The Daily: Trump Orders Strategic Bitcoin Reserve Akin to 'Digital Fort Knox'
President Donald Trump has instructed his administration to establish a strategic reserve of Bitcoin similar to the US gold reserve, according to sources familiar with the matter.
The idea behind this digital "Fort Knox" is to provide a safe haven for the cryptocurrency and protect it from price volatility. The move aims to demonstrate the US government's commitment to the emerging asset class and could potentially influence market sentiment.
According to industry insiders, the plan involves setting aside a specific amount of Bitcoin in a secure wallet, akin to how gold reserves are held at Fort Knox. This reserve would serve as a buffer against market downturns and provide stability for investors.
Ripple Co-Founder's XRP Loss Tied to LastPass Hack
Ripple Labs co-founder Brad Garlinghouse has revealed that his loss of $300 million in XRP was directly related to the LastPass password manager hack earlier this year.
Garlinghouse claimed that his cryptocurrency wallet, which stored his XRP holdings, used the same password as LastPass. When hackers breached LastPass, they were able to gain access to Garlinghouse's wallet and steal his XRP.
"It was a terrible breach of security on my part," Garlinghouse said in an interview. "I should have been using more secure methods for storing sensitive information."
SEC Chairman Gary Gensler: Crypto Exchanges Must Comply with Regulations
US Securities and Exchange Commission (SEC) Chairman Gary Gensler has emphasized the need for crypto exchanges to comply with existing securities regulations.
Gensler stated that crypto exchanges must register their platforms with the SEC and follow strict guidelines to ensure investor protection. He also warned that failure to comply could result in severe consequences, including fines and even shut-downs.
Bitcoin ETF Rejected by Exchanges
Several major cryptocurrency exchanges have rejected proposals for a Bitcoin exchange-traded fund (ETF).
The exchanges cited concerns over regulatory hurdles, liquidity issues, and the potential risks associated with investing in a Bitcoin-backed ETF. The rejections could further slow down the development of Bitcoin-based investment products.