What a Week for Crypto!🤯

This week was packed with huge victories, announcements, and continued price increases for Bitcoin

Nov 22, 2024

Hey Thinkers 💡

This week has been nothing short of monumental for the crypto industry. From regulatory shakeups to institutional adoption milestones, the landscape of digital assets is undergoing transformative change. Here’s a recap of the week’s biggest stories and their implications for the future of crypto.

🛑 Gary Gensler’s Resignation Announcement

In a tweet that sent ripples through the industry, SEC Chair Gary Gensler announced his resignation, effective January 20, 2025. This marks the end of a contentious era of "regulation by enforcement" under Gensler’s leadership. The crypto industry is already buzzing with optimism, anticipating that a pro-crypto SEC chair will bring much-needed clarity and collaboration.

President-elect Donald Trump and his team are currently looking into candidates who may replace Gensler, the majority of potential candidates we’ve heard about are pro crypto. One that was announced this week is crypto lawyer Teresa Goody Guillén. She worked at the SEC as an Attorney, Office of the General Counsel.

Her LinkedIn profile bio reads “Teresa Goody Guillén is co-leader of Baker & Hostetler’s Blockchain Team and specializes in a wide range of securities, litigation, investigations, and corporate matters.” In a surprising statement, she tweeted the following after Gensler’s resignation announcement.

“Make The SEC Great Again. Make Crypto Great Again. Under President Trump, transformative change starts on Day One. SEC must restore trust, engage with industry, and end regulation by enforcement. It’s time to knockdown needless obstacles, remove burdens, clarify crypto rules, and promote innovation. Protect investors and our place on the world financial stage. Bring crypto back to the USA.”

If appointed, Guillén could mark a major turning point in U.S. crypto regulation.

⚖️ SEC’s Latest Court Defeat

In a significant legal development, a U.S. District Court struck down the SEC’s Dealer Rule, a regulation the agency had pushed beyond its authority. The decision followed a lawsuit filed by the Blockchain Association and the CryptoFreedom Alliance of Texas.

This ruling comes as another blow to the SEC under Gensler’s leadership, highlighting the agency’s overreach. Katherine Minarik, CLO at Uniswap Labs, praised the court’s decision, calling it a victory for crypto and the rule of law. Combined with Gensler’s resignation, this ruling signals a shift toward a more balanced regulatory environment.

🏛️ White House Crypto Czar

President-elect Donald Trump’s administration is reportedly exploring the creation of a White House Crypto Czar, a position dedicated to overseeing cryptocurrency policy. The role could be housed under the National Economic Council or as part of a new advisory council. Reports suggest that Trump is meeting with Coinbase CEO Brian Armstrong and other industry leaders to explore these initiatives.

📈 Bitcoin ETF Options Go Live, Price Nears $100K

A major milestone this week was the launch of Bitcoin ETF trading options, starting with BlackRock’s IBIT. The debut saw staggering volume, with $1.9 billion in notional exposure traded via 354,000 contracts. Grayscale and Bitwise also launched options, further cementing the acceptance of Bitcoin ETFs in mainstream finance.

The impact on Bitcoin’s price was immediate and dramatic, as it surged past $96K, $97K, $98K, and touched $99,000. With current momentum and the parabolic phase of the market cycle in full swing, analysts predict Bitcoin could reach $100,000 this week or next.

James Seyffart of Bloomberg joined me this week to break down the significance of Bitcoin ETF options and how they’re driving institutional interest and price action.

🏦 Charles Schwab Capitulates to Crypto

In another sign of institutional FOMO, incoming Charles Schwab CEO Rick Wurster revealed plans to directly offer crypto to clients. The firm had been waiting for a friendlier regulatory environment, which Wurster believes is now imminent.

Wurster’s most surprising statement? He admitted that he feels “silly” for not buying crypto sooner. Schwab’s pivot underscores the wave of Wall Street adoption, as traditional finance continues to embrace digital assets.

🌟 Key Takeaways

This week marks a turning point for crypto:

Regulatory optimism: With Gensler’s resignation and court victories for the crypto industry, the regulatory tide is turning.
Institutional adoption: Bitcoin ETF options and firms like Charles Schwab joining the fray highlight growing confidence in digital assets.
Bitcoin’s price surge: As BTC flirts with $100,000, the crypto market is entering a new era of mainstream adoption and price discovery.

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