FameEX Morning Crypto News Recap | November 22, 2024

Trump Aims to Establish a Bitcoin Reserve

On November 22, Trump's Cryptocurrency Advisory Committee is set to announce the establishment of a dedicated reserve for Bitcoin.

U.S. Court Overturns SEC Rule Redefining Securities Dealers

A federal court in Texas struck down the SEC's rule expanding the definition of securities dealers to include cryptocurrency companies, ruling it was an overreach of authority. This decision is seen as a major victory for the digital asset industry. Blockchain Association CEO Kristin Smith praised the ruling, calling it essential for protecting the sector from unlawful regulations.

Trump Administration's Efficiency Chief Prioritizes Enhancing SEC's Performance

On November 22, the co-director of President-elect Trump's Government Efficiency Department prioritized improving SEC operations. Elon Musk criticized the SEC's minimal in-office schedule after Chairman Gary Gensler announced his resignation effective January 20. The administration's focus underscores a commitment to enhancing regulatory efficiency and addressing productivity concerns within the agency.

Calls for SEC to Repeal Broker Rules Affecting DeFi Platforms

Critics urge the SEC to revoke broker rules tied to the ConsenSys lawsuit, claiming they unjustly target DeFi platforms and stifle innovation in the decentralized finance sector.

UK to Roll Out Crypto Asset Regulatory Framework by Early 2025

During the Tokenisation Summit in London, UK Treasury officials revealed plans to establish a crypto asset regulatory framework by early 2025. The framework will regulate stablecoins, staking services, and cryptocurrencies. Economic Secretary Tulip Siddiq noted that stablecoins don't fit existing payment regulations, with legislation expected no sooner than 2025, aiming to enhance oversight and industry standards.

CryptoQuant CEO Declares Bitcoin Bull Market Onset as On-Chain Data Highlights Whale Accumulation

CryptoQuant CEO Ki Young Ju declared the Bitcoin bull market's start, comparing current trends to 2020. On-chain data reveals steady whale accumulation in recent months. Ju noted that post-halving, mining costs have doubled, requiring higher Bitcoin prices to maintain miner profitability, which supports market optimism and drives upward momentum in Bitcoin's valuation.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​