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Trump’s CBDC ban to boost crypto adoption, Musk’s dad plans $200M memecoin raise: Finance Redefined

Trump’s CBDC ban to boost crypto adoption, Musk’s dad plans $200M memecoin raise: Finance Redefined

US President Donald Trump’s latest executive order may bolster institutional cryptocurrency adoption, as his ban on central bank digital currencies (CBDCs) signals a “bet” on the existing crypto ecosystem, industry watchers told Cointelegraph.

Capitalizing on the recent success of the Trump family’s memecoins, Elon Musk’s father seeks to raise up to $200 million from a meme token already launched at the end of December.

Trump’s executive order a “game-changer” for institutional crypto adoption

Trump’s executive order banning the creation of central bank digital currencies (CBDCs) in the United States may mark a significant shift in institutional cryptocurrency adoption, according to industry executives.

The executive order, signed Jan. 23, prohibits the establishment, issuance, circulation or use of CBDCs, citing concerns over their potential to threaten financial system stability, individual privacy and national sovereignty.

The executive order’s CBDC ban is a “game-changer” for the crypto industry in the US, according to Anndy Lian, an author and intergovernmental blockchain adviser.

Likewise, Trump’s new crypto task force signals a clearer, “more structured” crypto regulatory landscape, Lian told Cointelegraph.

Elon Musk’s dad plans $200M raise with “Musk It” memecoin

Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.

Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18, followed by the Official Melania (MELANIA) token on Jan. 19 on the Solana network.

Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).

Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.

Crypto mobile wallets hit 36M record high amid growing retail adoption

Mobile cryptocurrency users have reached a new all-time high, as Increasingly more passive cryptocurrency holders are turning into active users, showcasing growing mainstream adoption.

Mobile cryptocurrency wallets reached a new all-time high of over 36 million in the fourth quarter of 2024, according to Coinbase’s quarterly crypto market report published on Jan. 29.

“Mobile wallets can play a critical role in turning passive crypto owners into active crypto users,” wrote Daren Matsuoka, data scientist at a16z Crypto.

While crypto owners only hold digital assets passively, they are considered cryptocurrency users after actively interacting with decentralized finance (DeFi) or other blockchain-based applications.

Crypto hacks drop 44% YoY in January, CeFi top target with $69M loss

Cryptocurrency hackers continue stealing user funds, but cybertheft in January was less than in the year-earlier period, flashing a positive sign for the crypto industry.

Crypto hackers stole over $73 million of digital assets across 19 incidents in January, marking a 44% decrease from $133 million in January 2024.

Still, January’s $73 million was a ninefold month-over-month increase from December, when hackers only stole $3.8 million worth of cryptocurrency, according to a Jan. 30 Immunefi report shared with Cointelegraph.

The attack on Singapore-based crypto exchange Phemex was the biggest hit, accounting for over $69 million worth of stolen value, while the $2.5 million hack on Moby Trade options platform was second.

Ethereum price may stick below $3.5K until these 3 things happen

Ether price fell below $3,500 on Jan. 7 and has since struggled to trade above that level. The altcoin has declined by 8% over the past 30 days, while the broader cryptocurrency market capitalization increased by 6%. This underperformance is concerning for Ether investors, especially with the launch of the spot Ethereum exchange-traded fund (ETF) in July 2024.

Traders’ disappointment comes after a period of average Ethereum transaction fees exceeding $2, steady growth in the ETH supply, significant criticism regarding the lack of support from the Ethereum Foundation and memecoin trading shifting to competitor blockchains, particularly Solana.

Three factors could potentially push Ether above $3,500, although some depend on external elements such as regulatory changes.

These include Ethereum’s upcoming Pectra upgrade in the first quarter of 2025, proposed changes in United States ETF regulations and the continued growth of Ethereum layer-2 solutions.

DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

The Pudgy Penguins (PENGU) token was the week’s biggest loser in the top 100, falling over 44%, followed by Solana-based memecoin Fartcoin (FARTCOIN), down nearly 30% on the weekly chart.

 

Source: https://cointelegraph.com/news/trump-cbdc-ban-boost-crypto-adoption-musk-dad-200-m-memecoin-raise-finance-redefined

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Elon Musk’s dad plans $200M raise with ‘Musk It’ memecoin

Elon Musk’s dad plans $200M raise with ‘Musk It’ memecoin

Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.

Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana network

Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).

Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.

The Musk It token was silently launched on Dec. 12, 2024, by a Middle Eastern cryptocurrency company.

However, the token failed to gain significant traction, shedding over 52% of its value since launch, to trade at $0.02 with a $25 million market capitalization as of 7:58 am UTC, CoinMarketCap data shows.

The senior Musk specified that his son, Elon, was not involved with the meme token project.

Musk It token may have limited potential without Elon Musk’s endorsement

The Musk It token may not be able to rise to the success of the Trump family’s memecoins.

Despite Musk’s name offering significant clout, the project may have a limited upside without Elon Musk’s direct endorsement, according to Anndy Lian, author and intergovernmental blockchain expert.

Lian told Cointelegraph:

“I’m not so sure ‘Musk It’ will hit the heights some Trump family memecoins have reached. It feels like Elon’s personal stamp is what really gets people excited about these projects.”

Still, investors will likely continue seeking out memecoins with significant return potential, which are the “lottery tickets of the digital world,” said Lian, adding:

“As for this whole meme coin craze, I think it’s more than just a Trump thing. It seems like we’re all hungry for that next big hit in crypto, looking for something that could skyrocket overnight.”

Interest in memecoins often returns after a crypto market dip, as investors seek the next significant investment opportunity, despite an intrinsic lack of utility behind memecoins, which often causes significant downside volatility.

Still, some traders can successfully navigate the volatility of meme tokens.

On Dec. 14, a savvy crypto trader turned $27 into $52 million by capitalizing on the Pepe memecoin rally. The unknown trader has held his initial investment for over 600 days.

On Jan. 6, another trader turned $2,000 into $3.2 million in 10 hours, making an over 1,500-fold return on investment on the Hyperfy (HYPER) metaverse token.

 

Source: https://cointelegraph.com/news/errol-musk-memecoin-musk-it-200m-raise

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Op-ed: Binance’s reputation at risk as CFTC allegations raise concerns

Op-ed: Binance’s reputation at risk as CFTC allegations raise concerns

The U.S. Commodity Futures Trading Commission (CFTC) has sued Binance, the world’s largest cryptocurrency exchange, and its CEO, Changpeng Zhao (CZ), for allegedly violating federal law by allowing Americans to trade crypto derivatives on its platform.

The CFTC has been investigating Binance since 2021 on allegations that the exchange allowed U.S. residents to use its platform to buy and sell crypto derivatives, which require registration with the CFTC under current laws. The lawsuit alleges that Binance solicited U.S. users for millions in revenue, violating federal law. CFTC has also sued Binance for operating without being registered with the agency and without proper know-your-customer procedures.

The lawsuit also claims that Binance traded against its customers, taking advantage of inside information and manipulating markets to increase profits. Additionally, Binance’s former chief compliance officer, Samuel Lim, was charged with aiding and abetting the company’s violations. This is a severe breach of trust if this is true. The accusation of Binance trading against its users is particularly troubling. If true, this would be a betrayal of trust and a violation of the principles of fair trading.

Impact on Binance

As a cryptocurrency exchange, Binance should be a neutral platform that facilitates trading between buyers and sellers, not one that takes advantage of its users. If found guilty by the CFTC, it could face significant penalties and consequences. The CFTC can impose fines, seek injunctions, and even ban individuals or companies from participating in commodity markets. Binance could also face civil lawsuits from affected users or investors.

Additionally, Binance’s reputation could be severely impacted if found guilty of the CFTC’s charges. Trust is essential in the cryptocurrency market, and if Binance is seen as a bad actor that trades against its users, it could result in a loss of confidence from its clients and investors. It could affect Binance’s ability to operate in the U.S. and other regulated markets, limiting its growth potential.

Impact on industry

From a broader perspective, it could harm the entire cryptocurrency industry. Binance is currently the world’s largest cryptocurrency exchange and plays a significant role in the market. A loss of confidence in Binance could lead to a decrease in overall market trust and investment. It could increase regulatory scrutiny and stricter regulations for other cryptocurrency exchanges.

Rostin Behnam, CFTC Chairman, said in a statement:

“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,”

If I am not wrong, this is the first time CFTC has gone against a crypto exchange. The allegations by the CFTC are not to be taken lightly, and Binance should address them with transparency and accountability. It is vital to remember that these are allegations, and Binance has not been found guilty of wrongdoing.

Therefore, we should reserve judgment until all the facts have been presented in court. The consequences of being found guilty by the CFTC could be severe for Binance and its operations. It remains to be seen what the outcome of the lawsuit will be, and Binance has denied any wrongdoing and vowed to fight the charges.

It is also important to note that Binance has been scrutinized by various regulators worldwide. This is not the first time the exchange has faced accusations of regulatory violations. This raises concerns about the exchange’s compliance procedures and willingness to follow regulatory requirements.

Binance has responded to the lawsuit, stating that its priority is to continue protecting its users while working with regulators to ensure compliance. Binance has denied the allegations, stating that they have always complied with U.S. regulations and that the CFTC’s claims are without merit.

CZ had also publicly clarified on his blog:

“We are collaborative with regulators and government agencies worldwide. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require. And above all, we believe in doing the right thing by our users at all times. In this journey towards freedom of money, we do not expect everything to be easy. We do not shy away from challenges.”

It remains to be seen how the case will play out. Still, the CFTC is taking a strong stance on regulating cryptocurrency trading — companies like Binance must ensure they comply with all relevant laws and regulations to avoid similar legal action in the future.

The outcome of the lawsuit remains to be seen, but companies like Binance must comply with all relevant laws and regulations to avoid similar legal action in the future. Ultimately, the importance of regulatory compliance and transparency cannot be overstated. Binance’s ability to clear its name and move forward in a transparent and accountable manner will be crucial for the entire industry’s health and growth.

 

Source: https://cryptoslate.com/binance-reputation-at-risk-as-cftc-allegations-raise-concerns/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j