Today in crypto: Eric Trump’s American Bitcoin stock plummets, Poland’s president vetoes a crypto bill over innovation and freedom concerns, and $11 trillion asset manager Vanguard will let clients trade crypto ETFs and mutual funds.
American Bitcoin stock tumbles 50% as BTC proxy trade unravels
Shares of American Bitcoin Corp (ABTC), the Bitcoin-mining and treasury company headed by Eric Trump, plunged on Tuesday as difficult market conditions continued to pressure crypto-linked equities.
ABTC, which debuted on the Nasdaq in early September following a reverse merger with Gryphon Digital Mining, lost more than half its value in early trading. The stock reached an intraday low of $1.75, representing a 51% decline on the day, according to data from Yahoo Finance.
The shares are now down roughly 78% from their post-listing high of $9.31 on Sept. 9, underscoring the broad unwinding across the digital-asset sector and its spillover into related equities.
While no single catalyst appeared to drive Tuesday’s steep sell-off, crypto-linked stocks have faced renewed volatility in recent weeks amid a broad retreat in digital assets and profit-taking across technology shares.
American Bitcoin’s business is closely tied to the price of Bitcoin, which has experienced one of its sharpest pullbacks in history since mid-October, falling from a peak near $126,000 to a November low of below $80,000.
Poland’s president vetoes strict crypto bill, says it threatens “freedoms of Poles”
Poland’s President Karol Nawrocki declined to sign a bill imposing strict regulations on the crypto asset market, drawing praise from the crypto community and sharp criticism from others in the government.
Nawrocki vetoed Poland’s Crypto-Asset Market Act, saying its provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state,” according to a statement by the president’s press office on Monday.
Introduced in June, the bill has drawn criticism from industry advocates such as Polish politician Tomasz Mentzen, who had anticipated the president’s refusal to sign it as it cleared parliamentary approval.
Although crypto advocates welcomed the veto as a win for the market, several government officials condemned the move, claiming the president had “chosen chaos” and must bear full responsibility for the outcome.
One of the main reasons cited for the veto was a provision allowing authorities to easily block websites operating in the crypto market.
“Domain blocking laws are opaque and can lead to abuse,” the president’s office said in an official news release.
The president’s office also cited the bill’s widely criticized length, saying its complexity reduces transparency and would lead to “overregulation,” especially when compared with simpler frameworks in the Czech Republic, Slovakia and Hungary.
Vanguard’s 50 million+ clients will have access to crypto ETFs from Tuesday
Vanguard, the second-largest asset manager in the world, is set to allow its clients to start trading crypto exchange-traded funds and mutual funds on its platform starting Tuesday, reversing its previous stance on digital asset ETFs.
Spurred by persistent retail and institutional demand, Vanguard will permit third-party access to crypto ETFs and mutual funds similar to how the firm treats gold, a Vanguard spokesperson confirmed to Cointelegraph in a statement.
The investment manager also said it has ruled out memecoins and creating its own crypto ETFs and mutual funds.
“We serve millions of investors who have diverse needs and risk profiles, and we aim to provide a brokerage trading platform that gives our brokerage clients the ability to invest in products they choose,” the Vanguard spokesperson said.