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TRUMP CANCELS CBDC, FAVORS STABLECOIN IN U.S. FINANCIAL STRATEGY

▪️Donald Trump cancels CBDC, favoring USD-backed stablecoins to safeguard privacy and enhance financial inclusion globally.

▪️A new task force will recommend clear crypto regulations to foster innovation while opposing invasive financial oversight.

President Donald Trump has taken a strategic move by issuing an executive order to boost the United States position in digital finance technology. One of the most notable orders is the country’s cancelation of central bank digital currency (CBDC).

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TRUMP SIGNS EXECUTIVE ORDER ON US DIGITAL ASSETS: CZ SAYS BITCOIN RESERVES ‘BASICALLY CONFIRMED’

Senator Cynthia Lummis has proposed legislation to establish a national bitcoin reserve, planning to purchase 1 million BTC worth $108 billion over five years.

▪️Trump signed an order to create a federal group led by David Sacks to regulate digital assets.
▪️The US strategic Bitcoin reserves have been basically confirmed by Binance CEO Changpeng Zhao.
▪️Senator Cynthia Lummis proposed buying 1 million BTC for a US national bitcoin reserve worth $108 billion.

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CYNTHIA LUMMIS NOMINATED TO LEAD NEW SENATE BANKING SUBCOMMITTEE ON DIGITAL ASSETS

Lummis stated that the subcommittee will bolster the idea of a US strategic Bitcoin reserve and will prevent crypto firms debanking.

Senator Cynthia Lummis (R-Wyo.) has been named the first chair of the newly established Senate Banking Subcommittee on Digital Assets, according to a Jan. 23 announcement.

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CME’S XRP AND SOL FUTURES PAGE GOES LIVE: MAJOR STEP TOWARDS FEBRUARY 10 LAUNCH

In a significant development for the broader cryptocurrency market and ongoing digital asset adoption in the US and globally, the Chicago Mercantile Exchange (CME), the world’s largest derivatives marketplace, briefly added a futures page for XRP and Solana (SOL) to its staging subdomain.

This move indicates preparations for an official announcement regarding the launch of futures contracts for these two leading cryptocurrencies, set to go live on February 10, pending regulatory review.

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COINBASE SEEKS COURT RULING TO CLARIFY CRYPTO TRADES AND CHALLENGE SEC’S AUTHORITY: BLOOMBERG

As per a latest Bloomberg report, Coinbase Inc. asked the Second Circuit to say that digital token trades on its platform aren’t transactions governed under federal securities law.

“There is no more pressing issue in securities law today than the scope of the Securities and Exchange Commission’s authority to regulate secondary trades of digital assets,” Coinbase said in its petition docketed in the US Court of Appeals for the Second Circuit. The appeals court could “clear away the cloud that currently hangs over the cryptocurrency market,” it noted.

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BRICS: 40 COUNTRIES LOOK TO DITCH THE US DOLLAR

BRICS member China is looking to convince 40 new countries to use the Chinese yuan for cross-border transactions and not the US dollar. The Communist country is aiming to capitalize on the growing de-dollarization trend and is pushing the Chinese yuan for trade.

For the uninitiated, the usage of the Chinese yuan for trade settlements has surged 4.6% in 2024, compared to 2% in 2019. The currency usage has more than doubled in six years and is threatening the prospects of the US dollar.

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EU ENFORCES STRICT STABLECOIN REGULATIONS, ORDERS REMOVAL OF NON-COMPLIANT TOKENS

The EU regulator has ordered all crypto exchanges to remove unauthorized stablecoins like Tether by March 2025, with a ban on new acquisitions starting January 2025, as part of its comprehensive stablecoin regulation implementation.

▪️EU regulator ESMA mandates crypto exchanges remove non-compliant stablecoins by end of Q1 2025
▪️Tether’s USDT will be affected as it lacks EU authorization and has no plans for MiCA compliance
▪️Exchanges must stop enabling clients to acquire unauthorized stablecoins by January’s end
▪️Clients holding non-compliant stablecoins have until March to convert to compliant alternatives
▪️Major exchanges like Coinbase have already begun restricting services for non-compliant stablecoins

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FINLAND’S NASDAQ HELSINKI WELCOMES VIRTUNE’S 5 CRYPTO ETPS:  BTC, ETH, XRP, SOL, AND ALTCOINS

The products will be listed on the Finnish Nasdaq Helsinki.

Virtune, a leading Swedish regulated crypto asset manager, has successfully listed five crypto exchange-traded products (ETPs) in Finland’s Nasdaq Helsinki. The products include top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and altcoins. 

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SEC LAUNCHES CRYPTO TASK FORCE TO DEVELOP CLEAR REGULATION

In a recent announcement, the US Securities and Exchange Commission (SEC) announced the launch of a brand new crypto task force. Specifically, the agency is set to develop “a comprehensive and clear regulatory framework for crypto assets,” according to a recently released press release.

The announcement is part of the expected changes to come from the incoming administration. With Donald Trump officially inaugurated into office Monday, he announced the appointment of Mark Uyeda as acting chair of the agency. His presence comes following former Chair Gary Gensler’s resignation this week.

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BRICS REALIZE THEY CANNOT CHALLENGE THE US DOLLAR

The US dollar started 2025 with a bang leaving local currencies of BRICS countries distantly behind in the charts. The DXY index, which tracks the performance of the US dollar shows the currency crossing the 110 mark.

The US markets are confident that Trump’s re-election could turn the fortunes of America and bring economic prosperity. The same positivity is lacking in developing countries as their local currencies are being hammered by the raging US dollar.

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MARK UYEDA NAMED ACTING SEC CHAIR AMONG TRUMP APPOINTMENTS

Members of the US Commodity Futures Trading Commission also announced on Jan. 20 that Caroline Pham would serve as acting chair, filling two crucial regulatory roles

US Securities and Exchange Commission member Mark Uyeda will be acting chair of the financial regulator as of Jan. 20 following an announcement from the Trump administration.