Trump Team Mulls First-Ever White House 'Crypto Czar' Role, Vetting Candidates

Trump

White House

Crypto

Bloomberg

Donald Trump

President-elect Donald Trump's team is considering establishing the first-ever White House position solely dedicated to cryptocurrency policy, according to people familiar with the discussions. The team is holding discussions with the digital asset industry about the potential role, which could be referred to as a "crypto czar." Aides are reportedly vetting candidates for the position, though it remains unclear whether it will be a senior staff role. The position would coordinate policies among federal agencies and engage with industry stakeholders to address issues in the digital asset sector. Advocates are urging for direct access to Trump. The initiative underscores the influence the burgeoning cryptocurrency industry may wield in the incoming administration.

Regulation

Politics

MicroStrategy Enters Top 100 as Stock Surges on $2.6B Zero-Interest Bond and 331,200 BTC Holdings

MSTR

MicroStrategy

Bitcoin

Michael Saylor

NVDA

America

United States

U.S.

TSLA

Tesla

Nvidia

MicroStrategy accelerated its Bitcoin purchases in 2024, acquiring 331,200 BTC at an average price of $88,627 per coin, becoming the largest institutional holder of the digital asset. To fund these acquisitions, the company raised $2.6 billion through a zero-percent convertible bond offering due 2029 with a 55% conversion premium, up from the initial offering of $1.75 billion due to high demand. This aggressive Bitcoin acquisition strategy has led to MicroStrategy's stock price surging over 600% year-to-date and 27 times over the past two years, reaching over $500 per share, and its market capitalization exceeding $100 billion, making it one of the top 100 US publicly traded companies. MicroStrategy is now the most traded stock in the US, surpassing Tesla and Nvidia in trading volume. The company's market cap is trading at approximately three times the value of its Bitcoin holdings, which now total around $30 billion, representing about 1.7% of the circulating supply.

Stocks

Markets

Business

Justin Sun Buys Cattelan's Banana Duct-Taped to Wall for $6.2 Million at Sotheby's

Sotheby

New York

Maurizio Cattelan

Rare Bananas

BANANAS

Banana

Comedian

Justin Sun

Italian artist Maurizio Cattelan's artwork "Comedian," a banana duct-taped to a wall, sold for $6.2 million at a Sotheby's auction in New York on Wednesday. Initially estimated to sell for $1 million to $1.5 million, the piece exceeded expectations after ten minutes of bidding. The artwork requires the owner to replace the banana when it rots. It first gained notoriety at Art Basel Miami Beach in 2019. The buyer, crypto entrepreneur Justin Sun, is known for acquiring high-value art and NFTs. Auctioneer Oliver Barker referred to it as "the world's most expensive banana." The transaction has sparked renewed discussions about the value of conceptual art in the contemporary market.

Celebrities

Culture

FTX Co-Founder Gary Wang Avoids Prison Time, Sentenced to 'Time Served' After Cooperation in FTX Fraud Case

Heather Morgan

Razzlekhan

Bitfinex

Gary Wang

GaryWang

Wang

Sam Bankman

GARY

City Press

BANKMAN

Fried

Sam Bankman-Fried

Alameda

Gary Wang, co-founder of the now-defunct cryptocurrency exchange FTX, was sentenced to 'time served' on November 20, 2024, avoiding prison time for his role in the multibillion-dollar fraud at the exchange. Wang had pleaded guilty to fraud charges in December 2022 following the collapse of FTX. His extensive cooperation with U.S. prosecutors, including testifying at Sam Bankman-Fried's criminal trial, was credited by both prosecutors and the judge. Wang was instrumental in creating the software code that allowed Alameda Research, another company linked to FTX, to divert customer funds through programming 'back doors' that enabled Sam Bankman-Fried to loot the bankrupt crypto exchange. This cooperation led to a lenient sentence, with Wang receiving no additional jail time despite his significant role in one of the largest financial frauds in U.S. history, involving the theft of approximately $8 billion from customers.

Bitcoin Surpasses $95,000, Becomes 7th Largest Asset Amid Fidelity and BlackRock Buying

Bitcoin has surged to a new all-time high, surpassing $95,000 on November 21, 2024, marking a significant milestone in the cryptocurrency markets. Prior to this, Bitcoin had breached $93,750, continuing its upward momentum towards the $100,000 mark. The price increase is accompanied by substantial institutional investment, with Fidelity's (FBTC) daily Bitcoin flows increasing by $254.2 million and $134.5 million on consecutive days, according to Bloomberg. Fidelity also reportedly purchased 1,415 Bitcoins, signaling strong institutional demand. BlackRock's (IBIT) daily Bitcoin flows rose by $213.5 million. Additionally, Bitcoin has reportedly become the 7th largest asset globally by market capitalization. Hong Kong's Bitcoin ETFs have increased their holdings as of November 20, 2024.

Bitcoin Surges 3% to Record $97,018, Nears $100,000 Milestone

BITCOIN

On November 21, 2024, Bitcoin surged to a new all-time high, surpassing $97,000. The cryptocurrency reached $97,018, increasing by nearly 3% ($2,641) in a matter of hours. Multiple exchanges confirmed the milestone as Bitcoin continues its rapid ascent toward the $100,000 mark, now just $3,000 away. Earlier in the day, Bitcoin broke through previous records by surpassing $95,000, $96,000, $96,500, and $96,600, highlighting its strong upward momentum in the market.

Trump Considers Former Secret Service Agent Dan Bongino for Director Role

Dan Bongino

President-elect Donald Trump is reportedly considering Dan Bongino, a former Secret Service agent with over a decade of experience, for the position of U.S. Secret Service Director. Multiple sources, including CNN, have confirmed that Bongino is being evaluated for this role as part of Trump's transition team. In addition to this consideration, the Trump team is also contemplating the establishment of a new White House position focused on cryptocurrency, indicating a potential shift in the administration's approach to digital finance.

SEC Approves $4.6M Distribution to BitClave Investors; Checks Are in the Mail Plus Interest

BitClave

The U.S. Securities and Exchange Commission (SEC) has approved the distribution of over $4.6 million to investors affected by the unregistered initial coin offering (ICO) of digital asset securities by BitClave, PTE Ltd. This distribution comes from the BitClave Fair Fund, which aims to compensate those harmed by the defunct cryptocurrency startup. Eligible investors will receive their share of the funds, which also includes interest, following a notice and claims process initiated by the SEC. The checks are reportedly already being mailed out to the investors.

U.S. Treasury Finalizes Outbound Investment Restrictions in China, Hong Kong, and Macau; SEC Approves $4.6M for BitClave Investors

China

The U.S. Treasury has finalized new regulations restricting outbound investments in China, including Hong Kong and Macau. This move is part of the broader Outbound Investment Security Program aimed at enhancing national security. The regulations were highlighted by the Committee on Foreign Investment in the U.S., which noted increased enforcement and active rulemaking for 2024. Additionally, the Securities and Exchange Commission (SEC) announced the approval of a $4.6 million distribution to investors affected by BitClave, a cryptocurrency project. This distribution is intended to compensate those who suffered losses due to the project's issues.

Bitwise Registers Solana ETF in Delaware, Confirmed by Multiple Sources

Bitwise

SOLANA

Delaware

Solana ETF

Solana

Bitwise has officially registered a Solana ETF in Delaware, according to state department filings. The registration has been confirmed by multiple sources, including Bitwise itself and various cryptocurrency news outlets. While details regarding the legitimacy of the registration remain unclear, the filing marks a significant step for Bitwise in the cryptocurrency investment space. The announcement has generated considerable interest among investors and analysts, as ETFs related to cryptocurrencies continue to gain traction in the market.

Nebula AI Launches for Blockchain Interactions Using Natural Language on 2,500+ EVM Chains

Nebula

The launch of Nebula, a specialized AI designed for blockchain interactions, was announced recently. Developed by a team focused on creating autonomous agents, Nebula can read and write to every Ethereum Virtual Machine (EVM) chain using natural language. This capability allows AI agents to programmatically transact value, create and deploy smart contracts, and access comprehensive blockchain data. The underlying technology, known as t1, is built on a proprietary blockchain model that supports billions of transactions and millions of smart contracts across over 2,500 EVM chains. The introduction of Nebula is seen as a significant advancement in integrating AI with blockchain technology, promising to enhance user engagement and streamline interactions within decentralized ecosystems.

Blockchains

AI Products

Trump Considers 'Bitcoin Bill' Hagerty for Treasury Secretary

Bill Hagerty

Japan

Treasury

Hagerty

Former President Donald Trump is reportedly considering Senator Bill Hagerty (R-TN) for the position of Treasury Secretary. Hagerty, who was previously Trump's ambassador to Japan and a private equity investor, is among the finalists for the role, alongside former Federal Reserve Governor Kevin Warsh and Apollo CEO Marc Rowan. Known for his support of cryptocurrency and innovation, Hagerty has been described as a champion for these sectors, potentially bringing a pro-innovation mindset to the Treasury Department. His selection would align with Trump's and the MAGA agenda.

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