Attorneys General from 18 US states have launched a joint lawsuit against the Securities and Exchange Commission (SEC), its Commissioners, and Chair Gary Gensler. The coalition, led by states such as Kentucky, Texas, Florida, and Nebraska, accuses the SEC of overstepping its constitutional authority with aggressive actions against the cryptocurrency industry. The lawsuit seeks court intervention to curb what they describe as “unconstitutional persecution” of the sector.
The complaint argues that states have successfully fostered innovation and safeguarded consumers through local regulatory frameworks, enabling blockchain experimentation and adaptation to regional needs. Examples include licensing requirements for digital asset platforms, taxation rules for digital currencies, and procedures for handling unclaimed digital property. The lawsuit claims the SEC has ignored these efforts, instead attempting to impose federal mandates without Parliamentary approval.
The Attorneys General allege that the SEC’s enforcement actions violate the separation of powers, undermining state authority over crypto regulation. With all 18 Attorneys General being Republicans, the lawsuit calls for judicial intervention to reaffirm states’ rights and halt the SEC’s centralised approach.
Pennsylvania’s legislature has unveiled a bold proposal to invest state funds in Bitcoin. Led by Representative Mike Cabell, the bill, known as the Pennsylvania Bitcoin Strategic Reserve Act, aims to allocate up to 10% of the General Fund, Rainy Day Fund, and State Investment Fund into the leading cryptocurrency. Cabell argues that Bitcoin could provide a hedge against inflation, helping to stabilise the state’s economy in uncertain times.
The initiative reflects growing interest in Bitcoin as a store of value across the United States. Prominent firms such as BlackRock and Fidelity have backed Bitcoin as a strategic asset, lending weight to Cabell’s vision. This legislative push coincides with discussions of a national Bitcoin reserve, particularly if President-elect Donald Trump’s administration follows through on its pro-crypto agenda.
Pennsylvania’s move follows its recently passed Bitcoin Rights bill, which ensures residents can securely hold digital assets. With the state embracing Bitcoin on multiple fronts, it could signal a shift towards broader cryptocurrency adoption in government policies.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
Bitcoin has overtaken silver in market capitalisation, reaching $1.75 trillion after briefly crossing $89,000 before retracing slightly. The achievement positions Bitcoin as the eighth-largest global asset, surpassing silver, which fell to $1.732 trillion. The cryptocurrency has risen by 30% over the past week, while silver declined by over 6%.
This marks the second time Bitcoin has flipped silver in 2023, signalling a growing shift in perception among traditional investors. Increasing institutional demand and enthusiasm for spot Bitcoin ETFs have driven its rise, while silver, often viewed as a stable store of value, has struggled.
Broader market optimism, spurred by recent political shifts in the US elections, has played a role in Bitcoin’s surge. Pro-crypto lawmakers gaining power have boosted investor sentiment, with the “Bitcoin Industrial Complex” index seeing record trading volumes. Stocks like Coinbase and MicroStrategy hit multi-year highs, reflecting the growing adoption of Bitcoin as a hedge against market uncertainties.
Bitcoin reached a new all-time high of $89,604 on Tuesday, pushing its market value to $1.77 trillion before experiencing a slight dip as long-term holders began to move their assets. At the time of writing, Bitcoin is trading at $88,400, with daily trading volume hitting $133 billion. The surge in price has prompted a notable increase in the circulation of dormant Bitcoin, with two-year and three-year-old coins seeing significant movements, signalling that long-term holders are taking profits.
The rally has also positively impacted the broader crypto market, which saw the total market cap climb to an all-time high of $3.11 trillion, marking a 4.7% increase over the past 24 hours. In addition, the market saw a $765 billion surge over the past week, with institutional investors contributing to the increased momentum. Bitcoin’s Market Value to Realized Value (MVRV) ratio is now at 178%, indicating that the average Bitcoin holder is currently experiencing a 178% profit.
The surge in Bitcoin’s price and overall market activity has sparked renewed interest in the sector. Crypto-related investment products have seen their highest inflows of the year, with $31.3 billion invested, bringing the total assets under management to $116 billion. The post-election market optimism, especially following Donald Trump‘s win, has led to a green market and increased institutional involvement in the crypto space.
Italy’s economy minister, Giancarlo Giorgetti, is open to reviewing proposals to raise the tax on cryptocurrency capital gains. The government’s 2025 budget, to be approved by parliament by December, includes a plan to increase the tax rate on capital gains from cryptocurrencies like bitcoin to 42% from 26%. This change is expected to bring in an additional 16.7 million euros annually, adding to the current 27 million euros collected from the existing tax rate.
Despite the modest revenue boost in a country with a budget exceeding 800 billion euros, the proposal has faced criticism, particularly from Giorgetti’s own League party. Lawmaker Giulio Centemero argued that raising the tax could be “counterproductive” and called for more in-depth dialogue with market participants to address the issue.
Giorgetti, however, defended the measure, stating that speculation should be taxed more. His comments indicate a willingness to adapt the proposal but also reflect his stance on ensuring that speculative investments face higher taxation. The outcome of these discussions will depend on ongoing negotiations within the government.
Donald Trump’s 2024 election victory has led to a significant surge in Bitcoin wealth, creating over 11,000 new Bitcoin millionaires. On 6 November, the number of Bitcoin wallets holding $1 million or more reached 132,842, up from 121,061 just a month earlier. The increase follows a remarkable 7.8% rise in Bitcoin’s value within 24 hours.
The price of Bitcoin has recently broken its all-time high, now trading at $75,428, following a strong 20% gain over the past month. Trump’s commanding lead in the electoral race, coupled with renewed interest in Bitcoin, has contributed to this price surge. Analysts suggest that Trump’s pro-crypto stance may bring about a favourable regulatory shift, further boosting market conditions.
Some experts are even predicting Bitcoin’s price could soar to $250,000 by early 2025, as the market responds positively to these developments.
Bitcoin reached a record peak in Asian trading, rising 7% to $75,060, as anticipation grew for Donald Trump’s return to the White House. Investors are betting on a softer regulatory stance towards cryptocurrencies, which they see as more likely under a Trump administration. Early election projections showed Trump winning 15 states, while Kamala Harris captured seven and Washington, D.C., but the final result remained too close to call.
Matthew Dibb of Astronaut Capital said the market’s reaction suggests a belief that a shift in the US Securities and Exchange Commission’s attitude under Trump could remove some barriers to cryptocurrency growth. He noted that a Democrat win might have signalled a short-term setback for crypto, although perhaps not in the long run. Alongside Bitcoin, Ether also saw gains, increasing 7.5% to $2,593, though it still trails its 2021 high of $4,867.
A group of financial tech firms, including Robinhood, Kraken and Galaxy Digital, has launched a new stablecoin, USDG, through a joint initiative called the Global Dollar Network. The stablecoin pegged to the US dollar, is designed to drive stablecoin adoption worldwide while benefiting its network partners financially. The move signals a growing interest in digital assets as the industry anticipates friendlier US regulations towards cryptocurrency.
Stablecoins like USDG offer a stable alternative to volatile cryptocurrencies like Bitcoin, providing a fixed value by linking to traditional currencies such as the US dollar or euro. Issued from Singapore by the crypto platform Paxos, USDG will be managed by a governing committee of network partners. The consortium aims to establish USDG as a global stablecoin, challenging established market leaders Tether and USD Coin, which currently dominate the sector.
Despite the competition, the Global Dollar Network promises participants nearly all the rewards generated from the stablecoin, encouraging wide participation. Paxos CEO Charles Cascarilla highlighted the initiative’s goal of spurring global adoption, viewing stablecoins as essential to integrating cryptocurrency into everyday financial systems.
Deutsche Telekom’s subsidiary, MMS, and Bankhaus Metzler have launched a pilot project to harness surplus renewable energy for Bitcoin mining, aiming to gather data that could help stabilise Germany’s energy grid. Using power generated from renewable sources that would otherwise go unused, the initiative is intended to address the frequent energy surpluses created when supply outpaces grid demand.
Located at Riva GmbH Engineering in Backnang, the project is supported by photovoltaic systems and managed by Metis Solutions. MMS will oversee the mining operations, while Bankhaus Metzler will explore potential financial applications for cryptocurrencies with this sustainable energy use.
Deutsche Telekom’s team views Bitcoin mining as a flexible solution to balance energy grids, with the potential to respond to fluctuating renewable energy production. As Hendrik König from Bankhaus Metzler highlighted, the project aims to expand Germany’s use of blockchain technology, which is becoming increasingly significant in various sectors beyond finance.
