Trump family-backed American Bitcoin rebounds from 40% decline as bitcoin rallies: CNBC Crypto World

Market Overview - Cryptocurrencies are experiencing a rise, with Bitcoin increasing by 1.5% to around $92,000 and Ether climbing 3% to $3,88 [2] - American Bitcoin, a mining stock linked to the Trump family, is recovering after a significant drop of about 40% [3] Company Developments - Binance has appointed a new co-CEO, Yihei, to work alongside Richard Tang, who took over leadership after CZ stepped down in 2023 [4] - BlackRock's CEO, Larry Fink, reaffirmed his belief in Bitcoin's long-term potential, highlighting the growing number of long-term holders [5] - Coinbase's CEO, Brian Armstrong, emphasized the company's efforts in Washington to advocate for crypto-related legislation [7] Legislative Efforts - Coinbase's chief legal officer, Paul Greywall, is heading to Washington, D.C. to discuss crypto market structure legislation, which is a priority for both Coinbase and the broader crypto industry [10][18] - There is a bipartisan consensus emerging in Congress regarding the definition of digital asset securities and the regulatory roles of the SEC and CFTC [21][22] - The Senate Agriculture Committee has released a draft bill for crypto market structure, which includes provisions for the CFTC to have more regulatory authority [22] Future Outlook - The crypto industry is hopeful for the passage of market structure legislation by the end of the year, despite potential delays due to the upcoming elections [28][30] - The focus on crypto legislation remains bipartisan, with past successes indicating a strong possibility for future advancements [30]