Connect with us

Business

Elon Musk-led ‘DOGE’ set to be sued after Trump’s inauguration

Published

on

Elon Musk’s Department of Government Efficiency (DOGE) is facing a lawsuit alleging violations of the Federal Advisory Committee Act (FACA) of 1972. The lawsuit, filed by the public interest law firm National Security Counselors, claims that DOGE has not adhered to FACA’s requirements for transparency and public access to meetings.

The legal complaint emphasizes that DOGE must conduct all meetings openly, including those held electronically, to comply with federal regulations. The lawsuit is set to be filed shortly after President Donald Trump’s inauguration, highlighting concerns about the agency’s adherence to established legal standards.

Musk’s involvement with DOGE has garnered attention from the cryptocurrency community, particularly among Dogecoin (DOGE) enthusiasts, due to the shared acronym. However, the current legal challenges may impact the agency’s operations and its perceived legitimacy within both governmental and crypto circles.

As the situation develops, it remains to be seen how DOGE will address the allegations and whether this lawsuit will influence its future initiatives aimed at enhancing governmental efficiency. The outcome may also set a precedent for how new governmental bodies must navigate existing transparency laws.

Business

Bitcoin hits new all-time high above $109K ahead of Trump’s inauguration

Published

on

On January 20, 2025, Bitcoin (BTC) reached a new all-time high, briefly surpassing $109,000 ahead of President Donald Trump’s inauguration. The cryptocurrency’s price surged by more than 6% within minutes, peaking at $109,036 at 6:55 am UTC before retracting below $108,000.

This record-breaking performance coincided with Trump’s inauguration as the 47th President of the United States. The crypto community has expressed optimism regarding the incoming administration’s pro-cryptocurrency stance, including potential initiatives like establishing a strategic Bitcoin reserve.

The surge in Bitcoin’s price reflects growing investor confidence in the cryptocurrency market, influenced by favorable political developments. The market capitalization of Bitcoin has now exceeded $2.15 trillion, positioning it alongside traditional assets such as gold and major corporations like Apple and Amazon.

As the cryptocurrency market continues to evolve, Bitcoin’s performance remains a focal point for investors and policymakers alike. The inauguration of President Trump is anticipated to have a lasting impact on the regulatory landscape and the broader adoption of digital assets.

Continue Reading

Business

Winklevoss twins’ Gemini exchange selects Malta as Europe MiCA hub

Published

on

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has selected Malta as its central hub for compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework. This strategic move underscores Gemini’s commitment to enhancing regulatory compliance and expanding its presence in the European market.

In December 2024, Gemini secured a Virtual Financial Assets (VFA) Service Licence from the Malta Financial Services Authority (MFSA), marking a significant step in its European operations. This license enables Gemini to offer its services across the EU, aligning with MiCA’s regulatory standards.

Mark Jennings, Gemini’s Head of Europe, highlighted the importance of establishing a compliant infrastructure to meet MiCA’s requirements. He noted that the primary challenge was allocating resources to build the necessary infrastructure to support MiCA compliance, emphasizing the need for a unified onboarding process that meets regulatory standards.

While Gemini has yet to receive a MiCA license, the exchange holds VASP licenses in six EU countries, including Malta, France, Ireland, Spain, Italy, and Greece. The company is actively working to transition its existing licenses to align with MiCA’s framework, aiming to provide a scalable and compliant solution for its European customers.

Continue Reading

Business

Insider trading allegations surface as TRUMP memecoin floods Solana DEXs

Published

on

The launch of the Official Trump (TRUMP) memecoin on January 18 has been marred by allegations of insider trading. On-chain analytics firm Bubblemaps identified a wallet that received $1 million four hours before the token’s release. This wallet purchased $5.9 million worth of TRUMP tokens within the first minute of launch, later selling $20 million while retaining $96 million in tokens.

The TRUMP token’s market capitalization soared to $42 billion, attracting significant attention from retail investors. Major exchanges, including Coinbase and Binance, listed the token, leading to substantial trading volumes. However, the concentration of token ownership has raised concerns; 80% of the supply is locked for CIC Digital, a company owned by the Donald Trump Revocable Trust.

Critics argue that the TRUMP memecoin’s launch undermines efforts to legitimize cryptocurrencies and could harm investor confidence. The Bitcoin community has expressed strong disapproval, labeling the token as a “get-rich-quick scheme” and emphasizing its divergence from Bitcoin’s principles.

As investigations into the insider trading allegations continue, the TRUMP memecoin’s future remains uncertain. The situation highlights the need for increased regulatory oversight in the cryptocurrency market to protect investors and maintain market integrity.

Continue Reading

Trending

Copyright © 2021 cryptonews.lk