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Donald Trump

<p class="is-style-lead">Today’s edition of the weekly recap: Donald Trump does an about-face on cryptocurrency; the NFT market sees a dip in trade volume; and exchange-traded funds (ETFs) witness a resurgence of inflows.</p> 
<h3 class="wp-block-heading" id="trump-panders-to-the-cryptocurrency-community">Trump panders to the cryptocurrency community</h3> 
<ul> 
 <li>The GOP’s 2024 presidential candidate openly <a href="https://www.politico.com/news/2024/05/10/trump-crypto-biden-00157051" target="_blank" rel="">declared</a> support for the crypto industry. In a speech, the quadruple-indicted Trump urged his supporters to donate digital assets to his campaign. </li> 
 <li>Trump is using campaign donations to pay mounting legal expenses. </li> 
 <li>Mark Cuban, billionaire and minority owner of the Dallas Mavericks, <a href="https://crypto.news/mark-cuban-sec-biden-re-election-chances-trump-crypto/" rel="">argued</a> on May 10 that regulators’ tough stance on the crypto industry isn’t doing President Joe Biden any favors in the forthcoming election. </li> 
 <li>SEC chair Gary Gensler is a Biden <a href="https://www.sec.gov/about/commissioners/gary-gensler" data-type="link" data-id="https://www.sec.gov/about/commissioners/gary-gensler" target="_blank" rel="">appointee</a>. </li> 
 <li>Meanwhile, the Stand With Crypto political action committee <a href="https://crypto.news/stand-with-crypto-pac-launches-to-back-pro-crypto-politicians/" rel="">announced</a> plans to provide financial support to politicians who aim to protect the interest of the cryptocurrency industry.</li> 
 <li>As Trump’s endorsement of crypto gains steam, leading financial institution Standard Chartered <a href="https://crypto.news/standard-chartered-trump-being-elected-could-be-good-for-bitcoin/" rel="">asserted</a> in a report that voting a Republican victory in November could benefit Bitcoin (BTC) and the broader crypto industry due to <a href="https://crypto.news/fomc-brics-de-dollarization-and-the-future-of-crypto/" rel="">de-dollarization</a>, relaxed regulations and the approval of U.S. spot ETFs.</li> 
</ul> 
<h2 class="wp-block-heading" id="global-regulatory-developments">Global regulatory developments</h2> 
<ul> 
 <li>The Philippines’s Securities and Exchange Commission (SEC) <a href="https://crypto.news/philippines-to-introduce-crypto-regulations-in-2024-says-sec-chair/" rel="">disclosed</a> plans to enact ample crypto regulations in the second half of this year.&nbsp;</li> 
 <li>Binance faced regulatory issues in Canada, as Canadian authorities <a href="https://crypto.news/canadian-regulator-fines-binance-4-4m-for-money-laundering-violations/" rel="">imposed</a> a $4.4 million fine on the exchange for violating anti-money laundering provisions in the country.&nbsp;</li> 
 <li>Regulatory woes in Nigeria also made headlines this week. The firm’s CEO, Richard Teng, <a href="https://crypto.news/binance-bribery-allegations-could-impede-foreign-investment-in-this-country-risk-consultants-say/" data-type="link" data-id="https://crypto.news/binance-bribery-allegations-could-impede-foreign-investment-in-this-country-risk-consultants-say/" rel="">accused</a> the Nigerian government of demanding bribes to resolve the issue around the arrest of two of its officials. However, the government <a href="https://crypto.news/nigeria-denies-phantom-binance-bribe-claims/" rel="">denied</a> these claims.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="ripple-and-kraken">Ripple and Kraken</h2> 
<ul> 
 <li>The U.S. House Financial Services Committee <a href="https://crypto.news/house-considers-legislation-crypto-regulatory-clarity/" rel="">revealed</a> on May 10 that it will consider voting on enacting the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to clarify the digital asset industry.</li> 
 <li>On May 8, the U.S. SEC <a href="https://crypto.news/sec-files-final-response-in-xrp-lawsuit-rejects-ripples-claims/" rel="">filed</a> its final response to Ripple in the remedies phase of the three-year-old SEC v. Ripple lawsuit. The agency argued against multiple claims from Ripple, contending that its $1.95 billion fine for the firm’s securities law violations is fair.</li> 
 <li>Kraken, another crypto-focused firm in a legal battle with the SEC, filed to <a href="https://crypto.news/kraken-again-asks-to-dismiss-sec-lawsuit-citing-incorrect-wording/" rel="">dismiss</a> the regulator’s lawsuit, citing incorrect terms and lack of evidence that it processed services related to investment contracts or unregistered securities.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="nft-market-records-dip">NFT market records dip</h2> 
<ul> 
 <li>The non-fungible token (NFT) market made headlines this week due to a mix of favorable and unfavorable trends. For one, <a href="https://crypto.news/magic-eden-nft-blur/" rel="">reports</a> confirmed that Magic Eden marketplace overtook Blur for the first time ever to lead in NFT trade volume in April, with a $468 million volume.</li> 
 <li>The broader NFT market <a href="https://crypto.news/nft-sales-dip-by-11-16-bitcoin-takes-hit-dominates/" rel="">saw</a> a drop in volume in the past week, with cumulative weekly volume slumping 11.16% to $144.3 million. Bitcoin-based NFTs accounted for $49 million of this volume, contributing to 34% of the total figure.&nbsp;</li> 
 <li>The proliferation of crypto-focused hacks also impacted the NFT scene this week, with an NFT trader <a href="https://crypto.news/nft-trader-loses-145k-worth-of-bayc-to-phishing-attack/" rel="">losing</a> $145,000 worth of Bored Ape Yacht Club (BAYC) NFTs to a phishing attack on May 8.&nbsp;</li> 
</ul> 
<h2 class="wp-block-heading" id="grayscale-touts-spot-etf-revival">Grayscale touts spot ETF revival</h2> 
<ul> 
 <li>Reports from this week confirmed that the spot crypto ETF market witnessed a resurgence of inflows, as all the spot Bitcoin ETF products in the United States <a href="https://crypto.news/all-spot-bitcoin-etfs-see-inflows-analyst-doubts-dynamics-will-repeat/" rel="">saw</a> positive net inflows for the first time on May 3. However, ETF analysts doubt the sustenance of this trend in subsequent days.&nbsp;</li> 
 <li>Grayscale Bitcoin Trust (GBTC) <a href="https://crypto.news/grayscale-bitcoin-etf-record-first-inflow-after-losses/" rel="">leveraged</a> this revival of investor interest to record its first-ever net inflow, totaling $63 million on May 3. In addition, on May 6, the GBTC product saw another <a href="https://crypto.news/grayscales-spot-bitcoin-etf-sees-second-day-of-consecutive-inflows/" rel="">net inflow</a>, marking its second consecutive day of consistent inflows.</li> 
 <li>CoinShares <a href="https://crypto.news/spot-etfs-in-hong-kong-launch-softened-outflow-from-us-funds/" rel="">reported</a> this week that the outflows crypto investment products witnessed the previous week could be much higher than the actual figure, which amounted to $251 million. According to the data, the inflows from Hong Kong-based spot ETFs, totaling $307 million, helped soften the global outflows in crypto products.&nbsp;</li> 
 <li>Interestingly, in a classic case of institutional adoption, data from the U.S. SEC’s website <a href="https://crypto.news/wells-fargo-grayscale-bitcoin-etf/" rel="">confirmed</a> that leading American banking giant Wells Fargo invested in Grayscale’s and ProShares’ ETF products.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/what-is-cryptojacking-how-does-it-work/" rel=""> Decoding cryptojacking: what is it and how can you protect yourself? </a> </p>

Crypto gets political, NFTs drop in volume, ETF inflows surge | Weekly Recap

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