Seeds of Wisdom RV and Economic Updates Monday Afternoon 1-20-25
Good Afternoon Dinar Recaps,
INCOMING PRESIDENT TRUMP SHOWS SUPPORT FOR INNOVATION, BUT MAKES NO MENTION OF CRYPTO DURING INAUGURATION SPEECH
During his campaign, Trump drummed up support from top executives, among others, in the crypto industry looking for a change in the U.S. regulatory environment.
Trump is also set to issue crypto-related executive orders.
In his return to Washington D.C. on Monday, Donald Trump touted his support for innovation, though did not specifically mention crypto during his inauguration speech on Monday.
“There’s no nation like our nation,” Trump said. “Americans are explorers, builders, innovators, entrepreneurs and pioneers. The spirit of the frontier is written into our hearts."
However, Trump did not mention crypto in a document titled "President Trump's America First Priorities" in an email sent out by the office of the press secretary. Punchbowl News earlier released the document.
During his campaign, Trump drummed up support from top executives, among others, in the crypto industry looking for a change in the U.S. regulatory environment.
Trump made several promises to the sector, including promising to commute Ross Ulbrucht's sentence, who is currently serving a life sentence without the possibility of parole for his role in creating and operating the dark web marketplace Silk Road, tied to bitcoin's early history.
Trump also vowed to stop "Joe Biden's crusade to crush crypto" by ensuring the future of crypto will not be "driven overseas," supporting the right to self-custody and preventing the development of a central bank digital currency.
Some Republican lawmakers have been staunchly opposed to a CBDC and say a CBDC could open the door to government surveillance of peoples' transactions.
Trump is reportedly poised to issue executive orders on his first day that could include creating a crypto council and ensuring that firms have access to banks, according to Reuters. The Washington Post reported last week that Trump could also issue executive orders that encompass repealing the U.S. Securities and Exchange Commission's controversial crypto accounting guidance, SAB 121.
A potential crypto council could have anywhere between 10 to 100 members. Those members will presumably be crypto executives, but those decisions will be up to the firms to pick who will represent them in the council, said Ron Hammond, senior director of government relations at the Blockchain Association, in an interview with The Block last week.
Trump also plans to issue an executive order to set cryptocurrency as a national policy priority, Bloomberg reported last week, citing sources familiar with the matter.
Days before his inauguration, Trump's team launched the TRUMP token on the Solana blockchain which reached a market cap of over $9 billion. Trump has also previously thrown his support behind the debut of World Liberty Financial, a DeFi protocol that counts former that counts the President-elect as its "chief crypto advocate." That project was criticized by some crypto pundits who called it "a meme masquerading as a utility project."
@ Newshounds News™
Source: The Block
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OVER $200B WIPED FROM CRYPTO MARKETS AFTER TRUMP IGNORES CRYPTO IN CEREMONY SPEECH
The total crypto market cap dumped toward $3.6 trillion.
Donald Trump’s highly anticipated inauguration ceremony officially took place, and he is now the 47th US president.
Despite the numerous reports ahead of time about potentially including crypto in his speech, Trump failed to mention it even once, which triggered a massive crash for the entire market.
Just as the inauguration began, BTC’s price tumbled by over five grand, going from more than $107,000 to under $102,000 in minutes.
However, it managed to recover some ground and spiked to $105,000 during the speech. However, once that concluded and it became evident that Trump will not mention the digital asset industry at all, BTC and the rest of the market headed south immediately.
BTC’s nosedive took it south to $100,500 (for now). Many altcoins bled even more heavily, including Trump’s official meme coin. The recently launched asset is down by over 20% in the past hour alone and now struggles to remain above $40. Recall that it peaked above $70 earlier today but has faced a lot of competition and criticism following the launch of Melania Trump’s alternative.
Other massive losers include SPX, FARTCOIN, HBAR, WIF, LINK, AAVE, WLD, TIA, BONK, and more, as all of them have dropped by more than 6% in the last hour.
The total crypto market cap went from a daily high of over $3.850 trillion to $3.6 trillion during the crash.
The wrecked positions have shot up to nearly $200 million within that same timeframe. Almost 400,000 traders have been liquidated on a daily scale, according to data from CoinGlass.
@ Newshounds News™
Source: Crypto Potato
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US CBDC ‘IS DEAD’ UNDER TRUMP, BUT STABLECOINS COULD BE SET TO EXPLODE
President Donald Trump has promised to “never allow” a CBDC in the United States, but stablecoin adoption is well on its way.
Now that US President Donald Trump has taken his oath of office, the chances for a US central bank digital currency (CBDC) are all but finished.
Trump has been a vocal opponent of CBDCs, promising on the campaign trail in New Hampshire in 2024 that he would “never allow the creation of a central bank digital currency,” as he claimed it would give the government “absolute control over your money.”
Trump made the promise early on in the campaign, back in January 2024, but there’s little to suggest that the president has changed his mind. Top picks for Trump’s Cabinet and prominent members of the Republican-controlled Congress have also vocally opposed a CBDC.
However, US lawmakers are still focused on proliferating digital currencies. In the absence of a digital dollar and with significant bipartisan support, stablecoin adoption could see significant growth under the incoming administration.
CBDCs are dead; long live the stablecoin
“CBDC in the US is dead under Trump,” Geoff Kendrick, global head of digital assets research at Standard Chartered, told Cointelegraph. “Instead, they’re going down the private stablecoin route, and the Fed has no control over that.”
Indeed, stablecoin legislation is already making its way through the system. In the House of Representatives, Rep. Patrick McHenry introduced the Clarity for Payment Stablecoins Act of 2023, while in the Senate, Wyoming Republican Senator Cynthia Lummis and New York Democratic Senator Kirsten Gillibrand submitted the Lummis-Gillibrand Payment Stablecoin Act.
These bills would provide regulatory guardrails that the industry has been saying it needs in order to succeed.
Some have suggested the industry could see new stablecoin regulations soon, as it would be a quick win for representatives on both sides of the aisle, who will need to defend their seats again in 2026.
Kendrick said, “I think, under Trump, you’ll get passage in the next few months of a stablecoin bill that creates regulation. You’ll then probably get more TradFi players issuing stablecoins in the US [...] and you’ll also get more surety behind the two largest stablecoins, Tether and USDC.”
The pivot to private stablecoins can be explained by two important factors: the clear privacy concerns surrounding CBDCs and the fact that central banks are having a hard time convincing the public of their benefits.
CBDCs raise concerns about privacy and government oversight
Reuters and The Washington Post have reported that the Trump administration is planning mass dismissals of federal employees, paving the way for them to be replaced by appointees loyal to the administration.
Administration spokesperson Brian Hughes told Reuters, “The Trump Administration will have a place for people serving in government who are committed to defending the rights of the American people, putting America first, and ensuring the best use of working men and women’s tax dollars.”
This rhetoric fits into the wider Republican skepticism of government involvement in the financial industry and the desire to deregulate that industry broadly. It comes as no surprise then that CBDCs, which are already a subject of public privacy concerns, should be a target.
John Kiff, a digital currency expert and former senior financial sector expert at the International Monetary Fund, told Cointelegraph that users “want cash-like anonymity and privacy, but central banks are reluctant to offer that as they bend the knee to financial integrity laws and regulations” like Anti-Money Laundering and Countering the Financing of Terrorism laws.
Kiff said, “Purported benefits are related to such things as increasing financial inclusion and reducing the costs to users and merchants of transactions.”
Trump himself suggested that, with a CBDC, the government “could take your money, and you wouldn’t even know it was gone.”
@ Newshounds News™
Read more: CoinTelegraph
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LIVE: THE INAUGURATION OF DONALD J. TRUMP AS THE 47TH PRESIDENT OF THE UNITED STATES 1/20/25
If you missed the Inauguration Ceremony today, you can still watch it on the Rumble link here from Right Side Broadcasting Network.
@ Newshounds News™
Source: Rumble
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