Lưu trữ cho từ khóa: Kamala Harris

DeFi

Is Trump just using crypto voters? Harris isn’t so innocent either

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Trump’s crypto plans sound perfect on paper — but what’s the catch? Could Harris’ understated approach hold the key to a safer, smarter crypto future?

As the 2024 U.S. presidential race enters its final stages, both Donald Trump and Kamala Harris are ramping up efforts to woo a growing but often overlooked group of voters — crypto voters.

Trump, with his newly launched World Liberty Financial (WLF) token and plans for a “Bitcoin (BTC) and Crypto Advisory Council,” has positioned himself as a vocal supporter of crypto and decentralized finance.

On the other hand, Vice President Harris has quietly begun outlining policies aimed at protecting crypto investors, particularly in Black communities, through her Opportunity Agenda.

Let’s dive deeper into what Trump and Harris are offering to the crypto community, how their policies stack up, and what it means for voters who are hoping to see clearer regulations—and maybe a little more digital coin in their pockets.

Trump’s crypto courtship

Donald Trump has transformed his stance on crypto in a way that speaks directly to a key group of voters, a calculated move to tap into the rising influence of the crypto community in America.

It all started in May when Trump’s campaign began accepting crypto donations, a notable change from his earlier skeptical views. This was followed by several strategic moves aimed at convincing the crypto community that he’s their candidate.

By June, Trump publicly threw his support behind Bitcoin miners, expressing his hope that the remaining Bitcoin would be mined “right here in America” – a key message for those concerned about the exodus of mining operations to countries like Russia and Kazakhstan.

But Trump didn’t stop there. His appearance at the Bitcoin Conference in Nashville at the end of July marked a crucial moment in his crypto campaign.

Standing before a packed room of crypto advocates, Trump not only promised to establish a national Bitcoin reserve if elected—an unprecedented move—but he also vowed to fire SEC Chairman Gary Gensler.

This promise, met with a standing ovation, struck a chord with crypto voters, many of whom see Gensler as an obstacle to the industry’s growth due to his firm stance on regulating digital assets like stocks and bonds.

The creation of a national Bitcoin reserve, paired with his pledge to form a Bitcoin and Crypto Advisory Council, set him apart from his opponents, especially in a political arena where other candidates have remained cautious on crypto.

Beyond policy promises, Trump has also made highly visible gestures to show his support for crypto. During a campaign stop at Pubkey, a Bitcoin-themed bar in New York, Trump became the first former U.S. president to use cryptocurrency in a transaction, buying a dozen burgers using Bitcoin.

At the center of Trump’s crypto efforts lies his personal project, WLF, a DeFi platform launched in September 2024. Marketed as a crypto bank where users can borrow, lend, and invest, WLF is clearly designed to lure crypto voters by offering them something tangible.

The platform’s native token, WLFI, was introduced with much fanfare, aiming to raise $300 million at a valuation of $1.5 billion. Yet, the project has struggled to meet its ambitious goals, with only $12.9 million raised so far.

More controversial is the token allocation—Trump and his family are poised to receive 75% of the net protocol revenue, raising questions about transparency and how much of the project is for the benefit of its users versus the Trump family.

WLF claims to be apolitical, yet the timing and Trump’s heavy involvement make it clear that this is as much a political play as it is a financial one. The project’s roadmap includes bold promises, but its slow progress and the outsized financial benefits for the Trump family have sparked skepticism.

Still, Trump’s supporters view the project as part of his broader narrative of financial independence and American economic strength, tied neatly to his political messaging.

Harris’s cautious approach to crypto

While Trump has taken an aggressive and hands-on approach to wooing the crypto community, Kamala Harris has chosen a more measured path.

Harris, the current Vice President, has not made crypto a centerpiece of her campaign, but recent moves suggest she is aware of the growing importance of digital assets and their impact on voters.

The first real signs of Harris’ approach came during a roundtable event at the Democratic National Convention in Chicago, where her senior campaign adviser, Brian Nelson, shed some light on her potential policies.

Nelson made it clear that Harris intends to support policies that allow emerging technologies like crypto to grow while ensuring they are adequately regulated. Though the message was vague, it marked the first public stance from Harris’ camp on the matter.

This careful dance became more apparent when Harris recently introduced her “Opportunity Agenda”, a broader economic plan aimed at improving financial inclusion.

One key aspect of this agenda is the protection of crypto investors, particularly Black Americans, a demographic where over 20% own or have owned digital assets.

Harris has promised to build a regulatory framework to ensure that the benefits of crypto can be enjoyed safely without the risks of fraud, volatility, or market manipulation.

However, while Harris has started laying out her views on paper, her direct engagement with the crypto community has been rocky at best.

A virtual town hall hosted by the ‘Crypto For Harris’ campaign was supposed to be a moment to rally support from the digital asset space, but the event fell flat.

Lacking interaction and with Harris herself notably absent, the town hall left prominent figures like Tyler Winklevoss and Jake Brukhman frustrated.

Winklevoss went as far as to call it a “clown show,” while Brukhman criticized the format for failing to capture the essence of a town hall—engagement and dialogue.

The event, instead, relied on pre-recorded speeches from political allies like Senators Gillibrand and Schiff, making it feel more like a lecture than a conversation.

Despite the misstep, Senate Majority Leader Chuck Schumer, a major Democratic figure, did his best to fill the gap, emerging as a surprise ally for crypto. Schumer promised that crypto is “here to stay no matter what” and pledged to push for sensible regulation before the end of the year.

Interestingly, Harris’ campaign has also received quiet support from notable crypto figures. Chris Larsen, the co-founder of Ripple (XRP), has donated over $1 million in XRP to Harris’ campaign, expressing confidence that she would bring a “more pragmatic approach and clear rules” to the crypto industry — something he believes is missing under the current administration led by SEC Chairman Gensler.

While Harris hasn’t gone as far as Trump in embracing crypto, she’s also made subtle moves to distance herself from the more anti-crypto voices within the Democratic Party, such as Senator Elizabeth Warren.

Her cautious approach might not generate standing ovations like Trump’s promises to fire Gensler or create a Bitcoin reserve, but it offers a path for crypto that leans toward stability and investor protection — appealing to voters who seek progress without the chaos.

What are the odds?

As the 2024 presidential race intensifies, the odds of each candidate winning have shifted dramatically in the past few days, and the crypto market’s bullish sentiment might be playing a role.

According to a popular betting contest on Polymarket, which has attracted over $2.06 billion in bets, Trump currently holds a 60.1% chance of victory, compared to Harris’ 39.8%.

This is a stark contrast to just a few weeks ago when the two were neck and neck at nearly 50% each. In fact, in mid-September, Harris was leading with a 52% edge over Trump’s 46%.

A lot has changed in the past few days, particularly in the crypto market. The newfound bullishness in digital assets, particularly Bitcoin, seems to be influencing voter sentiment.

As of Oct. 18, Bitcoin is trading just shy of $70,000, hovering around $68,700, its highest levels in months, reflecting the growing impact of the crypto market on political outcomes.

As we head closer to Election Day, the tides could shift again, depending on the performance of the crypto market and any last-minute developments from both campaigns. The coming days will be critical in defining both the race and the future of crypto policy in the U.S.

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Theo Crypto News

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

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Will Trump’s SEC pick be crypto’s savior? All eyes on Dan Gallagher

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Is the SEC about to get a crypto-friendly makeover with Dan Gallagher at the helm? How would his approach differ from Gensler’s crackdown?

Crypto’s Robinhood in the making?

Rumors are swirling that Dan Gallagher, Robinhood‘s Chief Legal Officer and a former U.S. Securities and Exchange Commission commissioner, may be tapped to lead the SEC if Donald Trump wins the 2024 election.

Gallagher’s name emerges at a time when tensions between the SEC and the crypto industry are already at an all-time high. Under the leadership of SEC Chair Gary Gensler, the SEC has been cracking down on crypto exchanges like Coinbase, Kraken, and Binance, arguing that many cryptocurrencies should be classified as securities.

Moreover, in recent months, Robinhood’s crypto division has found itself in the SEC’s crosshairs, receiving a Wells Notice in May — an indicator that charges could be forthcoming.

Not just Robinhood, but OpenSea, the largest non-fungible tokens marketplace, also received a Wells Notice from the SEC in August, alleging that certain NFTs on the platform may be classified as securities — a claim that could have serious repercussions for the entire NFT space.

Meanwhile, the crypto industry argues that the current SEC framework doesn’t fit digital assets, creating a regulatory headache for companies trying to comply.

If Gallagher does step into the chair position, his background in both traditional finance and digital assets could offer a new approach to regulating the evolving crypto market.

But what exactly does this mean for the future of the industry? Let’s dive deeper into what a Gallagher-led SEC might look like and how it could shape the crypto space.

Who is Dan Gallagher?

Dan Gallagher’s career in financial regulation is both extensive and diverse, making him a compelling candidate for the SEC chair position, should Donald Trump return to office.

Gallagher has held various key roles that have shaped his approach to securities law, market regulation, and, more recently, the crypto industry.

He first gained recognition as a Republican SEC commissioner from 2011 to 2015, where he advocated for a regulatory environment that balanced oversight and innovation.

His time at the SEC coincided with implementing the Dodd-Frank Act, a sweeping piece of legislation aimed at reforming the financial system following the 2008 crisis. 

While Gallagher supported certain aspects of the law, he often voiced concerns about overregulation, criticizing how excessive rules could hinder market growth and innovation, particularly for smaller firms.

Before his time as commissioner, Gallagher had already accumulated considerable experience within the SEC. He worked as counsel to SEC Commissioner Paul Atkins, which exposed him to critical regulatory issues, including enforcement actions and market structure.

In 2020, Gallagher joined Robinhood as Chief Legal Officer, a move that thrust him into the spotlight once again, particularly as Robinhood rapidly expanded its role in both traditional finance and crypto markets.

His tenure at Robinhood has not been without controversy. In early 2021, Robinhood faced intense public scrutiny during the GameStop short squeeze when the platform temporarily halted trading of certain stocks. 

This move led to allegations of market manipulation and calls for regulatory investigations. Although Gallagher wasn’t directly responsible for the decision, his role as legal chief required him to manage the legal and reputational fallout.

What to expect from a Gallagher led SEC?

Dan Gallagher’s public statements and tweets reveal much about his views on the intersection of regulation, innovation, and government oversight in both crypto and broader financial markets.

Gallagher has consistently criticized what he sees as the SEC’s failure to establish a clear and workable regulatory framework for digital assets, often pointing to the agency’s reliance on enforcement actions rather than setting clear rules.

In response to a May 2024 tweet about the FIT21 Act, Gallagher critiqued the SEC, stating, “The SEC is clearly not going to step in and provide a working regulatory framework for crypto. I’m happy to see Congress filling the void.”

The FIT21 Act, which passed the House despite opposition from President Biden and current SEC Chair Gensler, aims to delineate responsibilities between the SEC and the CFTC, with the goal of offering regulatory clarity and consumer protections.

Gallagher’s vocal support for the legislation suggests that, under his leadership, the SEC could be more open to collaborating with Congress to develop comprehensive rules for digital assets—rules that don’t rely solely on enforcement but instead provide businesses with a clear path to compliance.

One of the most critical aspects of this potential shift could be how crypto firms are regulated. Gallagher has advocated for the idea that the existing regulatory framework, designed for traditional financial institutions, doesn’t suit the decentralized and fast-evolving nature of crypto assets.

This suggests that a Gallagher-led SEC would push for clearer distinctions between digital assets that qualify as securities and those that fall under the CFTC’s purview, such as commodities. The current ambiguity has left companies facing legal uncertainty, and Gallagher’s approach would likely aim to eliminate this confusion.

Gallagher’s tweets also offer insight into his broader regulatory philosophy. In December 2023, he criticized the SEC’s new “predictive data analytics” proposal, calling it “unreasonably broad and burdensome.” He warned that such rules would lead to “higher costs and less technology and access for investors.”

His stance suggests that, if he were to lead the SEC, he would advocate for a more hands-off approach to regulating emerging technologies, especially those that improve market access and efficiency.

However, while his vision for a more innovation-friendly regulatory environment may resonate with industry players, it could face opposition from consumer advocacy groups or those pushing for stricter oversight of digital assets.

The game of odds

As the 2024 presidential election approaches, the odds of Donald Trump returning to the White House are gaining momentum. 

Data from Polymarket, a popular prediction platform, shows Trump’s chances of reclaiming the presidency have risen to 52.8%, marking his largest lead over Democratic contender Kamala Harris since she entered the race. 

With over $1.46 billion in total bets placed on the election, Trump has attracted the lion’s share of betting volume, raking in $366 million compared to Harris’ $285 million.

Trump’s recent surge in the polls, particularly after his October rally in Butler, Pennsylvania, has bolstered speculation about what his return to power could mean for various industries, including the crypto space. 

During the rally, Trump stopped short of making any direct promises regarding cryptocurrency, but he did hint at revisiting the case of Ross Ulbricht, the founder of the Silk Road.

If Trump returns to the White House, the SEC is likely to experience a leadership shakeup, with Gary Gensler possibly being replaced by a new face — Dan Gallagher.

Gallagher’s appointment would likely lead to clearer rules for crypto, and a friendlier environment for digital asset companies to thrive. 

But as with anything in both politics and markets, nothing is set in stone. The upcoming election remains a tight race, and the future of the SEC — and by extension, the future of crypto regulation—hinges on who will sit in the Oval Office come 2025.

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Theo Crypto News

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The real winner of the 2024 US elections will be crypto | Opinion

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Crypto is the darling of the 2024 elections, and I’m totally here for it. For the first time in history, two presidential candidates are actively courting the crypto vote. Donald Trump made his pitch at the Bitcoin 2024 Conference addressing crypto voters, which was met with an astonishing vote of support from the crypto community. Democrats, unwilling to concede the crypto vote to Trump, held a crypto reset meeting with prominent industry leaders and also launched Crypto for Harris.

However, in the not-so-distant past, many proclaimed crypto “dead.” The industry experienced a brutal crypto winter, losing over two trillion in market cap in 2022 and global scrutiny from regulators. Now, two years later, crypto has emerged as the dominant player in the 2024 elections. Game on.

The SEC’s villain origin story

Crypto’s ascension into a key player on the political stage is rooted in its antagonistic sparring with the US Securities and Exchange Commission. According to Binance attorneys, Gary Gensler approached Binance to become an advisor in 2019, but the company rejected his offer. 

Since 2021, there has been a considerable uptick in SEC crypto-related cases since President Joe Biden appointed Gary Gensler SEC Chair/Biden. Coincidence? I think not. Three court cases that truly establish the SEC as the chief crypto supervillain:   

  • Number one, in the Telegram court case, the company had to return over a billion US dollars from a token raise. Ushering the reign in of SAFTs, Simple Agreement For Future Tokens contracts, and the ICO boom in the US.
  • Number two is the Ripple Labs case, which ultimately found Ripple (XRP) to be a security on the institutional side but not a security on the retail side.  
  • Third, the BitMEX case, where the arrests of the founders of such top-tier exchange for AML/KYC violations, usually a slap on the wrist, shook the industry. 

The legal actions taken against these companies were like warning shots fired by the SEC, foreshadowing the heavy hand they would take towards major crypto companies.

The switch up: From a friend to a foe

Once crypto winter hit, after Terra Luna collapsed, public sentiment was that bad actors in space need to be removed and held accountable. Seizing on the opportunity, the SEC began its crypto crackdown, handing out Wells notices like Halloween candy, forcing some companies to divest from US operations or close up shop to stop the bleeding.  

Even companies once seen as allies became targets. The irony is that the SEC accused Coinbase of operating an illicit exchange. Coinbase has acted as a custodian of the US government, working directly with the US Marshals Service to sell Bitcoin (BTC) confiscated from the “illicit” website, the Silk Road. 

This is a rather strange “UNO reverse” move by the SEC since Coinbase is US-based, a BitLicense holder, along with being a publicly traded company.

Crypto fights back

A major noticeable change is the crypto industry has gone on the offensive, accusing federal regulators of refusing to create reasonable crypto regulations and guidelines for the industry.  Gemini COO Marshall Beard voiced his frustration in an interview with Bloomberg TV: “We’ve been asking for broader regulation, we’ve been doing this for a decade now, and the US does not have a broad crypto regulation framework.”

Key players in the crypto space beefed up government relations efforts by partnering with lobbying firms and donating campaign dollars to crypto-friendly candidates. Some have even hit back by counter-suing the SEC.

According to Open Secrets, a campaign finance tracking site, crypto political campaign contributions have dramatically increased from the 2020 election cycle to 2022. Nearly 50% of the corporate donations are coming from crypto companies.  To top it off, Fairshake is the largest Super PAC, crypto industry-funded, in this campaign cycle, raising over $200 million. Solidifying crypto’s dominance and influence in the 2024 elections.

Source: OpenSecrets

Key voting block in swing states 

Crypto voters are taking front and center in the 2024 US Presidential elections. Perianne Boring, CEO and founder of the Chamber of Digital Commerce, accurately predicted this scenario in a 2022 CNBC interview:

“I think that the watershed moment for crypto and politics is likely to be in 2024 and I think the next presidential election. The candidate that is able to figure out how to leverage blockchain to tap into the crypto community is going to be our next president.”

Political analysts anticipate the US Presidential election to be a very tight race, where small factions in the electorate may hold the key to victory. The crypto industry has taken note, going to painstaking lengths to position crypto as a wedge issue, collecting extensive data and research about swing voters. 

Data from a recent Harris poll suggests that one in five battleground state voters consider crypto a key issue. The industry as a whole has crypto voters who are very engaged, very active, and very aware of their power in the upcoming election. 

Stand With Crypto, a pro-crypto advocacy group, has already amassed close to 1.5 million online registrations. Their America Loves Crypto Tour is hitting five battleground states in September to increase crypto voter turnout.

Playing all sides to win

Crypto lobbying groups have pledged no allegiance to any side and actively donate to both Republicans and Democrats. However, that has not stopped crypto leaders like Arthur Hayes and Charles Hoskinson from weighing in on the elections. With some going as far as endorsing candidates. 

The Winklevoss twins have thrown their support behind Donald Trump, while Ripple’s co-founder, Chris Larsen, is backing Kamala Harris. Crypto industry visibility has surpassed anything seen in previous campaign cycles. It’s positioned its community as a key voting demographic so that candidates must earn their votes.

Regardless of which candidate wins, crypto has proven to be the real winner of the 2024 elections by coming back from a brutal crypto winter and an equally difficult assault from federal regulators: Going from being written off completely by mainstream media to artfully mastering DC politics, rising from the ashes like a Phoenix. 

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Theo Crypto News

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Cardano’s Hoskinson warns Trump-backed crypto venture could harm industry

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Cardano founder raised concerns about the Trump-backed crypto platform, warning it could bring regulatory challenges and politicize the industry.

Charles Hoskinson, founder of the Cardano (ADA) blockchain, has expressed concerns over World Liberty Financial, a new decentralized finance platform backed by former U.S. President Donald Trump and his sons.

In an interview with the Financial Times, Hoskinson warned that Trump’s push into crypto could complicate the regulatory landscape for the industry, saying that “everything Trump does the left hates with such a passion.” He also cautioned that this partisanship could provoke investigations from U.S. regulatory bodies, potentially destabilizing the broader crypto market.

Despite Trump’s previous dismissal of Bitcoin as a “scam,” he has recently pledged to transform the U.S. into a “Bitcoin superpower.” However, Hoskinson remains skeptical of both Trump and Kamala Harris‘s ability to foster a supportive environment for cryptocurrency as he believes that neither candidate demonstrates the necessary sophistication in understanding crypto issues.

“I do not see that level of quality and sophistication in the discourse [with Trump or Kamala Harris in the crypto space].”

Charles Hoskinson

Hoskinson’s comments follow World Liberty Financial’s confirmation that it plans to launch a governance token, WLFI, which will be available only to accredited investors under a Regulation D exemption. The project has enlisted top-tier security firms to audit and secure the platform as regulatory uncertainty remains a challenge.

Nonetheless, Hoskinson still believes Trump may struggle to fulfill his pro-crypto policy promises if he wins the November election, casting doubt on the administration’s capacity to nurture the industry.

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Theo Crypto News

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SkyBridge’s Scaramucci expects Bitcoin to hit six figures by 2024-end

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SkyBridge Capital’s Anthony Scaramucci predicts Bitcoin could reach $100,000 by the end of 2024, driven by rate cuts and potential pro-crypto legislation.

SkyBridge Capital founder and hedge fund manager Anthony Scaramucci predicts Bitcoin (BTC) will reach $100,000 by the end of 2024, driven by U.S. interest-rate cuts and potential pro-crypto legislation.

In an interview with Bloomberg, Scaramucci highlighted that upcoming Federal Reserve rate cuts and bipartisan support for crypto and stablecoin legislation in the next U.S. congressional term could fuel a significant rise in Bitcoin’s value.

“We are going to get pro-cryptocurrency, Bitcoin, and stablecoin legislation in the first part of the next congressional term in the U.S. At the same time, you are intersecting with rate cuts from the Federal Reserve.”

Anthony Scaramucci

A former communications director for Donald Trump, Scaramucci noted the Republican nominee’s recent shift to a pro-crypto stance as he seeks votes in a close race against Vice President Kamala Harris, whose position on crypto is less defined.

Despite the ambiguity, Scaramucci expressed optimism about the regulatory landscape under a potential Harris administration, citing positive discussions with her campaign team. The SkyBridge Capital head expects the Federal Reserve to cut borrowing costs by half a percentage point, with up to 150 basis points of cuts in the next 18 months. He believes such moves will be favorable for asset prices globally, including Bitcoin, which has already risen 5% in the lead-up to the Fed’s policy decision.

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Theo Crypto News

Bitcoin

Bitcoin to hit six figures regardless of who wins US election, Swan Bitcoin says

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Despite the partisan divide in crypto, many investors believe Bitcoin will reach six figures regardless of the U.S. presidential election outcome.

Bitcoin (BTC) is poised to reach six figures over the long term, no matter who wins the U.S. presidential election, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin.

Amid growing political polarization in the cryptocurrency industry, many investors now believe Bitcoin will continue to thrive, even as optimism from former President Donald Trump‘s pro-crypto statements fades. In an interview with CNBC, Lubka said he still “certainly” believes that Bitcoin will surpass the $100,000 mark by 2025.

“Do I think we will be in the six figures regardless of who wins? Almost certainly.”

Steven Lubka, head of private clients and family offices at Swan Bitcoin

Concerns that a Kamala Harris presidency could drive the price of Bitcoin lower are likely overstated, per James Davies, co-founder of Crypto Valley Exchange.

He noted that while crypto startups may face challenges under such a scenario, the broader industry will still thrive. Davies also stressed that Bitcoin is a global commodity, with its price driven more by macroeconomic forces than domestic political events, adding that crypto “needs to lobby both sides, align with both sides and succeed regardless of the election.”

Following the Sept. 10 debate between Donald Trump and Kamala Harris, their odds are now tied on the prediction platform Polymarket, with both candidates holding 49% winning odds. As crypto.news reported, Trump had previously seen his chances rise to 72% in July after attending the Bitcoin 2024 conference in Nashville, which sparked optimism among pro-crypto voters.

The debate triggered bearish momentum in the crypto market, with the global crypto market cap dropping nearly 2%. Despite the election speculation, analysts agree that Bitcoin’s price will be more influenced by macroeconomic trends than political events.

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Theo Crypto News

DeFi

Congress battles over DeFi, while Trump’s silence speaks volumes

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As Democrats and Republicans argue over DeFi, what message does Trump’s silence send to the crypto community? Is it a sign of disinterest or strategic neutrality?

DeFi gets the spotlight

On Sep. 10, the first-ever Congressional hearing on decentralized finance took place, marking an important moment in the evolution of this technology.

Titled “Decoding DeFi: Breaking Down the Future of Decentralized Finance,” the hearing was led by Congressman French Hill and lasted nearly two-and-a-half hours. 

U.S. lawmakers gathered to discuss both the potential benefits and risks that DeFi could introduce to the financial system.

The hearing exposed a clear divide among lawmakers. Republicans, led by Hill, were optimistic about DeFi’s ability to remove intermediaries and transform financial markets. 

As Hill stated, “by substituting intermediaries for autonomous, self-executing code, decentralized finance can shift the way financial markets and transactions are currently structured and governed.”

Meanwhile, Democratic lawmakers raised concerns, focusing on DeFi’s potential misuse, particularly its role in enabling criminal activity. While Republicans called for lighter regulations, Democrats advocated for stricter oversight, citing the risks of illicit use.

What does this hearing mean for the future of DeFi and the broader crypto market, especially with the U.S. presidential elections approaching?

A clash of perspectives on DeFi

The hearing itself turned into a battlefield of opinions, with sharp contrasts in how lawmakers viewed DeFi. The subcommittee chair, Hill, kicked off the discussion by focusing on the opportunities DeFi and tokenization could offer to finance.

However, not everyone saw it that way. Congressman Brad Sherman, a Democrat from California, took a more critical approach. He expressed concerns that DeFi might be nothing more than a tool for tax evasion, especially for the ultra-wealthy.

What we have here is an effort to liberate billionaires from income taxation… Every time a billionaire successfully cheats on his taxes, a member of the Freedom Caucus earns his wings.

In response to Sherman’s concerns, Peter Van Valkenburgh, director of research at Coin Center, provided a counter-argument. He acknowledged that tax evasion is a crime but pointed out that DeFi’s transparent, decentralized ledger makes it difficult for bad actors to hide their activities.

Tax evasion is a crime. It should be aggressively policed. I do not, however, think that tax evasion and its existence warrants a 100% surveilled and controlled financial system.

Van Valkenburgh also pointed out the confusion surrounding tax guidance from the IRS. He argued that many crypto users want to comply with tax laws but lack clear instructions on how to do so.

A difficult area in the cryptocurrency space has been getting clear tax guidance from the IRS on how Americans can pay their taxes when they earn capital gains, or perhaps their wages, on these networks

He added that criminals are more likely to use traditional financial systems to hide illicit funds rather than transparent blockchain networks.

On the other side, Mark Hays, Senior policy analyst at Americans for Financial Reform, painted DeFi in a less favorable light. He described the space as volatile and rife with scams, where investors often face devastating losses.

Hays stressed that DeFi should not get a free pass and that existing securities laws should apply to decentralized systems to protect investors.

Meanwhile, Amanda Tuminelli, the chief legal officer at DeFi Education Fund, took a different approach. She highlighted DeFi’s potential to democratize finance. According to Tuminelli, traditional financial systems rely on intermediaries, often acting as gatekeepers.

“Big banks can and do deny access to the system for discriminatory reasons or no reasons,” she stated, contrasting this with DeFi’s open-access nature. She suggested that anyone with an internet connection can use DeFi, calling it “the epitome of financial inclusion.”

Tuminelli argued that treating DeFi as traditional finance is not the right approach, as the underlying structures are fundamentally different. She suggested that regulations should take into account the self-custodial nature and transaction anonymity of decentralized systems.

Crypto left out of the presidential debate spotlight

Vice President Kamala Harris and former President Donald Trump faced off on Sep. 10 in the second presidential debate of the 2024 election. Despite Trump’s well-known pro-crypto stance, the debate avoided any mention of crypto entirely.

Instead, the focus was on traditional economic issues, with no reference to crypto, blockchain, or broader financial technology topics.

Harris’ strong performance during the debate appeared to unsettle Trump, particularly as he struggled to defend his position on contentious issues like abortion.

All of this seemed to affect the crypto market, as Bitcoin (BTC) dropped from around $58,000 to $56,000 after the debate. As of Sep. 11, it has slightly recovered, hovering around $56,800.

Ethereum (ETH), the second-largest crypto by market cap, also experienced a minor dip of about 0.5%, trading at around $2,340 during the same period.

In a surprise for Trump, who has long positioned himself as a champion of deregulated financial markets, his odds of winning, according to online betting platform Polymarket, fell from 52% before the debate to 50% as of this writing.

Meanwhile, a CNN flash poll reflected Harris’ dominance, with 63% of viewers stating she outperformed Trump. However, most respondents noted that the debate wouldn’t influence their vote in November.

As the campaign continues and the demand for a third debate grows, it remains to be seen whether crypto will finally take center stage.

What to expect next?

Throughout the Biden administration, Democrats have consistently been skeptical of crypto, highlighting the risks and pushing for stronger regulations. Amid this, Vice President Kamala Harris has remained silent on the issue, making her stance unclear.

Meanwhile, Trump, who once strongly opposed crypto, has shifted his tone in an effort to attract pro-crypto voters. In recent months, Trump has shown more openness toward blockchain and crypto on several instances. 

However, like Harris, he has remained silent when it matters most, such as during the Trump vs. Musk Twitter space conversation in August and again during the second presidential debate, where crypto was notably absent.

The future of crypto and DeFi in the U.S. remains uncertain. With the upcoming election, how the next administration handles this growing sector could have a lasting impact on both innovation and regulation in the financial space.

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Theo Crypto News

Phân tích

Bitcoin could rally as exchange reserves fall, stablecoins gain in market cap

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Bitcoin price wavered on Wednesday, Sept. 11, as traders reflected on the Donald Trump and Kamala Harris debate.

Bitcoin exchange reserves have dived

Bitcoin (BTC) retreated to $56,700 from this week’s high of $58,000 while Trump-themed tokens like MAGA (TRUMP) fell by over 10% in the last 24 hours.

Kamala Horris (KAMA) token by a smaller margin as traders estimated that Harris had a better night than Trump. Polymarket’s odds flipped in her favor, with a 50% chance of winning in November. 

Bitcoin and other cryptocurrencies are expected to perform well if Donald Trump wins the election, due to his support for the industry. He has hinted that he will replace Gary Gensler, maintain the Bitcoins in the government’s custody, and promote the U.S. as the crypto capital.

Meanwhile, spot Bitcoin ETFs have seen inflows for the last two consecutive days, signaling that investors have started to buy the dip. They added $116 million on Sept. 10 and $28 million a day earlier.

Another potential catalyst for Bitcoin is that reserves on exchanges have continued to fall. Data from CoinGlass shows that these reserves dropped to 2.35 million, the lowest level in years, significantly lower than the year-to-date high of over 2.71 million.

Bitcoin reserves | Source: CoinGlass

Falling Bitcoin reserves are a positive metric because they indicate that many holders are not selling. Recently, reserves rose in July and early August as the German government and Mt. Gox liquidated their holdings.

Falling BTC reserves are happening as the volume of stablecoins in reserves moves upward. Tether’s (USDT) market cap has risen to over $118 billion, while USD Coin (USDC) jumped to a record high of $35.2 billion.

A combination of falling Bitcoin reserves and rising stablecoin amounts is a sign that investors are waiting to buy. 

Bitcoin technical risk remain

Bitcoin price | Chart by TradingView

Still, Bitcoin faces some major risks ahead. The most important risk is that the spread between the 50-day and 200-day Exponential Moving Averages has continued to narrow, meaning that a death cross may happen. 

Historically, financial assets tend to dive sharply when this pattern happens. In Bitcoin’s case, the last death cross led to a 65% dive in 2022. 

Bitcoin also faces a major resistance, which is shown in the descending trendline that connects the highest swings since March this year. For a clear bullish breakout to happen, it will need to clear that resistance and the year-to-date high of $73,800.

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Theo Crypto News