What to know:
- World Liberty Financial (WLFI), a decentralized finance platform linked to the Trump family, has deposited 10,000 ether (ETH) worth $33 million into Lido Finance to stake and earn rewards.
- The move has sparked optimism about potential regulatory approval for staking features in spot ETH exchange-traded funds.
- SEC Commissioner and crypto task force leader Hester Peirce said last month she was open to reconsidering staking for ETFs.
So, what happens when you combine Trump, crypto, and some seriously large numbers? A game-changer, apparently! World Liberty Financial (WLFI), that little-known decentralized finance (DeFi) platform linked to the Trump family, decided to drop 10,000 ether (ETH)—that’s $33 million folks—into Lido Finance to stake and earn rewards. Talk about making a splash in the crypto pool.
For those scratching their heads, Lido Finance is the largest ether staking platform with a whopping $31 billion in assets. So, basically, they’re swimming in money. And now, so is WLFI, who has joined the club with some serious skin in the game.
Donald Trump is starting to stake his ETH
Let me say that again….
The President of the USA is staking ETH
— Eric Conner (@econoar) January 20, 2025
The excitement doesn’t stop there. Right after this move, WLFI decided to splurge and acquire over $110 million worth of crypto assets. We’re talking ETH, wrapped bitcoin (wBTC), Tron’s TRX, AAVE, LINK, and even some Ethena’s ENA. The list goes on. They’re basically collecting the full set of crypto Pokémon.
Now, the big question: will this push regulators to give a green light for staking in spot ETH exchange-traded funds (ETFs)? Some think so. SEC Commissioner Hester Peirce, who leads the agency’s crypto task force (fancy title, huh?), dropped a hint that she’s open to the idea. And let’s not forget the timing—former SEC Chair Gary Gensler, crypto’s biggest enemy, is out, and Trump is back in the office. Coincidence? Who knows!
If staking ETFs are approved, expect to see a flood of investors clamoring for a piece of the action. Imagine a steady stream of yield with lower fees. Sounds like a win-win, doesn’t it? And with $12 billion already sitting in U.S. spot ETH ETFs, who could resist?
The potential approval could also give ETH a serious shot in the arm. ETH’s price has been slinking around like a sad puppy recently, with market share slipping to faster-growing blockchains like Solana. But a boost from staking ETFs might just be the spark ETH needs to bounce back.
And don’t take it from me—crypto trader Pentoshi has already vowed to “never trade ETH again after,” but he’s also predicting a “giga pump” for ETH once those staking ETFs roll out. It seems like he’s all in on the hype. Meanwhile, Alex Krüger is already planning to “dump” ETH when that happens. The crypto world is a wild, unpredictable ride, folks! 🎢
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2025-01-22 22:58