Trump’s Second Term Overshadowed by Legal Setback
As Donald Trump gears up for his second term in the U.S. presidency, his journey back to the Oval Office has hit a major roadblock with a significant legal setback.
In a blow to President-elect Donald Trump, the U.S. Supreme Court has rejected his emergency appeal to halt his criminal sentencing in New York. The hearing is now set to proceed as scheduled on Friday, just 10 days before his inauguration.
Despite the impending sentencing, Trump has been focusing on fulfilling promises related to the crypto industry. He has pledged to ease digital asset regulations and drive blockchain innovation during his upcoming term.
The Supreme Court, in a 5-4 ruling, deemed the burdens of the sentencing as “relatively insubstantial,” with Chief Justice John Roberts and Justices Sonia Sotomayor, Elena Kagan, Amy Coney Barrett, and Ketanji Brown Jackson forming the majority.
Following his conviction in May 2024 on 34 felony counts related to concealing hush money payments during his 2016 campaign, Trump faces an “unconditional discharge” at the upcoming virtual hearing, sparing him from prison time.
While the dissenting Justices did not provide a rationale for their opposition, Trump has vehemently denied the charges, labeling the case as a politically motivated “witch hunt.”
Prosecutors allege that the hush-money payments to Stormy Daniels aimed to silence damaging allegations ahead of the election.
Expressing his discontent with the legal proceedings, Trump denounced the judge as “highly political and corrupt,” vowing to appeal the decision despite acknowledging it as a psychological gesture.
Trump’s Vision for the Crypto Industry
As part of his reelection campaign, Trump outlined an ambitious roadmap for the crypto sector.
His agenda includes establishing a national Bitcoin reserve, backing domestic crypto mining, and opposing the introduction of a U.S. Central Bank Digital Currency.
Last month, Trump nominated Paul Atkins, a former SEC commissioner recognized for his favorable stance on cryptocurrencies, to lead the U.S. Securities and Exchange Commission, replacing Gary Gensler.
Trump lauded Atkins as a champion of sensible regulations and a proponent of innovation in financial markets, garnering support from crypto enthusiasts who criticized the previous administration’s enforcement-heavy approach.