🚀 Crypto Regulations Expected to Pass Quickly Under Trump

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Coinbase's Chief Policy Officer, Faryar Shirzad, predicts that crypto regulation will advance swiftly under President-elect Donald Trump, supported by the Republican Party’s control of Congress. Shirzad expects significant progress on market structure and stablecoin legislation by 2025, though a "lame duck" session vote remains unlikely. Trump’s pro-crypto stance and promises to replace SEC Chair Gary Gensler, combined with $245 million raised by crypto-related PACs, reflect the industry’s growing political influence. With over 50 million American crypto owners and nearly 300 pro-crypto lawmakers set to take office, a regulatory breakthrough appears imminent.

2. Intel announced yesterday the retirement of CEO Pat Gelsinger, retrospectively effective Dec. 1, following a challenging tenure marked by steep market share losses, a 52% stock decline this year, and struggles to capitalize on the AI boom. CFO David Zinsner and products CEO MJ Holthaus will serve as interim co-CEOs, with Frank Yeary stepping in as interim executive chair. Gelsinger’s ambitious initiatives, including costly global chip fab expansions and securing $7.86 billion in CHIPS Act funding, failed to reassure investors wary of Intel's aggressive spending. As Intel grapples with a shrinking market cap, workforce cuts, and activist investor pressure, Gelsinger’s successor will inherit a company in flux. Intel's stock surged after the announcement, gaining more than 6% in the 30 minutes.

3. U.S. Treasury yields increased Monday, with the 10-year yield rising to 4.232% and the 2-year yield climbing to 4.225%, as investors focused on upcoming economic data. Key releases include Wednesday’s Job Openings and Labor Turnover Survey and Friday’s November jobs report, expected to show 177,500 new jobs and an unemployment rate increase to 4.2%. These data points could influence the Federal Reserve's decision on rate cuts during its Dec. 17-18 meeting. Additionally, November’s ISM Manufacturing PMI, due Monday, will shed light on the sector's health, while speeches from Fed officials, including Chair Jerome Powell, are likely to provide clues about future monetary policy.

4. Headlines

   1. Joe Biden pardoned his son Hunter Biden ahead of his sentencing for federal gun charges on December 12th and tax evasion charges on December 16th. He had already been found guilty in both cases.

   2. The Russell 2000 was up 10% last month, showing small business’s confidence in the incoming Trump Administration.

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Onwards and Upwards,

Liam Gill