81 days ago
On Saturday, pro-XRP attorney John Deaton shared on his Twitter/X account a TikTok that featured John Stewart criticizing Pentagon spending captioned “If you think Elon Musk’s and Vivek Ramaswamy’s D.O.G.E isn’t necessary, watch this!” In a TikTok posted by Conservative Newst Today, Stewart criticized the U.S. Department of Defense for its unmonitored spending despite a colossal $850 billion budget. Speaking in a debate with a smug DOD official, the comedian pointed out the puzzling disparity between the Pentagon`s massive budget and the daily struggles of low-ranked service members, some of whom still rely on government assistance to get food on the table. “We got out of 20 years of war, and the Pentagon got a raise,” Stewart put bluntly. “I can’t figure out how $850 billion to a department means that the rank and file still have to be on food stamps. To me, that’s f*cking corruption.” John Deaton gained recognition in the crypto community for his support of Ripple Labs and its cryptocurrency, XRP, where he filed an amicus brief on behalf of XRP holders, arguing that the SEC’s classification of the cryptocurrency as a security unfairly harmed retail investors. Deaton is also a founder of CryptoLaw, a legal platform meant to be a one-stop shop for public information, links to news articles, and probing analysis on the regulatory landscape of the US crypto industry. As a Republican candidate in Massachusetts, Deaton tried to unseat staunch crypto skeptic Elizabeth Warren in the 2024 US Senate elections, albeit unsuccessfully. While not necessarily warranted against all government agencies, Deaton`s frustration at the federal government`s inefficacies is at least understandable in the context of his protracted legal battle with the Securities and Exchange Commission. The agency recently sued a US-based crypto project, Dragonchain, alleging that its foundation conducted a $16.5 million unregistered offering of DRGN tokens. The court filing indicated the SEC’s readiness to pursue the case despite Chair Gensler’s imminent departure scheduled for the Inauguration Day on January 20. The incoming SEC Chair Paul Atkins is expected to enforce the Trump administration`s pro-crypto agenda. For context, the Department of Government Efficiency, named after the mercurial billionaire’s favorite cryptocurrency, will be co-led by Elon Musk himself, former Republican presidential candidate Vivek Ramaswamy, and House GOP Rep. Marjorie Taylor Greene. While the “department” in its name may suggest that D.O.G.E will be a full-fledged government agency, President-elect Donald Trump said that it will “provide advice and guidance from outside of government,” suggesting that D.O.G.E. will function more as an independent advisory body. Musk’s role being informal will also allow him to remain the head of his electric car maker Tesla, social media platform X, and rocket company SpaceX without raising inevitable questions about potential conflicts of interest. D.O.G.E’s primary focus will be to identify inefficiencies in federal spending, pawing the way for the new administration to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” as per Trump’s statement. The work of the department will conclude no later than July 4, 2026, which is the date of the 250th anniversary of The US Declaration of Independence. Ripple donates $5 million to Trump’s inauguration Meanwhile, the US crypto companies, including Ripple, are doubling down on their financial support for Donald Trump, pledging millions to his inauguration celebrations. The three-day-long event will feature galas, parades, and dinners celebrating Trump`s win alongside Vice President-elect JD Vance According to Fox News , blockchain payment firm Ripple contributed $5 million in XRP tokens. Cryptocurrency exchanges Coinbase and Kraken donated $1 million each, while digital asset payment provider MoonPay vowed to donate an undisclosed amount. Interestingly, Ripple’s chairman and co-founder Chris Larsen has been one of the top contributors to Kamala Harris’ campaign, donating more than $11 million to the Future Forward PAC supporting her presidency bid. Meanwhile, Ripple CEO Brad Garlinghouse was reportedly one of the first crypto execs to score a one-to-one meeting with Donald Trump days after his win. The millions flowing from the crypto firms are just a tiny part of the record-breaking $200 million already raised by the inaugural fund, surpassing Trump’s first term`s $107 million and trouncing Biden’s $62 million. A source close to the Trump-Vance inaugural committee expressed confidence that they will be able to reach a $225 milestone by Inauguration Day. The big tech joined alongside crypto companies in contributing to the fund, with top business executives such as Amazon founder Jeff Bezos, Facebook`s Mark Zuckerberg, Uber CEO Dara Khosrowshahi, and OpenAI`s Sam Altman each donating $1 million. “Amazon donates $1 million while Ripple donates $5M,” John Deaton posted on X in response to the news. “New era.”
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Ethereum Price Hits Resistance—Will The Recovery Stall Here?
Ethereum price started a recovery wave from the $1,750 zone. ETH is now consolidating and facing hurdles near the $1,920 resistance. Ethereum started a recovery wave above the $1,850 level. The price is trading below $1,950 and the 100-hourly Simple Moving Average. There is a short-term bearish trend line forming with resistance at $1,920 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $1,920 and $1,950 resistance levels to start a decent increase. Ethereum Price Faces Hurdles Ethereum price formed a base above the $1,750 level and started a recovery wave, like Bitcoin . ETH was able to clear the $1,800 and $1,820 resistance levels. The bulls pushed the price above the $1,880 level. There was a move above the 23.6% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. However, the bears seem to be active near the $1,920 resistance zone . Ethereum price is now trading below $1,950 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,920 level. There is also a short-term bearish trend line forming with resistance at $1,920 on the hourly chart of ETH/USD. The next key resistance is near the $1,950 level or the 50% Fib retracement level of the downward wave from the $2,150 swing high to the $1,752 low. The first major resistance is near the $2,000 level. A clear move above the $2,000 resistance might send the price toward the $2,060 resistance. An upside break above the $2,060 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,120 resistance zone or even $2,250 in the near term. Another Decline In ETH? If Ethereum fails to clear the $1,920 resistance, it could start another decline. Initial support on the downside is near the $1,850 level. The first major support sits near the $1,800 zone. A clear move below the $1,800 support might push the price toward the $1,750 support. Any more losses might send the price toward the $1,720 support level in the near term. The next key support sits at $1,650. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $1,800 Major Resistance Level – $1,920 Coinpaper
