Trump’s first week in office: Will crypto regulation take a back seat?

January 17, 2025 Coin Telegraph

Crypto investors and commentators are hopeful ahead of Trump’s inauguration, anticipating innovation-friendly regulations from his first day in office.

Crypto investors are increasingly optimistic as they await the inauguration of US President-elect Donald Trump on Jan. 20, anticipating more innovation-friendly regulations in the world’s largest economy.

Investors are also eagerly anticipating Paul Atkins as Trump’s pick for the new Securities and Exchange Commission chair.

While Trump has previously highlighted his intentions to bolster crypto innovation in the US, issuing regulatory frameworks takes time, according to Anastasija Plotnikova, co-founder and CEO of Fideum — a regulatory and blockchain infrastructure firm focused on institutions.

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Senator Lummis claims FDIC destroyed Operation Chokepoint 2.0 docs

January 16, 2025 Coin Telegraph

Coin Telegraph

"You must ensure your staff cease and desist destruction of all materials and end retaliatory actions immediately," Lummis wrote.

Wyoming Senator Cynthia Lummis sent a letter to the Federal Deposit Insurance Corporation (FDIC) claiming that whistleblowers informed her that the agency allegedly destroyed documents related to Operation Chokepoint 2.0.

Lummis instructed the government agency to cease the destruction of documents and preserve all records related to "digital asset activities," including the supervision of Signature Bank and the liquidation of Silvergate Bank. The Senator warned the FDIC:

Operation Chokepoint 2.0 — a concerted effort to cut off crypto-related firms from banking services — widely impacted the industry in multiple countries and was a major pain point for industry advocacy groups during the 2024 United States election.

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Bitcoin strategic reserve bill introduced in Oklahoma

January 15, 2025 Coin Telegraph

Bitcoin

“This bill is about protecting the hard-earned money of Oklahoma’s citizens,” Representative Cody Maynard said upon introducing the act.

A new bill to establish Bitcoin as a strategic reserve asset was introduced to the Oklahoma House of Representatives on Jan. 15 by state Representative Cody Maynard.

House Bill 1203, known as the Strategic Bitcoin Reserve Act, would allow Oklahoma’s pension funds and state savings accounts to allocate a portion of their assets to Bitcoin (BTC) as a hedge against inflation.

Rep. Maynard said, “Bitcoin represents freedom from bureaucrats printing away our purchasing power.” The state representative continued:

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FTX to begin distributing $1.2B to creditors after Trump inauguration

January 13, 2025 Coin Telegraph

FTX to begin distributing .2B to creditors after Trump inauguration

Coin Telegraph

A significant portion of FTX repayments will likely be reinvested into cryptocurrencies, thanks to the promising growth prospect of the crypto market for 2025, industry insiders told Cointelegraph.

Update 11:00 am UTC: This article has been updated to include quotes from Philipp Zentner.

FTX is preparing to distribute more than $1.2 billion in repayments to the bankrupt former cryptocurrency exchange’s users.

FTX, once the world’s second-largest centralized cryptocurrency exchange (CEX), is set to begin repaying users who have been unable to access their funds for over two years.

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Sen. Ted Cruz: Fighting regulatory overreach, championing Bitcoin

January 10, 2025 Coin Telegraph

Bitcoin

In an interview with Cointelegraph, US Senator Ted Cruz discusses Bitcoin’s role in driving small business growth, its potential as a hedge against inflation, and why Texas is becoming a top crypto hub.

In an exclusive interview with Cointelegraph, US Senator Ted Cruz shared his vision for Bitcoin, the broader crypto industry, and the future of his home state of Texas.

As a self-proclaimed Bitcoin (BTC) miner, Cruz emphasized the potential of BTC to empower small businesses, drive innovation and serve as a hedge against inflation.

Despite his optimism for the future of BTC and crypto mining, Cruz warned against hasty government regulations, stressing the need for Congress to better understand before overreaching with regulatory actions.

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Bybit exchange suspends services in India due to regulatory pressure

January 10, 2025 Coin Telegraph

bitcoin regulation

Bybit will continue honoring user withdrawal requests despite temporarily halting other services.

Bybit, a global crypto exchange, announced a temporary suspension of its crypto trading services in India, citing regulatory developments.

Starting Jan. 12 at 8:00 am UTC, Bybit will restrict several services, including cryptocurrency trading, account openings and placing orders through other exchange products.

Bybit attributed the decision to its goal of operating in “full compliance with all applicable rules and regulations,” the exchange stated in a Jan. 10 announcement, adding:

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Top crypto adopters in 2025: Institutions, retail, low-income countries

January 8, 2025 Coin Telegraph

bitcoin adoption

Cryptocurrency holders worldwide are poised to reach a new all-time high in 2025, the CEO of Chainalysis told Cointelegraph.

The global cryptocurrency industry is poised for another year of growing mainstream and institutional recognition in 2025, thanks to increasing regulatory clarity and soaring crypto valuations.

Crypto investor optimism is rising following the record-breaking year of 2024 when Bitcoin (BTC) price rose to an all-time high of $108,300 on Dec. 17, over a month after Donald Trump’s victory in the United States presidential election.

With expectations of more regulatory clarity associated with Trump’s incoming administration, the crypto industry could be set for another year of milestones, including more institutional adoption and a new high in global crypto investors, industry experts told Cointelegraph.

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‘75% of Ripple’s open roles are now US-based’ — CEO Brad Garlinghouse

January 5, 2025 Coin Telegraph

Brad Garlinghouse

"This is even more personal after Gensler's SEC effectively froze our business opportunities here at home for years," the CEO wrote.

Ripple CEO Brad Garlinghouse announced that 75% of Ripple Labs' job openings are now based in the United States, and the company has closed more deals and partnerships in the US following the November 2024 election than in the previous six months.

Garlinghouse attributed the changes to the incoming Trump administration and Donald Trump's pro-crypto rhetoric. The CEO wrote in a Jan. 5 X post:

Industry executives, investors, and developers have all expressed optimism about the potential for crypto to flourish under the incoming Trump administration, with the expectation of a friendlier regulatory climate.

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Crypto’s comeback: Triumph over turmoil in 2024

December 29, 2024 Coin Telegraph

Binance litigation

Bitcoin crossed $100K, marking a bullish year. Still, legal battles, regulatory crackdowns and poor decisions tested the industry.

The crypto industry experienced a remarkable resurgence in 2024, fueled by a Bitcoin bull run that pushed BTC’s market price above $100,000, restoring investor confidence and delivering substantial returns across the crypto market.

Amid the numerous significant milestones achieved throughout the year, it is easy to overlook the major challenges that industry players and investors faced and successfully navigated.

The cryptocurrency industry has demonstrated consistent resilience over the years, meeting challenges such as bad actors, ecosystem collapses, bear markets, legal disputes and geopolitical uncertainties. This adaptability positions the industry for continued evolution and potential disruptions in the future.

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Blockchain Association sues IRS over crypto broker rules

December 28, 2024 Coin Telegraph

Blockchain Association

The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.

The Blockchain Association is pushing back against the latest cryptocurrency regulatory move of the United States Internal Revenue Service (IRS) with a joint lawsuit.

On Dec. 27, the IRS issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms, such as decentralized exchanges (DEXs).

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

Crypto regulation