The GOP-led Senate passed on Tuesday a stablecoin regulation bill that supporters argued will help the United States become the &#8220;global leader&#8221; in cryptocurrency.
A bipartisan group of 68 senators voted in favor of the <a href="https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" target="_blank" rel="noopener">GENIUS Act</a>, which prevailed after hitting a <a href="https://www.dailywire.com/news/crypto-bill-falters-in-senate-for-now" target="_blank" rel="noopener">speed bump</a> in May before going through <a href="https://www.congress.gov/amendment/119th-congress/senate-amendment/2307" target="_blank" rel="noopener">amendments</a>. Another 30 members banded together in opposing the legislation.
Spearheaded by Sen. Bill Hagerty (R-TN), the measure seeks to create a framework for <a href="https://www.dailywire.com/news/white-house-gop-leaders-pledge-major-crypto-bills-in-first-100-days" target="_blank" rel="noopener">stablecoins</a>, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
&#8220;The GENIUS Act will cement U.S. dollar dominance, protect customers, drive demand for U.S. Treasuries, &amp; ensure that digital asset innovation happens in the U.S., not overseas,&#8221; Hagerty said in a post on X. &#8220;With this bill, we are one step closer to becoming the global leader in crypto.&#8221;
Sen. Elizabeth Warren (D-MA) was one of the lawmakers who voted against the bill. Sharing a Wall Street Journal article on how Walmart and Amazon are exploring their own stablecoins, she warned on Monday the legislation needed changes.
&#8220;If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors,&#8221; Warren <a href="https://x.com/SenWarren/status/1934686958875246824" target="_blank" rel="noopener">said</a> on X. &#8220;These billionaires will come begging for a taxpayer bailout when it inevitably blows up.&#8221;
Warren <a href="https://x.com/SenWarren/status/1934686958875246824" target="_blank" rel="noopener">added</a>: &#8220;The GENIUS Act has a major loophole allowing Big Tech companies and major retailers to issue their own private currencies structured as stablecoins. This bill shouldn&#8217;t pass without amendments preventing these risks.&#8221;
President Donald Trump&#8217;s administration has endorsed the bill, which now heads to the Republican-controlled House.
&#8220;Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act,&#8221; Treasury Secretary Scott Bessent <a href="https://x.com/SecScottBessent/status/1935027160374210573" target="_blank" rel="noopener">said</a> on X.
&#8220;A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy,&#8221; Bessent continued.
Insisting that it is a &#8220;win-win-win&#8221; for the private sector, the Treasury, and consumers, Bessent concluded: &#8220;These are the fruits of smart, pro-innovation legislation.&#8221;

Sen. Bill Hagerty (R-TN) speaks with U.S. Treasury Secretary Scott Bessent

Senate Vote Pushes U.S. Toward Becoming ‘The Global Leader In Crypto’

Bill Hagerty

Congress

Cryptocurrency

Elizabeth Warren

Money

Politics

Scott Bessent

Technology

U.S. Senate

On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.
The <a href="https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" target="_blank" rel="noopener">GENIUS Act</a> failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.
Senate Majority Leader John Thune (R-SD) reportedly <a href="https://x.com/burgessev/status/1920546090811560314" target="_blank" rel="noopener">switched</a> his vote to &#8220;nay&#8221; in a move that allows future reconsideration.
The legislation seeks to create a framework for <a href="https://www.dailywire.com/news/white-house-gop-leaders-pledge-major-crypto-bills-in-first-100-days" target="_blank" rel="noopener">stablecoins</a>, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
Democrats, some of whom had previously supported the legislative push, relayed concerns about protections for consumers and President Donald Trump’s crypto ties. They also claimed Republicans rushed the vote without finalized text.
&#8220;Senate Republicans are trying to jam Democrats with a stablecoin bill that helps Trump rake in hundreds of millions of dollars — just as he tanks the economy and raises costs for everyone else,&#8221; Sen. Elizabeth Warren (D-MA) <a href="https://x.com/SenWarren/status/1920529423259881571" target="_blank" rel="noopener">said</a> on X. &#8220;Rolling over without fixing this bill would be a huge mistake.&#8221;
Before the vote, Thune delivered remarks in which he said senators were voting on a sixth version of the bill that had been drafted with the input from both Republicans and Democrats.
&#8220;And if senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture,&#8221; Thune <a href="https://www.thune.senate.gov/public/index.cfm/press-releases?ID=7279B92C-4461-46C2-8E17-35EBFC1B1589" target="_blank" rel="noopener">said</a>. &#8220;Once we’re on the bill, we can discuss changes here on the floor. We’ve had an open process on this bill so far, so why stop now?&#8221;
Reporters noted on X that Paul had <a href="https://x.com/igorbobic/status/1920523794801668185" target="_blank" rel="noopener">said</a> he did not get enough information to &#8220;convince&#8221; him that the bill was a good idea while Hawley <a href="https://x.com/StefWKight/status/1920528428400275522" target="_blank" rel="noopener">emphasized</a> that he wanted to see the latest text of the legislation.
Treasury Secretary Scott Bessent <a href="https://x.com/SecScottBessent/status/1920551341531017606" target="_blank" rel="noopener">expressed</a> disappointment with the outcome of the procedural vote.
&#8220;For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act,&#8221; Bessent <a href="https://x.com/SecScottBessent/status/1920551341531017606" target="_blank" rel="noopener">said</a>, adding later: &#8220;Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.&#8221;

Senator Elizabeth Warren

Crypto Bill Falters In Senate — For Now

finance

On Friday, President Donald Trump will host a cryptocurrency summit, illuminating the reversal of fortune the cryptocurrency has witnessed from the days it was hounded by the Biden administration. David Sacks, Trump’s AI and crypto czar, will host the meeting.
“It’s really extraordinary and gratifying to go from being in exile to being in the room where it happens,” Faryar Shirzad, chief policy officer for Coinbase, <a href="https://www.washingtonpost.com/technology/2025/03/07/trump-crypto-summit-white-house/" target="_blank" rel="noopener">stated</a> before the meeting.
On Thursday, Trump issued an <a href="https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserveand-united-states-digital-asset-stockpile/" target="_blank" rel="noopener">executive order</a> creating a Strategic Bitcoin Reserve. He wrote, “Bitcoin is the original cryptocurrency.  The Bitcoin protocol permanently caps the total supply of bitcoin (BTC) at 21 million coins, and has never been hacked. &#8230; Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.  The United States Government currently holds a significant amount of BTC, but has not implemented a policy to maximize BTC’s strategic position as a unique store of value in the global financial system.  Just as it is in our country’s interest to thoughtfully manage national ownership and control of any other resource, our Nation must harness, not limit, the power of digital assets for our prosperity.”
“The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” David Sacks, Trump’s AI and crypto czar, <a href="https://x.com/davidsacks47/status/1897802280738734236">wrote</a> on X. “This means it will not cost taxpayers a dime. It is estimated that the U.S. government owns about 200,000 bitcoin; however, there has never been a complete audit. The E.O. directs a full accounting of the federal government’s digital asset holdings. The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold.” Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings.”
On January 23, Trump issued an <a href="https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/">executive order</a> titled “Strengthening American Leadership in Digital Financial Technology” to “support the responsible growth and use of digital assets. The order stated that the “digital asset industry plays a crucial role in innovation and economic development in the United States,” adding that federal agencies were prohibited from “undertaking any action to establish, issue, or promote CBDCs (central bank digital currencies)” anywhere in the world.
The order revoked President Biden’s March 2022 Executive Order 14067, titled “Ensuring Responsible Development of Digital Assets,” and also directed the Secretary of the Treasury to “immediately revoke” the Biden Administration’s “Framework for International Engagement on Digital Assets,” issued on July 7, 2022.

Blockchain Virtual Digital Cryptocurrency

Trump Hosting Cryptocurrency Summit Today

Bitcoin surged past $93,000 over the weekend after President Trump announced plans to create a U.S. strategic crypto reserve that will include Bitcoin, Ether, and several other digital currencies.
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration,” President Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114093526901586124">wrote</a> in a Truth Social post on Sunday. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
The strategic reserve will <a href="https://www.cnbc.com/2025/03/03/crypto-market-today.html">involve</a> several digital currencies beyond Bitcoin, including Ether, XRP, Solana, and Cardano, according to CNBC.
The announcement triggered a significant rally in the cryptocurrency market, with Bitcoin climbing as high as $95,000, and the smaller coins seeing double-digit percentage increases.
This positive momentum comes after a period of consolidation in which Bitcoin had fallen below the key $90,000 level for the first time in three months, dropping as much as 25% from its January all-time high.
&#8220;The weekend news is exactly the type of catalyst investors have been looking for to feel reassured about follow through from the U.S. administration with respect to its crypto friendly policies,&#8221; Joel Kruger, market strategist at LMAX Group, told CNBC. &#8220;Now that we&#8217;ve already seen a healthy correction in February, this sets the stage for the start to the next leg higher for crypto assets.&#8221;
Investors will be watching for additional details at the first White House Crypto Summit, scheduled for this Friday. White House AI and crypto czar David Sacks indicated there would be &#8220;more to come&#8221; at the summit, suggesting further policy announcements that could impact the cryptocurrency market.
The move represents a dramatic shift in U.S. policy toward digital assets, positioning America as a leader in cryptocurrency adoption while many other nations have imposed restrictive regulations.
China, for instance, has banned cryptocurrency mining and trading, while the European Union has established strict regulatory frameworks that many in the industry view as stifling innovation.
Trump&#8217;s strategic reserve announcement signals a clear intent to establish U.S. dominance in the digital asset space, potentially giving America a competitive edge in future global financial systems. In other sectors, such as with gold, a strategic reserve serves as a hedge against inflation and currency devaluation while reducing reliance on traditional financial infrastructure.
While details remain limited, expectations are high that the White House Crypto Summit will provide clarity on the reserve&#8217;s implementation timeline, acquisition strategy, and governance structure. Industry players will be watching closely for potential regulatory reforms that might accompany the reserve announcement, particularly regarding cryptocurrency taxation and securities classification issues that have created uncertainty in the market.

Bitcoin Photo Illustrations

Trump’s Announcement Of First-Ever Crypto Strategic Reserve Sparks Rally

Bitcoin

Economy

Trump Administration

White House AI and Crypto Czar David Sacks joined key Republican lawmakers in pledging to pass major <a href="https://www.dailywire.com/topic/cryptocurrency" target="_blank" rel="noopener">cryptocurrency bills</a> within President Donald Trump&#8217;s first 100 days while hinting at the possibility of a federal Bitcoin reserve.
At a press conference Tuesday, Senate Banking Committee Chairman Tim Scott (R-SC) said he <a href="https://decrypt.co/304397/crypto-markets-structure-stablecoin-bills-trump-100-days" target="_blank" rel="noopener">expects</a> both major stablecoin and markets structure bills to pass by the end of President Donald Trump&#8217;s first 100 days, putting the deadline less than three months away, according to a report by Decrypt.
Republican chairs of the House Financial Services Committee, Senate Banking Committee, House Agriculture Committee, and Senate Agriculture Committee unveiled plans for a bicameral working group to coordinate with Sacks.
One of the many crypto bills on the docket, according to the lawmakers, is the GENIUS Act, introduced by Sen. Bill Hagerty (R-TN), which would require monthly audits of stablecoin issuers&#8217; fiat reserves and impose criminal penalties for false reporting.
Stablecoins now represent a substantial share of the daily volume in digital asset exchanges. Because these tokens are commonly pegged to the U.S. dollar or other stable assets, reliable regulatory structures are seen by many as crucial to ensuring market stability.
Crypto has long been shunned by traditional financial institutions due to its unregulated nature, forcing many crypto companies to incorporate internationally in countries with a much clearer framework for operation.
Industry advocates have shown optimism that a clear legal framework might accelerate institutional partnerships between stablecoin providers and traditional financial institutions.
Sacks addressed this, saying, &#8220;Financial assets are destined to become digital … and we want that value creation to happen in the United States.&#8221;
Sacks also addressed rumors of a Bitcoin strategic reserve, given President Trump&#8217;s Monday executive order establishing a U.S. sovereign wealth fund, which often features Bitcoin in other countries.
Sacks deferred this question to the newly-announced bicameral crypto committee, saying that the sovereign wealth fund was &#8220;a little separate&#8221; from any consideration of a Bitcoin reserve, but left open the possibility of further White House action on the matter.

Lawmakers Join White House Crypto Czar For News Conference On Digital Assets

White House, GOP Leaders Pledge Major Crypto Bills In First 100 Days

Artificial Intelligence

As of Tuesday morning, President Donald Trump’s new family crypto tokens had a combined market value of $8 billion, nearly doubling his net worth and raising ethical concerns from critics.
“My NEW Official Trump Meme is HERE! It&#8217;s time to celebrate everything we stand for: WINNING!” Trump <a href="https://x.com/realDonaldTrump/status/1880446012168249386">announced</a> in a post on X on Friday, “Join my very special Trump Community. GET YOUR $TRUMP NOW.”
$TRUMP <a href="https://www.coingecko.com/en/coins/official-trump">peaked</a> at a market cap of $14.5 billion on Sunday, while first lady Melania Trump’s meme coin, $MELANIA, <a href="https://www.coingecko.com/en/coins/melania-meme">peaked</a> at $1.2 billion Monday morning, according to Coin Gecko.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> NOW. Go to <a href="https://t.co/GX3ZxT5xyq">https://t.co/GX3ZxT5xyq</a> — Have Fun! <a href="https://t.co/flIKYyfBrC">pic.twitter.com/flIKYyfBrC</a>
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1880446012168249386?ref_src=twsrc%5Etfw">January 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
As the 19th biggest Crypto token in the world, Trump’s team <a href="https://x.com/jconorgrogan/status/1880727916184736235">raked</a> in an estimated $58 million in fees just 24 hours after $TRUMP&#8217;s release, according to Coinbase director Conor Grogan, with Grogan estimating a daily fee intake of $15 million. 
As seen <a href="https://www.dailywire.com/news/hawk-tuah-girl-haliey-welch-addresses-memecoin-disaster">recently</a> with the “Hawk-Tuah” coin, meme coins are infamous for their high volatility and dubious intrinsic value. Influencers often use them to make money off their audience via social media promotion. 
Both coins have tumbled in the past 24 hours, nearly halving the market cap of each respective coin since their peak and causing many to raise ethical concerns about Trump’s association if the coins continue to fall.
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According to <a href="https://www.bloomberg.com/news/articles/2025-01-20/bitcoin-rises-to-fresh-record-ahead-of-trump-inauguration-in-us-m64q8dma">Bloomberg</a>, “An 80% share of the Trump token is owned by a Trump Organization affiliate called CIC Digital LLC, and a related entity called Fight Fight Fight LLC.” 
Trump owning 80% of the token gives him significant sway over the market, to say the least. Easing the minds of some is that the coins are “locked,” meaning that Trump cannot sell them for years into the future. 
The coin launch is more evidence of Trump&#8217;s sharp turn from his previous crypto skepticism, with Trump <a href="https://www.nytimes.com/2025/01/20/business/trump-memecoins-crypto.html">promising</a> during his 2024 campaign to make the U.S. the “crypto capital of the planet.”
<a href="https://store.dailywire.com/"><img loading="lazy" decoding="async" class="alignnone size-large wp-image-862379" src="https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-1024x391.png" alt="" width="1024" height="391" srcset="https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-1024x391.png 1024w, https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-300x115.png 300w, https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-768x293.png 768w, https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-1536x587.png 1536w, https://dw-wp-production.imgix.net/2025/01/INAUG_MERCHBANNER-6-2048x782.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></a>
Despite this promise, many in the crypto community are disappointed with Trump’s handling of crypto thus far. Crypto hedge fund partner Rob Hadik <a href="https://www.dailybulletin.com/2025/01/20/crypto-executives-warn-trumps-memecoins-harm-the-industry/">called</a> the launches “a blight that we will have to work to put behind us as builders.”
Bitcoin, despite rising nearly 50% since Trump’s election, fell by 5% on Tuesday morning from its inauguration peak of $109,241, per Bloomberg. The market was likely expecting Trump to sign one or even several crypto-focused executive orders on Monday. 
 
Crypto’s absence from Trump’s sweeping array of executive orders did alarm some investors, evidenced by the small sell-off, but many are unconcerned. They even point to $TRUMP as a sign that the president is more committed than ever to crypto’s future.
“It’s premature to draw strong conclusions from the absence of an immediate executive order” given that the Trump administration has a range of priorities, said Richard Galvin, co-founder of hedge fund DACM. “Markets have shown resilience, suggesting investors are taking a similar, longer term view.”

Key Speakers At The Bitcoin 2024 Conference

Trump Begins Presidency As A Crypto Billionaire With “Meme” Coins

Business

Donald Trump

Executive

Debanking — when a bank decides they do not want you as a customer — has become a hot topic amid a flurry of accusations from people and companies who say they were kicked out of their banks over their politics.
The apparent targets of debanking tend to be prominent people on the Right and cryptocurrency companies, which tend to lean right and are under scrutiny from regulators. Former First Lady Melania Trump said in her recently published memoir that both she and her son Barron were refused bank accounts after January 6.
“I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one,” Trump <a href="https://nypost.com/2024/10/09/us-news/barron-trump-was-denied-bank-account-due-to-cancel-mob-mom-melania-claims/" target="_blank" rel="noopener">wrote</a>.
She blamed the “venom of cancel culture” and said she had “serious concerns about civil rights violations.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Your bank account will be closed if you don’t follow orders. 
Don’t believe me? 
WATCH👇 <a href="https://t.co/4PB9lhfQuv">pic.twitter.com/4PB9lhfQuv</a>
&mdash; Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1861854554049909082?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Last month, conservative author Dinesh D&#8217;Souza claimed he was kicked out of Chase Bank without explanation.
&#8220;Walked in one day to discover they had closed my account,&#8221; D&#8217;Souza <a href="https://x.com/DineshDSouza/status/1862611334002544987" target="_blank" rel="noopener">posted</a> on X. &#8220;The local branch couldn’t understand it since I was a good and known customer. They said the order came from the top with no explanation given or even available!&#8221;
When a person or company is debanked, they are blocked from having a bank account at one or multiple banks, often with little explanation. Sometimes they are blocked from other financial services, such as making credit card transactions or using payroll platforms. If they cannot find another bank, they may be forced to rely on alternatives, like check cashing services with high fees and interest.
<a href="https://get.dailywire.com/">50% OFF ALL DAILY WIRE ANNUAL MEMBERSHIPS FOR A LIMITED TIME!</a>
Meanwhile, debanking hurts their reputation.
Critics <a href="https://medium.com/@nic__carter/marc-andreessen-and-the-cfpb-debunking-the-debanking-debunkers-33e934442647" target="_blank" rel="noopener">note</a> that debanking resembles Big Tech&#8217;s censorship at the behest of the government <a href="https://www.dailywire.com/news/facebook-docs-reveal-fbi-agent-made-completely-false-congressional-statements-involving-hunter-biden-laptop-jordan-says" target="_blank" rel="noopener">during</a> recent presidential elections.
Marc Andreessen, the tech billionaire founder of venture capital firm Andreessen Horowitz, which invests in dozens of crypto companies, <a href="https://www.youtube.com/watch?v=ye8MOfxD5nU" target="_blank" rel="noopener">spoke</a> in depth about debanking last month on Joe Rogan&#8217;s podcast. Andreessen said the Biden administration has used debanking to target its political opponents and crypto company founders.
&#8220;We&#8217;ve had like 30 founders debanked in the last four years,&#8221; he told Rogan. &#8220;It&#8217;s been a big recurring pattern. This is one of the reasons why we ended up supporting Trump. We just can&#8217;t live in this world. We can&#8217;t live in a world where somebody starts a company that&#8217;s a completely legal thing and then they literally get sanctioned and embargoed by the United States government.&#8221;
The Biden administration&#8217;s targeting is an expansion of the Obama administration&#8217;s debanking of certain legal businesses, including gambling, marijuana, prostitution, and gun shops, <a href="https://www.cei.org/wp-content/uploads/2014/08/Iain-Murray-Operation-Choke-Point.pdf" target="_blank" rel="noopener">under</a> a program called Operation Choke Point, Andreessen said.
&#8220;This administration extended that concept to apply it to tech founders, crypto founders, and just generally political opponents. So that&#8217;s been super pernicious,&#8221; Andreessen said.
Andreessen said that while the First Amendment protects speech, there is no constitutional amendment saying the government cannot debank you, so the government pressures private banks to do so. The banks comply because they rely on the government to exist, he <a href="https://x.com/pmarca/status/1862683729292083551" target="_blank" rel="noopener">said</a>.
&#8220;The government gets to say, &#8216;we didn&#8217;t do it,'&#8221; he said, and this system &#8220;lets bureaucrats do to American citizens the same thing we do to Iran, just kick you out of the financial system.&#8221;
&#8220;It&#8217;s just raw administrative power,&#8221; Andreessen said.
After Andreessen&#8217;s interview, a string of crypto founders <a href="https://x.com/davidmarcus/status/1862654506774810641" target="_blank" rel="noopener">spoke</a> out <a href="https://x.com/sidkal/status/1862117529667199033" target="_blank" rel="noopener">about</a> their experiences being debanked.
Elon Musk, who himself recently <a href="https://www.dailywire.com/news/shamelessly-breaking-the-law-elon-musk-blasts-california-officials-denying-spacex-launches" target="_blank" rel="noopener">faced</a> political discrimination against his SpaceX rocket launches by a California regulator, also spoke out and <a href="https://x.com/elonmusk/status/1862640443789357487" target="_blank" rel="noopener">called</a> for it to be a federal crime to debank political enemies. Musk <a href="https://x.com/elonmusk/status/1862633099906937251" target="_blank" rel="noopener">said</a> debanking shows &#8220;just how evil the government has been.&#8221;
As far as which regulators are involved, critics mainly point the finger at the Federal Deposit Insurance Corporation, but they also <a href="https://a16zcrypto.com/posts/article/debanking-explained/" target="_blank" rel="noopener">take</a> aim at the Department of Justice, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Consumer Financial Protection Bureau.
Earlier this month, the crypto industry finally uncovered what it says is hard proof that federal regulators have been targeting them.
Documents obtained by the crypto platform Coinbase during a court fight <a href="https://www.coindesk.com/policy/2024/12/05/u-s-regulator-told-banks-to-lay-off-crypto-letters-obtained-by-coinbase-reveal" target="_blank" rel="noopener">showed</a> that in 2022, crypto companies saw their banking activity blocked at a large number of banks by the Federal Deposit Insurance Corporation.
&#8220;We respectfully ask that you pause all crypto asset-related activity,&#8221; the banking regulator wrote to banks in one message.
Advocates for cracking down on crypto <a href="https://a16zcrypto.com/posts/article/debanking-explained/" target="_blank" rel="noopener">say</a> they aim to prevent risky businesses from doing business.
Last year, the White House cited crypto as it <a href="https://www.whitehouse.gov/nec/briefing-room/2023/01/27/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks/" target="_blank" rel="noopener">encouraged</a> banks to separate “risky digital assets from the banking system.” This is also a common cry <a href="https://x.com/SenWarren/status/1773805978762322376" target="_blank" rel="noopener">from</a> Sen. Elizabeth Warren, (D-MA) who received backlash for <a href="https://news.bitcoin.com/elizabeth-warren-explains-her-anti-crypto-army-stance-waves-of-democrats-oppose-her-bitcoin-criticism/" target="_blank" rel="noopener">vowing</a> to mobilize an &#8220;anti-crypto army.&#8221;
However, the crypto world is optimistic about the next few years.
President-elect Donald Trump has promised to make the United States the “crypto capital of the planet,” and he acknowledged the ire around debanking during his campaign.
“They target your banks. They choke off your financial services,” he told a Bitcoin conference in Nashville in July.
Earlier this month, Trump appointed venture capitalist David Sacks the White House AI and Crypto Czar. Sacks previously <a href="https://www.thefp.com/p/how-big-tech-is-strangling-your-freedom" target="_blank" rel="noopener">criticized</a> PayPal, where he was product manager, for its 2017 <a href="https://www.cbsnews.com/news/paypal-suspends-dozens-of-racist-groups-sites-altright-com/" target="_blank" rel="noopener">ban</a> on what it deemed right-wing extremists.
Conservatives have expressed other concerns about banks allegedly targeting them as well.
Although not debanking exactly, after the January 6 Capitol riot, the Financial Crimes Enforcement Network instructed banks to comb through customer transactions for “suspicious charges,” which included words like “MAGA” and “Trump” as well as guns and religious texts.
Under a new Trump administration, conservatives hope regulators will be more reluctant to target them through the banking system, and they may be in luck.
Trump <a href="https://www.politico.com/newsletters/morning-money/2024/07/03/the-looming-battle-over-debanking-00166402" target="_blank" rel="noopener">promised</a> at a rally this year that once elected he will “place strong protections to stop banks and regulators from trying to debank you from your political beliefs.”

Hand Putting Card into ATM

What Is Debanking And Why Are People Talking About It?

Banking

Banks

Censorship

debanking

Deep State

Haliey Welch, the internet personality best known for going <a href="https://www.dailywire.com/topic/viral-video">viral</a> on TikTok and being dubbed the “Hawk Tuah” girl, is publicly addressing the cryptocurrency debacle that occurred earlier this month.
The 22-year-old Tennessee native capitalized on her overnight success over the summer by launching a podcast and merchandise and appearing at various high-profile events. On December 4, Welch announced that her cryptocurrency, Hawk Tuah <a href="https://www.dailywire.com/topic/bitcoin">memecoin</a>, $HAWK, was live.
The memecoin immediately skyrocketed in value with a market cap of $490 million, but then the valuation dropped more than 90% to less than $100 million in minutes. Buyers were quick to blame Welch and others involved with the launch after they determined that most of the purchases came from a few wallets, leading them to accuse insiders of pre-launch access, then dumping the memecoin to artificially inflate its value, according to <a href="https://mashable.com/article/hawk-tuah-hailey-welch-mia-memecoin-lawsuit">Mashable</a>.
In the aftermath, on December 5, Welch and her crypto team partner overHere Ltd. held a public Spaces stream on X. Users used the opportunity to express their frustration, but before sharing any solid answers, Welch abruptly ended the stream.
&#8220;Hey guys, I hate to interrupt you, Nick, but hello there. Anywho, I&#8217;m gonna go to bed and I&#8217;ll see you guys tomorrow,” she said.
$HAWK memecoin investors filed a <a href="https://www.dailywire.com/topic/lawsuit">lawsuit</a> on Thursday, accusing the crypto creators of unlawfully promoting and selling cryptocurrency that was allegedly never properly registered, per <a href="https://www.dailymail.co.uk/news/article-14212325/hawk-tuah-hailey-welch-cryptocurrency-memecoin-lawsuit.html">The Daily Mail</a>.
Welch had not posted on social media since the failed cryptocurrency launch until Friday when she shared an update on X. 
“I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community,” Welch wrote. “I am fully cooperating with and am committed to assisting the legal team representing the individuals impacted, as well as to help uncover the truth, hold the responsible parties accountable, and resolve this matter. If you have experienced losses related to this, please contact Burwick Law,” she said, including a link.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I take this situation extremely seriously and want to address my fans, the investors who have been affected, and the broader community. I am fully cooperating with and am committed to assisting the legal team representing the individuals impacted, as well as to help uncover the…
&mdash; Haliey Welch (@HalieyWelchX) <a href="https://twitter.com/HalieyWelchX/status/1870123827725840484?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Replies to Welch ranged from outrage to humor.
“I hope you enjoyed your beauty sleep queen, welcome back,” one reply <a href="https://x.com/ElijahSchaffer/status/1870134157944250870">said</a>.
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“Ma&#8217;am, you have exactly zero fans after you robbed everyone,” another X user <a href="https://x.com/GuntherEagleman/status/1870143645224996872">replied</a>. “I hope your legal team is top notch. Have fun in prison, where you belong.”
A third wrote, “You are a scamming, lying, manipulative, unfunny, annoying person. You have scammed MILLIONS OF DOLLARS. And have no remorse for it. You’ve been “Sleeping” for weeks at this point and just now come out? I wonder if it’s because you are going ‘Tuah’ jail.”
The poster continued, “Count your days Haliey. The justice system is going to make an example out of you.”

Hailey Welch

‘Hawk Tuah’ Girl Haliey Welch Addresses Memecoin Disaster

'Hawk Tuah' Girl Haliey Welch Addresses Memecoin Disaster

Celebrities

Entertainment

Lawsuit

U.S.

viral video

<a href="https://www.dailywire.com/topic/bitcoin" target="_blank" rel="noopener">Bitcoin</a> surged to a new all-time high and hit $100,000 last night, marking a new milestone for the world’s largest cryptocurrency.
<a href="https://coinmarketcap.com/currencies/bitcoin/">Bitcoin</a> first hit and then surpassed a price of $100,000 before rocketing to a new high of roughly $103,500, with the move making it the asset with the seventh highest market capitalization in the world.
The cryptocurrency now sits at a $2 trillion <a href="https://companiesmarketcap.com/assets-by-market-cap/">market capitalization</a>, higher than the market capitalization of silver at just under $1.8 trillion, but still well below gold’s market capitalization of about $17.7 trillion, the highest of any asset in the world.
Cryptocurrency enthusiasts celebrated the new milestone for Bitcoin online, with some investors taking to X to speculate about the future of the asset. Cathie Wood, the CEO of Ark Investment Management, celebrated the move, but said that Bitcoin is “still in its early innings.”
<blockquote class="twitter-tweet">
Today, Fed Chair Powell described bitcoin as a virtual, digital version of gold. At $2,700, gold is a ~$15 trillion market, compared to bitcoin at only ~$2 trillion. Even after breaking through $100,000, bitcoin still is in early innings.
— Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1864526800698667236?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
Wood has laid out various different price targets for the asset by 2030, ranging from a base case of about $650,000 to a bull case of $1.5 million, citing expected regulatory relief coming from the Trump administration as a bullish catalyst.
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<blockquote class="twitter-tweet" data-media-max-width="560">
JUST IN: ARK Invest CEO Cathie Wood predicts <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to hit $1.5 million by 2030, in a bull case scenario 👀 <a href="https://t.co/CDI1V9J0nA">pic.twitter.com/CDI1V9J0nA</a>
— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1857483221857865879?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote>
President-elect Donald Trump took to Truth Social to celebrate the crypto currency’s meteoric rise in a post of his own. “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together we will Make America Great Again!” his post reads.
<blockquote class="twitter-tweet">
JUST IN: 🇺🇸 PRESIDENT TRUMP SAYS, &#8220;CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU&#8217;RE WELCOME.&#8221; <a href="https://t.co/UoZWLe795g">pic.twitter.com/UoZWLe795g</a>
— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1864655677467042013?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
Bitcoin has surged nearly 130 percent since January 1st, 2024, when it sat at just over $44,000. It now accounts for about <a href="https://www.tradingview.com/symbols/BTC.D/">56 percent</a> of the market cap of the entire cryptocurrency market, with other cryptocurrencies also rapidly appreciating in recent weeks.
The asset has enjoyed rapid growth since Trump’s victory on November 5th, when it sat below $70,000.
Ethereum, the second largest cryptocurrency, appreciated by nearly 60 percent in the last month and shot up to more than $3,900. <a href="https://coinmarketcap.com/currencies/solana/">Solana</a>, one of the largest cryptocurrencies, rallied roughly 285 percent in the last 12 months before reaching a new all-time high of $256 on the heels of the Trump victory.
The market cap of all cryptocurrencies combined excluding Bitcoin and Ethereum also <a href="https://www.tradingview.com/symbols/TOTAL3/">surged</a> to a new all-time high of just over $1 trillion.

Bitcoin sign

Bitcoin Surges To $100k, Makes New All-Time High

Trump

President-elect <a href="https://www.dailywire.com/topic/donald-trump" target="_blank" rel="noopener">Donald Trump</a> announced on Wednesday that he has nominated cryptocurrency advocate Paul Atkins to be the next Chairman of the Securities &amp; Exchange Commission.
The Washington Post <a href="https://www.washingtonpost.com/business/2024/12/04/paul-atkins-donald-trump-sec/" target="_blank" rel="noopener">reported</a> that his nomination signals a &#8220;significant political shift for Washington’s leading cop on Wall Street,&#8221; indicating that the Trump administration will likely usher in a new era of deregulation and a relaxing of some of its enforcement operations.
&#8220;Paul is a proven leader for common sense regulations,&#8221; Trump said in a statement. &#8220;He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, &amp; that provide capital to make our Economy the best in the World. He also recognizes that digital assets &amp; other innovations are crucial to Making America Greater than Ever Before.&#8221;
Atkins was appointed in 2002 to be a Commissioner of the Securities and Exchange Commission by President George W. Bush, a role he served in through late 2008.
He earned his J.D. from Vanderbilt University School of Law and started his career as an attorney in New York City, where he focused on &#8220;corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions,&#8221; according to the SEC.
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Atkins has worked with law enforcement agencies to &#8220;investigate and rectify situations where investors had been harmed.&#8221;
He is the founder and CEO of the risk management company Patomak Global Partners, a firm that specializes in advising financial firms and cryptocurrency companies.
U.S. senators praised Trump for picking Atkins to lead the SEC.
Sen. Cynthia Lummis (R-WY) said that the nomination was &#8220;a huge win for financial innovation.&#8221;
&#8220;President Trump promised to have the most pro-digital asset admin in U.S. history, and I am looking forward to working with both of them to promote innovation and make our economy strong again,&#8221; she said.
Sen. Katie Britt (R-AL) congratulated Atkins on the nomination in a post on X, saying that it was &#8220;another step closer to strong pro-markets, pro-innovation, and pro-growth leadership at the SEC.&#8221;

GettyImages-94884371

Trump Nominates Crypto Advocate To Be SEC Chairman

Securities and Exchange Commission

Speaking with podcast host Joe Rogan, Silicon Valley billionaire venture capitalist Marc Andreessen accused the Democrats and the Biden administration of weaponizing executive agencies to pressure financial institutions to “debank” companies politically opposed to them.
“Debanking” a person or business means being kicked out of the financial system.
“The First Amendment says the government cannot censor American citizens,” Andreessen began. “And so, what they do is if you want to censor American citizens in the government, if you&#8217;re smart, you don&#8217;t do that. What you do is you fund an outside organization and then you have them do it.”
“We have this thing called the Consumer Finance Protection Bureau, CFPB, which was the – it&#8217;s sort of Elizabeth Warren&#8217;s personal agency that she gets to control,” he continued. “And it&#8217;s an independent agency that just gets to run and do whatever it wants, right? And if you read the Constitution, like, there is no such thing as an independent agency. And yet there it is.”
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“Basically, it terrorizes financial institutions,” he explained. “Prevent new competition, new startups that want to compete with the big banks &#8230; just by terrorizing anybody who tries to do anything new in financial services.”
When Rogan asked for an example, Andressen answered:
<blockquote>
Debanking. This is where a lot of the debanking comes from, is these agencies. So, debanking is when you as either a person or your company are literally kicked out of the banking system. &#8230; My partner, Ben’s father, has been debanked. &#8230; for having the wrong politics. For saying, “unacceptable things” under current banking regulations.”
</blockquote>
“Under current banking regulations, after all the reforms of the last 20 years, there’s now a category called a ‘politically exposed person,&#8217;” he said. “PEP. And if you are a PEP, you are required by financial regulators to kick them out of your bank. You’re not allowed to have them. “
“But what if you&#8217;re politically on the Left?” Rogan asked.
“That&#8217;s fine,” Andreesen replied.
“So, no one on the Left gets debanked?” Rogan asked incredulously.
“I haven&#8217;t heard of a single instance of anyone on the Left getting debanked,” Andreessen answered. “You get kicked out of your bank account. You get kicked out of the — you can&#8217;t do credit card transactions.”
“This is where the government and the companies get intertwined,” he continued. “And back to your fascism point, which is there&#8217;s a constitutional amendment that says the government can&#8217;t restrict your speech, but there&#8217;s no constitutional amendment that says the government can&#8217;t debank you, right? And so, if they can&#8217;t do the one thing, they do the other thing. And then they don&#8217;t have to debank you. They just have to put pressure on the private company banks to do it. And then the private company banks do it because they&#8217;re expected to. But the government gets to say, &#8216;We didn&#8217;t do it. It was the private company that did it.’”
“It&#8217;s this sleight of hand that happens &#8230; it&#8217;s a privatized sanctions regime that lets bureaucrats do to American citizens the same thing that we do to Iran, just kick you out of the financial system,” he explained. “And so, this has been happening to all the crypto entrepreneurs in the last four years. This has been happening to a lot of the fintech entrepreneurs, anybody trying to start any kind of new banking service because they&#8217;re trying to protect the big banks.”
“And then this has been happening, by the way, also in legal fields of economic activity that they don&#8217;t like,” he recalled. “And so, a lot of this started about 15 years ago with this thing called Operation Truck Point, where they decided, as marijuana started to become legal, as prostitution started to become legal, and then guns, which there&#8217;s always a fight about, under the Obama administration, they started to debank legal marijuana businesses, escort businesses, and then gun shops, just like your gun manufacturers. And just like you&#8217;re done, you&#8217;re out of the banking system. And so, if you&#8217;re running a medical marijuana dispensary in 2012, guess what? You&#8217;re doing your business all in cash because you literally can&#8217;t get a bank account. You can&#8217;t get a Visa terminal. You can&#8217;t process transactions. You can&#8217;t do payroll. You can&#8217;t do direct deposit. You can&#8217;t get insurance. You&#8217;ve been sanctioned, right? None of that stuff is available.”
He turned to the Biden-Harris administration. “And then this administration extended that concept to apply it to tech founders, crypto founders, and then just generally political opponents. &#8230; Operation Truck Point 1.0 was 15 years ago against the pot and the guns. Truck Point 2.0 is primarily against their political enemies and then to their disfavored tech startups. And it&#8217;s hit the tech world. We’ve had like 30 founders debanked in the last four years. This is one of the reasons why we ended up supporting Trump. It’s like we just can’t live in this world.”
“We can&#8217;t live in a world where somebody starts a company that&#8217;s a completely legal thing and then they literally like get sanctioned, right, and embargoed by the United States government through a completely unaccountable – by the way, no due process,” he said. “None of this is written down. There&#8217;s no rules. There&#8217;s no court. There&#8217;s no decision process. There&#8217;s no appeal. Who do you appeal to, right? Like who do you go to to get your bank account back, right? And then there&#8217;s also the civil asset forfeiture side of it &#8230; that happens to people in a lot of places now who get arrested and all of a sudden the state takes their money. &#8230; There will be some investigation into safe deposit boxes, and the next thing you know, the feds have seized all the contents of the safe deposit boxes, and that stuff never gets returned.”
“When Trump says the ‘deep state,’ the way we would describe it is, it&#8217;s administrative power. It&#8217;s political power being administered not through legislation. So there&#8217;s no defined law that covers this. It&#8217;s not through regulation. There&#8217;s nothing you can do– you can&#8217;t go see a regulator to fix this,” he said. “It&#8217;s not through any kind of court judgment. It&#8217;s just raw power. It&#8217;s just raw administrative power. It&#8217;s the government or politicians just deciding that things are going to be a certain way and then they just apply pressure until they get it.”
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Key Speakers At The TechCrunch Disrupt SF 2016 Summit

Billionaire Tech Investor Says Biden Admin Pressured Financial Institutions To ‘Debank’ Opponents

Biden-Harris administration

General

Silicon Valley

<a href="https://www.dailywire.com/topic/bitcoin" target="_blank" rel="noopener">Bitcoin</a> has soared to a series of new all-time highs in the weeks following the victory of President-elect Donald Trump, with the cryptocurrency asset surging to a new high of $94,000 today.
The largest cryptocurrency asset has climbed to a series of new highs ever since election night, first jumping from roughly $68,000 to about $74,000 as Trump secured victory over Vice President Kamala Harris, then surging again to $90,000 in the eight days that followed.
Bitcoin sat at just over $44,000 on January 1st, 2024, marking an increase of over 100 percent in less than a year.
<blockquote class="twitter-tweet">
JUST IN: $94,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> 💥🚀 NEW ALL TIME HIGH! <a href="https://t.co/bqMlM4Hprf">pic.twitter.com/bqMlM4Hprf</a>
— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1858953098754224429?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
Today’s jump in price to $94,000 followed Trump’s <a href="https://www.dailywire.com/news/trump-taps-howard-lutnick-to-lead-department-of-commerce">decision</a> to name Cantor Fitzgerald CEO Howard Lutnick as his Secretary for the Department of Commerce.
Lutnick has been a vocal proponent of cryptocurrency and Bitcoin in particular, <a href="https://apnews.com/article/howard-lutnick-trump-crypto-economy-elon-musk-a03d95e323f7d2d4b722184d83e7b388">telling</a> the Bitcoin Conference in Nashville, Tennessee, earlier this year that “Bitcoin is like gold and should be free trade everywhere in the world.”
<a href="https://www.amiracist.com/?_gl=1*jtghwp*_gcl_au*ODQ1NjYzNTg2LjE3Mjg5MDk3OTE.*_ga*MTc2NzM0NDQ2NS4xNzI4OTA5Nzkx*_ga_CZKR9ZYKJP*MTczMDEyMDgwOS40OS4xLjE3MzAxMjA4MzkuMzAuMC4w" target="_blank" rel="noopener">MATT WALSH’S ‘AM I RACIST?’ NOW STREAMING ON DAILYWIRE+</a>
The billionaire CEO also has a personal stake in Bitcoin, <a href="https://www.theblock.co/post/327307/the-daily-trump-poised-to-tap-pro-bitcoin-lutnick-for-commerce-department-metaplanet-shares-jump-15-after-latest-btc-acquisition-and-more">explaining</a> in an interview that he has &#8220;hundreds of millions of dollars of exposure to bitcoin and it will be billions.&#8221; The announcement that Lutnick will be nominated as Commerce Secretary comes just after Trump reportedly <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-11-18-2024/card/exclusive-trump-to-meet-privately-with-coinbase-ceo-brian-armstrong-DDkgF0xW1BW242rVeuqx">met with</a> Brian Armstrong, the CEO of the major cryptocurrency exchange platform Coinbase, to discuss personnel appointments.
The move comes after cryptocurrency companies <a href="https://www.dailywire.com/news/cryptocurrency-companies-prep-160-million-to-back-pro-crypto-candidates">entered the political arena</a> during the election, assembling $160 million as they backed candidates who support the industry.
Cryptocurrency enthusiasts and Bitcoin bulls are now <a href="https://bitcoinmagazine.com/takes/why-100000-bitcoin-is-right-around-the-corner-">hoping</a> for the rally to continue and propel the asset to $100k, with some pointing to increased corporate <a href="https://finance.yahoo.com/news/microsoft-consider-bitcoin-investment-december-211107913.html#:~:text=Microsoft%2C%20valued%20at%20more%20than,during%20its%20December%20annual%20meeting.">interest</a> and <a href="https://finance.yahoo.com/video/microstrategy-buys-4-6b-bitcoin-160819173.html">adoption</a> of the cryptocurrency as a potential catalyst for increased upside.
Some smaller cryptocurrencies have benefited from Bitcoin’s upward move, with <a href="https://coinmarketcap.com/currencies/solana/">Solana</a> inching towards its previous all time high of $258, which was set in November 2021. The asset similarly saw positive price action on the heels of Trump’s victory, jumping from $160 on election day to a recent high of $247 in a 64 percent move to the upside in less than two weeks.

Bitcoin Surges To New All-Time High, Eyes $100k On Heels Of Trump Win, Lutnick Appointment

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