Trump to Announce Crypto Regulation Overhaul on Day One

According to a recent Washington Post report, President-elect Donald Trump plans to issue executive orders on his first day in office to reverse Biden-era crypto policies.

These changes are expected to address “de-banking” practices and a controversial rule requiring banks to classify digital assets as liabilities on their balance sheets.

David Sacks, Trump’s appointee for AI and crypto policy, hinted at the reforms during a December luncheon. Another anonymous source added, “The Trump team has made it very clear that this is a priority."

Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz (a16z), has played a key role in advising the new administration. Recently, Andreessen appeared on Joe Rogan’s podcast, criticizing US financial institutions for what he called “regulatory overreach” against tech businesses.

‍

Sony Launches Layer 2 Blockchain Soneium

Sony has launched Soneium, a layer 2 blockchain built on Optimism’s OP Stack, aimed at gaming, finance, and entertainment applications. Developed by Sony Block Solutions Labs, the platform completed a four-month test period with over 14 million wallets. Soneium promises to simplify blockchain interactions, bridging web2 and web3 for creators and users.

The launch, however, sparked controversy after Soneium blacklisted some memecoins for intellectual property violations. Alon, founder of Pump.fun, criticized the action, posting on X, “Sony’s new Ethereum L2 is actively blacklisting memecoins they don’t like, instantly nuking everyone’s position to 0.”

‍

SEC Ordered to Justify Crypto Rules Delay in Coinbase Case

A federal court has demanded the SEC explain its refusal to issue clear crypto regulations following a Coinbase petition. The ruling comes as the SEC faces criticism for its reliance on enforcement rather than rulemaking. Judge Stephanos Bibas stated the SEC’s actions were “arbitrary and capricious.”

This decision comes during SEC Chair Gary Gensler’s final days, with incoming leadership expected to shift crypto oversight policies. Coinbase’s Chief Legal Officer Paul Grewal welcomed the ruling, stating, “We just won our petition for a writ of mandamus at the Third Circuit.”

‍

Crypto.com Super Bowl Bets Face Potential CFTC Probe

The CFTC is reviewing Crypto.com’s football futures contracts, including bets on the Super Bowl, over potential gaming law violations. The contracts, launched in December 2024, allow nationwide trading, bypassing state restrictions faced by sportsbooks like DraftKings. Critics argue such contracts blur the lines between legal and illegal event betting.

Crypto.com defended its offerings, emphasizing federal regulation ensures "market integrity" across all states. The CFTC’s review could lead to stricter oversight or even a ban, though no immediate action can be taken before the Super Bowl. This scrutiny underscores regulatory challenges as prediction markets grow.

‍

Data of the Day

Circle’s USD Coin (USDC) led stablecoin market growth in 2024, expanding its market cap by 78% to $43.9 billion. This marks a strong recovery after a 2023 slump tied to the Silicon Valley Bank collapse. Circle attributes the surge to regulatory clarity and rising global adoption, particularly in Europe under MiCA.

Compared to USDC, Tether’s USDT grew by 50%, maintaining consistent expansion but falling short of Circle’s recovery pace. Despite the gains, USDC’s market cap remains 22% below its 2022 peak of $55.9 billion. Circle hailed the results as a sign of trust and transparency driving stablecoin adoption worldwide.

‍

More Breaking News

• Humanity Protocol launched its foundation to advance its biometric identity system, offering palm scans as a secure alternative to World’s iris scans.
• Italy's largest bank, Intesa Sanpaolo, purchased $1 million in Bitcoin, marking its first direct investment in cryptocurrency.
• The Bank of England is launching a "Digital Pound Lab" to explore central bank digital currency innovations through private sector collaborations.
• Russia's Bitcoin mining demand has tripled, fueled by regulatory clarity and the cryptocurrency's enormous price rally in 2024.
• Uniswap Labs is integrating its API with Ledger Live, enabling secure DeFi token swaps directly through Ledger hardware crypto wallets.
• Celestia's blob sizes surged 10x alongside increased daily transactions, driven by NFT activity and integrations like Eclipse and RARI chain.
• TON blockchain, linked to Telegram, plans a major push in the US market under President-elect Donald Trump’s administration.
• Sygnum Bank achieved Unicorn status after raising $58 million to expand its Bitcoin-focused product portfolio and global reach.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.