Weekly Crypto News: Bitcoin, Trump token, SEC and More

Last week, U.S. spot Bitcoin ETFs recorded their largest one-day inflows since June, with a $556 million influx into these assets on October 14. This surge in demand came as Bitcoin reached a two-week high of $66,500, marking a positive start to October. Nate Geraci, President of The ETF Store, called it a “monster day” for BTC ETFs, highlighting the growing interest from institutional investors, not just retail traders. He added that inflows were approaching $20 billion over the last 10 months, far surpassing pre-launch demand estimates.

Adding to the bullish momentum, Mt. Gox delayed its Bitcoin repayments to creditors by a year, reducing immediate sell pressure on the market. This news led to further price increases over the weekend, with Bitcoin even surpassing $69,000 for a short period of time. Investors are optimistic that this delay will give Bitcoin the runway to hit new highs. The current market activity, particularly the whale accumulation and strong ETF inflows, mirrors the patterns seen during Bitcoin’s 2020 rally, raising hopes for a continued upward trend.

On October 14, GOP presidential nominee Donald Trump launched the World Liberty Financial (WLFI) token, backed by his family, targeting both U.S. accredited investors and international buyers. The project aimed to raise $300 million by selling 20 billion tokens, but as of October 16, it had sold fewer than 800 million tokens, raising just $11 million. The disappointing results come amid reports of phishing scams impersonating the project, further complicating its rollout. Despite initial interest, the token launch has faced hurdles, with scammers exploiting the launch to steal funds from unsuspecting investors.

Meanwhile, Democratic nominee Kamala Harris addressed crypto-related policies, promising to support pro-crypto measures for Black investors. Despite this, Trump continues to extend his lead on Polymarket, where bets on the 2024 election have surpassed $2 billion. As of Sunday, Trump had 59.7% odds of winning, while Harris trailed with 40.3%.

The FBI has arrested a 25-year-old man from Athens, Alabama, identified as Eric Council Jr., for his role in hacking the SEC’s official X account back in January 2024. Council and his group posted a fake message on the SEC’s account, falsely claiming that the agency had approved the first Bitcoin exchange-traded funds (ETFs) in the U.S. The fraudulent announcement on January 9 caused Bitcoin’s price to spike by over $1,000, sending shockwaves through the crypto market.

Council now faces charges of conspiracy to commit aggravated identity theft and access device fraud. His arrest highlights the growing risks associated with false information and market manipulation in the crypto space, emphasizing the importance of verifying news through official sources.

Coinbase is ramping up its legal efforts to force the U.S. Securities and Exchange Commission (SEC) to release documents that explain how securities laws apply to digital assets. The crypto exchange initially filed a Freedom of Information Act (FOIA) request, but the SEC has pushed back, claiming it would take three years to review the documents - a delay Coinbase argues is unreasonable.

Coinbase hopes to shed light on the regulatory framework for digital assets, especially as the SEC continues to pursue enforcement actions against crypto companies. The exchange's request comes amid growing criticism of the SEC, with lawmakers like Tom Emmer accusing the agency of offering unclear and inconsistent guidelines on how digital assets should be regulated.