1-Paulson resigns, and Bessent proposes a crypto-friendly Treasury
Trump’s likely Treasury Secretary, Scott Bessent, may finally lead crypto-friendly economic policies.
As Donald Trump prepares for a second term, the Treasury Secretary, who oversees economic policy, global trade, and banking, is under examination.
Unexpected circumstances have transpired in this major employment drive. Leading billionaire investor John Paulson resigned owing to complex financial obligations.
Scott Bessent, a hedge fund manager and former George Soros associate, leads after Paulson quit.
Bessent’s likely nomination matches Trump’s second term’s focus on digital and financial innovation.
Trump appointed Elon Musk and Vivek Ramaswamy to lead the “Department of Government Efficiency” (DOGE) to streamline government services.
Musk, a Bitcoin supporter, and Ramaswamy, a deregulation supporter, may pursue crypto business-friendly legislation.
Bessent’s nomination might offer the U.S. Treasury a crypto-friendly stance since he supports free markets and crypto.
2-New York court rules for bitcoin miner Greenidge Generation
Greenidge Generation Holdings Inc. will operate its Dresden, New York, facility after winning a case against the state DEC.
Judge Vincent Dinolfo called the DEC’s Climate Leadership and Community Protection Act interpretation “arbitrary and capricious”. The court allowed Greenidge to operate since the DEC’s judgment was illogical.
Greenidge sued the DEC in August for air permit renewal refusal. Citing CLCPA, the DEC found the factory breached state climate standards. Greenidge said the DEC’s denial had exceeded its authority and overlooked the facility’s legal compliance.
Greenidge granted a four-month operating waiver till September after a May appeal refusal. The court verdict secures Greenidge’s future.
Greenidge called the ruling a victory for “facts and the rule of law” against “politically motivated governmental overreach.”
The company highlighted its legal compliance and local economic advantages, including high-tech job creation and electricity generation.
This is Greenidge’s sixth operational triumph. The corporation wanted DEC to help it get a fresh permit after the court’s verdict.
Greenidge’s lawsuit illustrates the contradiction between environmental laws and industry activity as New York combines climate goals with economic development.
3-Michael Saylor expects Bitcoin would reach $100k under Trump’s pro-crypto government
MicroStrategy CEO Michael Saylor expects Bitcoin to hit $100,000 by year’s end. He called the 2024 US election “the biggest thing that’s happened in the past four years for Bitcoin.”
On November 14, MicroStrategy’s CEO told CNBC that he is planning a Bitcoin “New Year’s Eve” party at his home.
reaching a record $100. When questioned about possible threats to Bitcoin’s price below $30,000, Saylor was certain that it would not go below $60,000.
The situation will improve. The $50,000 party is my responsibility, and I’m thinking it will be at my house on New Year’s Eve. “I’d be surprised if we didn’t spend $100,000 in November or December,” said Saylor.
Bitcoin hit an all-time high of almost $93,400 following the November 13 US Consumer Price Index data. Crypto.news reports that Bitcoin (BTC) is trading at $89,083 after a 1.7% drop in 24 hours.
References
1- https://crypto.news/bessent-steps-in-with-a-crypto-friendly-for-treasury/
2- https://crypto.news/bitcoin-miner-greenidge-generation-wins-legal-battle-in-new-york/