Lưu trữ cho từ khóa: Joe Biden

Altcoin

Trust issues: Can crypto regulation stop those who ‘bamboozle and defraud’?

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Crypto cons are frequent, and the sector’s loudest and most well-known leaders have faced substantial legal trouble in recent years.

You know the names:

  • Sam Bankman-Fried, sentenced to 25 years
  • Changpeng Zhao, released after four months
  • Nader Al-Naji, arrested and (if convicted) faces a maximum sentence of 20 years in prison
  • Arthur Hayes, six months of home confinement
  • Do Kwon, arrested and could potentially face significant jail time
  • Mark Karpeles, arrested in Japan over Mt. Gox legal trouble
  • Alex Mashinsky, arrested in 2023 and is currently on trial
  • Charlie Shrem, pleaded guilty in 2015 and served a year in prison

Crypto.news collected some commentary about whether the crypto industry has a serious leadership problem, or simply suffers from a few bad apples. At a glance, it does seem like fertile ground for shady goings-on.

But then again, “is it worse than anything else that’s out there?” asks Anthony Scaramucci, founder of SkyBridge Capital.

“You could say there are bad apples in other parts of finance,” Scaramucci told us via Saxo. “I would maintain it’s not worse than anything else. I would say that we’re in the process of cleaning this up.”

Biden was ‘overly aggressive’

Scaramucci, whose hedge fund embraced Bitcoin (BTC) as an offering in 2020, has a prolific career in finance, having spent seven years at Goldman Sachs.

He was also a former White House communications director for 11 days under ex-President Donald Trump.

Scaramucci has since soured on Trump and endorsed Vice President Kamala Harris for the 2024 presidential election. He even revealed at the TOKEN2049 conference in Singapore that he and other cryptocurrency advocates are collaborating with the Harris campaign to shape more industry-friendly policies should she win on Election Day, Nov. 5.

For crypto investors, it’s exactly what they’re looking for: an inside man who knows the industry and can carve inroads with Washington, D.C. Up until now, their big gripe is with the Biden administration and the current leadership within the U.S. Securities and Exchange Commission (SEC).

In 2023, SEC Chair Gary Gensler, a Biden appointee, brought 46 cryptocurrency-related enforcement actions. That’s up 53% from 2022, according to Cornerstone Research.

Lawmakers were perhaps “embarrassed” by FTX founder Bankman-Fried, Scaramucci adds. Bankman-Fried was convicted of embezzling an estimated $10 billion of his customer’s deposits (Scaramucci’s SkyBridge suffered a hit when FTX collapsed).

Since then, the SEC has grown more strict. Gensler has taken action against major players such as Binance, Coinbase, Ripple, and Terraform Labs. This has sparked numerous legal battles and high-profile cases.

Most cryptocurrency tokens qualify as securities under U.S. law and, as a result, fall under SEC oversight.

“I thought that they [the Biden administration] were overly aggressive in terms of their anti-crypto positioning,” Scaramucci says. “It was unnecessary to be that aggressive.”

Other crypto pros share a similar sentiment. Tim Kravchunovsky, founder and CEO of decentralized telecommunications company Chirp, argues that those enforcement actions by the SEC felt more like attacks rather than constructive oversight.

“Crypto investors were met with confusion, inconsistent policies, and outright hostility at times,” Kravchunovsky said of the past four years. “Instead of fostering innovation or providing clarity, the [Biden] administration’s actions raised anxiety, leaving investors guessing about the future of the space.”

Trump does a 180

Crypto’s public relations nightmare continued last week when U.S. prosecutors brought charges against 15 people across four companies: Gotbit, ZM Quant, CLS Global and MyTrade.

The firms engaged in fraudulent practices designed to manipulate the market, according to the FBI.

But scenarios like this “don’t represent all of crypto,” Kravchunovsky insists.

“The industry doesn’t have a leadership problem — it has a trust problem,” he says. “Every time someone like Sam Bankman-Fried makes headlines for fraud, the media paints the entire industry with the same brush. But remember, in any sector where money flows, so do opportunists and criminals. It’s not unique to crypto.”

Indeed, crime permeates all corners of finance. In 2023, more than three trillion dollars in illicit funds reportedly flowed through the global financial system. This trend is expected to continue, driven largely by the rise in digital technologies, which provide new avenues for criminals.

“It’s unfortunate that there has been a growing list of arrests and charges amongst high-profile crypto leaders,” David Morrison, Senior Market Analyst at Trade Nation, says. “Some have clearly been bad actors who have bamboozled and defrauded their customers, broken regulations deliberately for their own gain, and so on. But this is not unusual where new technologies and money collide.”

It’s a bad look, but one Morrison expects to improve “should regulation continue to develop in ways helpful to the sector as a whole.”

“That will require regulators and policymakers with a genuine interest and understanding of cryptos, valuing its importance while welcoming its potential,” he said.

It’s no wonder the industry looks to Trump’s possible re-election as a silver lining. The 78-year-old candidate saw an opportunity to court a passionate portion of the electorate that had grown frustrated with the Biden administration. Gemini co-founders Tyler and Cameron Winklevoss are two of his biggest donors.

Once a crypto skeptic, the twice-impeached Trump is now amongst the industry’s most ardent cheerleaders. He’s even gearing up for the public sale of his own token under the banner of World Liberty Financial, a firm he launched with his three sons, starting Tuesday, Oct. 15.

Polymarket, a platform that allows users to gamble on real-world events using crypto, has him currently leading Harris in a 2024 presidential prediction by more than eight percentage points.

But in an industry marred by illegalities, is Trump — the first former U.S. president to be convicted of felony crimes — crypto’s best bet? Even the Republican’s most staunch supporters have a bad feeling about World Liberty Financial.

“Whether you like Trump or not, his World Liberty Financial venture shows he’s not shying away from crypto,” Kravchunovsky says. “Say what you will about the hype, but at least he’s not trying to kill the industry with endless regulations.”

Advice for Harris

Crypto is one area where Harris, 59, deviates from Biden. Last month, at an event in Manhattan, the Democratic nominee stated that she wants to embrace “innovative technologies” like digital assets while also protecting consumers and investors.

Billionaires Mark Cuban and Ben Horowitz are both on board; so is Ripple co-founder Chris Larsen, who made his first recorded cryptocurrency donation to her campaign.

Should Harris win the election, Morrison offered some advice on behalf of his crypto peers: “If Ms. Harris wins next month, then please don’t relegate cryptocurrencies to the ‘Can’t be bothered’ bucket.”

Crypto has the potential to help the unbanked and “boost entrepreneurship in some of the poorest and most neglected places on our planet,” he adds. “Don’t write it off just because Donald Trump talks about it so much.”

Kravchunovsky agrees.

“If Harris takes office, she needs to understand that crypto isn’t just about speculation—it’s a transformative technology that could redefine industries,” he said. “But here’s the thing: She’s got to listen to people who actually understand blockchain, not just the hype artists or the bureaucrats who think in terms of control. This isn’t about shutting it down, it’s about creating a healthy environment for it to thrive responsibly. The U.S. can’t afford to let fear or misinformation drive policy.”

As for Scaramucci, the former Trump advisor turned Harris advisor, doesn’t seem too worried about this burgeoning asset class.

“The best days for crypto are still ahead,” he says.

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Theo Crypto News

Bitcoin

Only 0.0028% of Americans would qualify for the unrealized capital gains tax that had Crypto Twitter up in arms this week

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Recent rumors swirling on X wrongly accused presidential candidate Kamala Harris’ of endorsing President Biden’s 2025 proposal for a 25% tax that includes unrealized capital gains. What’s the truth behind the headlines and what caused the confusion?

Earlier this week, thousands of crypto investors found themselves caught up in a whirlwind of misinformation, with many prominent accounts reporting that U.S. presidential candidate Kamala Harris had endorsed a new tax on unrealized gains, originally proposed by President Joe Biden for 2025.

Social media, especially X, buzzed with outrage as people retweeted and reacted to evidently misinterpreted headlines, convinced that Harris wanted to tax unrealized capital gains at 25% next year. The mass disapproval expressed on X seemed to imply that members of the crypto community thought this proposed tax would be all U.S. investors, regardless of their net worth.

Unrealized gains refer to the amount an asset has gained in value (let’s say in USD) before you sell the asset and take the profit. So if you bought Bitcoin at $50,000 and now you’re seeing your BTC has grown more than 22% at today’s prices, you don’t actually realize those gains until you sell your BTC.

The outcry was evidently fueled by a misunderstanding after Harris’ campaign team last week released her economic plan, as well as stated on Monday that, if elected, she would raise the corporate tax rate — a proposal previously put forward by the Biden administration.

Many were quick to assume that Harris’ team had officially endorsed the current administration’s entire tax policy proposal for 2025, which mentions unrealized gains as part of a new minimum tax on the ultra wealthy.

But as happens with rapidly spreading rumors, this just wasn’t true. 

As pointed out by crypto investor, professor and well-known analyst on X, Harris’ team did not endorse, comment on or otherwise reference the 256-page document entitled “General Explanations
of the Administration’s Fiscal Year 2025 Revenue Proposals,” which was published in March of this year.

However, someone on X had read at least part of the extensive proposal from Biden-Harris administration. Included in the document is a new minimum tax of 25% on total income (including unrealized capital gains) for people with more than $100 million in wealth:

“The proposal would impose a minimum tax of 25 percent on total income, generally inclusive of
unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by
subtracting liabilities from assets) greater than $100 million.”

Biden’s tax proposal for 2025

Taken out of context — both that this is a proposal from the current administration and it is only applicable to a very limited group of highly wealthy individuals, and also that Harris and her team didn’t even endorse this proposal — the rumors took on a life of their own and spread across the crypto community.

Let’s break down what we do know about Harris’ proposed tax policy, how it might impact the crypto market, and what experts have to say about it.

Decoding Harris’ taxation proposal and its impact on crypto

Last week, Harris did in fact reveal part of her proposed economic agenda, which included a series of tax proposals. While the details are still emerging, let’s break down what we know so far.

First, as noted above, Harris has expressed support for raising the corporate income tax rate from 21% to 28%. This move is expected to generate significant revenue for the federal government, potentially increasing tax receipts by up to $1.4 trillion over the next decade.

This proposed increase in the corporate tax rate could impact crypto companies, especially larger entities like exchanges or mining operations. 

Higher taxes could lead to reduced investment in new projects or increased fees for users as companies seek to cover their rising tax obligations.

Another key aspect of Harris’s economic agenda is focused on making housing more affordable. She’s proposing several tax incentives to encourage the construction of new homes, particularly for first-time buyers and renters.

For instance, she plans to offer tax breaks to companies that build affordable housing and provide up to $25,000 in down-payment support for new homeowners to address the rising costs of housing in the U.S.

While the question of tokenized real estate could come into play here, it’s not clear that the housing-related policy proposals affect crypto holders in any particular way.

What is Biden’s proposal for capital gains tax?

Again, the confusion surrounding Harris’ rumored (but actually fake news) endorsement of Biden’s proposed tax on unrealized capital gains stems from a couple of misunderstandings. But even though Harris did not endorse the plan, it’s not unreasonable to suggest she might do so in the future. So let’s take a look at what Biden’s plan for 2025 tax policy actually entails.

In general, Biden’s proposal includes several tax policy changes aimed at increasing the tax burden on the wealthiest Americans. The proposal argues that current long-term capital gains tax policy in particular disproportionally benefits the very wealthy:

“Preferential tax rates on long-term capital gains and qualified dividends disproportionately
benefit high-income taxpayers and provide many high-income taxpayers with a lower tax rate
than many low- and middle-income taxpayers.”

The proposal seeks to close the so-called “loophole” in the current system that let’s wealthier individuals pass on the appreciated value of their assets to their beneficiaries without ever paying income tax on those gains.

Currently, long-term capital gains — profits from the sale of assets held for more than a year — are taxed at a maximum rate of 20%, or 23.8% when including the 3.8% net investment income tax, with a few exceptions.

For high-income earners with taxable income exceeding $1 million, Biden’s proposal would tax long-term capital gains at ordinary income tax rates, which could reach as high as 37%, or 40.8% with the NIIT.

However, this is not the end of the story. Another proposal within the budget seeks to increase the NIIT by 1.2% points for those earning over $400,000, bringing the total NIIT to 5%. 

This combination would effectively push the maximum tax rate on long-term capital gains and qualified dividends to 44.6% for the wealthy.

To break it down: this 44.6% rate is the result of combining the proposed 39.6% top ordinary income tax rate with the increased 5% NIIT (which includes the additional 1.2% hike for high earners). 

What about unrealized gains?

The highly controversial phrase “unrealized capital games” is included in Biden’s 2025 proposal as part of a minimum income tax (25%) for the wealthiest Americans who have wealth (meaning assets minus liabilities) of over $100 million. This minimum tax for the”extremely wealthy”, as previously noted, would include unrealized capital gains and reportedly represents an effort to address the loophole in the current system.

But how many Americans would even be affected by such a change in tax policy? The answer is less than 10,000. According to a 2024 U.S. wealth report published in March, there are currently 9,850 individuals in the U.S. who qualify as “centi-millionaires” — aka have wealth of $100 million or more.

That means, to clarify, that the conversation that took X by storm earlier this week was actually about a tax proposal that would affect just 0.0028% of the U.S. population — and that the current Democratic candidate for president hasn’t even endorsed.

U.S. wealth report for 2024 | Source: Henley & Partners

For most crypto traders and investors, of course, the widely discussed and criticized tax proposal would most likely be irrelevant.

Public reaction and controversy 

The recent debate around Vice President Harris and her (rumored) stance on taxing unrealized capital gains ignited a firestorm on social media. 

Reports suggest that Harris is aligned with the Biden administrations 2025 tax proposals, but Harris and her team have yet to endorse all of the proposed changes officially.

Notably, a January 2024 analysis by Americans for Tax Fairness revealed that U.S. billionaires and centi-millionaires held a staggering $8.5 trillion in unrealized capital gains in 2022, which could be a potential goldmine for federal revenue, but, clearly, has also sparked intense debate.

Certified financial planner and CNBC advisor council member Douglas A. Boneparth went for a direct attack, calling the idea of taxing unrealized gains “dumb.”

Aaron Levie, CEO of Box, shares the same belief, stating that “unrealized gains are simply a field in a database and not useful until converted into something of value.”

Interestingly, according to Polymarket, while Harris was once leading the race with strong odds of winning the election, her chances have recently dipped to 46%. Meanwhile, Trump, who was slightly behind, has retaken the front seat with odds now at 53%.

2024 U.S. presidential election winner bets on Polymarket | Source: Polymarket

In the end, whether you view the idea as a necessary step toward equity or as simply “a field in a database,” one thing’s for sure — when it comes to tax policy, the devil is in the details. And if social media has taught us anything, it’s that even the smallest detail can cause a big stir.

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Theo Crypto News

Bitcoin

Bitcache founder Kim Dotcom vows to fight extradition to US

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Bitcache and Megaupload founder Kim Dotcom, is determined to resist extradition to the U.S., claiming political persecution and vowing to stay in New Zealand.

German-Finnish internet entrepreneur Kim Dotcom, known for his controversial political views, now faces a new challenge as New Zealand’s justice minister, Paul Goldsmith, has signed an order for his extradition to the United States.

The move has reignited a legal battle that has spanned more than ten years, with Dotcom and his legal team vowing to fight the decision tooth and nail, per a report from The New Zealand Herald. Dotcom has been living in New Zealand since 2010, and has faced the threat of extradition since 2012 following a dramatic global sting operation that led to his arrest.

The U.S. Department of Justice charged Dotcom with a slew of serious offenses, including criminal copyright infringement, money laundering, racketeering, and wire fraud, all linked to his role in Megaupload’s operations. U.S. authorities accused the platform of enabling widespread piracy, and allegedly profiting from the illegal distribution of copyrighted content.

In an Aug. 15 defiant post on X, the crypto entrepreneur who once promised to bring Bitcoin (BTC) to the masses via Bitcache and Megaupload, declared, “I love New Zealand. I’m not leaving,” signaling a clear intention to remain in the country despite the looming threat of extradition.

Kim Dotcom alleges legal irregularities and political persecution

Dotcom’s legal team — led by Ira Rothken — confirmed plans to seek a judicial review of the extradition order in a separate X post, stating that the fight for justice is far from over. Rothken also highlighted numerous legal irregularities that have plagued Dotcom’s case, including an illegal government raid on his family home, unlawful surveillance, and the withholding and destruction of crucial evidence.

The long-time U.S. critic maintains that his legal troubles stem from his support for WikiLeaks and its founder Julian Assange, who recently pled guilty to one charge of espionage and returned home to Australia after years of fighting U.S. extradition.

In another series of posts on X, Dotcom implied that his donations to WikiLeaks, including a $100,000 contribution made shortly after his release on bail, may have prompted the U.S. government’s pursuit of him.

In addition, Dotcom accused the DoJ, under President Joe Biden’s administration, of targeting him for political reasons, drawing a parallel between his situation and former President Donald Trump‘s legal battles.

Founded in 2016, Bitcache was meant to increase the utility of Bitcoin by introducing cost-effective microtransactions where file transfers on Megaupload would be linked to Bitcoin transactions thereby making it very difficult to identify users of the file sharing platform. However, in 2023, a New Zealand court put Bitcache into liquidation, after it was claimed the company owed more than $13 million to assorted creditors.

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Theo Crypto News

Bitcoin

CleanSpark finalizes Bitcoin site acquisition despite concerns

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Bitcoin miner CleanSpark reported securing 75 MW in Wyoming despite previous national security concerns.

American Bitcoin mining firm CleanSpark Inc. announced the successful acquisition of a Bitcoin mining site in Wyoming, overcoming previous national security concerns raised by the White House.

The company said in a July operational report published on Aug. 2 that it had secured power agreements totaling 75 MW in the state and commenced hashing operations in Tennessee, adding 1 EH/s to its hashrate in July. CleanSpark chief executive Zach Bradford highlighted the progress made, adding that the company remains on track to achieve its target of 32 EH/s by the end of 2024.

“In Tennessee, we began hashing under our agreements with GRIID infrastructure Inc. with 1 EH/s of additional hashrate added in July. We’re continuing our trajectory of growth as we progress towards our target of 32 EH/s by the end of the year,” Bradford said.

In July, CleanSpark mined 494 Bitcoin (BTC), bringing its total produced crypto for 2024 to 4,108 BTC. During the month, the firm sold 2.54 BTC at an average price of approximately $62,070 each, ending the month with an operating hashrate of 21.2 EH/s. As of July, CleanSpark held 7,082 BTC in its holdings, the report reads.

CleanSpark caught in U.S.-China political battle

The acquisition of the Wyoming site comes despite previous national security concerns. Earlier in May, CleanSpark purchased a few mining sites from MineOne, a company with Chinese ties, located near Warren Air Force Base, which houses strategic nuclear weapon systems.

Amid the purchase, President Joe Biden issued an emergency order to halt operations at the site, saying the “presence of specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities, presents a national security risk to the United States.” The order also mandated the removal of all crypto mining equipment from within a mile of the military facility.

Despite these concerns, CleanSpark proceeded with the acquisition. A spokesperson for the company acknowledged the unexpected challenges but affirmed CleanSpark’s commitment to compliance and national security.

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Theo Crypto News

Bitcoin

Continuing the Barack Obama tradition: what is Choke Point 2.0?

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The Biden administration’s ongoing efforts to deny cryptocurrency companies access to banking services have become known as Choke Point 2.0.

Operation Choke Point Background

Introduced by former president Barack Obama’s administration in 2013, Operation Choke Point was intended to combat fraud and illegal activity by denying criminals access to the banking system.

By forcing financial institutions to cut ties with high-risk businesses, regulators hoped to “choke off” how illicit actors could continue to fund their operations.

Despite the good intentions, there were concerns in the community that legitimate businesses were being unfairly targeted.

The program ended in August 2017, when the Department of Justice announced that the Obama administration’s operation was officially ending, claiming that it was harming legitimate businesses instead of preventing fraud as intended.

What is known about Choke Point 2.0

Venture capitalist Nic Carter first announced the start of Choke Point 2.0 in early 2023, following a series of moves by the Biden administration to isolate the crypto industry from the banking sector.

In his Feb. 8, 2023 article, Carter discusses how small movements have become a sophisticated, large-scale crackdown on the crypto industry.

For example, the presidential administration has launched a coordinated plan across multiple agencies to discourage banks from doing business with crypto firms. The government’s efforts have targeted both traditional banks that will serve crypto clients and crypto firms seeking banking licenses.

Key Features

Carter noted that the fate of banks showing even the slightest interest in cryptocurrencies remains hopeless at the moment. Many financial institutions refuse to work with cryptocurrency, calling it “toxic” and citing the risks of interacting with this asset class.

In listing the consequences of ill-considered policies, Carter cited several examples, including Signature Bank’s significant reduction in the volume of cryptocurrency deposits, the closure of the cryptocurrency department at Metropolitan Commercial Bank, the investigation into Silvergate in connection with the management of accounts of the infamous Alameda Research, and Binance’s suspension of U.S. dollar bank transfers for retail clients.

The pressure from banking regulators was primarily due to the collapse of the FTX crypto exchange and its aftermath. This has pushed them to look for ways to avoid another such collapse. FTX, as an offshore exchange, was not directly supervised by financial regulators, so it was outside their direct auspices. 

Carter noted that if they can cut off access to fiat money, they can marginalize the industry within and outside the country without directly regulating it:

In 2.0, everything is happening in plain sight, in the form of rulemaking, written guidance, and blogs.

Choke Point 2.0 chronology

  • On Dec. 6, 2022, senators Elizabeth Warren, John Kennedy, and Roger Marshall sent a letter to Silvergate. The letter criticized the bank for providing services to FTX and Alameda and accused it of failing to disclose suspicious activity related to these clients.
  • On Dec. 7, 2022, Signature Bank announced it would halve its customer crypto deposits from $23 billion at its peak to $10 billion to exit its stablecoin business.
  • On Jan. 3, 2023, the Fed, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued a joint statement on the risks to banks dealing with cryptocurrency. They did not explicitly prohibit banks from holding cryptocurrency or dealing with crypto clients. However, they strongly discouraged them from doing so.
  • On Jan. 9, 2023, Metropolitan Commercial Bank announced it was shutting down its crypto asset vertical entirely.
  • On Jan. 21, 2023, crypto exchange Binance announced that Signature Bank would only process user transactions over $100,000 as it scales back its digital asset market exposure.
  • On Jan. 27, 2023, the Federal Reserve rejected crypto bank Custodia’s two-year application to join the Federal Reserve System, citing “safety and soundness” risks.
  • On Feb. 2, 2023, the Justice Department’s Fraud Section announced an investigation into Silvergate over its dealings with FTX and Alameda.
  • On Feb. 6, 2023, Binance suspended USD bank transfers for retail customers.
  • On Feb. 7, 2023, the Fed’s Jan. 27 statement was filed in the federal register, turning the policy statement into a final rule without congressional review or a public notice and comment period. Banks were aware that public blockchain exposure was considered unacceptably risky.

A month after Carter’s article was published, Silvergate Bank went out of business. It was shut down due to systemic risks following the closure of Silicon Valley Bank (SVB).

Is the crypto industry still experiencing Operation Choke Point 2.0?

Operation Choke Point 2.0 is picking up where the original project left off. This modernized version aims to achieve similar results by forcing banks and lenders to cut financing and other financial services to industries deemed high-risk.

The increased regulatory attention to the crypto industry in recent years fits well with the concept of Operation Choke Point 2.0, according to which U.S. regulators are trying to make it as difficult as possible to access crypto through traditional financial platforms and instruments.

In particular, the U.S. Securities and Exchange Commission has stepped up its efforts to regulate and crack down on crypto companies that do not comply with securities laws.

One example of the so-called Operation Choke Point 2.0 is Staff Accounting Bulletin 121, issued by the SEC in April 2022. The document contains recommendations for storing cryptocurrencies. In particular, banks must reflect them on their balance sheets. This makes the process expensive and limits the ability of institutions to provide custodial services on a large scale.

Since the beginning of 2024, U.S. government officials have repeatedly asked to soften the document’s provisions. At the same time, Biden vetoed SAB 121 in June, stating that his administration would not support measures that threaten the well-being of consumers and investors.

At the same time, citing sources in the department, Bloomberg reported that SEC employees began distributing recommendations among institutions and brokers on how to avoid reflecting cryptocurrencies on their balance sheets by the regulator’s rules. According to the agency’s source, several large banks have received the “green light” to bypass the regulations starting in 2023, ensuring the protection of clients’ assets in the event of bankruptcy.

Should Operation Choke Point 2.0 be completed?

Experts believe that trying to hinder the development of decentralized technologies in the U.S., which leads the world in technical innovation, is tantamount to treason. Max Sultakov, CEO at Yona Network, in conversation with crypto.news said:

Overall, hidden regulations that bypass legal procedures through the manipulation of banking rules are a scourge in today’s U.S. and Western countries. They are betraying their ideals for short-term gains. On the other hand, each such case only deepens the understanding of the importance of decentralized and permissionless finance powered by blockchain technology that we are building today.

U.S. presidential candidate Donald Trump also said that if elected, he would stop the suppression of Bitcoin (BTC). 

He opposes Operation Choke Point 2.0, implemented by the current government, and promises to immediately stop it to ensure a level playing field for Bitcoin and financial technology companies:

As President, I will immediately shut down Operation Choke Point 2.0.

However, Trump’s words that he would fire SEC head Gary Gensler, appointed by Biden, on the very first day of his presidential term received the most significant response from the audience. At that moment, the audience began chanting Trump’s name. Gensler is known for his tough stance on the crypto industry and supports Operation Choke Point 2.0.

Thus, Trump’s speech at the conference gave hope that Operation Choke Point 2.0 could soon be over.

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Theo Crypto News

Pháp Lý

JD Vance: The Bitcoiner now running as Trump’s vice president

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JD Vance has held Bitcoin for years, criticized Gary Gensler and the SEC, and pushed for pro-crypto policies. In November, he could be a heartbeat away from the presidency.

After a shocking assassination attempt on Saturday, a defiant Donald Trump has returned to the campaign trail — and was pictured with a bandaged ear while attending the Republican National Convention in Wisconsin.

Now formally nominated as the party’s nominee in November’s presidential election, his first order of business was to select a running mate. Trump duly announced that Ohio senator JD Vance would be his vice presidential pick.

From a crypto standpoint, this is a positive development — and an extension of Trump’s pro-Bitcoin rhetoric. Back in 2022, Vance had disclosed that he held between $100,000 and $250,000 worth of BTC, meaning it’s fair to say he’s a believer.

Videos on X have also shown Vance criticizing Gary Gensler, the chair of the U.S. Securities and Exchange Commission, for his heavy-handed approach when regulating digital assets.

“The approach that Gary has taken to regulating blockchain and crypto seems to be almost the exact opposite of what it should be.”

JD Vance

Vance even went on to say that Gensler is “the worst person” to be tasked with overseeing this vast-moving industry — and argued that modern tech companies and social networks will increasingly need to have their own utility tokens.

Earlier this year, the Republican played an instrumental role in congressional efforts to repeal SEC Staff Accounting Bulletin 121, a controversial rule that effectively stops financial institutions from taking custody of crypto because it needs to be listed as a liability on their balance sheets.

Despite the vote clearing both the House of Representatives and the Senate, it was vetoed by President Joe Biden, who said he could not “support measures that jeopardize the wellbeing of consumers and investors.” 

Vance also wrote to Gensler to demand answers following the SEC’s pursuit of Debt Box, which saw commission lawyers make “materially false and misleading representations” about the company that led to assets being frozen and the value of its native token falling by 56%. The letter said:

“It is unconscionable that any federal agency — especially one regularly involved in highly consequential legal procedures and one that, under your leadership, has often pursued its regulatory mission through enforcement actions rather than rulemakings — could operate in such an unethical and unprofessional manner.”

JD Vance

This language mirrors the criticism that the crypto sector has lodged against the SEC, with firms claiming that the commission has engaged in regulation through enforcement.

According to Politico, Vance has also been working on draft legislation that would overhaul how the U.S. regulates digital assets — joining the likes of Cynthia Lummis and Kirsten Gillibrand in pushing for change.

And back in 2022, he was highly critical of Canada’s decision to freeze or suspend bank accounts linked to the Freedom Convoy protests, arguing that it showed why BTC was needed.

Undeterred by Mt. Gox starting to move billions of dollars in Bitcoin ahead of repayments to creditors, the crypto markets reacted warmly to news of Vance’s selection — building upon the gains that were seen in the immediate aftermath of Trump’s assassination bid. CoinMarketCap data shows BTC came tantalizingly close to piercing $65,000 at one point. Stocklytics analyst Neil Roarty described him as a “long-time advocate” of crypto, adding:

“With Vance next to Trump in the White House — an outcome that’s looking increasingly likely — there is a sense that pro-crypto policy could be on the agenda come 2025.”

Neil Roarty

Bitcoin over the past seven days | Source: TradingView

All eyes on November

Just like Trump has changed his tone about digital assets, JD Vance has changed his tone about the former president.

Back in 2016, the politician had gone on the record as describing Trump as an “idiot” who was “reprehensible” — likening him to Hitler behind closed doors.

But over recent years, Vance has shifted to become one of Trump’s closest allies, and an ardent supporter of his policies.

Biden pointed to this in an NBC interview shortly after the nomination was made, saying:

“[Trump’s] gonna surround himself with people who agree completely with him, have a voting record, that support him.”

Joe Biden

Attention now turns to Nashville, where Trump is expected to speak at next week’s Bitcoin 2024 conference.

That’ll be a landmark moment for the sector — and could give crypto investors an idea of what to expect if he returns to the Oval Office.

With two pro-Bitcoin candidates at the top of the Republican ticket, the U.S. really is in unprecedented territory.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Pháp Lý

Will Biden’s replacement as Democrat nominee be pro-crypto?

Để lại phản hồi

There had been hopes that California Governor Gavin Newsom may have been preparing to launch his own bid to be Democrat nominee, but he has bowed out.

Kamala Harris is working fast to try and secure the Democratic presidential nomination — one day after Joe Biden dropped out over concerns over his mental acuity.

And while she has won endorsements from several party grandees, not everyone is throwing their support behind her just yet.

Former president Barack Obama ruffled some feathers when he released a statement that called for an open contest to find Biden’s successor in the 2024 race.

Some pundits, reading between the lines, are pondering whether this could mean his wife Michelle will announce her intention to stand.

An Ipsos poll released earlier this month, when doubts were starting to emerge about Biden, suggested she might be the only Democrat capable of beating Donald Trump at the ballot box.

Source: Ipsos

But there’s a more specific question to be asked here: among Democrats, who would be likeliest to embrace pro-crypto policies?

If it does turn out to be Harris, crypto investors and entrepreneurs alike might end up disappointed.

During her time as VP, she has never gone on the record to discuss her views about digital assets — meaning we don’t know her thoughts on issues like Bitcoin and NFTs.

We do know that she hasn’t really voted on much crypto legislation during her time in Congress, and financial disclosures confirm she isn’t a HODLer.

From this, there are a couple of things we can deduce.

For one, it’s highly unlikely that Harris would end up regarding digital assets as much of a priority if she were to enter the Oval Office.

And if she was to make history by being elected, there’s a decent chance that her administration’s stance toward crypto might be a continuation of what we’ve had under Biden — with the Securities and Exchange Commission proving pretty heavy-handed in regulation.

There is one potential silver lining here: Harris has exceedingly close connections to tech giants in California.

During her successful attempt to be elected to the Senate, she received plenty of donations from entrepreneurs in Silicon Valley.

And as the importance of cryptocurrencies and blockchains continues to grow, these ties could prove particularly advantageous.

It’s also worth looking at Harris’s views on issues tangential to crypto — with privacy a core value that many investors value.

We got an insight into her thinking on privacy when she reacted to a leaked Supreme Court opinion related to overturning Roe v. Wade in 2022.

“If the right to privacy is weakened, every person could face a future in which the government can potentially interfere in the personal decisions you make about your life.”

Kamala Harris 

There had been hopes that California Governor Gavin Newsom may have been preparing to launch his own bid to win the Democratic nomination — but he quickly nipped this speculation in the bud by endorsing Harris.

“With our democracy at stake and our future on the line, no one is better to prosecute the case against Donald Trump’s dark vision and guide our country in a healthier direction.”

Gavin Newsom

Newsom’s decision to sit this race out might be something of a disappointment to Democrats who believe in crypto — not least because he’s been pretty supportive of digital assets and blockchain technology in general. He was previously quoted as saying:

“Blockchain in particular is something that I see only becoming more and more predominant in our lives.”

Gavin Newsom

He’s also signed into law a crypto licensing bill that means California will now need to create a regulatory framework for crypto that will come into force on July 1, 2025. At the time, he declared:

“It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation environment and I look forward to working with the author to achieve this.”

Gavin Newsom

Estimates from Security.org suggest that up to 40% of American adults now own at least one crypto — up to 93 million people.

But when it comes to the issues that Democrats and Republicans are worried about the most, inflation, the economy, and gun violence tend to top the list.

If chosen, Harris will likely attempt to run a sober campaign that doesn’t rock the boat too much — one that shows continuity with what Biden already started.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Các quỹ ETF Ethereum giao ngay được phê duyệt, Đại diện thông qua dự luật FIT21, Bitcoin thu hồi 71 nghìn đô la | Tóm tắt hàng tuần

Để lại phản hồi

Bản tóm tắt hàng tuần hôm nay: Các cơ quan quản lý Hoa Kỳ phê duyệt tám tổ chức phát hành quỹ giao dịch trao đổi (ETF) Ethereum ( ETH ) giao ngay sau một thời gian chờ đợi kéo dài; Bitcoin ( BTC ) lấy lại ngưỡng 71.000 USD; các nhà lập pháp đã thông qua dự luật FIT21 để đảm bảo sự rõ ràng về quy định về tiền điện tử.

Thảo luận về ETF Ethereum giao ngay

  • Người đồng sáng lập của Matrixport Daniel Yan gợi ý rằng nếu Ủy ban Chứng khoán và Giao dịch Hoa Kỳ (SEC) chấp thuận các quỹ ETF Ethereum giao ngay thì Solana ETF có thể là lựa chọn tiếp theo.
  • Nhà phân tích James Seyffart của Bloomberg ETF cũng đồng tình với quan điểm này. Theo Seyffart, Solana ETF có thể ghi nhận nhiều nhu cầu hơn các tài sản tiền điện tử khác ngoài BTC và ETH.
  • Một nhóm các nhà lập pháp lưỡng đảng của Hoa Kỳ đã gửi một lá thư tới Chủ tịch SEC Gary Gensler, kêu gọi ông phê duyệt hồ sơ Ethereum ETF trên bàn làm việc của mình.
  • QCP Capital, một nguồn tài nguyên giao dịch tiền điện tử hàng đầu, khẳng định rằng sự chấp thuận như vậy có thể thúc đẩy tăng trưởng giá Ethereum. Họ dự đoán giá có thể tăng 60% lên 6.000 USD.

Và sau đó…

  • SEC đã phê duyệt hồ sơ 19b-4 từ BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy và Franklin Templeton. Các công ty đã gửi các biểu mẫu điều chỉnh để loại bỏ việc đặt cọc khỏi sản phẩm của họ.
  • Các tổ chức phát hành phải được phê duyệt đăng ký S-1 trước khi giao dịch có thể đi vào hoạt động. Quá trình này dự kiến sẽ mất vài tuần đến vài tháng.
  • Sau khi phê duyệt, một số chuyên gia trong ngành lập luận rằng mặc dù quyết định này có thể làm rõ tình trạng quản lý của Ethereum là không bảo mật, nhưng nó có thể khiến mã thông báo ETH được giữ trong quỹ không hiệu quả so với việc sử dụng chúng trong việc đặt cọc hoặc cung cấp năng lượng cho các hợp đồng thông minh.
  • Trưởng phòng nghiên cứu tiền điện tử của Standard Chartered Geoffrey Kendrick gợi ý rằng XRP, cùng với Solana, có thể thấy một sản phẩm ETF vào năm tới sau khi các sản phẩm Ethereum được phê duyệt.

Những diễn biến khác

  • Trong khi đó, các quỹ ETF Bitcoin giao ngay đã ghi nhận thêm một tuần dòng vốn chảy vào liên tục. Họ đã chứng kiến dòng vốn tích lũy 1,056 tỷ USD vào tuần trước, với dòng vốn lớn nhất trong ngày là 305 triệu USD vào ngày 21 tháng 5.
  • Vào ngày 22 tháng 5, nhà quản lý tài sản hàng đầu WisdomTree đã thông báo rằng Sở giao dịch chứng khoán Luân Đôn (LSE) đã phê duyệt việc ra mắt ETP tiền điện tử được hỗ trợ vật lý bởi Bitcoin và Ethereum. Quyết định này xảy ra trước sự ra đi của các thành viên chủ chốt trong nhóm LSE

Bitcoin lấy lại 71 nghìn đô la

  • Thị trường tiền điện tử đã chứng kiến sự hồi sinh vào tuần trước, nhưng giá ngay lập tức quay trở lại. Vào ngày 20 tháng 5, Bitcoin tăng vọt lên mức cao nhất trong một tháng là 71.500 USD. Tiền điện tử hàng đầu đã thu hồi được 70.000 đô la và 71.000 đô la trong một lần giảm giá lần đầu tiên sau sáu tuần.
  • Cuộc biểu tình của Bitcoin đã vang dội trên thị trường rộng lớn hơn, với nhiều altcoin chứng kiến mức tăng giá tương tự. Cuộc biểu tình đã dẫn đến việc tiền điện tử DeFi TVL rộng hơn đạt mức cao nhất trong 2 năm là 105,6 tỷ USD.
  • Một số nhà phân tích cho rằng dòng vốn chảy vào Bitcoin ETF giao ngay là chất xúc tác chính cho đợt phục hồi. Những người khác chỉ ra tâm lý lạc quan xung quanh việc phê duyệt dự kiến đối với các quỹ ETF Ethereum giao ngay.
  • Ethereum đã ghi nhận mức tăng đột biến lớn nhất vào ngày 20 tháng 5, kết thúc ngày với mức tăng lớn 19%, mức tăng lớn nhất trong ngày của nó trong chu kỳ này. Trong khi BTC và các tài sản khác lấy lại một số lợi nhuận thì ETH chỉ hợp nhất.
  • Các nhà phân tích dự đoán rằng việc phê duyệt các quỹ ETF Ethereum giao ngay có thể thúc đẩy cơ hội đạt 5.000 USD của Ethereum – mức cao mới mọi thời đại. Trong khi đó, Pepe (PEPE) đã đạt được ATH mới trong tuần thứ hai liên tiếp, khi giá của nó tăng lên 0,00001577 USD vào ngày 25 tháng 5. PEPE đã tăng 136% trong tháng này.

Trump cố gắng thu hút những người đam mê tiền điện tử

  • Ứng cử viên tổng thống của đảng Cộng hòa Donald Trump bắt đầu chấp nhận quyên góp bằng tiền điện tử trong một nỗ lực khác nhằm thu hút cộng đồng tiền điện tử.
  • Vào ngày 23 tháng 5, Hạ viện Hoa Kỳ đã thông qua dự luật cấm Cục Dự trữ Liên bang tạo ra Đồng tiền kỹ thuật số của Ngân hàng Trung ương (CBDC) được hỗ trợ bằng đô la.

Dự luật FIT21 đã được phê duyệt

  • Dự luật Đổi mới tài chính và công nghệ cho Đạo luật thế kỷ 21 (FIT21) cũng gây chú ý. Chủ tịch SEC Gensler đã đưa ra một tuyên bố lên án các quy định của dự luật. Theo ông, nó có thể tạo ra kẽ hở cho các công ty tiền điện tử trốn tránh sự giám sát.
  • Chính quyền Biden cũng bày tỏ lo ngại về dự luật, với lý do thiếu “sự bảo vệ đầy đủ cho người tiêu dùng và nhà đầu tư” theo hình thức hiện tại. Tuy nhiên, chính quyền Biden bày tỏ sẵn sàng hợp tác với Quốc hội để có được sự rõ ràng về quy định về tiền điện tử.
  • Bất chấp những lo ngại này, Hạ viện đã bỏ phiếu ủng hộ áp đảo dự luật FIT21. Sau động thái này, dự luật sẽ được chuyển đến Thượng viện để xem xét kỹ lưỡng hơn.
  • Trong khi đó, Coinbase tiết lộ rằng họ đã tiếp tục giao dịch XRP ở New York sau khi thảo luận với chính quyền. Uniswap đã phản hồi Thông báo Wells của SEC, khẳng định sẵn sàng đấu tranh với cơ quan này nếu cơ quan này kiện tụng.

Tiền điện tử kỷ niệm Ngày Pizza Bitcoin; Đèo Kabosu

  • Vào ngày 22 tháng 5, cộng đồng tiền điện tử rộng lớn hơn đã kỷ niệm Ngày Pizza Bitcoin, đánh dấu ngày Bitcoin lần đầu tiên được sử dụng để mua hàng trong thế giới thực. Một báo cáo tuần trước đã xác nhận rằng những người đề xuất tiền điện tử đã mua Pizza trị giá 135.000 đô la bằng tiền điện tử trong 12 tháng qua.
  • Tuy nhiên, cộng đồng Bitcoin đã chỉ trích Coinbase vì nỗ lực ăn mừng độc đáo của họ. Sàn giao dịch Mỹ đã công bố doanh số bán Pizza chỉ bằng USDC, không có tùy chọn thanh toán Bitcoin, thu hút phản ứng dữ dội.
  • Trong khi đó, cộng đồng đồng xu meme tiền điện tử đã rơi vào tang tóc vào ngày 24 tháng 5 sau sự qua đời của Kabosu, chú chó Shiba Inu đã truyền cảm hứng cho meme mà Dogecoin, đồng xu meme ban đầu, được xây dựng.

Những câu chuyện khác cần xem xét

  • Từ ngày 19 tháng 5 đến ngày 25 tháng 5, các công ty khởi nghiệp blockchain đã công bố huy động được hơn 258 triệu đô la. Vòng A trị giá 150 triệu USD của Farcaster là nỗ lực lớn nhất. Theo Crypto Fundraiser, 4 công ty khởi nghiệp đã huy động được 179,2 triệu USD trong các vòng Series A trong 7 ngày qua, trong khi 12 công ty khởi nghiệp đã huy động được 24,1 triệu USD thông qua các vòng chưa xác định.
  • Jian Wen đã bị kết án sáu năm tám tháng tù vì liên quan đến âm mưu rửa tiền Bitcoin (BTC).
  • Phantom Wallet ngày càng phổ biến, vượt qua Facebook trên Google Play

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

NFT

Đồng xu meme Trump, Biden tăng vọt sau khi Trump gặp gỡ những người nắm giữ NFT

Để lại phản hồi

Đồng meme lấy cảm hứng từ Tổng thống đương nhiệm Hoa Kỳ Joe Biden và cựu Tổng thống Donald Trump đã tăng vọt trong 24 giờ qua sau khi Trump nói chuyện về tiền điện tử trong bữa tối của những người nắm giữ NFT của mình.

Dữ liệu của CoinMarketCap tiết lộ rằng đồng meme có chủ đề Trump, MAGA ( TRUMP ), đã tăng vọt hơn 44%. Tương tự, Jeo Boden ( BODEN ), đồng xu có chữ viết sai chính tả mang tên Tổng thống Joe Biden, tăng hơn 22%.

Giá BODEN trong 24 giờ từ CoinMarketCap

Trang danh mục vốn hóa thị trường đồng meme của CoinMarketCap đã xác định ba đồng tiền meme tăng giá nhiều nhất trong 24 giờ qua: Donald Tremp tăng 122%, MAGA tăng 44% và Jeo Boden tăng 22%.

Ngược lại với những mức tăng này, Bitcoin ( BTC ) đang giao dịch quanh mức 60.800 USD, phản ánh mức giảm 2,4% so với cùng kỳ. Ethereum ( ETH ) cũng trải qua sự sụt giảm, giảm hơn 1,4% xuống còn khoảng 2.950 USD.

Cuộc biểu tình của các đồng meme có chủ đề tổng thống diễn ra sau khi Trump tuyên bố hôm thứ Tư rằng ông dự định chấp nhận tiền điện tử để quyên góp cho chiến dịch tranh cử.

Trong nhiều video clip được đăng lên X bởi Malcolm, người nắm giữ NFT ẩn danh của DeGods, cựu Tổng thống đã đề cập đến một nhóm người mua NFT, bày tỏ sự ủng hộ của mình đối với việc quyên góp tiền điện tử.

“Nếu bạn không thể, tôi sẽ đảm bảo bạn có thể”, Trump nói trong một bài phát biểu. “Chúng ta có thể quyên góp cho chiến dịch Trump bằng tiền điện tử không? Tôi tin rằng câu trả lời là có.”

Thông báo này đã thúc đẩy sự gia tăng các đồng meme lấy cảm hứng từ Trump, nhấn mạnh sự giao thoa ngày càng tăng giữa tiền điện tử và việc gây quỹ chính trị.

Trump đã có nhiều nỗ lực trong không gian tiền điện tử, bao gồm việc cung cấp thẻ NFT trên nhiều chuỗi, chỉ trích CBDC và nắm giữ gần 3 triệu đô la tiền điện tử.

Giá TRUMP trong 24 giờ từ CoinMarketCap

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News