Florida’s Two Bitcoin Reserve Bills Die in Committee

Donald Trump’s long-awaited White House Crypto Summit disappointed the crypto space. Its promises were underwhelming, and the community was undervalued. Bitcoin’s price fell slightly instead of an anticipated jump.

Several Trump-aligned crypto executives praised the President’s attempts to curtail federal regulators and suggested the industry was “doomed” without his intervention. Still, this frustration hasn’t boiled over into an all-out schism yet.

Trump’s Crypto Summit Fails to Deliver

Donald Trump announced the first-ever White House Crypto Summit last week, and the community was expecting an opportunity for positive new regulations.

Specific policy ideas and a potential guest list were hotly debated, and the bubble of anticipation helped fuel a pump in token prices. Today, the long-awaited Summit finally happened.

“Welcome to the first ever White House Digital Assets Summit. I know that many of you have been fighting for years for this, and it’s an honor to be here with you. Last year, I promised to make America the Bitcoin capital of the world… and we’re taking historic action to deliver on that promise,” Trump claimed.

However, the most bullish expectations of Trump and the Crypto Summit quickly fell. He addressed his Crypto Reserve plans in brief detail, offhandedly suggested that he could help FIFA launch a token, and postponed his timetable for friendly regulations to become law.

Mostly, crypto executives praised him as a savior of the industry, sparking backlash:

“That Summit was the most embarrassing thing I’ve ever witnessed. This is really what we’ve come to? Is everyone just worshipping Trump? Meanwhile, he has no idea what he’s reading off of, he’s just riffing on what David Sacks wrote him. We used to be cypherpunks, we used to be anti-government, now we [just] want the price to go up,” popular NFT trader Clemente claimed.

Excessive Deference Causes Pushback

Specifically, the televised Crypto Summit only lasted a little over 20 minutes, most of which did not involve Trump himself speaking.

Several close allies, such as Coinbase CEO Brian Armstrong, excessively praised the President’s attempts to curtail the SEC and other regulators. They suggested that Trump saved the industry from excessive enforcement under Gary Gensler.

This deferential attitude towards Trump, the Summit’s short duration, and lack of substantial promises created an overall negative impression.

By suggesting that the industry was “doomed” without Trump’s help, these executives ignore the community’s strength, resilience, and innovative spirit. Is it any wonder Bitcoin’s price fell afterward?

Participants at Trump’s Crypto Summit lauded his attempts to totally defang financial regulators, which is already sparking unprecedented turmoil within the federal government.

Several Summit participants like Cameron Winklevoss openly wish to take this agenda even further.

“The Crypto Summit is a disgrace. It’s a national embarrassment. The crypto faction that has captured the White House is precisely what our Founding Fathers warned us about. It will be a blight on whatever legacy Trump leaves and marks a low point for the presidency and the USA,” wrote Peter Schiff, financial commentator and crypto critic.

Ultimately, it doesn’t look like this Crypto Summit will precipitate a real break between Trump and the community overnight. People are dissatisfied, true, but some may yet benefit.

For example, Armstrong already announced that Coinbase will hire 1,000 more employees. It may take real economic losses for this ambient frustration to boil over.

However, overall, the summit remained largely underwhelming. It did not offer any significant positive development signal for the industry outside of the US market.

The post Trump’s Crypto Summit Offers Little, Sparking Community Frustration appeared first on BeInCrypto.

Bitcoin (BTC) surged past the $90,000 mark following reports of its potential preferential treatment in President Donald Trump’s proposed US crypto reserve strategy.

The speculation comes ahead of the White House Crypto Summit, which Trump will host and feature top digital asset industry executives.

Trump’s Bitcoin Reserve Plan Unveiled

Citing Commerce Secretary Howard Lutnick, The Pavlovick Today revealed that the strategic cryptocurrency reserve would be on Friday’s agenda for President Trump’s White House Crypto Summit.  

“The President definitely thinks that there’s a Bitcoin strategic reserve. Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday,” Lutnick reportedly stated.

Reportedly, Trump envisions a strategic Bitcoin reserve, distinguishing it from other cryptocurrencies. Lutnick suggested Bitcoin would receive unique status under Trump’s plans.

“So Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he added.

Following this news, Bitcoin reclaimed the $90,000 psychological level, with BTC trading for $90,097 as of this writing. According to BeInCrypto data, this represents a surge of over 7% since Wednesday’s session opened.

The prospective preferential treatment for Bitcoin is unsurprising given its heft as the pioneer crypto. Similarly, its commodity status, like Ethereum (ETH), also positions it for possible privilege.

While Trump has positioned himself as an outspoken advocate for the digital asset industry, he was more inclined toward the king of crypto ahead of the Bitcoin conference in July 2024.  

In a recent Truth Social post, he emphasized his administration’s commitment to elevating the crypto sector. Specifically, Trump announced that the US crypto reserve would include XRP, SOL, and ADA alongside Bitcoin and Ethereum.

However, Lutnick’s comments suggest that Bitcoin may receive special status under the new framework. While Trump’s announcement has fueled bullish sentiment in the Bitcoin market, it has also sparked significant debate.

Some crypto leaders have expressed skepticism about including alternative cryptocurrencies (altcoins) in the US reserve. Critics argue that favoring Bitcoin while treating other tokens differently could create market distortions.

Peter Schiff, a longtime Bitcoin critic, called Trump’s crypto reserve plan “the biggest crypto rug pull of all time.” Meanwhile, other experts had previously predicted that additional altcoins could be incorporated into the reserve, a forecast now challenged by Lutnick’s latest statements.

Another major talking point is Ethereum’s role—or lack thereof—in the prospective crypto reserve strategy. The White House Crypto Summit will feature leaders from ecosystems running on Ethereum, but the blockchain lacks representation.

Notwithstanding, the announcement of a strategic crypto reserve has led to speculation about an incoming altseason. Tim Haldorsson, founder of Luna Strategy, told BeInCrypto that Trump’s plan could drive increased investment into altcoins.

However, Henrik Zeberg Jensen, the head of Macroeconomics and fund manager of Swissblock Technologies AG, has a different opinion.

“Trump does not stand as a testimony to or a proof of which tokens will have success. Look at his meme coin [TRUMP]! No usability- and driven by speculation. The success of any token in the long run will be based on the usability of the token in future solutions which will lift productivity and reduce cost. Trump’s picks in that respect seem arbitrary,” Zeberg told BeInCrypto.

Should Bitcoin get preferential treatment in the crypto reserve, altcoins could still benefit. Historically, Bitcoin-led rallies have often paved the way for altcoin surges.

The post Bitcoin Retests $90,000 Amid Speculation of Preferential Treatment in Trump’s Crypto Reserve appeared first on BeInCrypto.

New York-based legal firm Burwick Law filed a class action lawsuit against the main parties involved in LIBRA, the Argentinian meme coin scandal. The lawsuit specifically targets KIP, Meteora, and Kelsier, but not President Javier Milei.

Over the past few months, the firm has filed several lawsuits against meme coin projects. It alleges serious financial misconduct from all these parties.

A LIBRA Lawsuit in New York

Given the firm’s recent actions, Burwick Law seems to be in a legal war against meme coin scammers. In December, it filed a suit against Hawk Tuah’s promoters. A month later, it sued Pump.fun, accusing the platform of IP violations.

Yesterday, Burwick filed another class-action lawsuit, this time centered around the LIBRA meme coin.

“Tonight, our firm filed a class action complaint in the Supreme Court of New York on behalf of our client. We allege that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch (LIBRA), allegedly misleading purchasers and harming retail investors,” the firm claimed via social media.

The LIBRA launch in February turned into a massive fiasco, and this lawsuit joins active investigations and arrest warrants levied upon the principal actors.

Essentially, Burwick accuses several parties involved with LIBRA of “deceptive, manipulative, and fundamentally unfair” conduct. These people artificially inflated the token’s price and then caused a collapse—otherwise known as pump-and-dump.

Surprisingly, the suit does not name Argentine President Javier Milei as a defendant. In addition to being a significant political figure, Milei also downplayed his direct connections to the debacle.

Instead of targeting him, Burwick’s lawsuit is going after the private companies that directly facilitated the LIBRA launch: KIT, Meteora, and Kelsier.

“The complaint details how, according to our allegations, one-sided liquidity pools were used to artificially inflate LIBRA’s price. We further allege that approximately 85% of supply was withheld at launch, enabling insiders to profit while everyday buyers bore the losses,” Burwick Law stated.

Who Were the Culprits Behind the LIBRA Scandal?

The initial name behind the LIBRA meme coin launch was KIP Protocol, a Web3 AI base layer. However, the firm completely distanced itself from any rug pull allegations.

KIP claimed that it did not launch or profit from LIBRA and that it was only asked “to assist in managing the project’s financing initiative.” The other firms, however, have much clearer connections.

Meteora, a decentralized crypto exchange, was thoroughly involved in LIBRA. The company’s co-founder resigned in the immediate aftermath but maintained his innocence.

Notably, Meteora’s reputation was already damaged by the TRUMP meme coin. This small exchange was the first platform to host the token, which increased its TVL by over 300% in days to over $1.9 billion.

Kelsier Ventures, LIBRA’s market maker, seems especially vulnerable to lawsuits. In a shocking interview, CEO Hayden Davis defended his actions, admitting to past scams and claiming he did nothing out of the ordinary.

Davis was in talks to launch a similar meme coin with the Nigerian government and was recently tied to a Wolf of Wall Street-themed meme coin. It’s no wonder that Davis, of all the names involved with the whole scandal, is the only person with an active arrest warrant against him.

Additionally, data engineer Fernando Molina alleged that these parties tried to launch two other Argentina-centric tokens before LIBRA. A few telltale fingerprints connect it with ARG and MILEI, such as shared wallets, liquidity pools, and timing. Molina suggested that LIBRA’s creators could’ve created these assets as test coins, but isn’t certain.

There are quite a few unanswered questions about the whole LIBRA scandal, and it’s unclear how they’ll play into the lawsuit. Hopefully, investigations can help clear up some of the biggest mysteries.

After all, political meme coin schemes like this can damage the reputation of the whole industry. So, the current lawsuit from Burwick might be in everyone’s best interest.

The post Burwick Law Files Lawsuit Against Meteora and Other LIBRA Backers appeared first on BeInCrypto.