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The composition of both chambers could affect legislation in 2025 on how to regulate crypto in the US through proposed bills like the Financial Innovation and Technology for the 21st Century Act (FIT21).
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According to the advocacy group Stand With Crypto — which also attempted to influence US voters to choose candidates it considered favorable to the industry — roughly 270 lawmakers in the next session of Congress will be “pro-crypto,” with a clear majority in the House.
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In one of its biggest expenditures resulting in a win for the candidate, Protect Progress spent roughly $1.7 million in media buys to back Alabama Representative Shomari Figures over Anthony Daniels in the primary for the state’s 2nd Congressional District. Some House candidates, including Texas Representative Sylvester Turner, appeared to have not received any support from crypto executives or PACs.
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The makeup of the US House of Representatives is a similar story, with 63 new members taking office in January. Fairshake and its affiliates poured millions of dollars into primary races in 2024 to support both Democratic and Republican candidates who had expressed views favoring the crypto industry.
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In the filing, Coinbase cited risks tied to Sun, including accusations of financial misconduct and regulatory investigations.
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The cryptocurrency community has fired back against Coinbase’s explanation for delisting Wrapped Bitcoin, which the exchange linked to the “unacceptable risk” associated with Tron founder Justin Sun.
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Crypto exchange Binance has emerged as a major player in the region’s stablecoin market, almost matching Coinbase’s market share after listing EURI in August.
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As of late 2024, MiCA-compliant stablecoins have captured the majority of the European market. Circle’s EURC, Societe Generale’s EURCV and Banking Circle’s EURI collectively held 91% of the market share by November.
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Despite this, euro-backed stablecoins have thrived, with monthly volumes exceeding $300 million throughout 2024. November saw the highest activity, with nearly $800 million in trading volume.
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On Nov. 27, stablecoin issuer Tether discontinued support for its euro-pegged stablecoin EURt (EURT) on all blockchains. Tether said the decision aligned with its broader strategic direction, citing Europe’s “evolving regulatory frameworks” on stablecoins. The stablecoin company said it was discontinuing support for EURT on all blockchains and would cease minting the tokens.
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The introduction of the Markets in Crypto-Assets Regulation (MiCA) has significantly reshaped the region’s stablecoin landscape. These rules governing asset-referenced and electronic money tokens began rolling out on June 30, with full implementation by Dec. 30.
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Apart from the growing role of the euro in crypto markets, the researchers also highlighted a shifting stablecoin landscape in Europe.
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The euro has been the third most-traded fiat currency in the crypto space in 2024, accounting for 7.5% of fiat-based trading volume. The United States dollar maintained dominance with a 49.9% share, followed by the Korean won with 33.4%.
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The report revealed that euro-denominated trading volumes throughout 2024 consistently exceeded the 2023 average, with peaks in March and November surpassing $42 billion each month. Researchers said this reflects the euro’s increasing role in cryptocurrency markets.
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Trump, meanwhile, is cleared to pick a successor to replace outgoing FDIC Chair Martin Gruenberg, who said last month he would retire on Jan. 19, a day before the new president is inaugurated.
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The Republican-majority Congress would decide whether the FDIC or any other agency is to be eliminated — a complex and rare undertaking.
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Plans to combine or overhaul the FDIC, OCC and the Federal Reserve have also been floated.
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A classic macro boost for Bitcoin may yet come from China as soon as 2025.
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“The median duration of unemployment in the US rose to 10.5 weeks in November, the longest in 3 years. At the same time, the average unemployment duration rose to 23.7 weeks, the highest since April 2022,” Kobeissi noted at the weekend.
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More unemployment data will accompany PPI, with crypto markets especially sensitive to the latter in 2024.
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