Morgan Stanley CEO Ted Pick said Thursday that his bank will be working with U.S. regulators to examine whether it can deepen its involvement in cryptocurrency markets.
Pick was asked about his views on digital currencies under the pro-crypto Trump administration. On Tuesday, the acting head of the Securities and Exchange Commission launched an effort to develop a regulatory framework for the nascent asset class.
“We’ll be working with Treasury and the other regulators to figure out how we can offer that in a safe way,” Pick said.
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Morgan Stanley, a juggernaut in the wealth management industry, has been repeatedly ahead of its peers when it comes to crypto. It was the first major U.S. bank to offer bitcoin funds to its rich clients in 2021, and last year it took the lead on offering bitcoin ETFs. That’s because the firm’s financial advisors were getting questions from clients about bitcoin exposure, sources told CNBC at the time.
But under the Biden administration, banks were prohibited from getting deep into the asset class; their trading desks dabbled in bitcoin derivatives but couldn’t own the “physical” bitcoin. It’s a point that Goldman Sachs CEO David Solomon reiterated this week.
“At the moment, from a regulatory perspective, we can’t own” bitcoin, Solomon told CNBC’s Sorkin. “If the world changes, we can have a discussion about it,” he said.
‘Escape velocity’
When it comes to bitcoin, the original cryptocurrency that traces its origin to the 2008 financial crisis, its staying power through volatile trading and industry scandals over the years may prove critical, according to Morgan Stanley’s Pick. One bitcoin now trades for more than $100,000.
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“The broader question is whether some of this has come of age, whether it’s hit escape velocity,” Pick said. “You know, time is the friend [of crypto]; the longer it trades, perception becomes reality.”
Earlier this week, Bank of America CEO Brian Moynihan also signaled a willingness to embrace crypto if regulators allowed it, saying it would be another form of retail payments for customers of the second biggest U.S. bank by assets.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard,” Moynihan said. “We have hundreds of patents on blockchain already, we know how to enter the field.”
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Javier Milei’s government is weighing up a proposal for Argentina to leave the Paris agreement, days after Donald Trump announced the US would exit the world’s key accord on climate change.
While a final decision has yet to be made, two people familiar with the discussions said Argentina was likely to follow in the US’s footsteps, a move that would make it just the second country to quit the agreement signed by almost 200 nations.
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Senior officials are studying an internal memo recommending an exit, said people briefed on the situation, after the country withdrew negotiators from last year’s COP29 climate summit and said it was re-evaluating its international commitments on the environment.
Civil servants were seeking to dissuade Milei’s team from leaving the agreement, the people said. One Argentine diplomat said Milei would make the final decision and that “it seems very likely that we will end up leaving”.
A departure, if agreed, would mark a major blow to global efforts to address climate change. The agreement aims to limit global temperature rises to well below 2C and ideally to 1.5C above pre-industrial levels.
The environmental division of Argentina’s interior ministry did not immediately respond to a request for comment.
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The libertarian leader, who denies that humans are a cause of climate change, on Thursday condemned the global environmental movement in a speech to the World Economic Forum in Davos.
“Wokeism has perverted the basic idea of preserving the environment for the enjoyment of human beings, and turned it into a fanatical environmentalism where human beings are a cancer that must be eliminated, and economic development is little less than a crime against nature,” he said.
On Monday, Trump signed an executive order to pull the US from the Paris agreement for a second time, having previously left during his first term. No other country has left the 2015 accord.
Exiting the Paris agreement would require congressional approval in Argentina, but Milei has often bypassed congress via emergency decrees during his presidency.
A withdrawal could affect the EU-Mercosur trade agreement concluded in December between Europe and Argentina, Brazil, Paraguay and Uruguay, which specifies that parties can suspend the trade deal if one of the signatories leaves the Paris accord.
A diplomat said: “The technical staff in the ministry are trying to explain that while Trump can do what he wants, for Argentina it would bring consequences.”
They also cited potential complications for Argentina’s recently launched bid to join the OECD, which advocates environmental policy standards for members.
Critics have argued that Argentina would also risk losing access to climate-linked international financing streams, after receiving billions in such funding, and could be excluded from global carbon markets in future.
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Countries are due to submit updated climate plans next month under the Paris accord, although many are expected to miss the deadline.
Microsoft promised a new game announcement at its Xbox Developer Direct event, and that game turned out to be Ninja Gaiden 4. The new entry in the long-running franchise is being co-developed by Team Ninja along with Platinum Games, the team behind action games like Bayonetta and Nier: Automata. Though no release date was announced, the game will be coming to Xbox, and will be available via Game Pass.
While the Ninja Gaiden franchise has been around since the late ‘80s, it entered into a new era on the Xbox with the bloody, and tough-as-nails Ninja Gaiden on Xbox in 2004. That version, developed by Team Ninja, was ported to a handful of other consoles and also received a number of sequels. Based on the debut trailer, the new game looks to continue the dark action started with the 2004 release, but with even faster gameplay.
Singapore, Singapore, January 23rd, 2025, Chainwire
LBank, a leading global cryptocurrency exchange, is thrilled to announce the launch of its Red Packet alongside a 100 Million Giveaway valued at $5 Million which is set to take place from January 24 to January 27, 2025. This exciting event marks a celebration of LBank’s latest achievements and reaffirms its commitment to delivering exceptional value to its growing global user base.
The Red Packet activity comes as part of LBank’s broader push to enhance user experience. Designed to promote social sharing and community engagement, this feature allows users to send and share red packets, creating a more interactive and enjoyable experience.
To celebrate this launch, LBank is introducing a 100 Million red packet giveaway valued at $5 Million, featuring rewards in a variety of tokens. The event will run from January 24 to January 27, 2025, and is open to all LBank users.
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Now serving over 15 million users globally, LBank’s position as a leading exchange has been further validated by being awarded Crypto.news’ Best CEX Award. These achievements highlight the platform’s growing presence and impact within the cryptocurrency industry.
As LBank continues to grow its ecosystem, the platform remains committed to offering a wide range of assets and services. By introducing innovative features and providing robust trading solutions, LBank seeks to strengthen its position in the cryptocurrency industry while supporting users in navigating the evolving landscape of crypto innovation.
About LBank
Founded in 2015, LBank is a leading global cryptocurrency exchange, serving over 15 million registered users in more than 210 countries and regions. With daily derivatives trading volume of more than $67 billion, LBank is committed to delivering a comprehensive and user-friendly trading experience. Through innovative trading solutions, LBank has helped users achieve average returns of over 130% on newly listed assets.
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As a pioneer in the Meme coin market, LBank has listed over 240 mainstream Meme coins and 40 Meme gems, with several achieving gains of over 500%. As the industry leader in first-time Meme coin listings, LBank has become the go-to platform for Meme coin investors.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
The Silk Road founder’s financial status was unclear, but many crypto users have donated to his ”transition into his new life” since he received a presidential pardon.
Roli on Thursday announced its latest educational product at the NAAM audio show in Anaheim. The simply named Roli Piano builds on products like the Roli Airwave and Piano M, more than doubling the latter’s key count to 49.
The Piano is much like its predecessor in most ways, with MIDI keys that light up and sync with an instructional app played back on a phone or tablet. The Airwave, meanwhile, adds hand tracking into the mix, creating gesture-based sounds.
The new instrument is pricey, at $599, well over double the Piano M’s current $249 price point. The London-based music tech startup is offering up the larger model at $399 for a limited time “super early bird special.”
And, of course, it wouldn’t be a 2025 product launch without some mention of generative AI. That arrives by way of the newly announced Piano AI Assistitant, which the company refers to as, “the first step in using generative AI to make learning to play easier, more intuitive and more fun than ever before.”
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The Assistant, which is rolling out as part of the Piano launch, aims to further instruction, while adding music theory into the mix.
Over the past year, the Piano line has become Roli’s primary focus. The pivot toward educational products makes sense for the company, which filed for bankruptcy back in 2021. Products like the Seaboard and Blocks were always cool and clever, but remained niche in the music world.
Music education, on the other hand, offers massive market potential for a smaller hardware maker.
The Department for Work & Pensions has issued an urgent warning after new figures revealed the number of pensioners pushed in poverty continues to rise.
Around 800,000 of those affected are missing out on a crucial benefit which could help top up income and provide a yearly boost worth £3,900.
This morning, the DWP published figures showing that 13 per cent of pensioners are in poverty. The number of single pensioners struggling financially has increased, with 18 per cent now living in low resources, up from last year.
David Brooks, Head of Policy at leading independent financial services consultancy Broadstone, said: “Today’s data is well timed as the Work and Pensions Committee has begun its review of pensioner poverty, and the Government is expected to kick off a review of adequacy in pensions later this year.
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“Understanding the causes of pensioner poverty will be key to ensuring the system is working as it should and supporting those in need.
“For example, increasing the take up of benefits that pensioners are entitled to, particularly those targeted at poorer retirees like Pension Credit, will be critical to lifting more people out of poverty in later-life.”
Around 800,000 people are missing out on Pension Credit worth an average of £3,900 per year
GETTY
The figures highlight ongoing concerns about financial hardship among the UK’s retired population, with nearly two million pensioners facing poverty.
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Around 800,000 people are missing out on Pension Credit worth an average of £3,900 per year, according to the DWP. The benefit tops up weekly income to £218.15 for single pensioners and £332.95 for couples.
Those eligible can also receive additional support with housing, council tax and heating bills. Over-75s who qualify are also entitled to a free TV licence, which will cost £174.50 from April 2025.
Pensions Minister Torsten Bell said that the Government is taking action to raise awareness of the benefit. The lack of awareness about Pension Credit’s existence is believed to be the main reason for low take-up rates among eligible pensioners.
Recipients could get an extra £81.50 weekly if they have qualifying disabilities or receive certain benefits like Attendance Allowance or Personal Independence Payment.
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The DWP has launched a major awareness campaign this month, writing to 11 million pensioners about Pension Credit eligibility. The letters will be sent as part of the annual state pension uprating exercise, including leaflets promoting Pension Credit.
From April, the State Pension will increase by 4.1 percent to £230.30 per week. Guaranteed Pension Credit payments will also rise, with single pensioners receiving £221.86 weekly, up from £218.15.
Couples will see their Pension Credit increase from £332.95 to £338.61 per week.
LATEST DEVELOPMENTS:
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The initiative aims to boost benefit uptake, as research shows 77 percent of pensioners living in poverty currently receive neither pension credit nor housing benefits.
Pensioner poverty is particularly severe among those in rented accommodation, affecting 34 per centof pensioner renters compared to the overall 16 per cent rate.
Research from the Fabian Society shows that those who retired before April 2016 on the basic state pension face higher poverty levels.
The old pension rules made it more difficult to qualify for the full amount, while some on the new state pension also struggle due to housing costs and National Insurance gaps.
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Sasjkia Otto, Fabian Society senior researcher, said: “Neither the state pension nor benefits guarantee protection from poverty, and many are falling through the cracks, especially those renting.”
The situation could worsen as the number of pensioners in rented accommodation increases, with 40 per centof all pensioners in poverty being renters.
The state pension remains “too low” according to researchers, despite previous improvements in pensioner poverty rates.
FACA,established in 1972, aims to ensure that federal advisory committees operate transparently and accountably. Key requirements include:
Balanced Representation: Committees must represent diverse viewpoints relevant to their purpose.
Transparency: Meetings and decisions must be publicly accessible, with notices published at least 15 days prior.
Accountability: Committees must file reports and maintain records.
These regulations are designed to prevent undue influence and promote public trust in governance.
The Lawsuits Against DOGE
Three lawsuits filed in the US District Court for the District of Columbia accuse DOGE of FACA violations:
Public Citizen Inc. v. Trump et al
Lentini et al v. Department of Government Efficiency et al
American Public Health Association v. Office of Management and Budget et al
The plaintiffs argue that DOGElacks fair representation and fails to meet FACA’s transparency requirements. Notably, these lawsuits do not include injunctions to halt DOGE’s operations, allowing it to continue functioning while the legal process unfolds.
Challenges in Enforcing Compliance
Legal experts believe enforcing compliancecould be difficult for several reasons:
Speed of Operations: DOGE’s fast-paced approach, reflective of Silicon Valley’s “move fast and break things” ethos, may outpace legal challenges.
Executive Power: The enforcement of court rulings depends on the executive branch, led by President Trump,who has shown a willingness to bypass norms.
Historical Precedents: Comparisons to Andrew Jackson’s defiance of the Supreme Court highlight the potential vulnerabilities in the enforcement process.
The Role of Courts in Balancing Speed and Accountability
The courts have become a critical arena for addressing these legal disputes. While the Supreme Court currently leans conservative, legal scholars argue that justices prioritize institutional trust over political loyalty. This balance could influence the outcome of challenges to DOGE and similar initiatives.
Key Issues Highlighted by FACA Violations
The lawsuits show the importance of balancing innovation with democratic accountability. DOGE’s critics emphasize that federal advisory committees must:
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Ensure diverse representation.
Adhere to transparency standards.
Avoid favoring private interests over public welfare.
Failure to meet these standards undermines public trust and creates legal vulnerabilities.
Table: Key FACA Requirements vs. Allegations Against DOGE
FACA Requirement
Allegations Against DOGE
Balanced representation
Committee lacks diverse viewpoints, favoring tech executives.
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Transparent decision-making
Insufficient public access to meetings and records.
Accountability through reporting
Inadequate compliance with filing and reporting rules.
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The Broader Implications
This case highlights the friction between rapid technological progress and the deliberate pace of government processes. While DOGE aims to streamline governance, ignoring legal frameworks could lead to long-term challenges for similar initiatives.
Legal and political systems must adapt to innovations without sacrificing democratic values. Whether DOGE can align its operations with FACA remains to be seen, but the outcome will set a precedent for future tech-driven advisory committees.
Bitcoin and cryptocurrencies kicked off a new era with the inauguration of the first-ever pro-crypto president. The key question is whether the shift towards crypto-positive regulation and rising market activity is a sustainable one or a temporary reaction to changing political tides.
Made in USA crypto tokens have performed well this week, emerging as the most relevant narrative in the sector.
Bitcoin and crypto markets break record in market activity
Donald Trump’s election as U.S. President fueled hopes of crypto traders and firms. A pro-crypto administration supported the narrative of a new age for cryptocurrencies paved with greater certainty and higher market activity.
According to CCData’s latest exchange review report, one of the key measures of market participation hit a milestone in 2024. Aggregated spot and derivatives trade volume climbed to $75 trillion against the 2021 record of $64 trillion.
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The two key catalysts were the speculation surrounding the November 2024 election and the Bitcoin bull run, at the end of 2024. Both November and December were record breaking months for crypto with $10.51 trillion and $11.31 trillion in monthly volumes.
Stablecoin market capitalization helps identify market activity, participation and onboarding of new users within the ecosystem. Stablecoins act as fiat on and off ramp for new traders and beginners in crypto, therefore representing market participation and adoption. Data from DeFi tracker DeFiLlama shows a large spike in stablecoin market capitalization on President Trump’s inauguration day.
Market cap crossed $210 billion and observed a year-to-date increase of 3.3% as liquidity and trade volume across centralized and decentralized exchanges spiked. A massive influx of capital from traders supported the spike.
As of Thursday, January 23, stablecoin market capitalization is $214.407 billion, as seen in the DeFiLlama chart below.
Crypto traders are optimistic on made in USA tokens
President Donald Trump’s statement that he wanted all remaining Bitcoin to be “made in the USA” led to the rise of a new crypto narrative, the made-in-USA tokens. CoinMarketCap and CoinGecko have launched a category of tokens under “made in USA.”
XRP (XRP), Solana (SOL), Cardano (ADA), Chainlink (LINK) and Avalanche (AVAX) are the top five altcoins in the list, and the category’s market capitalization exceeds $541 billion.
Made in USA crypto tokens category | Source: CoinGecko
CCData report states that the basket of crypto tokens in this category has outperformed the remainder of the market. The coins are up 360% since the election, as traders anticipate a positive regulatory environment and more favorable conditions for the tokens made in the states.
The narrative depends on policy and actions of the CFTC and the SEC, and whether President Trump delivers a strategic Bitcoin reserve during his time in office. Four-year crypto market cycle could see a shift and stray from historical trends.
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Made in USA vs. China coins narrative
In 2024, the China coins narrative trended on X and other social media platforms as traders flocked to buy cryptocurrencies made in China, like Neo (NEO), VeChain (VET), Huobi (HTX), Filecoin (FIL), Qtum (QTUM), and Ontology (ONT), among others.
With the shifting tides in politics and regulation, the made-in-USA narrative has the potential to compete with Chinese coins. President Trump appointed SEC Commissioner Hester Peirce as head of a new “crypto task force” to provide clarity and support to the industry. There is an expectation that the new task force will support gains for made-in-USA tokens.
Is “Made in USA” the next big crypto narrative ?
Last year, we saw how the “Chinese coins” narrative sent made-in-China tokens flying
Now, with a pro-crypto wave brewing in the U.S. (thanks to political and regulatory shifts), American coins might be next in line to shine:🧵👇
Solana, XRP, Sui (SUI), Aptos (APT) and Injective (INJ) could rally in the coming weeks, building on the made in USA narrative. Solana was conceptualized in California and is popular for its fast transactions and scalability.
The issuance of President Trump and First Lady Melania’s meme coins on the Solana blockchain has contributed to the rising activity on the chain.
Crypto firm Ripple was fined $125 million for violation of securities laws in its institutional sales of XRP, both sides (SEC and Ripple) appealed the ruling and the SEC has argued that XRP’s institutional and secondary market sales should be treated in a similar manner.
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While XRP traders await an outcome in the appeals process, XRP holds steady above $3, after hitting a new all-time high in January 2025.
SUI and APT are US-backed Layer 1 tokens that enable higher scalability and faster transactions for traders while deriving security from the Ethereum base chain.
INJ is a DeFi token with a focus on innovation and AI, the project is made in the USA and could benefit from the DeFAI narrative.
On-chain analysis of top 5 made-in-USA tokens
Santiment data shows that the total open interest in USD in the top 5 made in USA tokens noted considerable spikes in January, closer to the inauguration. Even as OI drops from its highest level in assets, it is above the 2024 average, supporting a bullish thesis for the tokens.
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Total open interest in USD in top 5 made-in-USA tokens | Source: Santiment
Similarly, volume in the top 5 made in USA tokens recorded a spike earlier in January, since then volume remains above the average levels.
Volume in top 5 made in USA tokens | Source: Santiment
Solana is holding on to double-digit gains for the last seven days while other cryptocurrencies in the top 5 struggle, alongside Bitcoin, on Thursday.
Ruslan Lienkha, chief of markets at YouHodler told Crypto.news:
“We may see an accelerated pace of cryptocurrency ETF approvals. However, the more significant development lies in the potential establishment of a comprehensive legal framework for the cryptocurrency industry in the U.S. This could lead to the full recognition of cryptocurrencies as a distinct asset class. Previously, attempts were made to classify cryptocurrencies under existing asset categories, such as securities or commodities, which did not fully capture their unique characteristics.”
Tim Ogilvie, Global head of institutional at Kraken, said that:
“Bitcoin’s bullish momentum still has room to grow, as indicated by the relative strength index (RSI), which currently sits at 65. Generally, an RSI above 70 is considered overbought.
Solana (SOL) hit an all-time high of $260 this week. However, technical analysis suggests that it is now in overbought territory, with an RSI around 75. While there may still be bullish momentum, this could also signal caution for short-term traders. They will be watching to see if SOL can close above $260 to confirm renewed bullish momentum.”
In the Crypto Regulatory Affairs newsletter, experts at Elliptic said:
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“On January 20, US President Donald Trump was sworn into office for his second term in office, a moment the cryptoasset industry has been awaiting with high expectations. Prior to his inauguration, recent news reports had indicated that President Trump – who campaigned on a promise to make the US a leader in cryptoasset innovation – planned to issue executive orders upon taking office that would declare crypto to be a national strategic priority, appoint a crypto czar and establish a crypto council to effect policy changes, and repeal a controversial accounting rule on crypto established by the Securities and Exchange Commission (SEC), known as Staff Accounting Bulletin (SAB) 121.
However, in his first twenty four hours in office, President Trump did not sign any executive order pertaining to crypto.”
Crypto traders and experts maintain optimism of positive action within the first 100 days of Trump’s return to office.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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