Crypto Compass by BitcoinWalletSG #98

Hello Fam,

With the upcoming inauguration of a crypto-friendly administration, the digital asset space is abuzz with optimism. Under President Trump’s leadership, policies aimed at fostering innovation in blockchain and digital assets are expected to take center stage. From strategic initiatives like a potential national Bitcoin reserve to appointing crypto-savvy leaders in key regulatory roles, the shift signals a new era for the industry. As regulatory clarity unfolds, markets are poised for accelerated adoption, fueling excitement across the crypto ecosystem. The question now is: how will this pro-crypto stance shape the future of digital finance?

Gary Gensler Announces Departure as SEC Chair

SEC Chair Gary Gensler will step down on January 20, 2025, ending a tenure marked by a crackdown on the crypto industry. During his leadership since 2021, Gensler championed investor protections and central clearing reforms while labeling most cryptocurrencies as securities. His actions led to high-profile enforcement cases against firms like Coinbase and Binance. While Gensler touted his efforts as necessary for market integrity, critics argued the SEC's outdated frameworks made compliance unattainable for crypto firms. His departure aligns with President-elect Donald Trump's vow to replace him with a more crypto-friendly successor.

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Trump Taps Crypto Advocate Scott Bessent for Treasury Secretary

President-elect Donald Trump has nominated Scott Bessent, a crypto enthusiast and hedge fund manager, as his Treasury Secretary pick. Known for his macro-investing prowess and ties to George Soros' historic currency trade, Bessent has expressed strong support for the cryptocurrency industry, aligning it with the Republican ethos of freedom and innovation. If confirmed, Bessent will bring a pro-crypto stance to the U.S. Treasury, signaling potential shifts in financial policy favoring digital assets under the Trump administration.

Pump.fun Faces Backlash Over Harmful Livestream Content

Decentralized platform Pump.fun is under scrutiny after users reportedly broadcast harmful and violent acts through its livestream feature. Reports include alarming incidents of threats, self-harm, and violence linked to memecoin performance. Community members have urged the platform to shut down or implement stricter moderation for livestreams. In response, Pump.fun’s pseudonymous leader, Alon, defended the platform’s moderation efforts but has yet to commit to additional safeguards, prompting calls for greater transparency and immediate action.

Happenings of the week

• Cantor Fitzgerald to Launch $2B Bitcoin Lending Program with Tether

• Ethereum Touches $3,500, Reaching Four-Month High

• Solana’s monthly DEX volume surpasses $100 billion for the first time

• Coinbase Sponsors Another NBA Team With LA Clippers Deal

MicroStrategy Boosts Bitcoin Holdings as BTC Nears $100K

MicroStrategy purchased an additional 55,000 bitcoins last week for $5.4 billion at an average price of $97,862 per BTC. This brings the company's total holdings to 386,700 bitcoins, acquired at an average price of $56,761 per token. While MicroStrategy's stock has surged over 515% year-to-date, short seller Citron Research has raised concerns about its valuation. Meanwhile, Wall Street analysts remain optimistic, with price targets for MicroStrategy stock reaching as high as $640 amid Bitcoin's approach to the $100,000 milestone.

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