A number of US institutions are considering revisiting the definition of money. Almost 75% of Bitcoin’s supply has not moved in the past six months, according to data from Glassnode. Meanwhile, Howard Lutnick, the chairman of crypto-friendly financial services firm Cantor Fitzgerald, will lead Donald Trump’s transition team if he is re-elected in November.
Key federal agencies in the U.S. are coming together to redefine the meaning of money in an effort to tighten reporting requirements for domestic and international cryptocurrency transactions for financial institutions. On August 16, the U.S. Treasury Department launched a new federal initiative to equalize the regulatory framework for cryptocurrencies and traditional fiat currencies. The regulation will apply to domestic and international transactions involving convertible cryptocurrencies that hold value as currency or can substitute for currency but do not have legal tender status.
Exciting Data from the Bitcoin Front
According to onchain data, about three-quarters of the Bitcoin in circulation has not been moved in the past six months. This data shows how long Bitcoin has been held in wallets using blockchain data obtained through Glassnode’s Hodl Wave chart. Last week, on August 11, Glassnode revealed that almost half of the Bitcoin supply, about 45%, has been dormant for at least six months. However, while that’s down 21% from its all-time high, about 74% of the Bitcoin supply has been dormant for most of the year.
Trump’s Transition Preparations
Howard Lutnick, president of Cantor Fitzgerald, will lead Donald Trump’s transition team if he is elected president in November. Trump’s campaign confirmed the information on August 16, announcing that World Wrestling Entertainment co-founder Linda McMahon will also be part of the transition team. Both Lutnick and McMahon have made significant donations to Trump’s 2024 presidential campaign.
Cantor Fitzgerald is a crypto asset veteran. The firm has been managing stablecoin issuer Tether’s treasury portfolio since 2021. The firm also confirmed in a filing with the Securities and Exchange Commission that it owns more than $18 million worth of shares in BlackRock’s Bitcoin exchange-traded fund. Lutnick is also known as a Bitcoin advocate, and recently announced the launch of a $2 billion lending program at a Bitcoin conference in Nashville, Tennessee.
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I EXPLAIN IN DETAIL.
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