Solana’s SOL token erupted this weekend after the release of a meme coin tied to self-proclaimed ‘crypto president’ Donald Trump. According to data by Coingecko, SOL has increased by more than 16% in the past twenty-four hours, even as Ether plunged by 7%. Earlier, Solana’s gains had hit an intraday high of nearly 23%, making it the most profitable day for the token since this year started. Meme coin mania ignites Solana’s rocket Late Friday night, Trump announced on Truth Social that he was launching a meme coin called Official Trump (TRUMP) on the Solana blockchain and that instantly shook up the market. The token quickly hit $6 billion in trading volume. The entire crypto community is partying like it’s 1999, especially since the launch came hours after Gary Gensler, crypto’s public enemy #1, officially resigned. Meanwhile, Solana has always been pitched as a “faster, cheaper,” alternative to Ethereum. The blockchain hosts a wide range of DeFi projects, and since last year, it has become the meme coin capital of the world. PEPE, WIF, PENGU, and MOTHER are just a few of the meme coins that have now made Solana invaluable to the industry. But TRUMP is different. See, just twelve hours after launch, it became the largest meme coin on Solana. SOL has already risen 25% this year, after posting an 85% gain in 2024. Bitwise, VanEck, 21Shares, and Canary have all submitted applications to launch exchange-traded funds (ETFs) based on SOL, with a decision deadline set for January 25. And ProShares filed late Friday for four different ETFs tied to Solana. The Trump era A report from Bloomberg said Trump is preparing to deliver on a campaign promise to establish a crypto advisory council along with a strategic national reserve. But Wall Street isn’t entirely sold yet. JPMorgan analysts warn that while a pro-crypto White House and Congress is great and all, policy changes will likely take time to actually materialize. During the Biden administration, crypto projects dealt with so many SEC lawsuits and what many have called “banking discrimination” or “Operation Choke Point 2.0.” Bitcoin, on the other hand, remained in a consolidation phase since late December, after Federal Reserve Chair Jerome Powell’s inflation warnings eased following cooler-than-expected December reports. But Bitcoin ETFs have seen over $1 billion in inflows in just two days. JPMorgan said, “We don’t see a next wave of cryptocurrency [exchange-traded product] launches as being meaningful for the crypto ecosystem given much smaller market capitalization of other tokens and far lower investor interest.” A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
At the end of 2024, the cryptocurrency industry was projected to undergo a complete transition, especially in relation to traditional finance. And with the imminent inauguration of crypto-friendly Donald Trump , the US regulatory landscape is expected to become a tad more favorable for the industry. Interestingly, asset managers are not waiting till power changes hands before taking advantage of the shift, as they sent in a flurry of applications for crypto-related exchange-traded funds (ETFs) this week. Here’s an overview of the latest ETF applications related to digital assets. Crypto ETFs Take Center Stage On Friday, January 17, various asset management firms filed applications for at least half a dozen crypto exchange-traded funds with the United States Securities and Exchange Commission (SEC). Most notably, asset manager ProShares applied for leveraged & inverse XRP and Solana ETFs. For context, a leveraged exchange-traded fund is designed to amplify the performance of its underlying asset (XRP, in this case). Meanwhile, an inverse ETF offers exposure to the opposite performance of an asset. ProShares also filed for XRP and Solana futures exchange-traded funds with the SEC. These investment products offer investors exposure to XRP’s and Solana’s price movements through futures contracts (agreements to buy or sell an asset at a predetermined price in the future). According to Nate Geraci, Valkyrie also applied for CoinShares Digital Asset ETF, which would provide exposure to the 10 largest digital assets by market capitalization. Meanwhile, investment firm Tidal submitted a filing for Oasis Capital Digital Asset Debt Strategy ETF, which would invest in the debt of companies involved in digital asset-related activities. This latest flurry of ETF filings comes on the back of applications from Canary Capital and VanEck. On Thursday, January 16, Canary submitted an amended S-1 form for the Litecoin ETF. Meanwhile, asset manager Van Eck had also earlier filed for an “Onchain Economy” exchange-traded fund on Wednesday, January 15. According to the filing, the ETF will invest in companies across the crypto industry. 2025 Taking Shape? 2025 was always expected to usher in a wave of new crypto-related exchange-traded funds, and it has kicked just as anticipated. With SEC chairman Gary Gensler expected to leave office on January 20, the more crypto-friendly Paul Atkins has been nominated to take over. The former SEC Commissioner who served under President George W. Bush has built a reputation for advocating less stringent regulations on financial markets. These incoming shifts in the regulatory landscape are anticipated to set the stage for more institutional adoption in 2025 .
With Gary Gensler’s impending resignation as SEC chair, the crypto market has reacted with an uptick of ETF filings against his expected regime change. ETF Filings on Overdrive Before Gensler’s Demise Crypto companies have been flooding the commission with exchange-traded fund proposals in recent weeks, and with Gary Gensler’s final day as SEC chair on Jan. 20, hopes are high among crypto firms for a new beginning: at least four new filings emerged on Jan. 17. ProShares , one of the pioneers of the first Bitcoin-linked ETF, filed for a Solana Futures ETF. It would provide investors with access to Solana’s price movements through future contracts. Industry players such as James Seyffart, ETF analyst, do not see it becoming a short-term reality, citing the dearth of large, liquid Solana futures markets. Major Players Join the Filing Frenzy Digital asset manager CoinShares filed an application for its “CoinShares Digital Asset ETF” to track its proprietary Compass Crypto Market Index. ProShares also filed for leveraged, inverse and futures ETFs linked to XRP, while other firms including Bitwise, 21Shares and WisdomTree submitted spot XRP ETF proposals. Tidal DeFi, meanwhile, pitched its Oasis Capital Digital Asset Debt Strategy ETF, which will also invest in debt but related to companies within the crypto ecosystem . VanEck filed an “Onchain Economy” ETF that has a wider mandate to include more crypto-related businesses. Industry Reactions to Gensler’s Exit Gensler’s term, which began in April 2021, marked an unusually aggressive period in regulatory policy, with lawsuits filed against giants such as Coinbase and Binance. His departure foreshadows potential policy shifts, hence the current ETF filing frenzy. Eric Balchunas, Senior ETF Analyst, had this to say about events: “Gensler wasn’t even out of the building for five minutes, and the ETF industry unleashed a massive crypto filing frenzy.” The spate of filings underscores the crypto sector’s anticipation of a regulatory pivot that could pave the way for broader ETF approvals in the near future.
United States president-elect Donald Trump has come under scrutiny from a section of the cryptocurrency community after surprisingly launching his Official Trump (TRUMP) meme coin on the Solana ( SOL ) network. On January 17, Trump stated through his Truth Social account that the meme coin’s launch was to celebrate ‘winning.’ The announcement initially sparked speculation that his account might have been hacked, further fueling interest before it became clear Trump had officially become the first U.S. president to unveil a meme coin. The token has experienced explosive growth, surging over 12,000% since its launch. As of press time, TRUMP was valued at $29 after reaching an all-time high of nearly $35 and achieving a market cap of $5.98 billion. TRUMP meme coin all-time price chart. Source: CoinMartketCap Meme coins often draw criticism for their lack of utility, and Trump’s cryptocurrency is no exception. Critics argue the coin exploits his political position for financial gain. Trump slammed for meme coin launch During his campaign, Trump pledged to make the U.S. a cryptocurrency hub and even proposed the creation of a Bitcoin ( BTC ) strategic reserve. However, some believe the launch of TRUMP undermines these promises and raises ethical questions. One notable critic is popular YouTuber Stephen Findeisen, a.k.a. Coffeezilla, who questioned the timing and structure of the coin’s distribution. In an X post on January 18, Coffeezilla termed the token unethical to introduce such a project just hours before Trump’s inauguration. He speculated that forthcoming regulators might shield the project from legal repercussions, labeling the move “nasty work.” Coffeezilla also expressed concerns about 80% of the token supply being reserved for insiders, potentially leading to significant losses for less informed supporters. > dropping TRUMP memecoin 2 days before becoming president is nasty work > new SEC/DOJ guarantees no prosecution > 80% of tokens vest to insiders DURING the presidency > most ppl losing money will be MAGA who aren't crypto native > *should* be a crime but crime is legal now ig? — Coffeezilla (@coffeebreak_YT) January 18, 2025 Similarly, crypto commentator Brian Krassenstein, initially skeptical about the coin’s legitimacy, urged Bitcoin supporters backing Trump to reconsider. He pointed to accusations of insider trading and rapid wealth accumulation from the token, calling it “peak grift and cronyism.” “If your goal is to unite the country around Bitcoin this is the exact opposite of what you should want. Trump has allegedly tripled his net worth in just hours. This comes two days before inauguration while he and his inner circle reportedly control 80% of a $20 BILLION COIN. If this isn’t peak grift and cronyism, I don’t know what is,” he said. Economist Peter Schiff, a well-known cryptocurrency critic, mocked the sudden rise of the coin’s market cap compared to Bitcoin. Sarcastically, he suggested creating a “strategic reserve” for TRUMP tokens. Meanwhile, Anthony Scaramucci, a former Trump aide, dismissed the project as “corruption,” describing the frenzy around the coin as harmful to the broader crypto industry. The Trump meme coin stuff is bad for the industry. Don’t delude yourself. It’s Idi Amin level corruption. — Anthony Scaramucci (@Scaramucci) January 18, 2025 Intrigues around TRUMP launch The token’s meteoric rise has significantly rewarded early investors . For example, one trader reportedly turned $50,000 into nearly $1.1 million within two hours. For perspective, an analysis by The Kobeissi Letter noted that $100 invested in the S&P 500 in 1994 would be worth $2,250 today, a 2,150% return over three decades. By comparison, TRUMP delivered an extraordinary 4,000% return in less than four hours. 30-year stock market returns. Source: The Kobeissi Letter Only 20% of the maximum TRUMP supply—200 million coins—is circulating in the market. The remaining 800 million coins will be gradually released over the next 36 months. It is widely believed that Trump himself controls this 80% reserve. TRUMP token distribution by group. Source: The Kobeissi Letter Skeptics warn that this influx of supply could eventually crash the coin’s value, potentially driving it to zero. On the other hand, proponents argue that the gradual emission schedule will help balance supply and demand, stabilizing the price over time. In summary, the rollout of the TRUMP meme coin cements the recent frenzy around such tokens and has often capitalized on social media hype and major events. While some investors have reaped massive profits, concerns persist over insider trading and the legitimacy of similar projects. Featured image via Shutterstock The post Trump slammed for ‘nasty work’ after launching meme coin 2 days to inauguration appeared first on Finbold .
Police have seized £28 million (US$34 million) in assets from an international Bitcoin fraud gang that exploited a glitch in an Australian cryptocurrency trading website. As per the report by the Lancashire Telegraph , the investigation centered around James Parker from Blackpool, who identified the vulnerability in 2017. Over three months, Parker and his associates stole more than £20 million in credits through the security flaw. The scheme’s proceeds were laundered with help from Stephen Boys of Clayton-le-Moors, who earned the nickname “Rodney” from “Only Fools and Horses.” The investigation revealed extravagant spending, including £5,000 gift cards distributed on streets and cars purchased for random pub acquaintances. Boys admitted to carrying £1 million in cash to buy a villa from Russians and paying £60,000 to corrupt officials to continue money laundering operations. You might also like: NFT sales enjoy modest bump to $164.3m, Azuki dethrones Pudgy Penguins with 268% surge Police recovered 445 Bitcoin ( BTC ) worth £22 million at the time, along with luxury watches, houses, cars, and designer goods, including a £600 wine cooler. More than £1 million was found in various bank accounts. The assets seized from individual members included: £11.5 million from Boys £8 million from Parker’s estate £8 million from Kelly Caton £4 million from Jordan Robinson £1,100 from James Austin-Beddoes Parker died in 2021 before prosecution, but his co-conspirators received sentences in January 2023. Boys, 61, was jailed for six years for money laundering. Robinson, 26, received multiple sentences totaling eight and a half years, while Caton, 47, received similar terms. Austin Beddoes, 30, received a suspended sentence. The victim has been fully compensated for the £24.5 million loss. Due to Bitcoin’s value increase, the seized assets exceeded the original fraud by £3 million. This surplus will be divided between the Home Office, courts, and Lancashire Police. DS Dave Wainwright from the economic crime unit noted that defendants have three months to comply with court orders or risk an additional 14 years imprisonment. The investigation involved international cooperation with law enforcement in Australia and Finland. Read more: Jamie Dimon says Bitcoin is ‘fraud’, blockchain is the solution, but data shows cash fuels crime
With the current odds at 65%, the likelihood of a Strategic Bitcoin Reserve being created in the United States has greatly soared. The impetus behind this development is the strong advocacy of President-elect Donald Trump for cryptocurrencies and the planned Bitcoin Act. Related Reading: Dogecoin Bulls Eye $3 As Whales Scoop 200 Million DOGE In The Last 2 Days Proponents claim that this initiative might completely change the way the US views Bitcoin, therefore matching it with national security goals. The development of a crypto policy might depend critically in the coming months. Anthony Pompliano, the CEO of Professional Capital Management, presented this development to the public. On Kalshi, an online prediction tool, the American investor saw that the chances of a Strategic Bitcoin Reserve opening in the United States this year jumped to about 65%. Trump Vision For Crypto Becoming Popular One of the main elements driving the rising probability is Trump’s crypto-friendly stance. The core of the Bitcoin Act is the formation of a reserve of 1 million crypto units over a five-year period. Advocates of this initiative assert that its objective is to enhance innovation and economic resilience. Trump’s willingness to embrace blockchain technology has reignited optimism among crypto enthusiasts, who perceive his presidency as an opportunity to integrate digital assets into federal strategies. The odds that a strategic bitcoin reserve will be created this year is now at 65% on Kalshi. That is a 50% increase in the odds over the last few weeks. pic.twitter.com/5UhqyugnYP — Anthony Pompliano 🌪 (@APompliano) January 17, 2025 Lobbying Intensifies For Executive Action Cryptocurrency stakeholders are not anticipating the legislative process to unravel. There has been a significant increase in lobbying efforts to persuade the incoming administration to promptly issue an executive order. Proponents maintain that this kind of reserve would not only enhance economic stability but also act as a statement of global leadership in the realm of digital money. They suggest that a presidential order might minimize bureaucratic delays, therefore accelerating the process of defining the United States’ stance in the crypto ecosystem. Strategic And Financial Motives Strategic as well as financial considerations drive the need for an SBR. Those who support Bitcoin stress its ability to operate as a defense against traditional financial instability. Moreover, the United States runs the risk of lagging behind other countries currently including cryptocurrencies into their national policies. They argue that the creation of a Bitcoin reserve serves not just to stay up with international rivals but also to safeguard the future. Related Reading: Dogecoin Open Interest Spikes To Nearly $5 Billion – Impact On Price A Critical Year For Crypto Policy As 2025 progresses, US policymakers face key decisions that could redefine the role of digital currencies. The success of the Bitcoin Act and similar proposals depends on embracing innovation. The chance of creating a US Strategic Bitcoin Reserve has never been higher. Whether achieved through new laws or executive action, this move could secure Bitcoin’s place in the economy and strengthen the nation’s future strategy. Featured image from Emerce, chart from TradingView
Toncoin price remained under pressure as cryptocurrencies rebounded and as its on-chain data improved. Toncoin ( TON ) was trading at $5.35 on Saturday, down by more than 35% from its highest level last year. It has lagged behind other cryptocurrencies like Bitcoin ( BTC ) and Ripple ( XRP ) which have jumped to a record high this year. On-chain data shows that the TON Blockchain was doing relatively well. According to Ton Stat , the number of daily on-chain wallet activations rose to 185,395 on Friday, the highest increase since Dec. 13. This increase brought the total number of on-chain activated wallets to over 38.8 million. Further, the number of TON tokens burned each day has started rising. They rose to almost 12,000, the highest level since November last year. This burning happened even as the number of minted tokens dropped to 80,800, down from almost 90,000 earlier this year. More data shows that the amount of fees collected in the TON ecosystem has risen to 23,790 TON, the highest gain in almost a month. Therefore, Toncoin price is likely being pressured because of the ongoing performance of its top ecosystem tokens. Some of the most popular tokens like Hamster Kombat, Notcoin, and Catizen have all plunged by double digits. You might also like: Telegram’s Durov: User data may be shared with authorities Toncoin price analysis TON price chart | Source: crypto.news Crypto analysts are broadly bullish on the TON price. In a recent post, Darkfost, an analyst at CryptoQuant noted that its annualized realized volatility has dropped and moved below the 0.25 threshold. He believes that periods of low volatiity are followed by market reversals. Another analyst said that the Normalized Risk Metric was nearing a low-risk period. Like low volatility periods, he believes that these periods of low risks are often followed by big swings in price action. The daily chart shows that Toncoin price is forming a symmetrical triangle. Its upper side connects the highest swings since June 15, while the lower side links the lowest levels since September last year. This triangle started forming after it surged from below $1 to a high of $8.30, pointing to a potential bullish pennant pattern. Therefore, the coin will likely have a bullish breakout in the next few weeks or months. If it happens, the initial target will be its all-time high of $8.30, up by 55% from the current level. You might also like: Hamster Kombat to launch layer-2 chain as HMSTR nears key price
A recent opinion piece in The Nation by TIME Business reporter Sam Gustin tells readers to “Be Afraid.” He’s warning them about cryptocurrency and Donald Trump. In it, the author quotes Nobel Prize-winning economist and Columbia University professor Joseph Stiglitz, saying: “There’s an enormous risk of self-dealing here.” Economist’s Warning About Trump, Cryptocurrency “The danger is not only conflicts of interest, but a mindset among Trump and his cronies in which they don’t even understand the concept of conflicts of interest,” Stiglitz said. “The irony is that here you have a president who was elected on an allegedly ‘populist’ platform engaging in the most massive pro-billionaire, pro-wealth redistribution in US history.” “The result, experts say, will be higher prices, reduced consumer protections, and deeper economic inequality in the United States,” Gustin writes. But is that really true? Is it true that cryptocurrency is transferring the most massive sum of wealth in history from the middle class to billionaires? Bitcoin’s Populist Appeal If anything, crypto’s most die-hard advocates would argue that the traditional finance system, based on credit, redistributes the most to billionaires. Because it constantly revalues debt with cheaper dollars. Billionaires and their companies use the most debt-based instruments. Meanwhile, the ever-expanding money system causes prices to rise steadily. Crypto assets, on the other hand, cause lower prices by rewarding people for saving their money. The easy credit economy does reward businesses with large expense accounts to spend their money. Moreover, the Republican Party’s reckoning with crypto is helping to ensure consumer protections for those who want them. But that doesn’t leave out allowing more freedom for others. Many blockchain users are willing to take the risks that go along with pushing liquid financial markets and the Internet’s capability to their limits. As for economic inequality, it has been a complaint of voters for decades under traditional finance systems. Their benefits only seem to kick in at a certain economy of scale unreachable by most people. But that’s not so with cryptocurrencies like Bitcoin and Ethereum, which have made the profits of market capitalism available to all participants equally at any level of participation. Bitcoin’s price was only $43,000 a year ago. But today, it’s more than twice that amount, trading at $103,000 on Saturday. That represents a gain of over 130% returns on investment for crypto buyers who purchased Bitcoin last January. The post What Are Bitcoin’s Critics Really Afraid of? appeared first on CryptoPotato .
The U.S. Securities and Exchange Commission (SEC) is hitting venture capitalist firm Digital Currency Group (DCG) and a former executive of Genesis with a multimillion-dollar fine, claiming they misled investors. The regulatory agency says it’s slapping DCG and Soichiro “Michael” Moro – the former chief executive of crypto lending firm Genesis, a subsidiary of DCG – with a combined fine of $38.5 million for misleading investors about Genesis’ financial stability. According to the SEC, DCG and Moro allegedly lied about the financial health of Genesis when a borrower of theirs, Three Arrows Capital (3AC), defaulted on a massive margin call in June of 2022. The SEC says both Moro and DCG heavily downplayed the impact of the default, which was about a $1 billion loss. Furthermore, Moro was found to make false or misleading statements on his Twitter account, characterizing the firm’s balance sheet as strong and claiming that Genesis had “adequate capital to operate” after falsely claiming to have entered into a deal with DCG. As stated by the regulatory body in its court filings, “In mid-June 2022, a large borrower defaulted on a margin call, which compromised [Genesis’] business. Yet, Digital Currency Group negligently engaged in conduct that misleadingly downplayed the impact of that default and overstated what Digital Currency Group did to help [Genesis] in the aftermath.” Genesis went on to halt customer withdrawals in November of 2022 and file for bankruptcy in January of 2023. As stated by Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, in the press release, “It is vital that companies and their officers speak truthfully to the investing public, especially in times of financial instability or turmoil. The Commission found that DCG and Moro fell short in that regard. Rather than being transparent about Genesis’s financial condition and DCG’s efforts to ensure Genesis’s continued operation, DCG and Moro painted a misleadingly rosy picture.” While DCG and Moro have agreed to pay the fines, they didn’t admit to or deny any of the SEC’s findings. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. The post SEC Slaps Digital Currency Group With $38,000,000 Fine, Claims Crypto Venture Firm Misled Investors appeared first on The Daily Hodl .
New filings from JPMorgan Chase reveal how much money the biggest bank in the US is spending on legal battles. The bank’s new 8-K filings with the U.S. Securities and Exchange Commission show the firm spent $2.14 billion on legal expenses in the last two years. That breaks down to $1.4 billion for the full year across 2023 and $740 million in 2024. The figures include JPMorgan’s recent major settlement with the SEC, with the bank paying $151 million in combined civil penalties and voluntary payments to investors. Those payments settled allegations that the bank misled investors, favored its own financial interests over clients and engaged in prohibited trades. JPMorgan also faced litigation in 2023 and 2024 tied to Jeffrey Epstein, including actions by victims and the U.S. Virgin Islands, which resulted in substantial settlements. The Consumer Financial Protection Bureau (CFPB) is the latest US agency to file a lawsuit against the bank. Last month, the CFPB sued JPMorgan Chase along with Bank of America, Wells Fargo and Zelle over alleged failures to properly address widespread fraud and unauthorized transactions on the Zelle platform. Back in June, Chase warned that proposed regulations from the CFPB and the Federal Reserve, including new caps on credit and debit card late fees and higher capital reserves, could push the bank to eliminate free checking services. In total, JPMorgan has paid more than $40 billion in fines and settlements to regulators, enforcement agencies and lawsuits related to anti-competitive practices, securities abuses and other violations. That’s according to new numbers from the public Violation Tracker, a corporate misconduct database that tracks cases from the year 2000 until now. In its latest earnings report, Chase says it earned $14 billion in profit in the fourth quarter of 2024, while posting its largest-ever annual profit at $58.5 billion. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase Spends $2,140,000,000 Battling Bank Lawsuits and Federal Agencies in Two Years: Report appeared first on The Daily Hodl .