A contentious non-binding resolution passed in the U.S. House, H.J. Res. 109, which called for the retraction of a Securities and Exchange Commission (SEC) staff bulletin on digital asset custody accounting.
This resolution, winning a bipartisan vote of 229-193, was hailed by crypto advocates as a step toward unlocking American innovation in the digital asset space. However, the White House swiftly declared President Biden's intent to veto the resolution, igniting fury within the crypto community.
Despite hopes for this legislation to facilitate greater integration of Bitcoin into traditional finance, the White House remains steadfast in its opposition, citing the imperative to uphold the SEC's mandate of investor protection and market stability.
This stance, however, exacerbates tensions with entrepreneurs and crypto investors grappling with regulatory ambiguity. Amid persistent concerns surrounding the regulatory framework, characterised by a tug-of-war between stringent oversight and calls for innovation, the looming veto reflects the ongoing struggle to establish clear and consistent guidelines for crypto-assets.
Such regulatory uncertainties not only impede adoption but also raise fears of reactionary policies that could stifle institutional investment in Bitcoin and other cryptocurrencies.
Former President Donald Trump's recent foray into the world of cryptocurrency has ignited controversy and intrigue alike. At a vibrant NFT gala celebrating his Mugshot Edition collection, Trump didn't just champion cryptocurrency; he launched a bold challenge to President Biden's understanding of it.
Amidst rallying supporters to embrace crypto and offering to accept it for campaign donations, Trump took a daring swipe at Biden, asserting the President's ignorance of this transformative technology.
Mockingly mimicking Biden's purported cluelessness, Trump declared, "Biden doesn't even know what it is." In a room pulsating with crypto enthusiasts, Trump's challenge echoed: "If you're pro-crypto, you better vote for Trump."
As the debate over crypto regulation intensifies, Trump's unabashed stance positions him as a bold advocate for innovation, daring to challenge the status quo with forward-thinking fervour.
However, despite the rhetoric, Trump's own campaign website remains rooted in traditional payment methods, leaving the promise of crypto contributions tantalisingly unfulfilled.
Despite bipartisan support with a vote of 229-193, the White House issued a stern warning that President Biden would veto the resolution, sparking outrage within the crypto community.
Charles Hoskinson, creator of Cardano, has been vocal in his criticism of the administration's stance on crypto. He declared that the move is only the latest in what he called "Operation Chokepoint 2.0."
Hoskinson warned in his livestream on X that if crypto holders vote for Biden in November, they will be supporting an administration that intends to destroy the American cryptocurrency industry.
He also pointed out that the Trump administration had its issues but mostly ignored the industry, whereas the current administration has been actively working against it.
Hoskinson is not alone in his criticism. Ryan Selkis, founder of Messari, expressed concern about Biden's position on crypto, stating that if reelected, the administration will target stablecoins, tokens, DeFi, Bitcoin mining, and even self-hosted wallets.
Rahul Sood, CEO of Irreverent Labs, tweeted that voting for Biden is now even harder for those who care about crypto in the US.
Amir Haleem, founder of Helium, echoed the sentiment, saying that it's now impossible to vote for Biden if you care about crypto.
The document at the centre of the controversy is a Staff Accounting Bulletin (SAB) issued by the SEC, which addresses whether liabilities should be on the balance sheet. SEC Chair Gary Gensler has defended the SAB, saying it's uncontroversial and based on bankruptcy court rulings. However, many in the industry disagree, seeing it as an attempt to stifle innovation and regulate crypto out of existence.
Gensler has faced criticism from Capitol Hill, with Republican Patrick McHenry accusing him of wanting to "choke off" the crypto industry. Even the courts have criticised the SEC over its "arbitrary and capricious" decisions. Crypto holders are growing in importance as a constituency worth courting by politicians, with a recent study finding that 90% of crypto holders plan to vote in the next election, with the majority worried about overregulation.
Donald Trump, Biden's rival, is taking advantage of the situation to win over crypto holders.
In a stark departure from his current pro-crypto stance, the former President vehemently denounced Bitcoin and other cryptocurrencies in 2019, dismissing them as 'not money' with volatile value 'based on thin air,' as expressed on X.
Despite his previous anti-crypto stance, Trump has now come out in support of the industry, saying that "crypto is moving out of the US because of hostility towards crypto."
He has also criticised Gensler and the Democrats for being against crypto. This sudden change of heart has raised eyebrows, but it's clear that Trump is trying to capitalise on the discontent within the crypto community.
The legal landscape surrounding former President Donald Trump is increasingly tumultuous, with a myriad of lawsuits and prosecutions casting a shadow over his political future.
As the presumptive nominee for the 2024 Republican presidential nomination, Trump is entangled in a web of legal troubles unprecedented for a former Oval Office occupant. From allegations of election interference to financial wrongdoing and defamation claims, Trump's legal battles span a wide spectrum of charges and jurisdictions.
Fulton County District Attorney Fani Willis spearheads a RICO case against Trump and 18 codefendants, alleging an orchestrated effort to overturn the 2020 election results in Georgia. With charges implicating Trump's allies and state officials, this case marks a significant legal challenge, potentially carrying a 20-year sentence for Trump himself.
In Washington, DC, the Justice Department pursues an indictment against Trump for his alleged role in obstructing Congress's certification of President Joe Biden's electoral victory. This case, entangled in legal battles over presidential immunity, awaits Supreme Court deliberation, setting the stage for a potential trial in late summer.
Additionally, a separate case in Florida implicates Trump in the mishandling of classified documents post-presidency. With 37 criminal counts and allegations of obstruction of justice, this trial, overseen by a Trump-appointed judge, poses another legal hurdle for the former president.
Facing charges related to a hush-money settlement involving Stormy Daniels, Trump confronts the Manhattan DA's indictment, alleging violations of campaign finance laws. Despite attempts to delay proceedings, the trial commenced in April, shedding light on a contentious chapter of Trump's tenure.
Convicted of tax fraud counts, the Trump Organization faces repercussions that extend beyond financial penalties, including heightened scrutiny and a reinvigorated probe. This conviction underscores the legal ramifications of corporate misconduct, potentially influencing Trump's future endeavours.
New York Attorney General Letitia James leads a civil case against Trump and his family, alleging a pattern of financial wrongdoing spanning a decade. With hefty penalties and ongoing appeals, this trial represents a significant setback for Trump's business interests.
Moreover, disqualification lawsuits seek to bar Trump from the 2024 ballot, invoking constitutional provisions against insurrection. While legal battles persist, recent rulings indicate challenges in proving Trump's ineligibility for future political office.
Donald Trump's legal woes continue to mount, with a myriad of criminal indictments and civil lawsuits threatening his political ambitions and financial stability. As the legal proceedings unfold, the outcome remains uncertain, but one thing is clear: Trump's legal entanglements are far from over.
Following Donald Trump's recent endorsement of cryptocurrency and criticism of President Joe Biden's understanding of the crypto market, meme coins associated with the two political figures experienced significant value increases.
The TRUMP coin surged by 35.6%, currently trading at $5.75 per coin, with Trump receiving a donation of 579,290 TRUMP tokens, now valued at $3.33 million.
Conversely, the BODEN token, introduced last March, appreciated by 16.6% to $0.357 per coin, despite Trump expressing disapproval of it during the NFT Gala.
Cryptocurrency's impact on the global economy can be seen in a number of areas. Blockchain, the underlying technology of cryptocurrency, is being used in more industries and has the potential to unlock billions of dollars. For example, blockchain has improved financial institutions' cross-border transactions, streamlined car leasing and sales, and increased accountability in government and public records.
The rise of cryptocurrency has created a new industry for supervising cryptocurrency exchanges. The number of jobs in the blockchain industry has grown significantly, with software engineers being the most sought-after professionals. This job market is expected to continue to grow as cryptocurrency becomes more legalised around the world.
Cryptocurrency can be used to circumvent economic instability in some countries. Since cryptocurrency is decentralised, it allows citizens to trade freely across borders, creating a level of economic equality. Additionally, cryptocurrency transactions can be conducted through mobile applications, making it a viable option for the 1.7 billion people worldwide who do not have a bank account.
Transaction costs for most cryptocurrency users are minimal to none because cryptocurrencies and blockchain are decentralised. This encourages trust in the system and leads to more use in financial tools and transactions.
Blockchain technology and cryptocurrency transactions are tracked on a public ledger that cannot be manipulated. This transparency reduces the risk of fraud and corruption. This is particularly beneficial in boosting access to financial services in traditionally underserved populations.
Cryptocurrency allows people who are unable to gain access to the traditional banking system to participate in the global economy. Cryptocurrency transactions tend to require less documentation and minimum investment to get started.
Entrepreneurs can use cryptocurrency to reach a global audience and customer base. Cryptocurrency is a universal, international currency that can be used by anyone. Additionally, accepting cryptocurrency can allow a small business to appeal to a younger audience.
Many investors choose to invest in cryptocurrency because its value is not determined by a central bank or government. Cryptocurrency is designed to be a hedge against inflation due to some cryptocurrencies having a limited supply.
As of 2023, according to Visual Capitalist’s data, the United States, though ranking third in terms of cryptocurrency ownership rate (15.6%), boasts the highest number of crypto owners globally (approximately 53 million) due to its large population. This highlights the significant influence of cryptocurrency within the U.S.
Source: visualcapitalist.com
While Vietnam and UAE lead in ownership rates, their populations are significantly smaller compared to the U.S. This translates to a much larger base of crypto users in the U.S., even with a lower ownership percentage.
While the influence of cryptocurrency on the U.S. economy is still evolving, the high number of owners suggests a significant level of interest and potential for future growth in this digital asset class.
According to data by River, the U.S. has been topping the chart for monthly bitcoin search volume from 2017 to 2023. This reflects the great interest the U.S. has for Bitcoin.
The upcoming election presents a critical juncture for voters, particularly those passionate about the future of digital assets in the United States.
As the battleground between regulatory oversight and technological innovation intensifies, the choice between Biden and Trump emerges as a pivotal factor in shaping the future of cryptocurrency in the U.S.
While Biden's regulatory stance may seem restrictive, it aims to safeguard investors and market stability. Yet, Trump's pro-crypto rhetoric veils uncertainties, risking haphazard policies that could harm both innovation and the economy, akin to the FTX debacle.
Amidst this uncertainty, a cautious approach favouring prudent regulation, while fostering innovation, may offer the best path forward. After all, the goal is not just to ride the crypto wave but to ensure its sustainability in the broader economic landscape.
Love it or loathe it, crypto's here for the long haul!
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