Bitcoin prices move higher after new data shows inflation slowed in May: CNBC Crypto World

Bitcoin prices move higher after new data shows inflation slowed in May: CNBC Crypto World

today Bitcoin inches closer to the $70,000 level after it was revealed that inflation slowed in May Donald Trump says he wants all remaining Bitcoin to be made in the US and Robin Hood crypto’s general manager discusses the deal with crypto exchange bitstamp and the recent warning from the SEC over the trading platform’s digital asset [Music] operations welcome to cnbc’s crypto world I’m Talia Kaplan crypto prices in the green today after it was revealed that inflation Rose less than expected last month and as investors awaited the Federal Reserve decision on interest rates as of noon Eastern Bitcoin climbed more than 5% trading just under $70,000 ether also Rose 5% to the $3600 level and salana soared more than 7.5% to around $159 okay let’s take a look at some of the top stories former president Donald Trump says he wants all remaining coin to be made in the United States the Republican presidential candidate made the comment yesterday night in a post on Truth social writing that Bitcoin mining may be our last line of defense against a central bank digital currency and Mining Bitcoin in the US will help the country be energy dominant Trump met with Bitcoin mining Executives yesterday including those from the publicly traded companies Riot and cleanspark Zack Bradford cleanspark CEO shared a photo with Trump on X yesterday writing that Bitcoin mining is helping to build the infrastructure of the future and that the company is working hard to make sure that miners have support from leaders the meetings come as crypto is becoming more of a campaign issue last month the Trump campaign announced it will start accepting crypto donations the Biden campaign did not yet respond to cnbc’s question related to its views on accepting crypto donations now Trump is not the first presidential candidate to accept crypto donations Robert F Kennedy Jr who is mounting a Longshot independent bid announced last May that his campaign would accept Bitcoin contributions according to a recent Harris poll in partnership with greats scale Investments American voters increasingly want to support a political candidate who is knowledgeable about crypto all right turning to Robin Hood’s recent announcement on acquiring the global crypto exchange bit stamp for our main story I spoke with Johan kerot Robin Hood crypto’s general manager about the deal and the wells notice the trading platform received from the SEC Robin Hood is moving deeper into crypto last week the company announced an agreement to acquire bit stamp for about $200 million in cash your CEO Vlad tenev was on CNBC squawkbox minutes after the announcement noting that the move would accelerate Robin Hood’s plans for international expansion and that the acquisition would allow the company to enter a new business serving market makers and other institutional customers what are some of the reasons this acquisition was important for you as general manager of Robin Hood crypto yeah I mean you know I think Vlad hits the right points I think uh as you know we expanded Robin crypto internationally to the EU last year in December um and now robing crypto is available in eligible countries there and you know really with bitstamp uh portfolio of licenses we’re also able to expand even faster into the market um and will now be able to bring customer from the UK from Asia and also from the EU and the US uh to to the platform so it was a big step forward in the international expansion and I think um the in institutional point was really important as well uh bitstamp has been trusted by institution uh for for like their trade reliability their order book um and their API connectivity they offer services like uh crypto as a service which is kind of a white label solution they also have lending and staking for institution and so really means that for Robin Hood we’re going to start uh a new business line with an already established business with already a good relationship with partners and you know it’s not starting from from zero so uh a very big acceleration there and finally I think the exchange is you know a big uh step forward for us as well having a robust product offering will will help us enhance or product offerring in the EU and and outside of the of the US now you just touched on this but why why specifically bitstamp we all know there are a lot of crypto exchanges out there what made Robin Hood crypto want to join forces with that specific crypto exchange I’m sure the global reach that comes with the deal was a key part of the equation given bitstamp holds more than 50 licenses and registrations around the world yeah I I think you know there is a few things that we were looking at uh from the beginning when we were starting to explore these options one thing that we really wanted was to find a company that Shar the same type of core core values that we have and and one of our core value at Rabin has been safety first and you know for for bit time to have that many licenses and uh be you know still here after so many years uh you really need to have a safety first approach you need to also engage quite a lot with the regulator and and show that you have a compliant program to to be able to to still be here after so many years so you know for us that was an important part and the second part we were looking at was really this International aspect of things you know in the US we are a very established crypto business we we wanted to make sure that we could expand and accelerate with this acquisition so how would the deal work exactly would the acquired exchange continue to operate under its current brand or would it become the Robin Hood crypto exchange and what products will you be offering now I know that until recently Robin Hood has not allowed customers to earn yield on their crypto hold Holdings through staking for example that is until last month when Robin Hood’s European crypto Branch launched salana staking so will that offering expand given the news of this deal with bitstamp yeah I think you know first of all it’s really early to say a lot of these things U you know the deal was announced last week but we still need to actually close it and so for that we know it’s going to take uh a pretty long period we expect the close to happen in H1 of 2020 so we have plenty of time to figure out all the The Branding question but at this point we expect uh you know no change in the near term bitstamp will still uh execute the way they are and they will still serve the customer with the same great service that they’ve been doing in the past uh decade and on our side on the Robin Hood uh side there is also no really big change happening at the moment um in the future we do expect that you know bitstamp technology will help us uh enhance of product offering in the EU I think they’ve done a lot of great work uh that we can actually use to uh really help build our our offerring we are still a very small uh startup in the EU where we don’t have a ton of features yet and so uh you know having their technology will will help us so why did Robin Hood choose Solana for its first staking product and do you envision staking could potentially be available on the platform per in the US in the foreseeable future yeah for the US you know nothing very new to to announce usually when we we do this kind of new feature we only talk about them when we’re are ready to talk about them but for for the EU I can explain to you a bit more about so and I think really comes to customer demand we um any product that we build at Robin Hood we engage a lot with our customer we we ask them what are the features that are missing on the platform what are you looking for and and the staking offering for for SAA was one of them um and the second thing is also like the ease to to stake on SAA you know you don’t have a ton of weight uh you can easily stake or on stake and you know that’s something that we felt like was very important for our customer staking is still a new thing for a lot of people it’s still uh you know something that can be a little scary and so having a bit of this flexibility has been helpful now the bit stamp deal comes about a month after Robin Hood disclosed that the C had sent it a Wells notice and warned that upon completion of an investigation the trading platform could be charged over its crypto operations how did that play into the decision to acquire bit stamp if at all did the move make you feel like it was more important now than ever to expand your presence overseas given the current regulatory environment here in the US yeah so you know like uh like Vlad has been saying uh in the past you know we’ve been disappointed by Z news uh we feel like we’ve been engaging with the regulator and the agency quite a bit and and you know we feel like if there’s a company that should be able to uh to offer uh cryptocurrencies in the US it could be Robin like we we are used to work with the regulator we we’re already on the brokerage side regulated by the secc and B um on the crypto side we are regulated by the New York DFS which is one of the toughest regulator in the in the US so you know it really shows that uh we need need uh Clarity in the US uh about you know cryptocurrencies and um really I think you know for us it’s been um one of the reason why we launch in the EU in December it was like this clear framework coming in 2025 called MAA uh which really help cryptocurrencies company to uh know what they can do and how they can do it and you know we are really excited to see that um in in 2025 you will have a clear framework there there um it is a bit sad if I’m being honest to see that you know the EU are in advance compared to the US on the reg regulatory front so hopefully we we catch up and to answer your question no like the the worlds no is had nothing to do with with a deal um you know we’ve been working on the deal for for quite some time we feel like it’s the right thing for the business and like we’ve said in the past during our our q1 earning we feel that crypto is still the the future of Finance for tomorrow and we still want to invest in crypto and that’s what the deal R shows what was your reaction to the Wells notice and has that warning from the SEC changed the way Robin Hood operates in the US at all no we you know well our reaction was that we were disappointed we we felt like we’ve done a lot of Engagement we we met with the SEC many many times and um we are just disappointing that you know instead of having more discussion we are uh we are getting a Wells notice um I think the we feel very good about our our crypto product offering um every asset on the platform are offered uh through after passing a very long listing committee we look at a lot of details to make sure that uh what we offer on the platform is compliant with uh with regulation and so you know I think for now we we feel really good we’re going to keep investing uh we um launch new features in the in the US as well where we uh really try to to help customers engage with their product and um understand it Kat also discussed newly released data for May revealing strong trading volumes across all asset classes including crypto you can check out the full interview over at cnbc.com cryptoworld okay that’s all for today but we’ll be back again tomorrow and we’ll see you then

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Johann Kerbrat, general manager of crypto at Robinhood, discusses the recent deal with global crypto exchange Bitstamp and the warning from the SEC over the trading platform’s digital asset operations.

Chapters:
00:00 – CNBC Crypto World, June 12, 2024
0:29 – Bitcoin rises
0:54 – The headlines
2:26 – Robinhood Crypto’s Johann Kerbrat

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Bitcoin prices move higher after new data shows inflation slowed in May: CNBC Crypto World