Trump Buys Burgers with Bitcoin, Arthur Hayes Discusses Fed Rate Cut, and More: Weekly Crypto News
Trump Uses Bitcoin for a Burger in NYC
In a surprising move, Donald Trump, the Republican presidential nominee, used Bitcoin to purchase burgers at Pubkey, a bar in New York City renowned for accepting cryptocurrency. This makes Trump the first former U.S. president to use Bitcoin in a transaction. The event, held on September 18, was attended by BTC advocate and CEO of Professional Capital Management, Anthony Pompliano, and covered on Trump’s Truth Social account. This appearance followed closely on the heels of Trump’s announcement of a new token launch via the World Liberty Financial crypto platform.
SEC Criticized for Crypto Regulation
In a recent House subcommittee hearing, U.S. Representative French Hill criticized the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, for what he termed “enforcement abuse” against crypto firms. Hill argued that Gensler’s politicized approach has led to market confusion and uncertainty. The hearing, titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” suggested alternative regulatory frameworks, such as the Financial Innovation and Technology for the 21st Century (FIT21) Act, to provide clarity and support for legitimate crypto actors.
Arthur Hayes on Fed Rate Cut
Arthur Hayes, co-founder of BitMEX, has speculated that the recent rate cut by the Federal Reserve was politically motivated. He suggested that the cut, which saw U.S. interest rates drop by 50 basis points, might be an effort to bolster support for the Democratic Party. Hayes warned that this move could have significant implications for both traditional and crypto markets, potentially increasing inflation and destabilizing the economy in the long term.
Binance CEO Appeals for Executive’s Release
Binance CEO Richard Teng has been working tirelessly to secure the release of Tigran Gambaryan, a Binance executive detained in Nigeria. Teng revealed that the executive’s health is deteriorating and emphasized the urgency of his release for medical treatment. Binance has been appealing to the Nigerian government on humanitarian grounds and is also seeking U.S. intervention to expedite Gambaryan’s return.
Solana Unveils New Smartphone
Solana has introduced its latest smartphone, Seeker, which promises to be more than just a device for memecoins. This new version is priced at half the cost of its predecessor, Saga, and aims to offer unique rewards and new experiences for users. According to Emmett Hollyer, general manager at Solana Labs, Seeker will serve as a “rewards magnet” but will also provide opportunities for innovative applications.
Winners and Losers in Crypto
As of this week, Bitcoin (BTC) is valued at $63,127, Ether (ETH) at $2,559, and XRP at $0.58, with a total market cap of $2.20 trillion. The top three altcoin gainers are Sui (SUI) with a 44.76% increase, Celestia (TIA) with 33.66%, and Fantom (FTM) with 29.04%. Conversely, the top three losers are Helium (HNT) down by 10.67%, KuCoin Token (KCS) by 9.04%, and SATS (1000SATS) by 8.71%.
Notable Quotes
- “It’s bullish for the U.S. that Trump wins. It’s maybe short-term bearish for everyone if Harris wins. […] If you’re not an American, you support Harris because then you have more crypto business outside of the U.S.” – Alex Svanevik, CEO of Nansen.
- “We have appealed to the Nigerian government repeatedly to release Tigran […] so that he can go home and get the proper medical treatment that he needs.” – Richard Teng, CEO of Binance.
- “While I think a lot of people are looking forward to a rate cut, meaning that they think the stock market and other things are going to pump up the jam, I think the markets are going to collapse a few days after the Fed’s rates.” – Arthur Hayes, co-founder of BitMEX.
- “Both the style and approach taken show the cultural challenges that legacy jurisdictions like the U.K. face in effectively regulating market participants who place huge value on decentralization and autonomy.” – Ali Khan, tech lead at AS Legal Consultants
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