In this post:
- As U.S. cryptocurrency exchanges anticipate fewer limitations on token listing under Trump, Kraken stated that 19 tokens would be added to its coin listing roadmap.
- With plans to acquire the Bakkt exchange and establish the TruthFi exchange, Trump’s media company TMTG may advocate for more lenient token listing laws.
- According to Adam Rust, the next government will be the most pro-crypto ever, but it will probably expose customers to unregulated goods and services.
BNB, COW, FWOG, MOODENG, and PNUT are among the more than 19 tokens that Kraken, the second-largest U.S. exchange, announced it was listing. The announcement was made at a time when Trump Media and Technology Group (TMTG) is reportedly in advanced negotiations to acquire the cryptocurrency exchange Bakkt, according to Fox Business. Additionally, the TMTG revealed that “TruthFi,” a cryptocurrency exchange, had registered its trademark.
Under Trump’s leadership, digital assets may become more accepted as valid components of the financial system, according to Anish Jain, the inventor of WadzChain. The Global Legal Insights platform contended that the way the U.S. SEC distinguished (or characterized) cryptocurrency dealers and exchanges was seriously flawed. Caroline Pham, the CFTC Commissioner, added that there was a need to clarify whether digital assets were utility tokens or securities, which could determine their listing criteria.
Kraken believes Trump’s administration will overhaul crypto regulation
The well-known memecoin Moodeng is one of the 19 additional tokens that U.S.-based Kraken said would be added to its coin listing platform. According to the Kraken cryptocurrency exchange website, it presently lists more than 300 coins that have been thoroughly examined and selected among the top-ranked established and up-and-coming tokens in the cryptocurrency ecosystem. Kraken revealed that it would publish the native tokens of the three blockchains—BNB Smart Chain, DX, and Arweave—for trading along with integrating them. The exchange emphasized that the remaining 16 tokens would be listed on a blockchain that had already been connected.
According to Reuters, cryptocurrency executives and associated businesses had expected the Trump administration to relax rules on the industry, particularly how U.S. exchanges handled coin listing. Yet, Adam Rust, director of financial services at the Consumer Federation of America, was concerned that customers would be exposed to unregulated goods in the name of encouraging creativity and independence.
According to the U.S. SEC, the business is beset by pervasive fraud, improper handling of client assets, and a dearth of user protection laws. It further stated that the majority of the fundamental safeguards that governed other financial goods, including as equities, bonds, and commodities markets, were absent from the business.
“It is a field that is rife with abuse and fraud…And some of the leaders of this whole field are either in jail, about to go to jail, or awaiting extradition. I mean, tens of billions of dollars have been put at risk.”
Mark Hays, associate director for crypto and financial technology at Americans for Financial Reforms, claimed that the crypto industry had simply perfected Washington’s game of pay-to-play politics despite claiming to transform finance. He added that the crypto industry expected policymakers in Congress to deliver on policy goals because of its heavy spending in the elections.
Trump’s cryptocurrency exchange venture might revolutionize U.S. exchanges.
The Bakkt exchange was in the process of being acquired by Trump Media and Technology Group. The specifics of the appraisal, however, were not clear. Regarding the market speculations and speculation, Bakkt chose not to respond. However, by acquiring the exchange, TMTG would strengthen Trump’s ties to a sector he supported in the presidential campaign.
In addition, TMTG registered the trademark “TruthFi” in anticipation of the opening of a cryptocurrency exchange. It was said in an application submitted to the USPTO that Trump was scheduled to have his own exclusive exchange. Richard Painter, the George W. Bush administration’s top ethics attorney, on the other hand, claimed that there was a significant conflict of interest. He pointed out that it was a big problem for Trump just as it was a big problem that members of Congress traded in crypto and had received huge donations from the crypto industry.
However, Trump was likely to benefit from his dual role as president and entrepreneur since the criminal conflict of interest laws did not apply to the president, vice president, or Congressional members, observed Painter. The ethics lawyer believes Trump’s plans are larger than developing a national crypto exchange and encouraging the industry’s development.3
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