Trump: Crypto to Boost Dollar Dominance, SEC Exempts Mining, Kraken Acquires NinjaTrader for $1.5B

U.S. President Donald Trump addressed a gathering of crypto professionals in New York, asserting that cryptocurrencies will bolster the dominance of the U.S. dollar. He described the crypto sector as "as big as you can get," highlighting its potential to drive innovation and economic growth. Trump praised the industry's role in enhancing banking and payment systems, promoting privacy, safety, and security for American consumers and businesses. He also noted that his administration has reversed several regulatory actions from the previous administration, including halting the sale of seized bitcoin and ending what he termed the "regulatory war on crypto."

Cryptocurrency exchange Kraken announced its agreement to acquire the U.S. retail futures trading platform NinjaTrader for approximately $1.5 billion. This acquisition aims to expand Kraken's user base and its presence in traditional finance markets. NinjaTrader, a CFTC-licensed platform launched in 2003, provides trading tools for retail futures contracts traders and serves nearly 2 million customers. The deal will allow Kraken to offer crypto derivatives in the U.S. and enable NinjaTrader to expand into the U.K., EU, and Australia, where Kraken holds licenses. NinjaTrader is expected to continue operating as a standalone platform under Kraken’s suite of trading and payments applications.

The U.S. Securities and Exchange Commission (SEC) clarified that Proof-of-Work crypto mining does not fall under federal securities laws. According to a recent staff statement from the SEC’s Division of Corporation Finance, both solo and pooled Proof-of-Work mining operations do not satisfy the first prong of the Howey Test, the legal framework used to determine what constitutes an investment contract. This means that cryptocurrency miners, whether operating independently or through pools, are not required to register their transactions with the SEC. The statement underscores that these operations are not undertaken with a reasonable expectation of profits derived from the efforts of others, thereby exempting them from securities regulations.