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More from the #idiocracy:
#Trump announced the names of 3 #cryptocurrencies to be included in a new US #crypto strategic reserve on Sunday, spiking the value of each in #market trading.
Trump said on social media that his January #ExecutiveOrder on #DigitalAssets would create a stockpile of currencies including XRP (#Ripple), SOL (#Solana), & ADA (#Cardano).
The assets rose 10% to 35% in trading on Sunday. Other digital assets also gained.
#economy #finance #USpol
https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/
#Trump won significant financial support from the #crypto industry in his 2024 election bid, & he has quickly moved to back their policy priorities. Under his Democratic predecessor, Joe #Biden, #regulators cracked down on the industry in a bid to protect Americans from #fraud & #MoneyLaundering.
#Cryptocurrencies were riding high, after #Trump announced that he would create a national #crypto reserve w/ 5 tokens, including 3 lesser-known & highly volatile ones.
It’s the latest boost Trump has given the crypto industry, which spent ~$130M backing him & other #Republicans. But the news drew criticism, including from conservatives & even ardent crypto backers, over many concerns: giveaways to a #wealthy community, delegitimizing digital currency industry & more.
Staff members at the #SEC have “agreed in principle” to drop their lawsuit against the #cryptocurrency exchange #Kraken, signaling a “turning point” for US #crypto #regulation under the #Trump admin, the company announced Mon.
The financial regulator has in recent weeks dismissed or paused several cases against crypto platforms, including #Robinhood’s crypto unit, as the Trump admin has signaled its intent to take a friendlier approach to the industry.
#law #criminal
https://www.washingtonpost.com/business/2025/03/03/sec-kraken-lawsuit-crypto-exchange/
The #SEC agreed to dismiss the #Kraken case w/ prejudice — meaning it CANNOT be reopened — w/ NO imposition of penalties by the SEC & NO admission of wrongdoing by Kraken, the company said. This marks a turnaround from 2023, when the SEC charged the company w/acting as an unregistered securities exchange, broker, dealer & clearing agency.
In its statement, Kraken said it appreciated the “new leadership” at the #WhiteHouse & the #SEC [a formerly #independent agency] & credited them w/the case’s dismissal.
“It ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation & investment, & clears the path toward a stable, forward-thinking regulatory regime,” the company said.