Crypto
Biden pulls out of presidential race, endorses Kamala Harris (Cryptocurrency:BTC-USD)
Massimo Giachetti
Update 4:05 PM ET: Adds details, comments
U.S. President Joe Biden said on Sunday he’s stepping down from the presidential race, ending his reelection campaign after he lost the support of senior Democrats amid concerns over his ability to beat Donald Trump.
In a post on X, Biden wrote that he will continue in his role as the president until his term ends in January 2025 and will address the country later this week.
Biden endorsed his vice president Kamala Harris to be the nominee of the Democratic Party this year.
“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.
Harris would become the first Black woman to become a major party nominee. But she will have limited time, barely three months, to campaign and unite the Democratic Party.
In a phone call with CNN, Trump said he believes Harris will be easier to defeat than Biden would have been, CNN anchor Kaitlan Collins wrote on X.
The decision comes after weeks of calls for Biden to pull out from the race.
Biden, who tested positive for COVID-19 only four days ago, had previously repeatedly rejected calls for him to drop out of the race.
Biden’s decision caught many White House staff unaware, as the president had planned to stay in the 2024 race as of Saturday night, Reuters reported Sunday, citing a source familiar with the matter.
“Last night the message was proceed with everything, full speed ahead,” the source told Reuters. “At around 1:45 p.m. today: the president told his senior team that he had changed his mind.”
House Speaker Mike Johnson wrote on X that if Biden is unfit to run, “he is not fit to serve as President. He must resign the office immediately.”
Former President Bill Clinton and former Secretary of State Hillary Clinton thanked Biden for his accomplishments and endorsed Harris. In a joint statement on X, they said they “will do whatever we can to support her.”
Former House Speaker Nancy Pelosi and former President Barack Obama also released statements expressing their gratitude to Biden, but their statements did not contain an endorsement for Harris.
Investors will be watching market reaction when Tokyo opens at 8 p.m ET. Bitcoin (BTC-USD) -1.6%, which is open continuously, sank before the Biden announcement and extended losses once the move was official.
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Crypto
Is Cryptocurrency a Legitimate Part of a Long-Term Investment Portfolio?
Key Points
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Most experts consider crypto to be a legitimate asset class.
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That doesn’t mean every asset in the class is equally legitimate or worthwhile.
Just a few years ago, many financial advisors wouldn’t touch crypto. That era is now over; according to a 2026 survey conducted by Bitwise, an asset manager, 32% of the financial advisors they polled allocated crypto in client accounts in 2025, and 99% planned to maintain or increase their exposure.
But crypto isn’t a monolith, and not all crypto assets are equally legitimate as part of a long-term portfolio, so let’s take a look at what’s legitimate and sort it from what’s sketchy.
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An investor stands in an office while looking out a window and holding a clipboard with some documents.
Image source: Getty Images.
The professionals have spoken
Among professional investment advisors who allocate on behalf of their clients, 83% keep their exposure under 5%, with an allocation of 2% as a starting point. The takeaway is that the relatively new legitimacy of crypto as an asset class is not an excuse to let it become your entire portfolio.
But which assets are the most widely accepted?
The answer to that question is Bitcoin, (CRYPTO: BTC) as it has the deepest liquidity in crypto and the biggest regulated vehicles for investment, like spot Bitcoin exchange-traded funds (ETFs). Ethereum and Solana are also generally endorsed as legitimate investments, with each backed by spot ETFs and growing institutional interest.
But below those three, professional interest drops off fast, and for most investors, yours should too.
Where to draw the line
Bitcoin, Ethereum, and Solana share traits that earn them a place in long-term investment portfolios. Smaller altcoins, ecosystem tokens, and meme coins generally do not have those traits, and you probably shouldn’t be investing in them heavily, if at all.
Volatility alone doesn’t disqualify an asset or make it illegitimate. The disqualifier for those smaller tokens is most typically their lack of a strong investment thesis.
So if you’re considering an investment in crypto, keep it fairly small, anchor it in Bitcoin, and avoid speculative tokens.
Should you buy stock in Bitcoin right now?
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Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $550,348!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,127,467!*
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Alex Carchidi has positions in Bitcoin, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.
Crypto
OKX Invests in Vietnam Exchange CAEX Ahead of Crypto Pilot
Key Takeaways
- OKX invested in CAEX to meet Vietnam’s $380 million pilot requirement, advancing regulation.
- CAEX, backed by OKX and Hashkey, signals a shift to compliant platforms across Southeast Asia.
- OKX expands 2026 regulatory push after Malta license, as it aims to lead efforts in shaping Vietnam’s crypto market.
Vietnam’s CAEX Gains OKX Support for Regulated Crypto Push
OKX has taken a strategic stake in Vietnam’s CAEX exchange, positioning itself to support the country’s push toward regulated cryptocurrency trading.
The investment, made alongside local partners including VPBank Securities and LynkiD, as well as Hashkey Capital, will help CAEX meet the financial threshold required to participate in a government-backed pilot program. Vietnam has set a minimum capital requirement of $380 million (VND 10 trillion) for firms seeking to operate within the trial framework.
The partnership signals a growing alignment between global crypto firms and local operators as Southeast Asia moves toward clearer regulatory oversight.
Star Xu, Founder and CEO of OKX, wrote in a blog post, saying,
We expect most Southeast Asian markets to establish clear regulatory frameworks and licensing pathways for digital asset companies. This region is already one of the most important sources of global crypto liquidity. We believe the future of crypto will be built on regulated, local platforms that users can trust, and CAEX represents that future in Vietnam.”
CAEX, formally known as Vietnam Prosperity Crypto Asset Exchange Joint Stock Company, is expected to combine domestic market expertise with international infrastructure and compliance standards. OKX said it will contribute not only capital but also technical support across areas such as risk management, security systems, and liquidity provision.
The initiative comes as Vietnam explores a controlled rollout of digital asset trading under government supervision. While details of the pilot program remain limited, authorities have indicated a preference for well-capitalized and compliant platforms.
OKX’s involvement reflects its broader strategy of working within regulatory frameworks rather than operating outside them. The company has spent recent years securing licenses and approvals in multiple jurisdictions, including registration in the United States and regulated operations across Europe.
Earlier this year, OKX obtained a Payment Institution license in Malta, allowing it to expand crypto payment services across the European Union under established regulatory regimes. The exchange has also pursued approvals in markets such as Singapore and Dubai, where it has built localized platforms tailored to regulatory requirements.
Executives at OKX have framed compliance as central to long-term growth. The firm has increased investment in anti-money laundering controls, customer verification processes, and internal risk systems, aiming to meet institutional standards as the industry matures.
That experience is now being applied to emerging markets. In Vietnam, the focus is on building a platform that can operate within a formal regulatory structure while scaling user adoption.
The investment also reflects a broader shift in the crypto industry. As governments introduce clearer rules, trading activity is increasingly moving toward licensed venues. Market participants are placing greater emphasis on transparency, asset protection, and regulatory oversight.
Southeast Asia remains a key region in that transition, accounting for a significant share of global crypto liquidity. For Vietnam, the CAEX initiative represents an early step in that process. For OKX and its partners, it offers an opportunity to shape the development of a regulated market from the ground up.
If successful, the model could serve as a blueprint for other countries in the region, where demand for digital assets continues to grow alongside calls for stronger investor protections.
Crypto
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