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Blockchain Association Expresses Optimism That Biden Will Be Friendlier to Crypto Than Trump

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Cryptocurrencies are drawing attention from the mainstream media as time passes by. Though the industry has been held back for a long time by neglect from the government, this may be about to change, as it seems the incoming government of Joe Biden is set to further increase the popularity of the asset class. The executive director of the Blockchain Association, Kristin Smith, recently expressed optimism that the government led by Joe Biden could be more friendly to the crypto industry than the Trump administration.

Speaking as a guest on Fortune’s Balancing the Ledger, Smith said that cryptocurrency might have an opportunity with the coming of the Biden administration.

“I think what we see with a Biden administration is an opportunity to get some fresh faces into the key regulatory agencies that might be more willing than some of the other regulators that we have today to move forward on policies that would be good for crypto,” Smith said.

There were some rumored plans to appoint crypto-friendly Gary Gensler, an ex–Goldman Sachs banker turned financial regulator, into Biden’s transition team regarding Wall Street’s oversight plans. Smith said it is a good sign, as regulators who have resisted blockchain and crypto in the past did so out of ignorance of the technology. He also added that with Gensler being a Blockchain and crypto instructor at the MIT Sloan School of Management, it could be easier for him to make way for the technology.

Smith mentioned that just having someone in a position of influence with knowledge of cryptocurrency who knows what Ethereum is could go a long way in helping to make a case for cryptocurrency and blockchain, and the crypto community couldn’t have asked for more.

Cryptocurrency will feel free with Biden as the president of the USA, according to the Wall Street Journal, with the Bitcoin symbol on the front page – something that has not happened in the last 4 years. The Wall Street Journal placed a Bitcoin story on its front page on 23 November, which focused on the influx of investors into the world of cryptocurrency.

Another event that further confirms a friendlier Biden administration to cryptocurrency is the appointment of Jenet Yellen as Treasury Secretary. Although Jenet Yellen is not a huge fan of Bitcoin, she believes the U.S. financial regulators should allow blockchain and cryptocurrency projects to develop. She expressed that blockchain is a substantial “new technology that could have implications for the way in which transactions are handled throughout the financial system.”

As the new secretary of the USA Treasury Department, it is more likely that she will influence regulators such as the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Asset Control (OFAC), Internal Revenue Service (IRS), and Office of the Comptroller of the Currency which are all under the office of the Treasury secretary to change their approach towards the cryptocurrency industry.

This is particularly necessary because regulators under the Trump administration have not been very friendly towards the crypto industry. Up to now, there is no clear regulatory framework for the industry, a situation that has hampered the development of blockchain and cryptocurrency. As a result, big companies, such as the crypto exchange Bittrex and payment company Ripple, have left the country to more friendly destinations.

Many spheres are in demand for decentralized regulation: while most of them are yet to implement new technology, the gambling industry widely uses crypto and provides guaranteed benefits, such as anonymity and speed of transactions, to users. One of the brightest examples here is 1xBit, which started to accept cryptocurrency back in 2016 and has grown to become a trusted name among crypto casinos.

1xBit offers a lot of benefits, which include full anonymity for its users. The platform currently supports more than 25 cryptocurrencies for gamblers to use for betting. New users have a welcome bonus of up to 7 BTC for the first 4 deposits and a simple registration that doesn’t require KYC. Rewards can be easily withdrawn to a private wallet with no fees.

With 1xBit, you can use your favorite cryptocurrencies to bet and win huge rewards even ahead of a proper regulatory framework for the cryptocurrency and blockchain industry in the United States.

The Bitcoin Daily is one of the most reliable and leading portal about Technology News, Latest Updates, Financial News, Business and any all subjects related to technology and blockchain.

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Hashdex Unveils Innovative Dual Crypto ETF Targeting Bitcoin and Ethereum

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Hashdex Unveils Innovative Dual Crypto ETF Targeting Bitcoin and Ethereum

In a strategic move to capitalize on the growing interest in cryptocurrency investments, Hashdex has announced its plan to launch a new Hashdex Nasdaq Crypto Index US ETF, which will track both Bitcoin (BTC) and Ethereum (ETH).

On Tuesday, Nasdaq published the 19b-4 application for this groundbreaking ETF, marking a significant development in the crypto investment landscape. Unlike traditional ETFs that focus on a single cryptocurrency, Hashdex’s new offering aims to provide exposure to the two largest digital assets by market capitalization simultaneously.

The decision comes shortly after the SEC’s approval of Bitcoin Spot ETFs earlier this year and amidst ongoing evaluations of various 19b-4 applications for Ethereum Spot ETFs in May. This move positions Hashdex uniquely in the market, allowing investors to benefit from the potential of both BTC and ETH in a single investment vehicle.

Bloomberg expert Seyffart weighed in on the announcement, noting that a dual BTC and ETH ETF from Hashdex, weighted by market capitalization, is a logical progression in the evolving ETF landscape. While Hashdex opted not to pursue an Ethereum Spot ETF application alongside other major issuers, their focus on a hybrid ETF underscores their commitment to innovation and strategic diversification.

According to the application, the Hashdex Nasdaq Crypto Index US ETF will include cash holdings but refrain from incorporating additional cryptocurrencies. If approved, custodianship will be entrusted to industry leaders Coinbase and BitGo, with the SEC’s final decision expected by March 2025.

This initiative marks a significant milestone as the first US spot ETF application encompassing more than one cryptocurrency. Current plans allocate approximately 74% of the ETF’s portfolio to Bitcoin and 26% to Ethereum, reflecting the respective market capitalizations of these digital assets.

While similar investment products are already available in Europe, such as Bitpanda’s Bitpanda Crypto Index 5/10/25, which tracks the largest cryptocurrencies by market cap, Hashdex’s dual crypto ETF aims to provide US investors with a novel opportunity to diversify their crypto holdings within a regulated framework.

In summary, Hashdex’s innovative approach to launching a dual BTC and ETH ETF underscores the increasing integration of cryptocurrencies into traditional financial markets. As regulatory approvals progress, this ETF could pave the way for broader acceptance and adoption of digital assets among institutional and retail investors alike.

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Trader burns $340,000 in one minute with TrumpCoin

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Trader burns $340,000 in one minute with TrumpCoin

A Memecoin investor had to pay a heavy price for his mistakes. The trader lost over 340,000 US dollars in one minute. How the faux pas could have happened.

Memecoin Trader Loses Over $340,000 in a Minute Due to Fraudulent Transaction

A memecoin trader has reportedly lost more than $340,000 in less than a minute, according to the on-chain analysis service Lookonchain on X (formerly Twitter). The incident involved two transactions on Solscan, revealing a significant financial mishap.

On June 18, the trader attempted to exchange 2,500 SOL (approximately $342,000) for the newly launched TrumpCoin (DJT) using a trading bot. However, instead of receiving the legitimate DJT tokens, the trader was duped into obtaining 92,000 fake DJT tokens created by fraudsters. These fraudulent tokens were worth significantly less than the genuine ones.

The transaction took place through a “fake” liquidity pool on Raydium. This pool was not sufficiently funded and was filled with DJT tokens created by scammers. When the trader attempted to convert the DJT tokens back to Solana, the scam became evident. Unfortunately, by this point, it was too late, and the trader’s initial 2,500 SOL had dwindled to just under 5 SOL—a loss of over $340,000. For the fake DJT tokens, the trader received only $673.

The DeFi (decentralized finance) space is rife with such scams, where fraudsters set up fake liquidity pools to exploit traders’ mistakes. Some decentralized exchanges (DEXes) issue warnings to users about these scams, but trading bots typically do not provide such alerts. This lack of warnings is especially problematic with newly launched coins, where traders can easily fall into the trap of exchanging for the wrong tokens.

This incident highlights the perils faced by crypto investors beyond the usual price volatility. The affected trader remarked on X, “Life goes on,” reflecting a resigned acceptance of the loss.

Despite this unfortunate event, the world of memecoin trading has its success stories. Some traders have achieved remarkable profits in short periods. For instance, one trader became a millionaire in just five hours, while another made a profit of $9.5 million in ten days by trading the celebrity token MOTHER, associated with US rapper Iggy Azalea.

This stark contrast between potential gains and significant losses underscores the high-risk nature of the cryptocurrency market, particularly in the memecoin sector. Investors are reminded to exercise extreme caution and conduct thorough research before engaging in such trades.

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WEMIX3.0 welcomes Sygnum as Node Council Partner “WONDER 18”

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  • Sygnum will contribute its digital asset expertise and operational experience as a regulated bank to further enhance the reliability of the WEMIX3.0 Mainnet
  • The banking group will also participate in its protocol governance and contribute to the expansion of the WEMIX ecosystem

Leading global web3 developer Wemade is proud to announce that Sygnum, a global digital asset banking group, is joining the WEMIX3.0 Mainnet’s Node Council Partners as “WONDER 18”. The NCPs, known as 40 WONDERS (WEMIX On-chain Network of Decentralized Ecosystem Regulators), validate transactions and blocks on the blockchain, while maintaining connections with newly added nodes to ensure the stable operation of the Mainnet. Each new NCP, assigned a number between 1 and 40, plays a critical role in upholding the integrity and security of the WEMIX3.0 Mainnet.

Sygnum will contribute its digital asset expertise and operational experience as a regulated bank to further enhance the reliability of the WEMIX3.0 Mainnet, participate in its protocol governance and contribute to the expansion of the WEMIX ecosystem.

Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. It empowers professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust. The Sygnum team enables this through institutional-grade security, expert personal service and a portfolio of regulated digital asset banking, asset management, tokenization and B2B services.

More information on Sygnum (www.sygnum.com) and 40 WONDERS (www.40wonders.wemix.com) can be found on their official websites.

About Wemade 

A renowned industry leader and innovator in game development, WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. WEMADE aims to accelerate the mass adoption of blockchain technology, and is building through its WEMIX subsidiary, an experience-based, platform-driven, and service-oriented mega-ecosystem that will offer access to a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. www.wemade.com / www.wemix.com/communication 

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