News

The Democratic leader of the U.S. House Financial Services Committee and California Representative, Maxine Waters, has responded to concerns from many cryptocurrency users and legislators who accuse Trump's launch of Meme coin as damaging legitimate projects in the cryptocurrency industry. In a statement on January 20th, Waters said that Official Trump (TRUMP) represents "the worst side of Crypto," providing regulators and policymakers with a case for concern about the future of the cryptocurrency industry under new presidential leadership. She stated that after insiders at TRUMP dumped their tokens, investors will "pay for it," which is accused as a "rug pull." She also said: "Even if buyers are deceived, the terms and conditions of the token prohibit them from initiating class action lawsuits." She added: “Buyers of this type of cryptocurrency also lack transparency, which is worrying. Through his Meme coin, Trump has created a way to evade national security and anti-corruption laws by allowing relevant parties to anonymously transfer funds to him and his inner circle.” (Cointelegraph)

Circle CEO Jeremy Allaire said in an interview at the annual meeting of the World Economic Forum in Davos, Switzerland, that US President Trump may soon sign an executive order to make it easier for banks to own digital assets. He expects Trump's order supporting cryptocurrencies will be issued soon, but did not specify a specific time. Allaire paid special attention to the Staff Accounting Bulletin (SAB 121) of the U.S. SEC, which is a controversial framework that prevents financial institutions from holding cryptocurrencies on their balance sheets. Although Congress voted to overturn SAB121, this resolution was later vetoed by Biden. Biden stated at the time, "My administration will not support measures that jeopardize consumer and investor welfare." Allaire and other cryptocurrency executives believe that SAB121 is not intended to protect investors but hinders the adoption of new technology. SAB 121 "actually imposes punitive measures on banks, financial institutions and companies and even prohibits them from holding crypto assets on their balance sheets," Allaire said adding: "I think this point needs close attention with regard to (the executive order)."