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ROLLUP: Bitcoin on the US Balance Sheet? | Trump's US Crypto Stockpile | Banks Can Now Custody Crypto | Venice AI's Massive Airdrop

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January 31, 2025

TLDR: Haseeb Qureshi discusses the U.S. government's new stance on crypto with Trump signing an executive order for a national digital asset stockpile and banning CBDCs. SAB121 is revoked, allowing banks to custody crypto. Important crypto-related events include Venice AI token launch, Abstract Chain mainnet launch, Nvidia selloff, and Gary Gensler returning to MIT.

1Ask AI

In this week’s episode of the Weekly Rollup, hosts discuss significant developments in the cryptocurrency landscape with guest Haseeb Qureshi. Key topics include Trump's executive order on digital assets, market fluctuations influenced by tech giants, and the implications of banks now being able to custody crypto.

Trump’s Executive Order on Cryptocurrency

  • Executive Order Signed:
    • Trump signed an executive order aimed at bolstering U.S. leadership in digital financial technologies.
    • Highlights of the Order:
      • Creation of a working group to assess the feasibility of a national digital asset stockpile.
      • Affirmation of citizens' rights to access public blockchains.
      • Promotion of dollar-backed stablecoins and a ban on Central Bank Digital Currencies (CBDCs).
    • Critical Reception:
      • The order has been perceived as somewhat underwhelming, primarily establishing a working group rather than providing immediate actionable changes.

Market Movements and Key Players

  • Nvidia's Historic Loss:

    • Nvidia experienced a staggering $600 billion drop in market cap, attributed to competition in AI from a new Chinese company, DeepSeek.
    • Reflects market volatility and investor caution amidst news cycles unrelated to crypto.
  • Cryptocurrency Market Trends:

    • Bitcoin started robustly but faced fluctuations, ending up at approximately $105,000. Vice versa, Ethereum remained relatively steady.
    • Discussion on the downward trend of many cryptocurrencies within the top 100 market cap index.

Regulatory Changes and Opportunities

  • SAB121 Revoked:

    • The SEC has repealed SAB121, which allowed banks to custody crypto without needing equal liabilities on their balance sheets.
    • Now, banks can enter the crypto custody space, potentially broadening access and increasing institutional holdings.
  • New Treasury Appointments:

    • Scott Bessins was appointed as the Treasury Secretary, recognized for his pro-crypto stance, a positive sign for the crypto regulatory landscape.

Innovations in the Crypto and AI Space

  • Venice AI's Token Launch:

    • Venice AI successfully launched its token, causing excitement in the community about AI applications in crypto.
    • Initial skepticism surrounds its claims of decentralization and privacy concerning user data.
  • Abstract Chain Launch:

    • The mainnet of Abstract Chain is now live, aiming to simplify blockchain usability, specifically in the Ethereum ecosystem.

Meme Coins and Market Sentiment

  • Trump's Meme Coin Analysis:
    • The Trump token initiative is characterized more as a celeb coin than a true meme coin, where the value is directly supported by the figure's influence.
    • Low engagement with the on-chain ecosystem by new users highlights the potential risks and warnings about onboarding through speculative assets.

Conclusion

This week’s podcast provides substantial reflections on the evolving dynamics in crypto regulation, market sentiment influenced by political events, and emerging innovations. The broad perspectives offered illuminate not only the current state of the cryptocurrency market but also the future trajectories that enthusiasts and investors should be prepared for.


Stay tuned for more insights and analysis as the cryptocurrency landscape continues to evolve!

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