Another action-packed week has unfolded in the crypto world, marked by pivotal milestones, innovative partnerships, and a major leadership change in U.S. crypto regulation. Here’s your rundown of the biggest stories shaping the market.
SEC Chair Gary Gensler is Out!
In a major development for the U.S. crypto industry, SEC Chair Gary Gensler has announced his resignation, effective January 20, 2025. This coincides with President-elect Donald Trump’s inauguration, sparking speculation about a shift in the regulatory landscape.
Gensler’s tenure since 2021 has been contentious, defined by a crackdown on over 100 crypto firms and a push to classify over 10,000 tokens as securities. Despite his hardline approach, Gensler approved spot Bitcoin ETFs, signaling an openness to specific aspects of the crypto space.
In contrast, Trump has vowed to transform the U.S. into the “crypto capital of the world.” His administration is rumored to be eyeing crypto-friendly leaders, such as Summer Mersinger, for roles like the CFTC Chair and even a potential dedicated White House crypto policy office.
This leadership change could reshape crypto regulations, paving the way for a more welcoming environment for blockchain innovation and investment. All eyes are on how the new administration will steer U.S. crypto policy in the coming months.
Solana’s Meteoric Comeback
Solana has defied expectations, surging past $260 to hit a new all-time high. This marks a dramatic recovery from its low of $8 in 2022, highlighting the blockchain’s resilience and potential.
Over the past year, Solana has skyrocketed by 386%, driven by key innovations like mobile hardware and enhanced network stability. These developments have rejuvenated its ecosystem, attracting both institutional and retail investors. Solana’s growth showcases its position as a strong contender in the rapidly evolving crypto space.
Sui x Franklin Templeton: A Blockchain Power Move
Sui has joined forces with Franklin Templeton to fuel blockchain innovation and ecosystem development. With Franklin Templeton’s blockchain expertise dating back to 2018, the collaboration aims to leverage Sui’s technology for scalable, groundbreaking solutions.
Sui’s notable projects, including the DeFi platform Deepbook and multi-party computation network Ika, underscore its focus on scalability and interoperability. Since its mainnet launch in May 2023, Sui has seen a remarkable 956% increase in transaction volume and a 675% rise in total value locked (TVL). This partnership is a significant step toward positioning Sui as a leader in the blockchain space.
Trump Media Expands into Crypto
Trump Media is making bold moves into the crypto space. The company has filed a trademark for TruthFi, a crypto payment system featuring a digital wallet and market intelligence platform.
Building on its Truth Social venture, Trump Media is branching into crypto services, tech infrastructure, and streaming. Talks to acquire Bakkt, a crypto trading platform, hint at aspirations to enter institutional crypto trading. Adding a personal touch to this expansion, Trump’s son, Barron, reportedly influenced his growing interest in digital currencies by showcasing his own digital wallets.
What’s Next?
As November comes to a close, Bitcoin is set to end the month with an impressive 30% rally, bringing the elusive $100K milestone within reach. But Bitcoin isn’t the only star of the show. Top-performing altcoins from the last bull run are making a strong comeback, signaling the start of what could be an extended altcoin rally.
With the crypto market heating up, are we standing on the brink of another explosive run? Stay tuned as the story unfolds.
