Trump's Crypto Executive Order and Ethereum Surges

The following article is adapted from The Block’s newsletter, The Daily, which is published on weekday afternoons. Happy Thursday! Today, President Trump plans to sign an executive order to allow cryptocurrencies in 401(k) plans, and another order addressing penalties for crypto debanking might also be on the horizon. In today's newsletter, Ethereum has reached a new record with 1.74 million daily transactions, surpassing its previous peak in May 2021. Additionally, Ripple has agreed to acquire Galaxy-backed stablecoin firm Rail for $200 million, Paxos is settling with the NYDFS for $48.5 million, and more. Meanwhile, analysts at Glassnode report that short-term holder confidence is waning as the price of Bitcoin enters an “air-gap” following its peak in July. **Trump Signs Executive Order for Crypto in 401(k) Plans** President Trump is set to sign an executive order today that will direct the Labor Department to permit crypto and other alternative assets in 401(k) plans, according to sources. **Ethereum Daily Transactions Reach New High** Ethereum has achieved a new all-time high of 1.74 million daily transactions, surpassing its prior record from May 2021. **Ripple to Acquire Galaxy-Backed Stablecoin Firm Rail** Ripple has reached an agreement to acquire Rail, backed by Galaxy, for $200 million, in order to enhance its RLUSD stablecoin payments and cross-border settlements as new U.S. regulations emerge. **Paxos Settles with NYDFS** Paxos Trust Company will pay $26.5 million in fines and invest $22 million in compliance upgrades after failing to adequately vet Binance during their partnership involving the BUSD stablecoin, as mandated by the New York State Department of Financial Services. **Chainlink Launches Strategic LINK Reserve** Chainlink has established a strategic LINK reserve funded by both on-chain service revenue and off-chain enterprise payments, aimed at supporting the long-term growth of its decentralized oracle network. **In the Next 24 Hours** Stay updated with The Block’s daily digest, covering the most impactful events in the digital asset ecosystem. **Disclaimer:** This content was created with assistance from OpenAI’s ChatGPT and has been reviewed by our editorial team. The Block is an independent media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block, which continues to operate independently. This article is for informational purposes only and is not intended as legal, tax, investment, or financial advice.