FameEX Morning Crypto News Recap | November 22, 2024

Trump Intends to Create a Bitcoin Reserve

Trump's Cryptocurrency Advisory Committee plans to establish a dedicated Bitcoin reserve during its meeting on November 22.

U.S. Court Strikes Down SEC's Rule Expanding Securities Dealer Definition

A Texas federal court rejected the SEC's rule expanding the definition of securities dealers to include cryptocurrency firms, citing overreach of authority. The decision struck down the rule, marking a significant win for the digital asset industry. Blockchain Association CEO Kristin Smith hailed the ruling as a critical protection against unlawful regulations, safeguarding the blockchain sector's innovation.

Trump Administration's New Efficiency Chief Targets SEC's Operational Effectiveness

On November 22, the co-director of President-elect Trump's Government Efficiency Department emphasized improving SEC operations. Following SEC Chairman Gary Gensler's resignation announcement effective January 20, Elon Musk criticized the SEC's limited in-office work schedule, highlighting inefficiencies. This move reflects the administration's focus on enhancing regulatory performance and addressing concerns about the agency's productivity.

SEC Urged to Revoke Broker Rules Impacting DeFi Platforms

The SEC faces calls to revoke broker rules linked to the ConsenSys lawsuit, which critics argue unfairly target DeFi platforms and hinder decentralized finance innovation.

UK Set to Introduce Crypto Asset Regulatory Framework in Early 2025

At the Tokenisation Summit in London, UK Treasury officials announced plans to implement a crypto asset regulatory framework by early 2025. The regulations will address stablecoins, staking services, and cryptocurrencies. Economic Secretary Tulip Siddiq highlighted that stablecoins are unsuitable under current payment regulations, with relevant legislation anticipated no earlier than 2025, aiming to ensure robust oversight of the sector.

CryptoQuant CEO Confirms Bitcoin Bull Market Kickoff as On-Chain Data Reveals Whale Accumulation

CryptoQuant CEO Ki Young Ju announced the start of a Bitcoin bull market, drawing parallels to 2020. On-chain data shows significant Bitcoin accumulation by whales in recent months. Ju explained that post-halving mining costs have doubled, necessitating a price increase to sustain miners' profitability, further fueling market optimism and upward momentum in Bitcoin's value.

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