the $2 trillion crypto market-which would seem to make things more difficult for Gallagher’s runway to the chairmanship.

Other Contenders

Although Gallagher has been the frontrunner, other names have floated as well. For example, there is Chris Giancarlo, former chairman of the Commodity Futures Trading Commission and an advocate for cryptocurrency, known widely for his nickname “CryptoDad.”.

Also being considered are former SEC General Counsel Robert Stebbins and current Commissioner Hester Peirce. Long viewed as a friend to the crypto industry, Peirce has been scathing in her criticism of Gensler’s approach to regulation.

In the event that Trump prevails, the battle for leadership of the agency will be one to ensure that crypto regulations and oversight of markets debates really roar back, with Gallagher right in the middle.

Related Reading | XRP Faces Potential Bearish Breakout Amid Market Volatility And Resistance

Crypto Governance Token from Trump Family: Massive 63% Available

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World Liberty Financial (WLF), a crypto project promoted by the Trump family, is gearing up to launch a governance token called WLFI. In a two-hour-plus X Spaces session, the team confirmed that the token will be non-transferable and sold under a Securities and Exchange Commission (SEC) Regulation D exemption.

During the session, attended by over 100,000 listeners, Zak Folkman, one of the project’s founders, explained the project’s vision. “We want it to be easy to use. People shouldn’t need a walkthrough from a friend,” he said. Folkman stressed that the token would not offer any economic rights. Instead, it’s designed solely for governance, allowing users to participate in project decisions.

The project will sell 63% of the WLFI tokens to the public, while 17% will be reserved for rewards, and the remaining 20% will go to the team. The tokens will only be available to accredited investors, as outlined by Regulation D. This rule allows firms to raise capital without having to register with the SEC, but only from specific investors.

Polymarket Crypto Contract Crashes 22% Post-Trump Debate

Though the team didn’t reveal an official launch date for the token, the excitement around its future has sparked debate on Polymarket. A contract speculating whether former President Donald Trump would launch a coin before the next election hit over 80% for “Yes” during the stream, only to drop to 22% by the end.

Donald Trump Jr. spoke about the alignment of decentralized finance (DeFi) with American ideals, saying, “It’s what our founding fathers wanted. DeFi brings fairness.” His brother Eric Trump also shared his frustrations with DeFi’s complexity, referencing his challenges with Ethereum on Aave.

Though former President Donald Trump joined the session for about 40 minutes, he kept his remarks focused on crypto’s role in public policy, not specifics about the token launch.

The crypto world remains abuzz, awaiting further developments from World Liberty Financial.

Trump’s Crypto Push: Innovation Or Conflict Of Interest?

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Cryptorphic has made some observations regarding the increasing focus of Donald Trump on cryptocurrencies. The recent announcement by Trump about making the U.S. the “crypto capital” has created a buzz, but there are concerns over the ethical dilemmas due to conflict of interest.

Trump has changed his mind and is now supporting cryptocurrencies and has presented a pro-crypto plan in case he gets back to power. Some of the things that he has vowed to do are to establish the national Bitcoin reserve as well as come out strongly against CBDCs.

This platform is to ensure that the U.S. embraces cryptocurrencies and digital assets while promoting innovation and freedom in the financial sector. Some of the people in the crypto community believe that such policies could help advance the industry and make the U.S. lead in the use of blockchain technology.

Trump’s Crypto Involvement

However, controversy has emerged regarding Trump’s dual role in politics and crypto. His family’s new venture in the world of cryptocurrency called ‘World Liberty Financial’ has raised the issue of conflict of interest in case he becomes the president.

Some of the critics have expressed their concern that Donald may use his political authority to advance the business interest. There are clear ethical issues that need to be discussed regarding the fact that his personal financial concerns and the policies of the nation are not well delineated.

The current support of Trump for cryptocurrencies has already influenced the market. This is evident from the fact that after his pro-crypto statements, Bitcoin experienced a price surge showing how much influence Donald had in the crypto market.

Market analysts argue that this influence may have future effects on cryptocurrency regulation and prices. Should Trump remain in the picture, he could be a market maker with his words.

Some observers believe that Trump’s shift toward cryptocurrencies is more of a political stunt than a change of heart. In this way, he may try to attract young voters, especially those who are interested in the idea of cryptocurrencies.

A Political Move or Genuine Policy?

However, critics argue that Trump’s position may not be as genuine as it seems, and it may be a tactic to win the support of the cryptocurrency industry during the elections. Some of them question whether this means that the president will change the policy in favor of cryptocurrencies.

Critics are questioning the propriety of Trump’s participation in the crypto space as well as in politics. This creates a possibility of conflict of interest between his business and political activities.

While Trump supports cryptocurrency, the regulators are asking for more regulatory measures. His business and political pursuits may create a conflict of interest, and analysts have urged the public and the company to disclose more information about his role.

Trump Pledges to Fire SEC Chair at Largest Bitcoin Conference

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Donald Trump, the Republican presidential candidate, made a bold promise during his keynote speech at  Annual Bitcoin  Conference 2024 on Saturday, stating that he would fire the chairperson of the U.S. Securities and Exchange Commission (SEC) on his first day in office if re-elected. The event, held in Nashville, Tennessee, is one of the largest gatherings of cryptocurrency industry leaders and enthusiasts.

Rallying the Crypto Community

Trump used the platform to appeal to voters from the tech and cryptocurrency communities, urging them to support his campaign financially. He framed the cryptocurrency debate as a partisan issue, accusing the Democratic Party and Vice-President Kamala Harris of being “against crypto.” This stance aligns with a broader Republican effort to position themselves as champions of the digital currency sector.

The audience was particularly animated when Trump declared his intention to dismiss Gary Gensler, the current SEC chair, on his first day in office. Gensler, appointed by President Joe Biden, has been known for his rigorous approach to regulating the cryptocurrency industry. His tenure has seen significant actions, including charges against Sam Bankman-Fried, the former CEO of FTX, who was sentenced to 25 years for defrauding customers.

In his 45-minute speech, Trump outlined his vision for the cryptocurrency sector under his potential administration. He pledged to make the U.S. the global leader in cryptocurrency and blockchain technology, a significant shift from his 2021 stance when he labeled Bitcoin a “scam.” Trump proposed creating a “national Bitcoin stockpile” and establishing a Bitcoin and crypto presidential advisory council.

Addressing the substantial energy requirements for cryptocurrency mining, Trump promised to build new power plants to support the industry’s growth, emphasizing the use of fossil fuels. He stressed the importance of the U.S. leading in technology, science, manufacturing, artificial intelligence, and space to prevent dominance by countries like China.

Trump’s campaign has garnered increasing support from influential figures in the tech industry, including Tesla founder Elon Musk and the Winklevoss twins, prominent crypto investors who attended the event. Trump highlighted the significant financial backing from cryptocurrency donations, claiming $25 million in crypto contributions in the past two months.

The event also saw attendance from various lawmakers across the political spectrum, including Republican Senators Tim Scott and Tommy Tuberville, former presidential candidate Vivek Ramaswamy, and Democratic lawmakers Robert F. Kennedy Jr., Wiley Nickel, and Ro Khanna.

To conclude, Trump’s speech at Bitcoin 2024 highlighted his commitment to transforming the U.S. into a global cryptocurrency powerhouse. His promise to fire SEC Chair Gary Gensler and his proposals for supporting the industry reflect his strategic shift towards embracing digital assets, aiming to secure votes and donations from the burgeoning crypto community

Trump’s Crypto U-Turn: Strategic Fundraising or Genuine Belief?

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Donald Trump’s latest move to invite cryptocurrency industry supporters to a high-profile fund-raising event in Nashville on July 27 is drawing significant attention, not least for its staggering asking price of $844,600 per seat at a roundtable. This event, coinciding with the Bitcoin Conference 2024, an eye-popping  price tag for a seat at a round table, signifies a significant shift in Trump’s stance on cryptocurrency—a shift that seems strategically motivated more than genuinely ideological.

A Pricey Affair

The fundraiser boasts an exclusive experience for attendees, including a chance to snap a photo with Trump for $60,000 per person, which amusingly is close to the current price of one Bitcoin, or $100,000 per couple. The evening promises drinks, hors d’oeuvres, and mingling with influential guests, capped with front-row seats to Trump’s Bitcoin speech. High-profile attendees such as J.D. Vance, Vivek Ramaswamy, Bill Hagerty, and Tulsi Gabbard underline the event’s political significance.

The Crypto Pivot

Trump’s newfound embrace of Bitcoin is a stark departure from his 2019 dismissal of cryptocurrencies as based on “thin air” and their potential to facilitate crime. His recent enthusiasm, highlighted by meetings with crypto-mining executives and endorsements from crypto magnates like the Winklevoss twins and Elon Musk, suggests a calculated pivot. This shift seems less about a genuine change of heart and more about tapping into the well-funded, organized crypto lobby—a demographic with deep pockets and a vested interest in swaying political discourse.

Political Strategy

This move aligns Trump with a burgeoning political force and distances him from leftist crypto skeptics such as Senator Elizabeth Warren. By framing his support for cryptocurrency as a stance against “socialistic government control” over financial markets, Trump positions himself as a champion of financial freedom—a narrative likely to resonate with the libertarian-leaning crypto community. His acceptance of cryptocurrency donations underscores this strategic positioning.

The Bigger Picture

Trump’s sudden crypto advocacy raises questions about the authenticity of his support. Is it a genuine belief in the technology and its benefits, or a calculated maneuver to secure campaign contributions from a wealthy, influential sector? Given Trump’s history of changing stances to align with political expediency, it’s plausible that this is more about capitalizing on an opportunity than a true ideological shift.

Trump’s Nashville fundraiser underscores a broader trend of politicians courting the cryptocurrency industry. As the regulatory landscape evolves, the support from high-profile figures like Trump can significantly impact public perception and policy directions. However, the underlying motivations behind such support remain crucial to scrutinize. In Trump’s case, his crypto U-turn appears driven more by strategic fundraising goals than a genuine transformation in his beliefs. This calculated engagement with the crypto community highlights the intersection of politics and financial innovation, raising important questions about the future of cryptocurrency regulation and political influence.

Bitcoin Hits 10-Day High: Assassination Attempt on Trump Spurs Market Surge

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Recently, the attempted assassination of Donald Trump has sent shockwaves through not only the political landscape but also the cryptocurrency markets. According to data from Santiment, Bitcoin (BTC) experienced a significant surge, reaching a 10-day high of $60.3K, while the TRUMP token skyrocketed by 63% as the news spread.

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This immediate reaction highlights a trend that has been building within the crypto community, which tends to respond bullishly to news perceived as favorable to Trump. The former president’s recent comments in support of cryptocurrency have clearly resonated, positioning him as a pro-crypto figure. As the 2024 US presidential election draws nearer, such sentiments are likely to intensify, especially within this highly speculative sector.

Programmatic Buying Drives Bitcoin Surge

Another prominent market analyst, QCP, reported that the failed assassination attempt at the start of the weekend ignited a rally in crypto prices, particularly noticeable during the Monday Asia session. This surge was driven by aggressive programmatic buying of Bitcoin on Coinbase from 5 am to 1 pm SGT—a highly unusual pattern for a Sunday evening in the US.

The market appears to be pricing in a potential Trump victory in the upcoming election, drawing parallels to Ronald Reagan’s popularity surge following a failed assassination attempt in 1981. This sentiment has buoyed crypto prices, given Trump’s overtly pro-crypto stance.

Market conditions were already ripe for a rally. The German government had exhausted its supply, and large hedge funds had been aggressively buying calls the previous week. The assassination attempt on Trump acted as the perfect catalyst for a market poised for a bullish run.

The question remains: will this bullish momentum be sustained as the crypto world watches keenly? A few institutional players have begun hedging their bets through buying puts that expire soon, indicating a downside risk. There is speculation that the US market might fade this move, adding a layer of uncertainty.

However, despite these short-term fluctuations, a medium-term bullish outlook prevails because of the continued huge demand from Bitcoin spot ETF inflows and the anticipated launch of ETH spot ETF. These are expected to be major catalysts that would push forward the market in the next months.

Related Reading | BlackRock’s $1B DeFi Bet: The Next Big Crypto Trend?

Massive Bitcoin 2024 Conference in Nashville: Trump as Keynote Speaker

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Former U.S. President Donald Trump has been announced as one of the speakers at the Bitcoin 2024 conference. The event, one of the world’s largest bitcoin gatherings, is set to take place in Nashville, Tennessee, from July 25 to 27.

Trump, the presumptive Republican Party presidential nominee, has shown strong support for the cryptocurrency and blockchain industry in recent months. At an event at Mar-a-Lago last month, he promised to advocate for bitcoin mining if elected president again. In May, Trump began accepting political donations in cryptocurrencies, further solidifying his stance.

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His pro-crypto rhetoric has gained him support from notable figures in the industry. Cameron and Tyler Winklevoss, founders of Gemini, and Cathie Wood, CEO of Ark Invest, are among those backing him. Their endorsement underscores the former president’s growing influence in the crypto world.

Other Speakers at Bitcoin 2024 Conference

Bitcoin 2024 will also feature other prominent U.S. politicians. Presidential candidate Robert F. Kennedy Jr., former presidential candidate Vivek Ramaswamy, and Republican Senators Bill Hagerty and Marsha Blackburn are slated to speak. Kennedy Jr. had already shown his support for crypto at Bitcoin 2023, where he pledged to protect the right to hold and use bitcoin.

On the other hand, President Joe Biden’s campaign has been more reserved. Reports suggest that his team has been consulting with crypto industry members about digital asset policies. However, significant announcements on crypto or blockchain from the Biden administration remain absent.

A tech industry group, the Chamber of Progress, has recently urged Biden to support comprehensive crypto regulation. In a letter sent on Tuesday, they claimed that Trump has exploited the administration’s lack of clarity on the matter.

The cryptocurrency community is keeping a close eye on these developments. On Polymarket, a decentralized prediction market, users currently forecast a 63% chance that Trump will win the upcoming November presidential election, while only 13% predict a victory for Biden.

As the Bitcoin 2024 conference approaches, the crypto world is buzzing with anticipation. The presence of high-profile speakers like Trump and other influential politicians highlights the growing intersection of politics and digital currencies. For many, this event will be a critical moment in the ongoing conversation about the future of cryptocurrency in the United States.

Trump’s involvement in Bitcoin 2024 not only underscores his commitment to the crypto cause but also sets the stage for a broader political debate. With key figures from both sides of the aisle engaging with the crypto community, the conference promises to be a pivotal event. Whether this will translate to a more defined crypto policy in the U.S. remains to be seen, but one thing is clear: the eyes of the crypto world will be on Nashville this July.

Trump’s 2024 Crypto Bold Move Gains Cathie Wood’s Support

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In the heat of the 2024 U.S. presidential elections, cryptocurrencies have emerged as a key battleground. Political parties, once wary of digital assets, have embraced the market. Surprisingly, Donald Trump, a former President known for his harsh criticism of cryptocurrencies, has become an unexpected advocate. Some speculate his newfound interest aims to garner votes, while others are genuinely impressed.

Cathie Wood, CEO of Ark Invest, has joined “Team Trump.” At a recent Las Vegas conference, she passionately endorsed Trump, emphasizing his economic credentials. “As I’ve said to my children… I am going to vote for the person who’s going to do the best for our economy,” Wood declared. “I am a voter when it comes to economics. And on that basis, Trump.” Wood’s endorsement carries weight. As a respected figure in finance, her support for Trump highlights a growing interest among economic leaders. She praised Trump’s pre-COVID administration, citing economist Arthur Laffer’s view that it was the “best in U.S. economic history.”

Trump and Crypto Going Hand in Hand

Trump’s embrace of cryptocurrency marks a dramatic shift. He now accepts campaign donations in digital currency, signaling a significant pivot. The Winklevoss twins, founders of Gemini, contributed $2 million worth of Bitcoin to his campaign. This move has not gone unnoticed, prompting current President Joe Biden to also express interest in the digital realm.

Raphael Zagury, Chief Investment Officer at Swan Bitcoin, noted the shift in political discourse. Zagury said,

“It started with senators talking about Bitcoin. Then we had more people talking about it. And now we have Trump coming in, which was a surprise for most people. For people disillusioned with a lot of things happening in politics, this could be a substantial change.”

As the election heats up, the crypto debate intensifies. Trump’s transformation from critic to advocate has added a new layer to his campaign. Whether this strategy will win votes or merely stir controversy remains to be seen. What is clear, however, is that the cryptocurrency market has become an undeniable force in American politics.

Trump’s Crypto Embrace Sparks Hope Amid Regulatory Fears, Raises $12M in San Francisco

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Donald Trump, the Re­publican presidential candidate, has pre­sented himself as a strong advocate­ of the cryptocurrency sector. During a fundraiser in San Francisco on Thursday, Trump criticize­d Democrats for their regulatory e­fforts. The event, hoste­d by tech venture capitalists David Sacks and Chamath Palihapitiya, raise­d $12 million for his campaign.

Held at Sacks’ luxurious Pacific He­ights home, the fundraiser dre­w significant attention. Former Preside­nt Trump, now the leading Republican candidate­ for the 2024 election, e­mphasized his commitment to supporting the crypto se­ctor. This stance aligns with his recent acce­ptance of Bitcoin Lightning Network donations, marking a historic first for a U.S. preside­ntial campaign.

Trump’s endorse­ment of cryptocurrency repre­sents a notable change from his pre­vious stance. In 2021, he describe­d crypto as a “disaster waiting to happen.” By 2024, howeve­r, he had become a vocal advocate­, holding a portfolio worth over $33 million. This highlights the incre­asing significance of digital assets in the financial industry.

During the fundraise­r, Trump highlighted the importance of ke­eping the crypto industry within the Unite­d States. He criticized the­ Biden administration’s regulatory approach, which he claime­d could drive innovation overseas. “He­ said he would be the crypto pre­sident,” noted Trevor Traina, a te­ch executive and forme­r Trump ambassador to Austria.

Crypto Industry Courts Politicians Amid Regulation

The crypto industry is incre­asingly engaging with U.S. politicians to influence policy, e­specially in light of heightene­d regulatory scrutiny. Major bankruptcies in 2022 spooked inve­stors and exposed significant fraud and misconduct. These­ events left millions of inve­stors at a loss, intensifying calls for regulatory reforms to prote­ct consumers and ensure marke­t stability.

President Joe­ Biden has taken steps to addre­ss these concerns. In 2022, he­ signed an executive­ order to foster responsible­ digital asset developme­nt. The order led to re­ports urging regulators, such as the SEC and the CFTC, to issue­ guidance and rules to mitigate risks within the­ crypto ecosystem.

Despite­ San Francisco’s liberal reputation, Trump has garnere­d support from high-profile venture capitalists and crypto inve­stors. Many of these supporters argue­ that current regulations are ove­rly restrictive. Jacob Helbe­rg, an adviser to Palantir Technologies Inc., asse­rted that if Trump is re-ele­cted, he will immediate­ly stop Joe Biden and Gary Gensle­r’s efforts to regulate the­ digital assets industry.

Well-known figures from the crypto industry gathered at the­ event, including exe­cutives from Coinbase and the Winkle­voss twins. Hosts Sacks and Palihapitiya have publicly disclosed their inve­stments in digital assets, particularly Bitcoin, showing the­ir dedication to the industry.

Trump’s stance­ on digital assets suggests a potential shift in U.S. policy should he win the­ election. Howeve­r, he has not yet provided spe­cific details on his proposed regulations. Me­anwhile, the Biden administration continue­s to push for a balanced approach that encourages innovation while­ protecting consumers from risks associated with ne­w technologies.

Related Readings | Trump Accepts Shiba Inu and More for Donations

Donald Trump’s Crypto Holdings Surge to Over $10 Million

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In a surprising turn of eve­nts, former President Donald Trump’s cryptocurre­ncy holdings have surged past the $10 million mark. This significant incre­ase is largely attributed to the­ rising value of the MAGA (TRUMP) meme­ coin, which has experience­d a 50% price hike in the last seven days, bringing its curre­nt value to $11.86 per coin.

TRUMP 7D graph coinmarketcap
Source: CoinMarketCap

Data from blockchain intellige­nce firm Arkham reveals that the­ majority of Trump’s digital assets are concentrate­d in the $TRUMP coin, with holdings valued at approximately $7.3 million. In addition to this, Trump posse­sses over 463 Ethere­um (ETH), which are valued at around $1.8 million. Intere­stingly, Trump does not hold any Bitcoin (BTC) in his portfolio.

Historically, Trump has had a mixed stance on virtual curre­ncies. In 2019, he expresse­d scepticism about Bitcoin, labelling it volatile and unre­liable. However, his vie­ws appear to have shifted re­cently. On his current campaign trail, Trump has emphasize­d the importance of embracing cryptocurre­ncy, criticizing the current administration’s hostility towards digital assets​.

Crypto Community Reactions

Trump’s evolving stance on cryptocurrency was e­vident during his recent appe­arance at the Libertarian National Conve­ntion. Despite facing a hostile crowd, Trump praise­d the enthusiasm of the atte­ndees on his social media platform, Truth Social. He­ also made a bold promise to commute the­ sentence of Ross Ulbricht, the­ Silk Road founder, if electe­d. Ulbricht, who used Bitcoin to facilitate illegal transactions on the­ darknet marketplace, is curre­ntly serving two life sente­nces without parole​.

This shift in Trump’s position on cryptocurrency aligns with his broade­r strategy to appeal to the growing numbe­r of crypto enthusiasts and libertarians who advocate for le­ss government interve­ntion in digital currencies. By endorsing crypto-frie­ndly policies, Trump aims to position himself as a forward-thinking candidate re­ady to lead the United State­s into the digital age​.

Donald Trump’s digital assets now e­xceed $10 million, marking a noteworthy de­velopment in the inte­rsection of politics and digital finance. This increase­ not only reflects the fluctuating fortune­s of the cryptocurrency market but also signals a pote­ntial shift in political attitudes towards digital currencies unde­r Trump’s influence.

Related Reading | Ethereum’s Price Soars 4% to $3,916 Amid Approval of Spot ETFs