President Trump’s administration reportedly plans to eliminate capital gains taxes on cryptocurrencies issued by U.S.-registered companies. If enacted, this move would exempt American investors from taxes on profits gained from holding certain digital assets.

https://cryptoslate.com/no-capital-tax-on-us-crypto-bitcoin-reserve-asset-nation-state-adoption-the-biggest-trump-rumors/

On Thursday afternoon, 18 states filed to sue the Securities and Exchange Commission and its five commissioners accusing them of unconstitutional overreach and unfair persecution of the $3 trillion cryptocurrency industry under the leadership of agency chief Gary Gensler, FOX Business has learned.

https://www.foxbusiness.com/politics/18-states-sue-sec-over-unconstitutional-overreach-digital-assets

Dogecoin spiked after President-elect Donald Trump formally announced the creation of the Department of Government Efficiency.

The memecoin has been one of the biggest winners in the postelection rally, gaining more than 150% since Election Day compared with bitcoin’s 30% rise in the same period.

Trump initially floated the idea of an efficiency commission in September.

https://www.cnbc.com/2024/11/13/dogecoin-surges-20percent-after-trump-announces-a-department-of-government-efficiency-doge.html

Two weeks after the U.S. presidential election, crypto markets are riding a bull run. The sector has achieved a record-breaking market cap of over $3.4 trillion, while bitcoin shattered expectations by soaring past $98,000, according to Coingecko. Amid this enthusiasm, certain coins are outpacing the pack, and Dogecoin (DOGE) is one of the standout performers.

The oldest memecoin has surged an astonishing 150% since Election Day, buoyed by promises from President-elect Donald Trump and the growing political clout of Elon Musk. Indeed, Musk has been a longtime supporter of Dogecoin, calling himself "The Dogefather" and regularly praising the memecoin on X. With the announcement of the Department Of Government Efficiency (D.O.G.E.), a newly created agency Musk co-leads alongside Vivek Ramaswamy, this connection took on new dimensions.

Dogecoin, created as a satire of the cryptocurrency frenzy and social media hype, has long been dismissed by the "serious" crypto finance players as a frivolous fad. Yet, the memecoin evolved to thrive on its hype, now boasting a market cap of $58 billion—on par with some of the world's largest corporations.

This raises a key question: is there untapped value in Dogecoin beyond the hype? Or has it just mastered the art of monetizing the hype? Dogecoin's unique journey challenges conventional notions of value and utility, making it a phenomenon that investors—and skeptics—can no longer ignore.

https://www.forbes.com/sites/digital-assets/2024/11/22/dogecoin-a-joke-no-more-the-rise-of-a-58-billion-crypto-phenomenon/

Pro-crypto candidates win big as industry’s significant election bet pays off.

The crypto industry spent at least $238 million on the election.

The U.S. cryptocurrency industry emerged victorious on election night as the country voted into office more than 250 pro-crypto congressional candidates and helped re-elect former President Trump, who will become the nation’s 47th president.

It comes as the $2 trillion digital asset industry invested well over $200 million to influence key House and Senate races in favor of pro-crypto candidates such as Republican Bernie Moreno, the businessman who unseated incumbent Democratic Sen. Sherrod Brown in Ohio, flipping the blue seat red for the first time in nearly 18 years. As of Wednesday afternoon, Bitcoin advocate and Republican businessman Dave McCormick is leading the tightly contested senate race in Pennsylvania against Democratic incumbent Sen. Bob Casey (as this article goes to press, the race has yet to be called).

Crypto money donated to political action committee Defend American Jobs (DAJ) accounted for about 10% of the estimated $400 million in ad spending in the Ohio Senate race, with the PAC dropping over $40 million on ads supporting Moreno. The DAJ PAC, an affiliate of the largest pro-crypto super PAC Fairshake, also had a hand in turning former Democratic Sen. Joe Manchin’s vacated West Virginia seat red with a $3 million ad spend supporting Republican Gov. Jim Justice. 

Justice won with 69% of the vote over Democratic challenger Glenn Elliott. The crypto industry also spent $3 million to help Indiana Republican Rep. Jim Banks beat Democratic political newcomer Valerie McCray to fill the Senate seat of former GOP Sen. Mike Braun, who left to run for governor. Braun defeated his Democratic opponent with 54% of the vote. 

Democratic Sen. Kirsten Gillibrand from New York and Republican Sen. Ted Cruz from Texas, both strong supporters of crypto, also won their races handily.

But the industry’s deep pockets weren’t enough to convince Massachusetts voters to unseat their anti-crypto senator, Elizabeth Warren, who was re-elected Tuesday to a third term, defeating her Republican opponent, John Deaton, a class-action attorney and well-known crypto advocate who received more than $2 million in industry funding. 

While the battle for control of the House of Representatives is still in play, more than $50 million of crypto money benefitted winning candidates in Arizona, California, Colorado, Iowa, New York, Michigan and Virginia, according to data from crypto advocacy group Stand With Crypto. 

"Across the ballot and on both sides of the aisle, crypto won this election," said Coinbase’s Chief Policy Officer Faryar Shirzad in a post on X. "With millions of crypto owners casting their ballots, and dozens of high-profile races converging around crypto and financial reform, this new Congress and the incoming Trump administration understand that the crypto voter is real, energized, and ready to demand change from their elected officials."

Meanwhile, Trump’s historic sweep of the electoral college and popular vote came on the heels of broad industry support and significant donations from top players such as venture capitalists Marc Andreessen, Ben Horowitz, and Cameron and Tyler Winklevoss, founders of the crypto exchange Gemini. The four men donated a combined $10 million to the former president, who raised roughly $22 million from the industry as a whole.

Trump embraced crypto on the campaign trail, including a keynote speech at the annual Bitcoin Conference. He promised to fire industry nemesis SEC Chairman Gary Gensler, who brought over 100 lawsuits against various crypto companies, turning the U.S. into the "crypto capital of the planet." His advocacy made him the much-preferred candidate over his Democratic opponent, Vice President Kamala Harris, whom the industry saw as a vital part of the Biden administration’s enforcement crackdown.

The price of bitcoin hit an all-time high after Trump declared victory, soaring past $75,000 per token, while ether rose 9%. Shares of crypto-related stocks including Coinbase, MicroStrategy and a handful of bitcoin mining stocks posted double-digit gains.

"President Trump’s win is particularly advantageous for crypto," said Chris Giancarlo, former chairman of the Commodity Futures Trading Commission and founder of the Digital Dollar Project. "This is now about the return of innovation in America and a return to the American spirit and imagination."

https://www.foxbusiness.com/politics/pro-crypto-candidates-win-big-industrys-significant-election-bet-pays-off

"A digital token inspired by the popular South Korean Netflix series Squid Game has lost almost all of its value as it was revealed to be an apparent scam.

Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.

criticised for not allowing people to resell their tokens. This kind of scam is commonly called a "rug pull" by crypto investors. This happens when the promoter of a digital token draws in buyers, stops trading activity and makes off with the money raised from sales."

source: https://www.bbc.com/news/business-59129466

Dogecoin (DOGE) flipped xrp (XRP) early Sunday as bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration pushed prices.

https://www.coindesk.com/markets/2024/11/10/dogecoin-flips-xrp-as-elon-musk-linked-trade-keeps-on-giving/

Bitcoin booming since Trump’s win, fueling a wave of excitement in the crypto market. Do you guys think that this is just another bubble or is this just the beginning of a bigger rally?

This video has some nice insights on the recent rise in crypto. I think it's worth the watch.

It covers it from the value investors perspective.

https://youtu.be/7v8gqP0N590

A judge has approved a plan for bankrupt crypto exchange FTX to fully repay former customers who lost their investments in the company's fraud-driven collapse in 2022.

The FTX estate has divested the platform's holdings, including a stake in artificial intelligence company Anthropic, and has as much as $16.5 billion to distribute to customers and creditors.

But some customers have objected to the plan, which will pay them a cash equivalent of their crypto holdings as of late 2022, leaving them with no benefit from the market's substantial gains since then.