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Ripple Promotes Vision to Leverage XRP Blockchain for Global DeFi Expansion

Abdulkarim Abdulwahab
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Ripple Promotes Vision to Leverage XRP Blockchain for Global DeFi Expansion

Ripple is now more focused on integrating advanced XRP Ledger features into its business to deliver secure and compliant decentralized finance solutions to customers globally.

David Schwartz, Ripple CTO, confirmed this in a recent post on X following the company’s latest publication. In the report, Ripple stressed its overarching ambition to emerge as the foremost digital asset infrastructure solution provider for the financial services industry.

Ripple’s report highlighted the demand for digital asset infrastructure in the financial industry. Founded on the belief that blockchain would be the global monetary infrastructure, Ripple has evolved to address the growing demand over ten years. 

Initially, the crypto industry lacked the liquidity, trust, regulation, and instruction to enable businesses to integrate blockchain solutions.

To provide some context, when Ripple launched in 2012 targeting institutions, Bitcoin was under $20, Ethereum had not yet been launched, and the cryptocurrency market was relatively small, with only a few exchanges operating and handling a mere few million dollars in annual trading volume.

However, a decade later, the industry has made significant progress. It now sees trillions of dollars in monthly volume. Moreover, crypto ETFs, tokenized funds, and increasing adoption by financial institutions are now present. 

Yet, institutions still need trusted digital asset infrastructure to integrate blockchain into their businesses. Ripple is working to address this by assembling the core components enterprises need to incorporate blockchain into their business. These components include custody solution, on/off-ramps, liquidity, and compliance.

XRP Ledger At the Core of Ripple’s Focus

The XRP ledger is at the heart of Ripple’s solutions. The company initially focused on cross-border payments, utilizing XRPL and its native asset, XRP, to facilitate efficient value transfer. 

Specifically, XRPL’s low cost, speed, transparency, and scalability make it well-suited to address the limitations of traditional financial systems.

Today, Ripple’s cross-border payments solution boasts near-global coverage. It spans over 80 payout markets, representing over 90% of daily FX markets. In particular, it has processed over $50 billion in volume.

However, Ripple has evolved beyond payments alone. Ripple highlighted in the publication that acquiring Metaco, a digital asset custody tech provider, has positioned it to deliver on its product roadmap globally. Metaco will now be rebranded as Ripple Custody. The company is scaling its team and business and opening a new office in Geneva. 

Additionally, Ripple reiterated its plans to launch the Ripple USD (RLUSD) stablecoin on XRPL. RLUSD will be integrated into Ripple Payments to serve growing customer needs in cross-border payments alongside XRP.

XRP Ledger Preferred Chain for institutional DeFi 

Furthermore, Ripple highlighted XRPL as the preferred blockchain for institutional DeFi due to its reliability, performance, low costs, and speed. 

The firm noted that stablecoins on XRPL are trusted and will enable new DeFi capabilities, use cases, and users. Moreover, Ripple stressed that XRP remains the universal bridge asset. It is particularly beneficial for creating liquidity in regions with high cross-border transaction costs. 

Emphatically, XRPL underpins Ripple’s products due to its efficiency and scalability. The blockchain has processed over 2.8 billion transactions without failure or breach. 

Besides, XRPL’s built-in DEX and advanced features like auto-bridging and pathfinding enable secure and compliant DeFi applications. 

In parallel, Ripple and other projects, including Archax, Sologenic, Orchestra Finance, Zoniqx, and CredeFi, are building on XRPL. They aim to bring modern financial tools to traditional finance, leveraging the blockchain.

Ultimately, Ripple envisions integrating more of the XRP Ledger’s advanced features into its business, thereby bringing the benefits of decentralized finance to customers worldwide in a secure and compliant manner.

XRP and Shiba Inu Lead Grayscale Top Gainers List 

Lele Jima
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XRP and Shiba Inu Lead Grayscale Top Gainers List 

Leading crypto asset manager Grayscale Investments spotlights the remarkable performance of Shiba Inu (SHIB) and XRP (XRP) over the past week. 

XRP and Shiba Inu were the two best-performing cryptocurrencies on Grayscale’s weekly snapshot, which highlights the top 10 cryptocurrencies based on their returns in the past week between July 7 and July 17, 2024. 

XRP Ranks as Best-Performing Crypto 

XRP topped the ranking after leading the crypto rally with a weekly surge of 43.7%. The data accompanying the tweet shows that XRP’s weekly rally took its year-to-date (YTD) returns to 2.8% while its market cap stood at $34 billion. 

XRP’s tremendous rally came as its community members celebrated the first anniversary of Judge Analisa Torres’ decision, which ultimately declared the coin a non-security. 

The celebration elicited several rumors, suggesting that the SEC and Ripple might settle the multi-year legal tussle soon. This optimism caused the price of XRP to surge tremendously over the past week. 

However, XRP’s weekly gain has declined to 16.97% at press time. The seventh-largest cryptocurrency by market cap is currently trading at $0.5931, reflecting a daily surge of 6.35%.

Shiba Inu Performance in Grayscale Snapshot 

Furthermore, the snapshot data showed that Shiba Inu was the second best-performing token, with a weekly gain of 13.6%. Shiba Inu’s gain was fueled by the latest relief rally witnessed across the broader crypto market over the past week. The data also showed that SHIB boasts a year-to-date gain of 80.2%, with a market cap of $11.3 billion as of July 17. 

On July 18, Shiba Inu experienced a significant downturn as hackers dumped over 5.4 trillion SHIB, which were stolen from WazirX, into the market. As a result, SHIB’s price dipped nearly 10% in 24 hours at the time. Interestingly, the token has recovered most of its losses, as it currently changes hands at $0.00001789, reflecting a 2.24% daily growth. 

Performance of Other Cryptos 

Meanwhile, the other crypto assets in the top 10 rankings with substantial weekly positive gains include Dogecoin (DOGE), Cardano (ADA), Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Binance Coin (BNB), and Tron (TRX). 

These assets witnessed a 1-week return of 13.3%, 12.4%, 11.2%, 9.7%, 9.5%, 8.6%, and 1.7%, respectively. However, Toncoin (TON) was the only asset that made it to the list with a negative weekly return of -1.7%. 

Shiba Inu Mocks Microsoft Windows, Says ‘Shibarium Never Skips a Beat’

Lele Jima
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Shiba Inu Mocks Microsoft Windows, Says ‘Shibarium Never Skips a Beat’

Shiba Inu’s ecosystem team praises Shibarium, suggesting that the Layer-2 blockchain has continued to operate flawlessly while Windows computers require a serious reboot.  

The team made this known in a tweet yesterday while reacting to the crash of computers running Microsoft’s Windows. 

CrowdStrike Update Disrupts Windows Computers 

For context, a recent update from American cybersecurity company CrowdStrike disrupted multiple IT systems, causing Windows machines to go offline. 

This development affected major hotels, financial institutions, global businesses, and airline companies. Their Microsoft computers crashed, displaying the “blue screen of death.”  

While many initially attributed the technical issue to a malicious cyberattack, it later became evident that a recent update from CrowdStrike caused the outage.  

Shiba Inu Mocks Windows, Praises Shibarium 

With many Windows computers stuck in the Blue Screen of Death and attempting a reboot, Shiba Inu’s official X handle seized the opportunity to praise Shibarium for its flawless operation. 

The X handle suggested that Microsoft Windows require a serious reboot that could fix the issue disrupting various IT systems. Interestingly, it emphasized that Shibarium “never skips a beat,” indicating that the L2 network has been operating flawlessly with zero technical issues. 

Notably, Shibarium has only encountered a major technical issue during its early phase of operation. Recall that Shibarium launched on the mainnet on August 16, 2023. A few hours after its launch, the blockchain suffered a major network outage due to an influx of users. 

However, Shiba Inu’s development team, alongside other industry developers, conducted a two-week intensive network scaling, ending the technical issue in late August. Since Shibarium relaunched on the mainnet on August 28, 2023, it has not encountered any major technical problems. 

Shibarium Adoption Soars 

Shibarium has left many stunned with its remarkable performance in less than a year. So far, a total of 1,810,357 (1.81 million) wallets have interacted with the network. 

It currently boasts 417,952,618 (417.95 million) transactions and 5,858,748 (5.85 million) total blocks minted, with an average block time of 5.0 seconds. 

Moreover, Shibarium’s adoption is expected to surge in the coming months as the team integrates several Shiba Inu-related projects with the L2 network. This includes Shiba Eternity, SHIB: The Metaverse, and the upcoming L3 privacy blockchain. 

$305 XRP Target: Here’s Projected Timeline for This Price

Abdulkarim Abdulwahab
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$305 XRP Target: Here’s Projected Timeline for This Price

Market analysts disagree about the timeline for XRP to attain the $305 value, with some believing next year and others suggesting next decade.

XRP recently stunned the crypto market by defying its unusual passive price movements to emerge among the top performers over the weekend. Specifically, XRP hit $0.5636 on Saturday, marking an 18.8% gain from the intraday low of $0.4744.

Considering that the asset hit the bottom of $0.3911 two weeks ago, XRP has rebounded by 44.1% since the landslide dip. Meanwhile, at press time, XRP has settled at around $0.5336.

While XRP currently costs about half a dollar, ambitious voices in the community have reiterated that XRP will be an asset worth above three digits someday. Based on this popular bold belief, The Crypto Basic explores the timeline it could take XRP to reach an ambitious price point like $305.

XRP Reaching $305

Early this month, analyst Heikin Ashi proposed a massive 710x price surge for XRP to $305, citing a bullish signal on the monthly time frame. Despite XRP’s poor performance, Ashi believes the cryptocurrency’s candlestick patterns resemble historical trends that preceded significant price pumps. 

He pointed to similar patterns in 2014-2015 and 2016-2017, which led to massive gains. Ashi forecasts a multi-stage rally, with XRP potentially reaching $1.2, $2, $6, and $16 before hitting $305, a 71,061% increase.

Notably, a $305 price point would elevate XRP’s market cap to around $30.5 trillion. 

When XRP May Hit $305

While Ashi did not explicitly mention a timeline for this audacious outlook to materialize, the chart accompanying his analysis suggested a date between 2025 and 2026. However, market watchers outside the XRP community do not find this timeline realistic for the $305 price target.

For instance, market pundits at the crypto exchange Changelly argued that the earliest period for XRP to enter the $300 range is by October 2040. Moreover, Changelly analysts suggested that XRP could have a minimum value of $315.05 by November 2040.

To some extent, OpenAI’s ChatGPT agrees with this view. The AI chatbot first stressed that the market cap implications for a $300 outlook make the estimation highly speculative and suggested three scenarios as a result:

First, it highlighted that in the short term of one to five years, a $305 outlook for XRP is unlikely. For the medium term of five to ten years, ChatGPT stated it is likely but would require significant technological breakthroughs. 

Meanwhile, on the long-term scale, the AI suggested it is feasible should XRP continue to be a dominant force in the crypto market scene.

ChatGPT projection for XRP
ChatGPT projections for XRP

BlackRock iShares Bitcoin ETF Amasses Over $1B BTC in July

Abdulkarim Abdulwahab
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BlackRock iShares Bitcoin ETF Amasses Over $1B BTC in July

The BlackRock iShares Bitcoin Trust (IBIT) has acquired over $1 billion in Bitcoin this month, bringing the BTC portfolio of the ETF to over $21 billion.

In a post on X today, Thomas Fahrer, co-founder of ETF tracking platform Heyapollo, called attention to this latest record. The report highlighted that BlackRock’s IBIT shares attracted a new investment of $103 million on Thursday, equivalent to 1,622 BTC tokens. 

BlackRock ETF Flow for July Surpasses $1B

The Thursday figure is slightly lower than the BTC inflow on the previous day and significantly less than the 4,100 BTC inflow on Tuesday. So far this month, BlackRock’s ETF has experienced zero inflow only twice.

Notably, only the ETFs of BlackRock, Fidelity, and VanEck saw positive inflows on Thursday. Others, including WisdomTree, Ark Invest, and Valkyrie, recorded zero inflows for July 18. Meanwhile, Grayscale’s ETF GBTC saw an outflow of over $22 million.

As a result of BlackRock’s $100 million-plus influx, its ETF has now accumulated 18,600 Bitcoin tokens this month. This is equivalent to a staggering $1.23 billion in new investments, calculated based on Bitcoin’s current value of $65,300.

Amid the significant capital influx into the Bitcoin market via BlackRock ETF, market participants ponder why the market has yet to explode.

Fahrer pointed out that the market is just recovering from the German government’s $2.9 billion Bitcoin sale. Besides, the defunct Japanese exchange Mt. Gox is repaying clients about $9 billion in BTC this month.

BlackRock Now Holding $21B In Bitcoin

Notably, BlackRock’s ETF has pulled ahead of its competitors, with its $1.23 billion in July inflows nearly doubling the $655.2 million accumulated by its closest rival, Fidelity.

In contrast, the Grayscale Bitcoin Trust (GBTC) has experienced significant outflows, with $199.7 million drained so far this month. Moreover, the fund has seen more days of negative flows than positive flows.

On a broader scale, BlackRock now holds 325,457 BTC tokens estimated to be worth over $21.25 billion per Bitcoin’s prevailing value. This figure makes the asset manager the largest holder of Bitcoin among U.S. ETF issuers.

On the other hand, Grayscale’s holdings have decreased substantially, now standing at 271,886 BTC, valued at around $17.7 billion. Fidelity follows, holding 178,591 BTC worth approximately $11.66 billion.

Interestingly, Grayscale held a considerable 619,000 BTC tokens in January when spot ETFs were launched. Unfortunately, its Bitcoin spot ETF has experienced continued daily outflows, with a staggering $18 billion drained to date.

Court Orders Terraform Labs to Reopen Terra Classic Shuttle Bridge and Burn 150M LUNA

Sam Wisdom Raphael
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Court Orders Terraform Labs to Reopen Terra Classic Shuttle Bridge and Burn 150M LUNA

A bankruptcy court has ordered Terraform Labs (TFL) to reactivate the Terra Classic (LUNC) Shuttle Bridge and to undelegate and burn 150 million LUNA tokens.

The Terra Classic X account disclosed this in a recent announcement, stressing that this came as an order in the Terraform Labs’ ongoing Chapter 11 bankruptcy case.

An official filing reveals that the court has ordered the company to reopen the Terra Classic Shuttle bridge and burn 150 million LUNA tokens as part of the settlement process with the U.S. SEC.

For context, TFL and its co-founder, Do Kwon, settled with the SEC for $4.47 billion in May. The SEC’s official accusation was that TFL defrauded investors, leading to $40 billion in losses when TerraUSD and LUNA collapsed in May 2022. 

Details of the Court Order

The court’s latest ruling requires TFL to reopen the Shuttle bridge, facilitating the redemption of wrapped assets on Terra Classic. TFL will move all assets from the Shuttle Bridge wallets to new, secure wallets.

Additionally, they will implement a streamlined interface for the Shuttle bridge, allowing users to redeem wrapped assets for 30 days once the Chapter 11 plan takes effect. After this period, TFL will burn any leftover assets and close the Shuttle Bridge.

Under the court’s directive, TFL must also undelegate and burn LUNA tokens. They will start by undelegating 125 million LUNA previously staked with up to 49 validators and burning these tokens. In addition, 25 million LUNA designated for liquidity provisioning will also be incinerated. 

Bankruptcy Filing and Current Status

Recall that in January 2024, TFL sought Chapter 11 bankruptcy protection, reporting assets and liabilities between $100 million and $500 million. This filing occurred nearly two years after the Terra ecosystem collapse in May 2022, which resulted in losses exceeding $40 billion.

The bankruptcy filing enabled TFL to continue operating while restructuring its debts and addressing ongoing legal issues in the U.S. and Singapore. The court has recently set a deadline of August 9, 2024, for creditors to submit their claims.

Following the latest disclosure, the Terra Classic X account emphasized that no immediate action is required from users at this time. They assured that further instructions for previous Shuttle bridge users will be announced on the X accounts: @terrac_money and @terra_money.

TFL intends to sell various business units, such as Pulsar Finance and Station, to optimize value for creditors. CEO Chris Amani is optimistic about the company’s future and has expressed dedication to meeting financial commitments to employees and suppliers during the bankruptcy process.

Floki Becomes Largest P2E Crypto Asset by Market Cap

Albert Brown
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Floki Becomes Largest P2E Crypto Asset by Market Cap

Floki has emerged as the top play-to-earn (P2E) crypto asset by market cap, surpassing Axie Infinity, The Sandbox, Decentraland, and Gala.

Floki has officially taken the top spot as the world’s leading play-to-earn crypto, according to CoinMarketCap. Surpassing established players like Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), and Gala (GALA), FLOKI is reportedly cementing its position in the market.

Market Dominance and Recent Performance

Accoding to CoinMarketCap data, FLOKI’s market rank currently stands at 52, with a price of $0.0001784. The token boasts a market cap of $1,707,058,711 and a 24-hour trading volume of $239,323,470. 

Over the past week, FLOKI has seen a remarkable increase of 28.76%, indicating strong upward momentum. Despite a slight dip of 0.17% in the past 24 hours, the overall trend remains positive, reflecting investor confidence in the token’s potential.

Key Competitors in the Play-to-Earn Sector

Notably, FLOKI’s competitors in the play-to-earn sector include Notcoin, Axie Infinity, Beam, and Gala. 

Notcoin, priced at $0.0155, ranks second with a market cap of $1,588,204,783 and a 7-day change of +4.65%. Axie Infinity, trading at $6.09, holds the third position with a market cap of $901,355,046 and a 7-day change of +15.99%. 

Beam, priced at $0.01781, ranks fourth with a market cap of $880,867,002 and a 7-day change of +4.24%. Gala, with a price of $0.02345, ranks fifth with a market cap of $771,742,681 and a 7-day change of +11.11%. Despite these competitors, FLOKI’s market capitalization and recent performance set it apart as the dominant player.

Strategic Developments and Future Prospects

According to reports, FLOKI’s strategic positioning is further strengthened by its upcoming NFT metaverse game, Valhalla, set to launch on the mainnet later this year. This milestone is expected to solidify FLOKI’s leadership in the play-to-earn space. 

Recently, Floki provided an extensive preview of Valhalla during a Binance Live AMA, showcasing Viking-style characters and gameplay features. The AMA, attended by 33,000 participants, highlighted the game’s potential and received positive feedback from the community.

Adding to the stir, weeks ago, Floki DAO approved a token burn, destroying 15.2 billion FLOKI tokens to manage supply and enhance token value. This move received overwhelming support from the Floki community, with 99.84% of voters in favor of the burn. 

IOHK Reports Major Progress in Cardano Ecosystem with $548.4M TVL and 1,368 Projects

Albert Brown
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IOHK Reports Major Progress in Cardano Ecosystem with $548.4M TVL and 1,368 Projects

IOHK reports significant progress in the Cardano ecosystem, achieving $548.4M TVL, 1,368 active projects, and preparing for the Chang upgrade.

IOHK, a leading blockchain infrastructure research and engineering company, has unveiled the latest feats in the Cardano ecosystem. The update, shared on X, showed significant progress in core technology, wallets, services, smart contracts, scaling, and governance.

Impressive Growth Statistics

Cardano has achieved remarkable milestones in its ecosystem. Notably, the total value locked (TVL) in Cardano’s smart contracts and DeFi platforms has surged to $548.4 million. Additionally, the number of projects under development has increased by three, reaching a total of 1,368.

Further, over 10.2 million native tokens have been minted on the Cardano blockchain, governed by 146,328 unique token policies. Moreover, the Cardano network has processed 94 million transactions as of July 19.

As the Ledger team gears up for the Chang upgrade, focusing on rigorous testing to ensure a smooth transition to the Conway era is pivotal. According to the update, these efforts include writing unit tests and conducting conformance tests to enhance system robustness. Concurrently, the Lace team is preparing for the release of Lace v.1.14, anticipated in the coming weeks. 

Scaling Innovations and Governance Updates

As mentioned in the update, the Hydra team has made progress on simplifying incremental decommits, closing remaining gaps and refining the process. They updated dependencies to ensure compatibility with Cardano node v.9.0.0 and improved documentation.

The team also streamlined the setup process for the getting-started demo and developed an SDK wallet. Welcoming a new contributor, they held early design meetings on payment channels.

The Mithril team released distribution 2428.0, which supports Cardano node v.9.0.0, addressing several bug fixes and optimizations. They continue to implement transaction certification, calibrating signature parameters for the mainnet and optimizing artifact production.

Additionally, they have started working on the certification of Cardano stake distribution and are drafting a CIP for the diffusion of Mithril signatures through the Cardano network.

Community Engagement and Educational Initiatives

With the release of Cardano node v.9.0.0, all users are advised to upgrade in preparation for the Chang upgrade.

The Intersect team, a member-based organization (MBO) supporting Cardano’s distributed governance, has reportedly provided updates on the latest node release, the Chang timeline, Intersect’s constitutional council, committee updates, community tooling, and events.

Catalyst, an extension of the Cardano treasury and a testing ground for Cardano community, announced the results of Fund12, with 258 new projects preparing for onboarding. Town Hall 171 celebrated fund winners and participants. Catalyst has completed over 900 projects and allocated more than 100 million ADA in funds.

The Education Sector 

In the educational sector, the Cardano team is actively teaching the Cardano Developer course at UTN in Buenos Aires. They are also updating content for Mastering Cardano and supporting in-person training sessions for the constitutional committee.

Ultimately, this update follows a notable price rebound for Cardano, which experienced a 40% gain over 14 days, peaking at $0.44 on July 18. However, mixed signals have emerged in the market, causing temporary price stagnation. Despite this, Cardano’s DEX volumes have surged, reflecting ongoing developments and broader market trends.

Asia’s First Bitcoin Inverse Product to Launch on Hong Kong Stock Exchange: Details 

Lele Jima
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Asia’s First Bitcoin Inverse Product to Launch on Hong Kong Stock Exchange: Details 

The Stock Exchange of Hong Kong (HKEX) will reportedly launch Asia’s first-ever Bitcoin inverse product later this month. 

Dubbed CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376:HK), the fund is designed to provide inverse exposure to BTC’s price movement. 

Key Details of the Fund 

According to famous Chinese reporter Colin Wu, the upcoming Bitcoin inverse product will launch on July 23, 2024, making it the first of its kind in Asia. 

Notably, the product will directly invest in the nearest expiring monthly Bitcoin futures contracts traded on the leading global derivatives marketplace, the Chicago Mercantile Exchange (CME). 

Under this initiative, investors can speculate on the price actions of nearest-to-expiry Bitcoin future contracts without actually holding the cryptocurrency. 

Furthermore, Colin Wu revealed that the Asia arm of HSBC Institutional Trust Services Limited will serve as the trustee for the fund’s oversight. 

7376:HK Will Track S&P Bitcoin Futures Index 

Meanwhile, according to Bloomberg, the upcoming fund is designed to track the inverse daily movement of the S&P Bitcoin Futures Index before accounting for fees and expenses. 

This implies that when the price of the S&P Bitcoin Futures Index surges by a particular percentage on a given day, the value of the 7376:HK fund will decrease by approximately the same rate, and vice versa. 

Upon the fund’s launch, Bloomberg would track the fund’s price action via its market data platform. In the meantime, the market data for 7376:HK is marked as “pending” in anticipation of its upcoming listing. 

Institutional Clients Gain More Indirect Exposure to BTC in Hong Kong 

The development marks another significant step towards providing Hong Kong-based institutional clients with indirect exposure to cryptocurrencies. 

Recall that Hong Kong welcomed six spot-based Bitcoin and Ethereum exchange-traded funds in April 2024. Three Chinese firms Bosera Asset Management, China Asset Management, and Harvest Global Investments, issued the spot crypto ETFs on the Hong Kong Stock Exchange. 

In the meantime, Bitcoin’s price has revisited the $65,000 territory after rallying 1.02% in the daily charts. At press time, Bitcoin is trading at $65,302, reflecting a weekly surge of 12.96%. 

BTCUSDT 2024 07 19 14 58 22
Bitcoin Daily Chart

Donald Trump Promises to Keep Sen. Warren and Her ‘Goons’ Away from Crypto

Mark Brennan
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Donald Trump Promises to Keep Sen. Warren and Her ‘Goons’ Away from Crypto

GOP presidential candidate Donald Trump declares he would keep Senator Warren and her “goons” away from the crypto sector and the holdings of American investors. 

In the past few months, Trump has commented on cryptocurrencies and Bitcoin during various campaign speeches, aiming to garner the votes of the 50 million crypto holders in the United States. During a recent campaign speech, Trump stated that he would ensure that the “future of crypto and the future of Bitcoin will be made in the USA and not driven overseas.” 

As per a 2023 report from The New York Times, multiple crypto companies were looking to ditch their operations in the United States after the Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and the Commodity Futures Trading Commission (CFTC) initiated crackdowns against the operations of crypto firms. 

The Republican presidential candidate has promised to undo the damage done by these enforcement actions. He further emphasized that he would not permit the creation of a CBDC in the United States.

Several crypto industry leaders have voiced against the issuance of a CBDC because of privacy concerns. The possibility of government control has also compounded these concerns.

Sen. Elizabeth Warren’s “Anti-Crypto Army”

Trump also name-dropped Senator Elizabeth Warren and her ‘anti-crypto army.’ Senator Warren is renowned for her aggressive stance on crypto regulations. Recently, Warren asked the United States Secretary of the Treasury, Janet Yellen, to include anti-money laundering protections in all future crypto regulatory frameworks. 

Meanwhile, as reported earlier, Tyler and Cameron Winklevoss, the founders of the crypto trading platform Gemini, recently donated $500,000 in Bitcoin each to a PAC supporting John Deaton, a pro-crypto lawyer who is running for Warren’s seat in Massachusetts. Ripple also donated $1 million to help the legal expert defeat Senator Warren in the upcoming elections. 

Trump has become a crypto supporter in recent times. He will be speaking at the 2024 Bitcoin Conference, which is scheduled for July 25–27. The former U.S. president is also accepting crypto for donations for his campaign.

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