US Treasury Secretary Scott Bessent has again opposed the idea of a Central Bank Digital Currency (CBDC). He stated that he would not favor a move by the Federal Reserve to create one, calling it a sign of weakness.
Scott Bessent Opposes The Fed Creating A CBDC
While testifying before the House appropriations subcommittee, the US Treasury Secretary spoke against the idea of the Fed creating a digital currency. He called it a sign of weakness, noting that digital assets belong in the private sector.
This isn’t the first time that Scott Bessent has spoken against creating a CBDC. During his nomination hearing, he remarked that digital currencies are for countries with no other investment alternatives. The US Secretary also noted that countries like China have considered creating one, but there was no need for the US to create one.
US President Donald Trump has also shown that he doesn’t support the Fed creating a CBDC. Following his inauguration in January, the President signed an executive order prohibiting agencies from working towards establishing and issuing central bank digital currencies.
So far, Jerome Powell and the Fed have shown no indication of creating a CBDC, which Scott Bessent opposes. Instead, the Fed Chair has only called for stablecoin regulations to manage these cryptocurrencies as their use cases increase.
As Coingape reported, the US Senate will likely vote on the stablecoin bill before May 26. If passed, it would become the first major crypto regulation in the US. The US House is still deliberating on its version of the stablecoin legislation at the committee level, with key members like Rep Maxine Waters objecting to the bill.
Meanwhile, the crypto community is still waiting for Scott Bessent and the US Treasury to release their report on the proposed US Strategic Bitcoin Reserve. The Treasury is meant to outline a comprehensive plan for managing this reserve using the seized assets.
At the beginning of 2025, Layer-1 (L1) blockchain network Solana found itself in the spotlight, thanks to meme coins.
Donald Trump’s Official Trump (TRUMP) meme coin launch on January 17 ignited a flurry of activity across the network, driving demand to levels unseen since the 2021 bull cycle.
While these volatile assets boosted Solana’s network activity and pushed up SOL’s price, they also present a paradox. They have brought in liquidity, users, and attention—but at what cost?
Presidential Memes Pump Solana Into Overdrive
Solana’s cheap, lightning-fast transactions and highly composable DeFi infrastructure make it one of the most preferred blockchains for launching meme coins. So when newly elected Donald Trump launched his TRUMP meme coin on the network in January, it came as no surprise to many.
Following TRUMP’s launch on January 17, demand for Solana skyrocketed, driven on the one hand by developers eager to launch their own meme coins and on the other by the frenzy of trading activity surrounding them.
Melania Trump followed her husband’s lead by launching her MELANIA meme coin on the same chain two days later. This move exacerbated the meme hype and drove significant trade volumes across multiple meme coins, both existing and newly created.
For example, within a day of launch, MELANIA’s trading volume soared 396%, jumping from $1.33 billion to $6.6 billion, according to CoinGecko data.
Solana Memes Took It to the Moon, Then Back Down
This development drove significant user engagement on Solana. According to Glassnode, by January 24, the network was processing 832,000 active addresses per hour, over 26 times more than Ethereum, which recorded just 31,000 per hour.
Due to the huge influx of new users on the network, transaction fees rocketed. Per Glassnode, Solana’s total transaction fees climbed to an all-time high of $32.43 million on January 19 after MELANIA launched. On the same day, SOL climbed to an all-time high of $293.
However, market exhaustion set in shortly after this price peak was reached. The meme coin mania began to fade, taking Solana users with it. Daily active addresses and new demand for the L1 plunged, dragging down DEX volume, SOL’s price, and DeFi TVL.
For example, SOL’s DEX volume hit an all-time high of $36 billion on January 19. But as the meme coin hype cooled off, by January 31, it had plummeted to just $3.8 billion, dropping nearly 90%. As of April 15, this totaled $1.5 billion.
Solana’s network revenue was not spared. Daily revenue, which rose to an all-time high of $16 million on January 19, plummeted to under $5 million by the end of January. Yesterday, the network’s total revenue from all transactions completed was under $115,000.
While TRUMP, MELANIA, and the slew of other meme coins that launched on Solana in the first few weeks of the year drove unprecedented network activity and boosted SOL’s value, the drop in their values and overall trading volumes has impacted the network’s performance.
It then raises the question of whether Solana’s actual value is now tied to this highly volatile, borderline chaotic asset class.
In an exclusive interview with BeInCrypto, Binance Research spokesperson Marina Zibareva noted that while these meme assets contributed to the network’s growth at the beginning of the year, Solana’s performance remains “increasingly driven by broader ecosystem fundamentals.”
According to Zibareva:
“We’ve seen DeFi TVL grow nearly 4x in SOL terms since January, and stablecoin supply has increased over 6x – pointing to lasting interest in real utility. Developer activity is also accelerating, with smart contract deployments rising almost 6x, suggesting strong long-term potential beyond the speculative wave.”
Although Solana’s inherent features make it a go-to destination for launching meme coins via platforms like Pump.fun, Jupiter, and Meteora, Zibareva sees a future for the network that stretches beyond meme coins.
“Meme coins have brought attention and users, but the long-term trajectory likely points toward use cases like DeFi, DePIN, Gaming, and SocialFi. Solana’s daily active addresses have increased nearly 6x year-to-date, and with its infrastructure battle-tested, we expect to see more developer activity focused on sustainable value creation,” she added.
At the Bitcoin 2025 conference in Las Vegas, Senator JD Vance sparked fresh debate by claiming that Bitcoin had generated significant wealth. However, economist and long-time Bitcoin critic Peter Schiff swiftly challenged these claims, arguing that no real wealth was created at all.
No Real Wealth Created, Says Schiff
Schiff on X highlighted his strong displeasure with the government’s crypto stance. He stated that Bitcoin did not generate wealth but instead facilitated a large transfer of wealth, from early adopters to latecomers. “What has happened is a massive transfer of wealth,” he wrote, warning that capital has been misallocated and valuable resources wasted in the process.
At Bitcoin 2025, JD Vance spoke about all the wealth created by Bitcoin and crypto. No actual wealth was created, as these tokens do not represent wealth. What has happened is a massive transfer of wealth from those who bought Bitcoin and crypto early to those who bought later.…
Meanwhile, Schiff also took a jab at the Trump administration, which Vance represents. He said rather than promoting Bitcoin as a backup plan for bad policies, leaders like Vance and Trump should focus on fixing those policies in the first place. According to him, good governance would reduce inflation and the need for any hedge at all.
A Bit of Humor from Schiff…
PETER SCHIFF: Based on what I heard at #Bitcoin 2025 “I’m likely responsible for more people owning Bitcoin than any other individual.”
— The Bitcoin Conference (@TheBitcoinConf) May 28, 2025
Interestingly, Schiff was also a participant at the same conference and shared a humorous observation during a fireside chat. “I’m likely responsible for more people owning Bitcoin than any other individual,” he joked, adding, “Every time I tell you not to buy Bitcoin, you buy more.” Despite his opposition, Schiff acknowledged his role in indirectly promoting Bitcoin through criticism.
He went further, dismissing Vance’s statement that Bitcoin serves as a hedge against inflation and poor government policy. According to Schiff, Americans want real protection, they should stick to gold and silver assets that have stood the test of time. He added that Bitcoin doesn’t offer the kind of safety people are hoping for in tough economic times.
Vance, on the other hand, had framed Bitcoin as a transformative financial tool and even a strategic asset that could strengthen the U.S.’s global economic leadership. His bullish stance highlighted the growing political interest in digital assets, while Schiff’s remarks brought in a starkly contrasting traditional perspective.
Crypto Reaction
In response to Schiff, one crypto user, Metabolic Uncle explained that producing Bitcoin costs more relative to its market price than gold does, averaging 63% of its value in major cities. This means Bitcoin carries more real-world input like energy and hardware, giving it a stronger intrinsic value compared to gold.
At the time of the debate, Bitcoin was trading at around $108,237, slightly down on the day, but still reflecting strong market interest.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The post Peter Schiff Debunks ‘Wealth Creation’ Claims After Vance’s Bitcoin Speech appeared first on Coinpedia Fintech News
At the Bitcoin 2025 conference in Las Vegas, Senator JD Vance sparked fresh debate by claiming that Bitcoin had generated significant wealth. However, economist and long-time Bitcoin critic Peter Schiff swiftly challenged these claims, arguing that no real wealth was created at all. No Real Wealth Created, Says Schiff Schiff on X highlighted his strong …
Coinstore, a leading global cryptocurrency exchange, has announced its participation in TOKEN2049 Dubai, one of the world’s premier crypto and Web3 industry gatherings taking place from April 30 to May 1, 2025. Beyond the booth, Coinstore will host an exclusive Brand Conference and Afterparty, bringing together partners, community leaders, influencers, and media representatives from across the global Crypto ecosystem.
On April 29, 2025, from 10:00 AM to 6:00 PM, Coinstore will host its “CONNECT & INNOVATE” conference at the DUKES THE PALM HOTEL in Dubai. The event will bring together global Web3 industry leaders, top investment institutions, innovative project teams, and technical developers to explore the future potential and collaborative opportunities in the crypto industry.
The conference will feature 10 keynote speeches from renowned Web3 thought leaders covering industry trends, technological evolution, and ecosystem development, alongside 5 panel discussions focusing on hot topics like AI+Crypto, RWA, DeFi, and infrastructure development.
With over 200 industry participants from exchanges, investment institutions, developers, and project teams expected to attend, the event will be simultaneously livestreamed on YouTube to maximize global reach and supported by more than 50 mainstream media outlets for multichannel, multilingual distribution.
As an integral part of its Dubai tour, Coinstore will establish a distinctive booth at the TOKEN2049 main venue (P39, Madinat Jumeirah) from April 29 to May 1. The booth design incorporates creative bar and mixology elements, cleverly conveying the platform’s openness, liquidity, and user-friendly attributes while providing visitors with an immersive crypto experience.
Gilded Mirage Afterparty
As the grand finale of our Dubai expedition, Coinstore is hosting the Gilded Mirage afterparty on May 1, 2025, from 5:00 PM to 8:00 PM at the Twenty Three Rooftop Bar.
This meticulously planned event offers attendees a networking platform that transcends conventional conference formats. Against the backdrop of the city’s night skyline, participants can engage in natural conversations with Coinstore’s leadership team, global investment firm representatives, and key industry figures in a relaxed and pleasant atmosphere. The setting encourages the exchange of ideas and exploration of collaborative opportunities.
This rare occasion allows you to expand your professional network and deepen industry partnerships while unwinding in an elegant setting.
“Dubai has established itself as a crypto-friendly hub with forward-thinking regulations,” added Johnson, CEO at Coinstore. “TOKEN2049 provides the perfect backdrop for us to showcase our platform innovations and strengthen relationships with partners who share our vision of a more open and accessible financial future.”
The event’s co-organizers include KIOS, SCROLL, and Genezys. with DUX as the Diamond Sponsor.Gold Sponsors include BID, USA, Global Dollar, Opt Blockchain, OZK, IRON, ZELF, DEBC, MIST, TQF, TELcoin, Intelace, and ETHI.
With special thanks to Yido Labs, RWA, NOW, and IVT.
Media coverage for the event is supported by partners including MetaEra, PA News, Techflow, Droom Droonmom, The News Crypto, Coinedition, Coin Gabbar, Lacademy, Geekmetaverse, All Confs, Voice Of Crypto, 36Crypto, and others.
About Coinstore
Accessibility. Security. Equity.
As a leading global platform for cryptocurrency and blockchain technology, Coinstore seeks to build an ecosystem that grants everyone access to digital assets and blockchain technology. With over 10 million users worldwide, more than 1,100 listed tokens including 100+ premium digital assets. Coinstore is dedicated to providing secure, professional, and accessible digital asset trading service.
As a pioneer in Launchpad, Coinstore’s Launchpad have shown remarkable performance, with an average ROI of prime exceeding 1,200%. Coinstore, the first choice for the initial launch.
