Trump Buys Burgers with BTC, Arthur Hayes Doubts Rate Cuts, and More: Hodlers Digest, Sept. 15 21

Top Stories of The Week

Donald Trump Uses Bitcoin to Buy Burgers at NYC Bar

In an unprecedented move, former U.S. President Donald Trump made headlines by using Bitcoin to purchase hamburgers at Pubkey, a well-known New York City bar and restaurant that accepts the cryptocurrency. The transaction, which took place on September 18, was first reported by Pubkey through a post on X (formerly Twitter). Anthony Pompliano, the CEO of Professional Capital Management and a prominent Bitcoin advocate, was present at the event, which was also shared on Trumps Truth Social account.

This event is especially noteworthy as it comes just days after Trump, who once labeled Bitcoin as a "scam" and criticized crypto as "based on thin air," announced the launch of a token through the World Liberty Financial crypto platform, run by his family members. Despite his previous criticisms, Trump has recently shown support for Bitcoin miners, even speaking at the Bitcoin 2024 conference in Nashville, Tennessee.

US Lawmaker Accuses SEC of Enforcement Abuse Against Crypto Firms

Arkansas Representative French Hill, chairing the House Subcommittee on Digital Assets, Financial Technology, and Inclusion, has criticized the United States Securities and Exchange Commission (SEC) and its chair, Gary Gensler, for what he alleges as enforcement abuse against crypto firms. During a September 18 hearing titled "Dazed and Confused: Breaking Down the SECs Politicized Approach to Digital Assets," Hill remarked that Genslers approach has led to confusion and uncertainty in the market.

The subcommittee chair suggested alternative regulatory frameworks, such as the Financial Innovation and Technology for the 21st Century (FIT21) Act, which is currently being considered in Congress. Hill emphasized that criticism directed at the SEC is not about opposing regulation but rather about preventing "enforcement abuse" that hinders legitimate innovation and technological advancement.

Fed Rate Cut May Be Politically Motivated, Will Increase Inflation Arthur Hayes

BitMEX co-founder Arthur Hayes has voiced concerns over the United States Federal Reserves recent rate cut, labeling it as potentially politically motivated. In a conversation with Cointelegraph at the Token2049 event in Singapore on September 18, Hayes speculated that the rate cut might be an attempt to bolster support for the Democratic Party ahead of the elections.

On September 18, the Fed cut U.S. interest rates by 50 basis points, an anticipated move by investors and analysts. Hayes argued that this decision could have far-reaching implications for both traditional and crypto markets, potentially leading to increased inflation and economic instability. Despite strong economic indicators, such as robust GDP growth and low unemployment, Hayes warned of a disconnect between these metrics and the rationale behind the rate cut.

Binance CEO Says Task Force is Working Across the Clock to Free Exec in Nigeria

Binance CEO Richard Teng announced that the company has a dedicated task force working around the clock to secure the release of Tigran Gambaryan, a Binance executive currently detained in Nigeria. Teng emphasized the urgency of the situation, citing Gambaryans deteriorating health as a pressing concern.

In a statement at the Token2049 conference in Singapore on September 19, Teng expressed the teams relentless efforts to appeal to the Nigerian government for Gambaryans release on humanitarian grounds. Teng hopes that the United States will designate Gambaryan as unlawfully detained, a move that could expedite his return to receive essential medical treatment.

Solana Unveils New Seeker Device, Says Its Not Just a Memecoin Phone

Solana has introduced its latest smartphone, Seeker, which is priced at half the cost of its predecessor, Saga. Unlike the Saga, which was marketed during a memecoin frenzy led by Bonk, Seeker aims to provide broader benefits beyond free memecoins.

Emmett Hollyer, General Manager at Solana Labs, revealed that Seeker would serve as a "rewards magnet" for its 140,000 pre-ordered users but insisted it offers much more. Seeker is a huge opportunity for teams to build entirely new experiences, Hollyer stated to Cointelegraph at the Token2049 event in Singapore, assuring users that it will not just be another "memecoin phone."

Winners and Losers

At the close of the week, Bitcoin (BTC) stood at $63,127, Ether (ETH) at $2,559, and XRP at $0.58, with a total market capitalization of $2.20 trillion, as reported by CoinMarketCap.

Top 3 Altcoin Gainers of the Week:

Sui (SUI) 44.76%
Celestia (TIA) 33.66%
Fantom (FTM) 29.04%

Top 3 Altcoin Losers of the Week:

Helium (HNT) 10.67%
KuCoin Token (KCS) 9.04%
SATS (1000SATS) 8.71%

For a more comprehensive market analysis, refer to Cointelegraphs detailed market insights here.

Most Memorable Quotations

Its bullish for the U.S. that Trump wins. Its maybe short-term bearish for everyone if Harris wins. [] If youre 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 Feds 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
Crypto is behaving like any other risk asset right now, which is a testament to the maturity of this market versus a year ago, two years ago even.
Bobby Zagotta, CEO of Bitstamp
Bitcoin fundamentally rejects inflation, and I fundamentally reject aging. We basically accept these slow boil deaths, and we both reject the slow boil death.
Bryan Johnson, founder of Blueprint

Prediction of The Week

Ethereum is a Contrarian Bet into 2025, Says Bitwise Exec

Despite its struggles, Ethereum might be a promising investment, according to Matt Hougan, Chief Investment Officer at Bitwise Asset Management. Hougan believes that Ethereum could prove to be the underdog heading into 2025, particularly after reaching a 42-month low against Bitcoin on September 16.

In a blog post dated September 17, Hougan emphasized that while Ethereum faces challenges, they are not existential. He anticipates that the market could reevaluate Ethereum positively as regulatory clarity emerges closer to the November elections:

From my seat, none of Ethereums challenges seem existential, and its opportunities are brimming. I suspect the market may reevaluate Ethereum as we get closer to the November elections and any regulatory clarity that emerges. For now, it looks like a potential contrarian bet through the end of the year.

FUD of The Week

Supreme Court of India YouTube Channel Hijacked to Shill XRP

Hackers took over the official YouTube channel of the Supreme Court of India to exploit it for a Ripple and XRP scam. On September 20, the channel, which boasts over 217,000 followers, was rebranded to run a fraudulent cryptocurrency scheme, featuring a fake livestream of Ripple Labs CEO Brad Garlinghouse. The hackers deleted previous videos and changed the channels name and URL. YouTube eventually deleted the compromised account, stating it violated their Community Guidelines.

SEC Seeks Sanctions Against Elon Musk Over Twitter Investigation

The SEC is seeking legal and monetary sanctions against Elon Musk for allegedly failing to provide testimony regarding his $44 billion acquisition of Twitter in 2022. The SEC aims to compel Musk to appear for a scheduled testimony and seek reimbursement for the incurred travel costs due to his repeated cancellations.

Do Kwons Extradition Case Goes Back to Montenegrin Justice Minister

The Supreme Court of Montenegro has handed over Do Kwons extradition case to the Ministry of Justice. Both U.S. and South Korean authorities have met the conditions for his extradition to face charges related to the collapse of the Terra ecosystem in 2022. Kwons whereabouts were largely unknown until his detention in Montenegro earlier this year.

FAQs

Q: What is the significance of Donald Trump using Bitcoin for a purchase?
A: This marks the first instance of a former U.S. President using cryptocurrency for a transaction, signaling a notable shift in public acceptance and usage of digital currencies.

Q: Why did the Fed cut U.S. interest rates, and what are the potential impacts?
A: The Feds rate cut by 50 basis points was seen as politically motivated by some analysts. It could lead to increased inflation and economic instability while significantly affecting both traditional and crypto markets.

Q: What alternative regulatory frameworks are being considered for crypto firms?
A: The FIT21 Act is among the alternative frameworks being discussed to provide clear regulations without stifling innovation, contrasting with the SECs current approach, which has been criticized for creating confusion and uncertainty.

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The post Trump Buys Burgers with BTC, Arthur Hayes Doubts Rate Cuts, and More: Hodlers Digest, Sept. 15 21 appeared first on Coinrevolution.

Text source: CoinRevolution

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