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Top Lawyer Explains Why XRP is Worst Performing Coin in Top 10

Lele Jima
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Top Lawyer Explains Why XRP is Worst Performing Coin in Top 10

Attorney Bill Morgan responds to criticism regarding XRP’s underperformance, revealing why XRP has lagged behind Bitcoin.

The broader crypto market experienced a major relief rally this week, propelling the prices of various assets to greater heights. Bitcoin led the market rally with a double-digit gain that took its price above $76,000 for the first time, marking a new all-time peak.

Pundit Criticizes XRP Performance

Following Bitcoin’s remarkable growth, an XRP critic compared XRP’s price action to BTC over the past year. The critic noted that while Bitcoin has doubled in one year, surging 117% to $75,970, XRP’s value has plummeted by nearly 25% in the same timeframe. 

He expressed skepticism about claims that XRP has a greater price return potential, suggesting that the asset’s performance does not support this theory. 

Reason Behind XRP Plunge 

Reacting, Attorney Morgan indicated that Scam Detective seems obsessed with XRP. He acknowledged XRP’s poor performance, confirming that the token ranks as the worst-performing coin among the top 10 cryptocurrencies over the past year.

 

Notably, the lawyer asserted that XRP’s underperformance stems from the legal tussle between the U.S. SEC and Ripple. He mentioned that XRP has been entangled in the lawsuit that has lingered for four years since December 2020, negatively affecting its price. 

According to Morgan, some entities still believe XRP is affiliated with Ripple, which is currently in the middle of the SEC war against crypto. For instance, in an article last month, Forbes referred to XRP as “Ripple.” He suggested that this sentiment has continued to have a bearish impact on XRP’s price. 

XRP Is Still Relevant 

Despite XRP’s underperformance, Morgan said the coin has continued to rank among the top 10 biggest cryptos by market cap. At press time, XRP ranks as the seventh-biggest cryptocurrency with a market cap of $31.49 billion. It briefly lost this position to Dogecoin yesterday, but immediately reclaimed it. 

XRP’s daily volume is up 0.12% to $1.94 billion. This indicates that it still attracts significant interest among crypto enthusiasts. Currently, XRP is trading at $0.5537 per token, reflecting a 24-hour surge of 3.97%. 

SEC v. Ripple Current Status

Meanwhile, the lawsuit between the SEC and Ripple is currently in the U.S. Court of Appeals for the Second Circuit. The court ordered the SEC to file its appellate brief by January 15, 2025, with Ripple expected to file its opposition several weeks later. 

Afterward, Ripple will file its cross-appeal brief challenging the ruling regarding its institutional sales of XRP, which were deemed securities. 

While the case is set to begin in January officially, XRP community members are anticipating that a new SEC administration, set up by President Donald Trump, might settle with Ripple. However, if the parties do not settle, the lawsuit might linger until 2026, affecting XRP’s performance along the way. 

VanEck Head Researcher Says Ethereum is Oversold, Predicts Speculative Interest Will Return to Propel ETH

Albert Brown
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VanEck Head Researcher Says Ethereum is Oversold, Predicts Speculative Interest Will Return to Propel ETH

VanEck’s Head of Research believes Ethereum is oversold and predicts renewed speculative interest will drive its market recovery.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen a 7.9% price increase over the past 24 hours. As of this writing, ETH is trading at $2,823 after a minor retracement from earlier gains.

This recent uptick follows a year of underperformance relative to Bitcoin (BTC), with the ETH/BTC pair consistently reaching multi-year lows. However, recent market movements and analysis suggest a possible shift in Ethereum’s market dynamics.

Weighing In on Ethereum’s Position

Industry analysts have offered varying views on Ethereum’s future. Matthew Sigel, Head of Digital Assets Research at VanEck, believes Ethereum is currently oversold. He also pointed to the likelihood of renewed speculative interest in the asset during a discussion hosted by The Tie, a digital asset research and data platform, on November 7.

The event, which included key players from Grayscale, BlockTower Capital, and FalconX Network, explored how the U.S. elections might impact both macroeconomic conditions and digital asset markets.

Meanwhile, VanEck’s Ethereum ETF (ETHV) has struggled to maintain momentum. While the ETF saw a modest $3.9 million inflow on October 21, it has since failed to attract significant new capital. Nonetheless, other analysts remain bullish on Ethereum’s prospects.

Further Industry Optimism about Ethereum

The pseudonymous trader Byzantine General recently suggested that a significant short squeeze could be a game-changing event for Ethereum. In his words, ETH could be getting set for “a monster rally.”

Also, in a post on X today, analyst Miles Deutscher highlighted that Ethereum has outperformed Bitcoin over the last 24 hours.

Similarly, prominent analyst Benjamin Cowen pointed to the ETH/BTC trading pair as a key indicator. Cowen believes that if the pair breaks above its Simple Moving Average (SMA), it could signal that Ethereum has already reached its lowest point against Bitcoin, further reinforcing bullish sentiment.

Critics Highlight Ethereum’s Governance Issues

Critics like Justin Bons, founder of Cyber Capital, argue Ethereum’s bullish potential is limited due to structural issues. He believes Ethereum is “cooked,” citing the overemphasis on Layer 2 (L2) scaling solutions—driven by venture capital—that prioritize profit over decentralization.

Bons argues this has stunted development on Ethereum’s Layer 1 (L1) and created risks around censorship and centralization, which undermine user trust.

He also points out that L2s offer higher financial incentives for developers, potentially discouraging L1 scaling efforts. According to Bons, this dynamic mirrors challenges in Bitcoin’s governance, highlighting broader issues in Ethereum’s ecosystem that may require reform.

 

 

As Solana Overtakes BNB, Will SOL Cross $200 To Hit $281?

Albert Brown
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Solana’s market cap has surged to $88.72 billion, surpassing Binance Coin. Can SOL reach $281 amid growing DeFi demand and bullish price momentum?

Having overtaken Binance Coin in total market cap, Solana is now the fourth-largest cryptocurrency. With a market cap of $88.72 billion, SOL has risen by 1.80% in the past 24 hours.

Currently, SOL is trading at $188, with momentum building to break through the $200 barrier. Will this rally push Solana to a new all-time high? Let’s explore.

Solana Eyes $200 Breakout

In the daily chart, Solana has increased by 21.42% in the last eight days from a low of $155. This rally has produced three consecutive bullish candles and pushed SOL past the 78.60% Fibonacci level at $179.60.

Given the post-retest reversal following an inverted head-and-shoulders breakout, the Solana rally appears poised to continue. The broader market recovery could further fuel bullish sentiment and drive the price trend higher.

Solana Price chart
Solana Price chart

With increasing bullish momentum, both the MACD and signal lines have crossed positively. Additionally, the 100-day and 200-day simple moving averages are on the verge of a positive crossover.

Fibonacci levels suggest that the uptrend may target the $201.69 level or the 100% Fibonacci level. If the rally continues, a breakout could drive Solana to the 1.272 or 1.618 Fibonacci extension levels, which are priced at $233 and $281, respectively.

Therefore, with a price target of $281, Solana has a strong chance of setting a new all-time high.

Solana TVL and On-Chain Data Hints Bull Run

The rising demand in DeFi has boosted Solana’s Total Value Locked (TVL) to $6.667 billion. With this recent surge, the Solana network is on track to surpass its 52-week trading volume high of $7.248 billion, recorded on October 27.

Solana TVL
Solana TVL

Additionally, non-vote transactions on the Solana network hit 1.29 billion last month—the highest monthly total this year, just shy of the 1.37 billion transactions recorded in July.

The number of active addresses on Solana is also growing exponentially. In October, Solana registered 148 million active addresses, further indicating strong network activity.

Solana Network New Addresses

Solana Network New AddressesAs the bullish trend continues, Solana is likely to continue this trend with healthy network numbers. 

Bitcoin ‘Playing as Predicted’ as Analysts Eye $85K After $71K Retracement

Albert Brown
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Analyst Ali Martinez predicts that Bitcoin could first reach $78,000, pull back to $71,500, and then rally to $85,000.

Bitcoin soared to unprecedented levels on Wednesday, fueled by former President Donald Trump’s electoral victory over Vice President Kamala Harris. Specifically, the firstborn crypto hit an all-time above $76,000 yesterday.

This surge triggered widespread liquidations among over-leveraged short traders, totaling over $500 million. Notably, the price later steadied at $74,812 after hitting another all-time high of $76,493.

Amid ongoing price action with brief pullbacks, analyst Ali Martinez has emphasized that Bitcoin’s price trajectory remains on course. Martinez previously forecasted that if Bitcoin stayed above $65,000, it could ascend to $72,000, briefly retreat to $69,000, and ultimately rally toward $78,000. 

Remarkably, his analysis played out as anticipated, as Bitcoin retraced below $67,000 before rebounding to a new high above $76,000.

His latest projections suggest Bitcoin may soon hit $78,000, pull back to $71,500, and then surge to $85,000. At its current value, Bitcoin would need to gain 4.26%—or $3,188—to reach the $78,000 target.

Analysts Foresee 40% Upside

Meanwhile, CryptoQuant founder Ki Young Ju highlighted a potential 40% upside. Ju noted that Bitcoin’s market typically follows cyclical patterns, where losses during bear markets often transfer wealth from new to seasoned investors. He underscored that the current cycle aligns with an easing phase, signaling reduced market stress.

Ju also highlighted that the explosive gains observed during Bitcoin’s 368% rally from $16,000 are unlikely to reoccur. He suggested a more conservative outlook for this cycle, advising holders to consider gradual profit-taking.

Indicators Point to Potential Pullback

Amid these bullish projections for Bitcoin, momentum indicators reflect a potential cooling off for Bitcoin following its recent highs. The price has broken through the upper Bollinger Band, signaling overbought conditions.

Red candlestick formations have also emerged, suggesting increased selling pressure and potential profit-taking.

BTCUSDT 1-day Chart
BTCUSDT 1-day Chart

The Relative Strength Index (RSI) further supports these signs. The RSI, previously in the overbought zone above 70, has now retreated to 67.34. This decline indicates a loss of bullish momentum and hints at a possible price correction or consolidation phase.

Can a Channel Breakout Propel PEPE Past $0.000017 to a New All-Time High?

Albert Brown
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Can a Channel Breakout Propel PEPE Past $0.000017 to a New All-Time High?

PEPE is teasing a potential breakout from a falling channel pattern, with a 32% gain from its 7-day low. Could this rally lead to a new all-time high?

PEPE is ready to steal the spotlight with the meme coin segment surging under the Dogecoin leadership. As it prepares for a breakout rally, the trend reversal in PEPE price reveals a massive upside. 

Will PEPE’s bullish trend surge with the broader market recovery to surpass the all-time high of $0.00001722? Let’s find out the chances of PEPE creating a new ATH. 

PEPE Eyes Channel Breakout

In the daily chart, the PEPE meme coin is teasing a bullish breakout rally of a falling channel pattern. The meme coin formed the channel after registering an all-time high of $0.00001722 on May 27, 2024.

During the subsequent pullback, PEPE saw a 65% decline, bottoming out at $0.000005856. However, the price bottoming out at such low levels delayed the breakout of the falling channel’s support trendline.

PEPE price chart
PEPE price chart

With the broader market now showing signs of recovery, PEPE is once again challenging the overhead resistance trendline. The meme coin has surged by 32.58% from its 7-day low of $0.000007717 to its current market price of $0.00001023.

This recent price move has allowed PEPE to reclaim a psychological milestone, removing a zero from its trading price. However, it still faces resistance at both the overhead trendline and the 50% Fibonacci retracement level.

Technical Indicators Signal a Potential Buying Opportunity

With the MACD and signal lines giving a positive crossover, the overall chances of a breakout rally for PEPE have significantly increased. As the buying pressure increases, along with the breakout chances, the 50-day and 200-day simple moving averages are preparing for a golden crossover. 

The 50-day and 200-day EMAs continue to have bullish trends, which means the short-term and long-term price trends remain bullish. However, in the last 100 days, the simple moving average has maintained a declining trend, reflecting a medium-term bearishness. 

However, the breakout rally is expected to refresh the trend sentiment if the broader market recovers. 

Will PEPE Reach New All-time High?

Looking at the Fibonacci retracement levels, PEPE has the potential to extend its gains past the 50% retracement level at $0.00001072. The next significant level of resistance comes at the 78.6% Fibonacci level, which corresponds to a price of $0.00001370, marking a 35% upside from its current price.

A further extension of the rally could bring PEPE closer to challenging its all-time high near $0.00001722. In an extended bullish scenario, price targets above the ATH are set at $0.00002145 and $0.00002952, representing potential upside of nearly 190%.

On the downside, key support levels for PEPE are located at $0.0000090 and $0.0000075, which could act as crucial levels to watch in case of a market pullback.

BlackRock See Record Single-day $4.1B Trading Volume Amidst US ETF Frenzy

Elendu Benedict
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BlackRock See Record Single-day $4.1B Trading Volume Amidst US ETF Frenzy

Leading asset manager and Bitcoin spot ETF issuer BlackRock recorded its highest single-day trading volume on Wednesday as US demands hit a fever pitch.

The US Bitcoin spot ETFs saw a face-melting trader engagement on Wednesday following Bitcoin’s push to new highs. For context, the premier asset surged past $76,000 to unprecedented values following news that pro-crypto presidential candidate Donald Trump had won the November 5 elections.

Bloomberg’s senior analyst Eric Balchunas confirmed the trading frenzy after the US market opened on Wednesday. In a tweet, he stated that trading volumes on BlackRock’s iShares Bitcoin Trust (IBIT) surged past $1 billion after 20 minutes of trading, surpassing its average full-day performance.

IBIT Records Highest Single-day Trading Volume

Meanwhile, the fund’s quick start to the trading session set the pace for its record-breaking outing on Wednesday. Balchunas confirmed after the session that IBIT had recorded a single-day trading volume of $4.1 billion, the highest since its inception on January 11.

The senior analyst also noted that BlackRock IBIT’s trading volume surpassed that of some major stocks. This included stocks of notable companies like Berkshire, Netflix, and Visa.

The fund’s explosive trading traction notably boosted the general Bitcoin spot ETFs market. The funds recorded a trading volume of $6 billion, their best in recent times and one of the highest since their market debut.

Balchunas noted that most other issuers outperformed their average trading volume by twofold, setting the pace for the enormous value traded on the Bitcoin investment vehicles. Notably, the US spot ETFs recorded a net volume of $2.39 billion on Tuesday, 154% less than its Wednesday volume.

Volume Translates to First Inflow in Three Days

Meanwhile, the trading volume spike consequently translated to large inflows for the US spot ETFs on Wednesday. Data from SosoValue shows that the funds bought $621.9 million worth of Bitcoin, their first inflow in four days.

The US Bitcoin spot ETFs had recorded a net outflow of $712.91 million over a three-day period. However, Bitcoin’s surge to a new record high of $76,460 on Wednesday, triggered by Trump’s win, saw renewed confidence among US investors in the products.

With the inflow, the US Bitcoin spot ETFs have now seen a cumulative positive flow of $24.12 billion and a net asset of $76.48 billion sincea their early January market debut.

Why XRP and Dogecoin Could Surge Massively, Expert Highlights Potential Triggers

Abdulkarim Abdulwahab
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Why XRP and Dogecoin Could Surge Massively, Expert Highlights Potential Triggers

Analyst JayDee has urged market participants to pay attention to XRP and Dogecoin for promising opportunities, citing potential bullish developments as the dust from the U.S. elections begins to settle.

 

For XRP, the bullish narrative is largely tied to Donald Trump’s campaign promises, particularly his plans to restructure the U.S. Securities and Exchange Commission (SEC) once he assumes office in January 2025.

Trump has promised to remove SEC Chairman Gary Gensler, and now that he is the president-elect, many in the crypto community are speculating on the possible effects.

XRP Seeing Dramatic Surge

Crypto enthusiasts, especially members of the XRP Army, believe that Trump’s removal of Gensler would create a favorable environment for XRP, leading to significant price gains. 

Prominent commentators like Ben Armstrong have even suggested that this could trigger a lasting surge that could position XRP as one of the best-performing crypto assets in this cycle. Armstrong has gone as far as saying that XRP will “pump hard” once Gensler gets the sack.

Amid these speculations, analysts like JayDee are advising market participants to monitor XRP closely, consider investing in the asset, and take profits at the peak of the potential market frenzy.

However, some critics argue that there is little to no correlation between Gensler’s removal and a significant price surge for XRP. 

As of now, XRP is trading at $0.5549, up 5% in the last 24 hours amid the post-election market optimism that is driving broader crypto price gains.

Stronger Bullish Case for Dogecoin

Meanwhile, Dogecoin has performed even better than XRP in recent weeks, seeing a price increase of over 80%. It recently crossed $0.2100 before testing the $0.1900 level again. 

On one occasion, Dogecoin briefly overtook XRP to become the seventh-largest cryptocurrency by market capitalization. However, XRP has since reclaimed its position as DOGE saw a correction from its overheated rally.

Dogecoin’s 114X Rally Potential

Meanwhile, JayDee highlighted Dogecoin’s potential to see further major price surge, particularly with Donald Trump’s election victory. This is due to Elon Musk’s intentions to serve in Trump’s administration, specifically under the Department of Government Efficiency (DOGE).

Given Musk’s longstanding support of Dogecoin, many crypto analysts believe that the creation of a “DOGE” department within a pro-crypto Trump administration could serve as a strong bullish catalyst for the cryptocurrency.

In a separate analysis, crypto expert Ali Martinez suggested that Dogecoin could surge as high as 11,486%, potentially reaching $23 during this market cycle, especially given Musk’s influence, reminiscent of the meme coin’s spike in 2021.

Legendary analyst Peter Brandt has echoed a similar sentiment, believing in Dogecoin’s substantial upside potential.

Binance Coin BNB at $600 Crossroads, Targets New ATH Above $720

Albert Brown
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Binance Coin BNB at $600 Crossroads, Targets New ATH Above $720

Binance Coin (BNB) is poised to break through the $600 resistance level, potentially setting the stage for a new all-time high above $724 later this year.

The broader market has gained significant momentum as Bitcoin (BTC) rises above the $75,000 mark, briefly touching the $76,000 level. Binance Coin has been a standout among the top performers.

With BNB testing the $600 zone and the possibility of a breakout, the cryptocurrency is preparing for a massive bull run. Will this surge push Binance Coin to a new all-time high, surpassing the $724 mark?

Can Binance Coin Surpass its Multi-Month Resistance?

On the daily chart, BNB’s price action shows a swift recovery from a recent 7-day low of $543. Despite briefly dipping below the $550 psychological level and the 100-day simple moving average, the broader market’s recovery has propelled Binance Coin’s price upward.

BNB has experienced a 9.4% jump from its 7-day low to the current market price of $594. With a 24-hour high of $611, buyers attempt to finally overcome the $600 resistance level.

Binance Coin Price chart
Binance Coin Price chart

The struggle to secure a strong 24-hour close above $600 remains significant. This level has historically acted as a formidable resistance, causing several bearish reversals and coinciding with the 61.80% Fibonacci retracement level.

The intraday rejection at higher prices suggests the possibility of a bearish reversal, but the broader market recovery hints at the potential for an uptrend continuation. Hence, the price action traders are suggested to wait for is a strong closing before finding a bullish entry. 

Supporting the bullish possibility, the MACD and signal lines are on the verge of giving a positive crossover. Meanwhile, the simple moving averages 50-day, 100-day, and 200-day maintain a sideways trend following the golden crossover. 

Will BNB Coin Price Cross $724?

BNB’s price action has formed a consistent higher-low pattern in recent intraday movements, which increases the likelihood of a bullish breakout. According to Fibonacci retracement levels, a breakout above the 61.80% level could propel Binance Coin to challenge the 78.60% level at $655, ultimately aiming for the 100% level at $724. If successful, this could result in a new all-time high for Binance Coin.

On the downside, if the bullish momentum fails to materialize, critical support levels are found at $564 and $526.

Tether Mints $2B USDT on Ethereum and Injects Funds to Exchanges, But There’s a Catch

Elendu Benedict
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Tether Mints $2B USDT on Ethereum and Injects Funds to Exchanges, But There’s a Catch

Tether has minted $2 billion in USDT on the Ethereum network while injecting millions of the stablecoin into top-ranking exchanges.

Bullish momentum further engulfed the crypto market as Whale Alert pointed to a positive move by leading stablecoin issuer Tether. The company just minted $2 billion on the Ethereum network, a few days after minting $1 billion on the Tron blockchain.

However, Tether CEO Paolo Ardoino clarified sentiments around the latest development, noting it is different from its normal USDT deployment activities. Ardoino referenced a tweet from Tether’s official handle explaining what the stablecoin issuer aims to achieve with the Wednesday USDT mint on the Ethereum network.

Tether Redeploys USDT to Ethereum

Per Tether’s tweet, the firm partnered with a top-tier crypto exchange to conduct a USDT chain swap. This on-chain activity involves the exchange transferring surplus USDT on a network to Tether’s Treasury wallet, and the issuer, in turn, mints the received amount on a new blockchain.

The chain swap activity will not increase Tether’s total USDT supply, as the received tokens are burned. Meanwhile, the reallocation would offset the amount of the stablecoin in circulation on each of the involved blockchains.

Tether noted that it intends to shift its surplus USDT stash on some chains to the Ethereum network, where it is in high demand. The firm partnered with an exchange to move 1B USDT from Tron, 600 million USDT from Avalanche, 300 million USDT from the Near Protocol, 75 million USDT from CELO, and 60 million USDT from the EOS Network.

Meanwhile, the Tron network remains the chain holding the largest amount of USDT in circulation despite the 1 billion USDT reallocation. Tether’s transparency page shows the chain has $61.2 billion USDT in circulation, while the Ethereum network holds $56.2 billion.

Tether Injects $1.85B USDT Into Exchanges

Following the chain swap, Tether injected 1.85 billion USDT on the Ethereum network. Data shows that the leading issuer moved 1.7 billion USDT to Binance, $101.7 million to Coinbase, 20 million USDT to OKX, and $17.86 million to Kraken.

Notably, the surging interest and trading activities on exchanges may have prompted the fund injection. USDT’s trading volume stands at $129 billion, more than 100% of its $121 billion circulating supply, indicating growing usage of the stablecoin.

Meanwhile, the asset’s expanding importance in the crypto sector saw it record an impressive $2.5 billion in profits for Q3 2024. The attestation report shows the leading issuer has made an unprecedented $7.7 billion in the year’s first three quarters.

Here are Top 7 Crypto Promises from US President-Elect Donald Trump

Lele Jima
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Here are Top 7 Crypto Promises from US President-Elect Donald Trump

Following Donald Trump’s victory in the 2024 U.S. presidential election, we have highlighted his top seven pro-crypto promises made during his campaign. 

The crypto community is buzzing with excitement following Donald Trump’s emergence as president-elect of the United States. Trump emerged victorious in the presidential election after securing an outstanding 295 electoral college votes. 

US Presidential Election
US Presidential Election

His emergence as president-elect of the 2024 U.S. election has already given the crypto market a breath of fresh life. This is reflected in Bitcoin’s surge to an all-time high, which came immediately after it became evident that Trump was winning the polls. 

Top 7 Donald Trump 2024 Pro-Crypto Promises 

The positive reaction witnessed in the crypto market over the past few days demonstrates investors’ excitement about Trump’s victory. Unlike Vice President Kamala Harris, Trump made several pro-crypto promises that, if implemented, could transform the United States into a global crypto leader. 

Prominent crypto expert Altcoin Daily highlighted Trump’s promises for the industry. He made these promises at different campaign locations, including the 2024 Bitcoin Conference. 

Sack Gary Gensler 

At the Bitcoin Conference, Trump excited the crowd after he promised to sack SEC Chair Gary Gensler on his first day in office. Over the past four years, Gensler earned a reputation for himself in the global crypto space due to his adverse regulatory approach, which prioritizes enforcement actions over clear rulemaking. 

Gensler’s potential removal and the appointment of a pro-crypto SEC administration could mark the beginning of positive developments in the U.S. crypto sector. 

National Bitcoin Stockpile  

The president-elect also promised to establish a national reserve of Bitcoin (BTC) under his administration. This initiative would see the U.S. government hold Bitcoin as part of its reserve assets. 

During an interview with FOX, he suggested that the United States government could leverage its Bitcoin reserve to pay off the country’s $35 trillion federal debt. 

US as the Crypto Capital of the World 

Trump promised to introduce favorable regulations that would transform the United States into the crypto capital of the world.

With friendly regulatory policies, the United States could position itself as a top destination for crypto businesses, attracting developers worldwide to the country. 

Dominating Bitcoin Mining 

In June, the president-elect revealed plans to ensure that Bitcoin’s remaining supply will be mined in the United States and nowhere else. He suggested that this move would help the United States to be energy dominant. 

Fair and Clear Regulatory Changes 

The United States crypto industry has endured stringent regulation under the current administration. All efforts to get regulatory clarity from the U.S. SEC have ended in futility. Interestingly, this challenge might soon end under Trump’s administration, as he promised to support clear and fair regulations. 

In particular, he noted plans to establish a crypto advisory council in his first 100 days in office. This group will focus on advising him on crypto-related matters, including proposing policies that could drive the industry’s growth. 

Right to Self-Custody 

Most industry participants advocate for holding their crypto tokens themselves, giving them full control over their assets. In July, Trump recognized this importance and promised to defend the right to self-custody. 

His promise aligns with a similar move made by Sen. Ted Budd (R-NC), who introduced the ‘Keep Your Coin Act’ last year. This bill opposes the move to restrict U.S. residents from initiating transactions directly from self-hosted wallets. 

If Trump implements his right to self-custody campaign promise, Americans will continue to retain full access to their crypto without relying on third-party platforms. 

No CBDC (Central Bank Digital Currency) 

Trump is not a fan of Central Bank Digital Currency (CBDC), which he considers a threat to financial privacy. As a result, he declared plans to prevent the United States from having its own CBDC under his administration. 

For context, CBDCs are similar to stablecoins, as they are both pegged to an asset like the U.S. dollar. The difference between them is that while the government issues CBDCs, private companies issue stablecoins. Since the government is responsible for CBDC issuance, Trump believes its development could be utilized to evade people’s financial privacy.

Given Trump’s remarkable promises for crypto, investors are anticipating their impact on the market once implemented. Notably, Trump’s administration will officially commence on January 20, 2025, marking his inauguration day. 

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