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    Analysis-Trump’s crypto team takes shape but questions remain over who will drive policy

    WASHINGTON (Reuters) -U.S. President-elect Donald Trump’s crypto policy is taking shape with the announcement of a White House crypto czar and a new securities watchdog, but questions remain over who will drive policy and whether too many cooks could slow down changes.Trump on Thursday appeared to make good on his campaign pledge to be a “crypto president,” announcing he would make former top PayPal (NASDAQ:PYPL) executive and crypto evangelist David Sacks “White House A.I. & Crypto Czar.” A day earlier, Trump said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission. While crypto executives cheered the news, saying the pair would end the Biden administration’s crypto crackdown and promote innovation, some Washington analysts said the creation of a crypto czar, a new role, sowed ambiguity over who would drive crypto policy and flagged the potential for policy clashes. “One big question is whether the policy will be driven by Sacks himself. A czar appointed by Trump is going to want to see changes fairly quickly, but the SEC has processes and you can’t just snap your fingers at the SEC and have new rules,” Ian Katz, managing director of Capital Alpha Partners, said in an email to Reuters. “Personalities will be important,” he added.A Silicon Valley venture capitalist and friend of Trump billionaire backer Elon Musk, Sacks was an early bitcoin investor. In a 2017 CNBC interview, he said cryptocurrencies were revolutionizing the internet, but he acknowledged there were also scammers in the sector. He does not appear to have any experience writing or leading policy, according to a Reuters review of his background. Atkins, meanwhile, is a former SEC official and respected veteran of Washington policy circles who has said he supports crypto innovation as way to boost financial services competition, and has helped crypto companies in their dealings with regulators via his consultancy Patomak Global Partners (NYSE:GLP). “Atkins is kind of a known quantity,” said Lene Powell, senior legal analyst at financial consultancy Wolters Kluwer (AS:WLSNc). Sacks is from “a different sphere.” Both have called for regulators to be more accommodating of crypto companies, but neither appear to have taken a position on whether and under what circumstances crypto tokens should be considered securities, commodities or utilities – a core issue that will ultimately decide how the industry is regulated. “I think we’ll see more constructive regulation. Obviously, that includes some clarification around what is (a) security or not,” said Chen Arad, co-founder of Solidus Labs, a crypto compliance company. Atkins and Sacks did not immediately respond to requests for comment.Bitcoin, the world’s largest cryptocurrency, surged past the $100,000 milestone for the first time after Trump announced Atkins as his pick to lead the SEC, buoyed by hopes that the new administration would usher in softer crypto policies. Under President Joe Biden, the SEC has sued dozens of crypto companies, alleging they broke securities laws, while bank regulators discouraged lenders from dabbling in crypto and Congress failed to pass legislation that would help promote mainstream crypto adoption.The crypto industry is pushing for an ambitious raft of policies that would promote adoption of digital assets, including the creation of a crypto regulatory framework which would address when tokens can be classified as securities or commodities.Trump said in a Thursday post on his Truth Social platform that Sacks would “guide” crypto policy and “work on a legal framework so the Crypto industry has … clarity,” leaving it unclear whether Sacks would lead the incoming administration’s crypto policy. It was also unclear whether Sacks will lead Trump’s crypto advisory council, which is also expected to play a key role in shaping crypto policy. Reuters previously reported the crypto czar was expected to lead that body and coordinate policy among the various regulatory agencies. That coordination will be crucial, since a crypto legal framework would need extensive input from the SEC and the Commodity Futures Trading Commission, whose new chair has yet to be announced, and may also require congressional approval, said lawyers.Regulations on less contentious non-crypto issues such as proprietary bank trading and capital have been snarled up for years by inter-agency squabbles, they noted.”It definitely would be a lot of cooks,” Powell said. In an email on Friday, a Trump transition spokesperson reiterated the President-elect’s Thursday announcement in which he said Sacks would guide crypto policy, and did not answer Reuters questions seeking more details on how the role would work. Some consumer protection advocates have expressed concern that the Trump administration’s crypto agenda might create gaps that would leave investors at risk, a fear the industry has largely dismissed. “I don’t think there will be under-regulation,” said Anthony Scaramucci, the founder of asset manager SkyBridge, who briefly served in Trump’s first administration. “I don’t think it will create fraud, but I think it will help the United States maintain what it should be, which is our mantle of financial services leadership.” More

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    US economy added 227,000 jobs in November

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    Pepeto and Pepe Unchained Compete for Dominance in the Next Memecoin Era

    https://x.com/Pepetocoin/status/1864282909319848198

    Pepeto: Low Price and Big Announcements AheadPepeto has captured the crypto community’s attention with its compelling story and utility. Currently priced at just $0.000000096, Pepeto offers an affordable entry point, with five days left in its current presale stage. Pepeto has also teased major upcoming announcements, further fueling speculation and interest. Its combination of narrative-driven appeal, advanced utilities like a cross-chain bridge and zero-fee exchange, and a rapidly growing community can make it a noticeable opportunity in the memecoin space. Pepeto: Community and Adoption for the Memecoin EraPepeto has made a wave of excitement across the crypto space, driven by its captivating story tied to the six documents—P, E, P, E, T, and O—that define its vision. This narrative has rallied a vibrant and growing community, as evident across its active social media platforms. Pepeto’s adoption utility stands out, positioning it as a possible exchange for the next generation of frog-themed and memecoin projects. By offering a seamless platform for trading, bridging, and listing, Pepeto aims to empower the wave of innovative frog-inspired tokens.Pepe Unchained: Scaling Memecoins with Layer 2 and Upcoming ListingsPepe Unchained brings a focus on Layer 2 technology, offering enhanced scalability and efficiency for blockchain transactions. This technical foundation positions the project to support higher transaction volumes and smoother operations, especially during peak market activity. With its presale now completed, Pepe Unchained is building momentum as it prepares for its official listing in less than four days. This milestone marks an important step in delivering value to both its community and the broader memecoin ecosystem.Two Major Announcements PendingPepeto has hinted at two significant announcements on the horizon. These announcements are hinted to include a potential exchange listing and the beta version launch of PepetoSwap, the project’s core utility.By adhering to its roadmap, Pepeto works to continue to build trust and excitement within its growing community. The upgraded platform will soon serve as the foundation for the bridge and exchange functionalities, offering a vital resource for the next generation of blockchain projects. Link to the roadmap: https://pepeto.io/en#roadmapPepeto Nears $2 Million Milestone (WA:MMD) in PresalePepeto’s presale is rapidly approaching the $2 million mark. This achievement can highlight the community’s confidence in Pepeto’s vision and utility, which includes its advanced bridge, zero-fee exchange, and staking rewards. With its low presale price and an ecosystem designed to support the next generation of memecoins, Pepeto aims to become a standout project in the lead-up to the 2025.Youtube link: https://www.youtube.com/watch?v=rm97G0v980APepeto: Building Momentum for the Future of MemecoinsPepeto’s steady progress reflects its commitment to delivering value and innovation to its community. From unveiling the anticipated PepetoSwap to upgrading its official website, every step underscores the team’s focus on creating meaningful utilities. With the beta launch of its bridge and exchange on the horizon and major announcements fueling excitement, Pepeto is positioning itself as a key player in the crypto space, paving the way for widespread adoption and collaborative growth in the memecoin ecosystem.About PepetoPepeto is a memecoin project designed to integrate cross-chain utility with community-driven development. Offering zero-fee trading, blockchain bridge functionality, and a staking rewards program, Pepeto seeks to combine accessibility with practical features. The project emphasizes interoperability and long-term value, fostering a dedicated user base through its ecosystem innovations and community-focused approach.Disclaimer:The official website for Pepeto is https://pepeto.io/. Be cautious of fraudulent websites.To learn more about Pepeto’s progress and upcoming features, users can visit the official website and Pepeto official socials – https://pepeto.io/Official Website: https://pepeto.io/Social Media:This article was originally published on Chainwire More

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    Deep dive into Nov. payrolls report flags weakness, keeping Dec. rate-cut on table

    Nonfarm payrolls grew by 227,000 in November, rebounding from an October reading that was depressed due to strikes and hurricanes, the economists said. The November payrolls report was boosted by 38,000 jobs gains following the conclusion of a few strikes, most notably at Boeing (NYSE:BA).But this rebound wasn’t evident in the household survey, which showed employment declined 355,000 in November. The underlying details of the survey were “indicative of a labor market that continues to lose momentum gradually.”While the household survey tends to be volatile, and less reliable given its smaller sample size, other data in the report flagged a softening labor market.The share of unemployed workers out of a job for more than six months has risen to over 23%, comparable to levels seen in late 2017/early 2018, the economists said. The unemployment rate rising by one-tenth of a percentage point, and the labor force participation rate falling one-tenth also suggest that the labor market is softer than some expect. Barring any major surprises in the upcoming CPI and PPI data for November, the economists said they continue to expect the Fed to cut rates on Dec. 18.”On balance, today’s employment data further reinforces our view that the FOMC will reduce the federal funds rate by 25 bps at its upcoming meeting on December 17–18,” the economists said.  More

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    Bitcoin Miner Balance Sees 85,503 BTC Drop in 48 Hours

    This movement of over 85,000 BTC is the highest since February 2024. In February, the BTC price was still below the previous all-time high (ATH) of $73,000.This recent movement might trigger price movement, as it occurred in February before Bitcoin hit an ATH about two months later.Despite the historical significance of miner activity, Santiment holds a different view. The platform emphasized that mining wallets have not strongly influenced Bitcoin’s price for much of 2024. This could mean that other market forces, such as whale action or institutional players, are playing a more dominant role.Sentiment maintains that the extreme drop should be a “net-neutral” signal. That is, the development is neither bearish nor bullish.As of this writing, Bitcoin price was trading for $99,091.99, a decrease of 4.27%. Bitcoin had dropped from its historic $100,000 psychological level in earlier trading. The world’s leading asset had dropped to a low of $94,035 before rebounding in the market.This article was originally published on U.Today More

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    Ex-Fed Chair Believes Bitcoin Reserve Might Not Be Good Idea: Details

    The idea of a national Bitcoin reserve has gained traction this year among some policymakers and crypto enthusiasts, who argue that it could provide a hedge against inflation and diversify U.S. financial assets.While Dudley believes that crypto technology has the potential to improve the financial system and that a Bitcoin reserve might send BTC prices soaring, he argues that a BTC reserve might not be beneficial overall.At the time of writing, BTC was trading down 4.31% in the last 24 hours to $98,854. It previously touched an all-time high of $104,000 during yesterday’s trading session.Bitcoin, according to Dudley, hardly qualifies as money, and its volatility makes it an unsuitable medium of exchange. In most nations, people are not required to accept it as money, he noted. “Transactions are slow and expensive, requiring significant computing power and energy to validate each one,” Dudley stated.The ex-Fed president, however, believes that Bitcoin has some positive attributes: “It’s portable—you can keep millions of dollars’ worth on a thumb drive. It’s semi-anonymous, in the sense that holders are identified only by a public alphanumeric key. It can be transferred to anyone, anywhere, without relying on government-regulated banks or other traditional financial intermediaries.”If enacted, Dudley believes a Bitcoin reserve would undoubtedly send the BTC price soaring as investors pile in to get ahead of the government’s purchases, but on the contrary, it might stoke inflation.This article was originally published on U.Today More

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    Take Five: Crypto gain, Europe pain

    Here’s what to look out for in the week ahead from Marcela Ayres in Brasilia, Kevin Buckland in Tokyo, Ira Iosebashvili in New York, and Dhara Ranasinghe and Amanda Cooper in London.1/ FOUR, AND COUNTING For ECB policymakers, their last meeting in October must seem a lifetime ago. Since then, Donald Trump’s U.S. election win means the euro area faces renewed economic pain with likely tariffs, and governments in heavyweight Germany and France have collapsed, with the latter engulfed in its second political crisis in six months. All that has dealt a blow to sentiment in a bloc where business activity is deteriorating – and the euro has slid.The ECB, also no stranger to hard times, is expected to deliver its fourth quarter-point rate cut on Thursday, with more cuts anticipated.A pick-up in inflation means a bigger rate cut is unlikely. And yes, you guessed it, ECB chief Christine Lagarde will likely stress caution and data-dependency. 2/ A CUT AND A HARD PLACE    Australia’s central bank, which meets on Tuesday, is in a tight spot. The economy is sputtering, the currency is at four-month lows and yet inflation is sufficiently persistent to make repeated rate cuts unlikely. The chances of a quarter-point reduction are below 15% and rates are expected to take until July to fall even 50 bps. The Bank of Canada, by contrast, looks set to answer investors’ wishes for more cuts. It has said inflation is a thing of the past and more cuts could be in the offing, leaving the market split on whether its Dec. 11 meeting will yield a 25- or even a 50-bps cut. Enter the most dovish of the G10 central banks – the Swiss National Bank. With inflation at 0.7%, it is expected to cut rates by 50 bps on Dec. 12.3/ NO HURRY Markets gaming out the trajectory for Federal Reserve policy in the months ahead get a U.S. inflation reading on Wednesday. The Fed has shaved 75 basis points (bps) off interest rates since September, following months of cooling inflation – expectations are towards another 25 bps cut later in December. But the path ahead is less clear. The economy has proved stronger than expected, and Fed Chair Jerome Powell has said there is little reason to hurry the pace of cuts.A strong number could bolster that view, potentially reigniting a bond selloff and strengthening the dollar if investors decide to further unwind bets on how much the Fed will cut next year. Economists polled by Reuters expect consumer prices to have risen 0.2% in November – matching the October rise. 4/ BITCOIN BREAKOUTThere was something inevitable in Bitcoin’s record surge past $100,000 after Trump’s election promises to make America “the crypto capital of the planet”.    But it did so in resounding fashion, vaulting from below $99,000 to as high as $103,619 in the space of two hours before catching its breath. The catalyst may have been confirmation of Trump’s choice of crypto veteran Paul Atkins to run the SEC. Of course, $100,000 is just a number – but one the faithful and the sceptical regard as a major milestone in Bitcoin’s 16-year journey towards legitimacy.    Recall though that its history is written in breathless rallies and white-knuckle reversals. While numbers like $150,000 are already being mentioned for 2025, the token is flashing overbought on daily, weekly, monthly and quarterly charts.5/ FINAL ACTBrazil’s central bank holds its final meeting under Governor Roberto Campos Neto on Wednesday, with bets on a sharper 75 bps hike after two raises that brought rates to 11.25%. Campos Neto, set to hold a news conference on Dec. 19, said a positive fiscal shock could relieve pressure on the exchange rate and long-term yields in Latin America’s largest economy. But the government’s widely anticipated fiscal package disappointed markets, driving up risk premiums on major assets. Brazil’s real has weakened some 20% against the dollar year-to-date, and strong economic resilience – on display in the third quarter – is fuelling inflation worries. As policymakers grapple with mounting challenges, Congress debates measures to curb spending and contain debt growth. (Graphics by Sumanta Sen, Kripa Jayaram and Prinz Magtulis, Compiled by Karin Strohecker, Editing by Barbara Lewis (JO:LEWJ)) More