• Former President Donald Trump reiterated his support for Bitcoin and cryptocurrency during a livestream interview with Adin Ross
• Trump urged the US government not to sell its crypto holdings, but instead focus on developing the industry
• He compared crypto to artificial intelligence, stating that the US needs to innovate or risk falling behind countries like China
• Trump suggested the possibility of using Bitcoin to pay down the US national debt of $35 trillion

In a recent livestream interview with popular streamer Adin Ross, former President Donald Trump reaffirmed his support for Bitcoin and cryptocurrency, urging the United States to take a leading role in digital asset innovation. Trump’s comments come at a time of increased speculation about the US government’s intentions regarding its cryptocurrency holdings.

During the interview, Trump emphasized the importance of the United States maintaining its competitive edge in emerging technologies.

He drew parallels between cryptocurrency and artificial intelligence, stating,

“It’s like AI — ‘do you love it or do you not like it?’ — if we don’t do it, China is going to do it, or other people are going to do it, and we can’t be left behind, and crypto is right in that sphere.”

The former president expressed concern about recent reports of large Bitcoin transfers from wallets identified as belonging to the US government. Last week, a transaction of approximately $2 billion worth of Bitcoin to an unidentified wallet sparked speculation about potential government plans to sell its crypto holdings.

Trump argued against such a move, saying,

“It’s something they shouldn’t be doing because they should be trying to build it. If we don’t do it, China’s doing it, and other places are doing it, and they’re doing it anyway.”

Trump described cryptocurrency as a “very modern currency” and praised the industry, noting, “I know a lot of very good people that are really into that world, and into that market, they’re smart, they’re good people, and they think it’s going to be very beneficial.”

In a separate interview on Fox News, Trump floated the idea of using Bitcoin to address the United States’ national debt, which currently stands at $35 trillion.

He suggested,

“Who knows, maybe we’ll pay off our $35 trillion dollar [national debt], hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion.”

While the practicality of such a proposal remains questionable, it underscores Trump’s openness to exploring innovative solutions using cryptocurrency.

The former president’s pro-crypto stance aligns with his campaign efforts to attract support from the cryptocurrency community. At the recent Bitcoin 2024 conference, where he raised $25 million, Trump discussed the possibility of incorporating crypto into government reserves.

He also vowed to dismiss SEC Chair Gary Gensler, who is viewed by many in the crypto industry as an adversary, on his first day back in office if elected.

Trump’s comments on cryptocurrency and innovation extend beyond digital assets to encompass broader technological and energy infrastructure concerns. Industry spokespersons and analysts agree with Trump’s assessment that the US must invest substantially in energy infrastructure to support future industries, including Bitcoin mining facilities and AI data centers, which they see as ways to fortify the energy grid.

As the 2024 presidential race heats up, cryptocurrency policy is emerging as a notable point of differentiation between candidates. While Trump has taken a pro-crypto stance, his potential Democratic opponent, Vice President Kamala Harris, has faced challenges in her relationship with the crypto industry. Although her campaign is reportedly working to mend these ties, Bernstein analysts suggest that her efforts to engage the industry may not significantly sway voters in the upcoming election.

The US government’s approach to cryptocurrency regulation and adoption remains a topic of debate.

As of now, the government reportedly holds 179,155 Bitcoin, worth approximately $10 billion. The recent transfer of a portion of these holdings has raised questions about the government’s long-term strategy regarding its crypto assets.

The post Trump Reaffirms Support for Crypto: Urges US to Lead in Digital Asset Innovation appeared first on Blockonomi.

• US lawmakers have urged the CFTC to ban betting on elections, citing concerns about influencing outcomes and eroding public trust
• Decentralized prediction platform Polymarket has seen over $500 million in bets on the 2024 US presidential election
• Polymarket’s website traffic has surpassed major DeFi platforms, driven by interest in election betting
• The platform’s betting volume reached $1.03 billion in July 2024, up from $672.94 million in June
• On Polymarket, Trump is favored to win the 2024 election with a 53% chance, while Harris’s odds for the Democratic nomination have increased

As the 2024 United States presidential election approaches, a group of Democratic lawmakers is calling for a ban on election betting, while decentralized prediction platform Polymarket sees record-breaking volumes and traffic.

Eight members of Congress, including Senators Elizabeth Warren, Richard Blumenthal, and Chris Van Hollen, have sent a letter to Commodity Futures Trading Commission (CFTC) Chair Rostin Benham urging the agency to finalize and implement a rule prohibiting betting on US elections.

The lawmakers argue that such markets “could influence and interfere with elections and further erode public trust in democracy.”

In their letter, the legislators emphasized that elections are not a “for-profit enterprise” and that allowing betting on electoral outcomes could change voter motivations from political convictions to financial calculations.

They expressed concern about the potential for billionaires to place large bets while simultaneously contributing to political campaigns, and for political insiders to exploit non-public information for personal gain.

The push for a ban comes as Polymarket, a popular decentralized prediction platform, has seen a surge in betting activity related to the 2024 US presidential election. The platform has recorded over $500 million in bets on the “Presidential Election Winner 2024” market, while the “Democratic Nominee 2024” market has accumulated $319.7 million in bets.

Polymarket’s growth has been remarkable, with its website traffic surpassing that of major decentralized finance (DeFi) platforms. Recent data shows Polymarket averaging 296,515 daily visits, with users spending an average of 6 minutes and 46 seconds per visit. This outpaces prominent DeFi platforms like Uniswap, which averages 134,309 daily visits.

The platform’s betting volume has also seen a significant increase, reaching $1.03 billion in July 2024, up from $672.94 million in June. This marks a substantial rise compared to July 2023, when the cumulative bet volume stood at $283.16 million.

The surge in betting activity appears to be driven by recent political events, including an assassination attempt on former President Donald Trump and President Joe Biden’s withdrawal from the 2024 presidential race. These developments have led to increased speculation about a potential face-off between Trump and Vice President Kamala Harris.

On Polymarket, Trump remains the favored candidate among bettors, maintaining a 53% chance of winning the election. However, his odds have fallen from 59% following a recent public appearance. Meanwhile, Harris’s odds of winning the Democratic nomination more than doubled from 18% to 44% in the week following Biden’s withdrawal from the race.

The platform’s interactive map and trending market analysis reveal a dynamic and heavily contested election season. Republicans are currently favored to control the presidency and the Senate, while Democrats are expected to retain control of the House. Key battleground states show a mix of support, with Republicans leading in Arizona, Georgia, and Pennsylvania, and Democrats holding Michigan.

As the debate over election betting continues, it’s worth noting that Polymarket has previously faced regulatory scrutiny. In January 2022, the platform settled a $1.4 million fine with the CFTC for offering event-based binary option contracts without proper registration.

The post US Lawmakers Push for Election Betting Ban as Polymarket Volumes Surge appeared first on Blockonomi.

Anyway – look – inflation is one of the most important themes in politics going forward.

Trump gets it. Whether or not he actually had a change of heart towards decentralization is anyone’s guess. But Trump sees how important inflation and the loss of fiat currency’s purchasing power is to the wider population.

People are tired of watching prices go up while pay stagnates and the value of their savings is ravaged!

Damn Inflation!

With certainty – inflation is a problem. If the central bankers were actually doing their job, and maintaining the value of money, most people wouldn’t care about cryptos. But that isn’t the case. We live in a world where the official narrative is fiction.

Trump is making political hay out of cryptos because the banking cartel and its media assets trumpet inflation data that isn’t connected to reality. Prices are way up. Check out these charts for more info on how terrible official inflation stats really are.

In short, since 2008, inflation in the USA never went under 5% per year. At the moment US inflation is well over 10%. Central bankers aren’t dumb. They are duplicitous. Behind closed doors the central bankers know the inflation situation is dire – on CNBC they tell a different story.

Lies Are Power

If you live in the USA – you must accept violence. Terrible violence exists at every level of the US socioeconomic structure. At the street level, murders in US cities are an issue. At the global level, the world has never seen a war machine like the US military industrial complex.

People go along with the idea that cities are safe and the US is spreading democracy because few people are impacted directly by the lies. The marginalized populations in the cities who are shot frequently are just that – marginalized.

The people who get bombed in far off lands aren’t a part of the US political landscape!

As long as the lies don’t impact the general population directly – people will go along with the fiction. Enter inflation. The problem with inflation is that it directly impacts most people. Every time a person goes to buy food, they see how much less they get for the same amount of money.

While we used the USA for the example above, it applies to every major currency bloc. The UK, EU, and Japan are all being nailed by reduced buying power. If you are rich, you don’t care. But in a world where ‘rich’ is the top 1%, inflation is a real problem.

Dangerous Politics

In theory, Bitcoin attacks modern social structures at a very basic level.

In the world of modern money, the USA sits at the center of the global banking cartel’s power structure. The US dollar has been the de facto global reserve currency since the Suez Crisis, so any interruption in the USD’s dominance could have major consequences for the Western financial system.

Bitcoin has always sat opposed to the banking cartel. With it becoming a political issue in the USA, there may be an unstoppable cycle in play. People know that the US dollar is losing value. The FED was willing to tank the global economy to maintain the USD’s buying power.

If people in the USA now see cryptos like Bitcoin as a way out – the political landscape in the US just became far more treacherous. Donald Trump is a political opportunist, so if be backs Bitcoin, he may not be considering second and third order consequences of that position.

No Way Out

If you are one of the ten people who regularly read our work – you will know we see the modern fiat currency system as a house on fire with the exits nailed shut. Should someone manage to escape the house, there is a banking cartel machine gun nest waiting to open fire on anyone running from the inferno.

Money is power – but not for the reasons you may think. We mean that the ability to issue money is power, not the money itself. A little more than a week after someone (or a few people) took aim and fired at Donald Trump – he decided to fully support Bitcoin in a very public way.

The writing on the wall is pretty clear after the recent FED meeting – the Western financial system is at its breaking point. With the Bank of Japan raising rates, and the US steady, we can safely say that central bankers are terrified at the prospect of out-of-control inflation.

With a major election coming in the USA, and markets tumbling, central bankers will be under pressure to deliver some relief. Otherwise, the Democratic party will have to just give up on politics for the next few years, as the results of its disastrous economic policies work their way through the system.

The Scary Version

There is a good chance that inflation can’t be managed. We may be in the opening inning of a hyperinflationary event. With the US federal debt out of control, the US could look like Argentina in a few years.

For those of you who never lived in a hyperinflationary environment, watching prices go up as products disappear from the marketplace is terrifying.

There is no solution for the US public debt problem. It will continue to grow, and will grow faster for the rest of the decade. Cutting spending (which won’t happen) would not impact the existing debt – which already costs more than $1 trillion to service annually.

Rate cuts would help the government to service the debt, but lower interest rates mean higher inflation. Most of the West is in the same situation!

The EU’s finances live in a perpetual twilight state, and debts continue to mount. There is no way out of this burning house – and if you try and escape – you will find few options out there. Central banks and governments force you to use fiat currency – with no other options on the table.

If you use gold or cryptos, get ready to jump through hoops and pay taxes on something governments see as an asset – or ban outright.

With the FED top-bound at around 5%, we see clearly that rates can’t go any higher without smashing the financial system to bits. Inflation isn’t going anywhere. People everywhere are upset. Fake inflation stats don’t quell an angry mob. Trump’s move to politicize Bitcoin will make him more popular, but it also raises existential questions about the Western financial system.

Inflation matters – but today, there is no solution for fiat-led structural inflation. People are stuck in a system that harms them, and will get worse before it collapses into either remonetization or hyperinflation (or both). The bottom like it that Klaus Schwab may get the angrier world he is looking for!

The post Op-Ed: Guess What? Inflation Matters! appeared first on Blockonomi.

• Coinbase is facing allegations of violating campaign finance laws by donating $25 million to the Fairshake super PAC in May 2024
• The accusation claims Coinbase made the donation while engaged in negotiations for a federal government contract
• Coinbase’s chief legal officer Paul Grewal denies the allegations, stating the company is not a federal contractor under relevant regulations
• Grewal argues that funds from the U.S. Marshals Service contract are not from appropriated funds, exempting Coinbase from certain restrictions
• The Fairshake super PAC has raised over $200 million in 2024, with Coinbase being a major donor along with other crypto firms

Coinbase, one of the largest cryptocurrency exchanges in the United States, is facing allegations of violating campaign finance laws. The company has strongly denied these claims, calling them “misinformation.”

The controversy stems from a $25 million donation Coinbase made to Fairshake, a crypto-focused super Political Action Committee (PAC), on May 30, 2024. This donation, along with previous contributions totaling $45.5 million, has raised questions about potential violations of federal campaign finance regulations.

Molly White, a prominent crypto critic, brought these allegations to light on July 31. She claimed that Coinbase’s donation appears to violate federal laws prohibiting contributions from entities engaged in federal contract negotiations. White pointed out that the U.S. Marshals Service had issued a request for proposals on March 4 for a contract to manage and dispose of crypto holdings, with Coinbase being awarded a $32.5 million contract on July 1.

In response to these accusations, Coinbase’s chief legal officer Paul Grewal took to social media to refute the claims. In an August 1 post on X (formerly Twitter), Grewal stated, “Coinbase is not a federal contractor under the plain language of 11 CFR [Code of Federal Regulations] 115.1.”

He emphasized that the U.S. Marshals Service is not paying Coinbase with appropriated funds, a distinction made clear in the public request for proposal.

1/3 Whether intentional or not, this is misinformation. Coinbase is not a federal contractor under the plain language of 11 CFR 115.1. USMS isn’t paying us with appropriated funds—something it made clear in the public RFP. https://t.co/72T22m8rI5

— paulgrewal.eth (@iampaulgrewal) August 1, 2024

Grewal further explained that all funds associated with the request for proposal had been paid out of the Assets Forfeiture Fund, which receives proceeds from the sale of property forfeited to the U.S. Government under the purview of the Department of Justice. This distinction, according to Grewal, exempts Coinbase from certain campaign finance restrictions that apply to federal contractors.

Fairshake, the super PAC at the center of this controversy, has emerged as one of the most well-funded political action committees of the 2024 election cycle. It has raised over $200 million, with significant contributions from prominent crypto firms and executives.

Coinbase is not alone in its support for Fairshake. Other major players in the crypto industry, such as Ripple and the Winklevoss brothers, have also made substantial donations to the super PAC. Ripple, for instance, has contributed a total of $50 million, while Tyler and Cameron Winklevoss donated nearly $5 million in February 2024.

The allegations against Coinbase come at a time when the cryptocurrency industry is seeking greater political influence and regulatory clarity.

As the sector continues to grow and evolve, it faces increased scrutiny from regulators and lawmakers. The outcome of this controversy could have significant implications for how crypto companies engage in political activities and navigate campaign finance laws.

Coinbase maintains that it complies with all applicable laws, including those related to campaign finance. The company’s strong denial of the allegations and its detailed explanation of why it believes it is not subject to certain restrictions demonstrate the complexity of the regulatory landscape in which crypto firms operate.

The post Coinbase Refutes Campaign Finance Violation Allegations Over Super PAC Donation appeared first on Blockonomi.

• Economist Paul Krugman criticized Donald Trump and JD Vance for supporting Bitcoin
• Trump suggested creating a “strategic Bitcoin stockpile” if elected president
• JD Vance, Trump’s VP pick, owns Bitcoin and has proposed crypto-friendly legislation
• Republicans have included pro-crypto stances in their 2024 party platform
• Some tech billionaires and crypto industry figures are supporting Trump and Vance

Recent statements by Donald Trump and his vice presidential pick JD Vance supporting cryptocurrency have sparked debate in political and economic circles.

While some see this as a strategic move to attract tech-savvy voters, others, like economist Paul Krugman, are criticizing the stance.

At the Bitcoin 2024 conference in Nashville, Trump suggested that Bitcoin’s value might one day surpass that of gold. He also promised to establish a “strategic Bitcoin stockpile” if elected president. This marks a shift from his previous position in 2021 when he dismissed Bitcoin as “a scam” against the dollar.

JD Vance, selected as Trump’s running mate for the 2024 election, has shown support for cryptocurrencies in both his personal investments and proposed legislation. In 2022, Vance disclosed owning between $100,000 and $250,000 in Bitcoin. More recently, he has been working on draft legislation to make crypto regulation more industry-friendly.

The Republican Party has included pro-crypto positions in its 2024 platform. The document states, “Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency.” This move appears to be an attempt to appeal to cryptocurrency enthusiasts and the tech sector.

However, not everyone is pleased with this pro-crypto shift. Paul Krugman, a Nobel Prize-winning economist, has criticized Trump and Vance’s stance on Bitcoin.

In a recent New York Times article, Krugman argued that Bitcoin “remains economically useless” 15 years after its introduction. He suggested that its main uses are for activities like money laundering and extortion.

Krugman also expressed skepticism about Trump’s Bitcoin stockpile proposal, calling it “a government bailout for a scandal-ridden, value- and environment-destroying industry.” He questioned the inclusion of crypto-related promises in the Republican platform, suggesting that most voters are unfamiliar with these topics.

The pro-crypto stance of Trump and Vance appears to be supported by some tech billionaires. Peter Thiel, for example, invested heavily in Vance’s 2022 Senate race. Other figures in the cryptocurrency industry are also showing support. Mike Belshe, CEO of digital asset company BitGo, was scheduled to host a fundraiser for Vance.

This alignment between certain tech industry figures and the Republican ticket is noteworthy. While Silicon Valley has traditionally been associated with more liberal politics, a subset of tech entrepreneurs and investors are throwing their support behind Trump and Vance.

Democrats are taking notice of this shift. A group of two dozen Democrats recently wrote a letter to the Democratic National Committee, urging them to take a “forward-looking approach to digital assets and blockchain technology.” They argue that crypto and blockchain technologies could have a significant impact on election outcomes.

The post Economist Krugman Criticizes Trump’s Bitcoin Stockpile Proposal appeared first on Blockonomi.

• Democratic donors are pushing for Vice President Kamala Harris to speak at the upcoming Permissionless crypto conference in October.
• The conference organizers, Blockworks, are exploring ways to secure Harris’s appearance at the event.
• Donald Trump recently gave a pro-crypto speech at Bitcoin 2024, promising to create a strategic Bitcoin stockpile for the U.S.
• Blockworks aims to present a bipartisan perspective at Permissionless, contrasting with the “Republican-heavy” focus of Bitcoin 2024.
• The organizers are also in talks with other politicians from both parties to speak at the event.

As the 2024 U.S. presidential election approaches, the cryptocurrency industry is positioning itself at the center of political discourse.

Blockworks, organizer of the upcoming Permissionless conference, is making efforts to secure appearances from high-profile politicians on both sides of the aisle, including Vice President Kamala Harris, the presumptive Democratic presidential nominee.

Jason Yanowitz, founder of Blockworks, revealed that major Democratic donors are urging the conference to book Harris as a speaker for the event, scheduled for October 9-11.

These donors have offered to facilitate discussions between Harris’s representatives and the conference organizers, although Yanowitz noted that they haven’t heard directly from Harris’s campaign.

“We’re getting pushed by some of the biggest Democratic donors to have her be there,” Yanowitz told Decrypt. He emphasized the conference’s aim to “pull people from both sides [of the political aisle],”

The push for Harris’s appearance comes in the wake of former President Donald Trump’s recent pro-crypto speech at Bitcoin 2024 in Nashville, Tennessee.

Trump, who had previously expressed skepticism about cryptocurrencies, has now promised to create a “strategic Bitcoin stockpile” for the United States if elected. He also pledged to fire SEC Chairman Gary Gensler “on day one” of his administration, a move that resonated with many in the crypto community.

Blockworks is consciously working to differentiate Permissionless from the “Republican-heavy” focus of Bitcoin 2024. Yanowitz stated, “It’s our duty… to tell both sides of the story.”

To this end, the organizers are in talks with both Republican and Democratic politicians from the U.S. House of Representatives and Senate, including “most of the pro-crypto Democrats.” They are also actively engaging with the team of independent candidate Robert F. Kennedy Jr.

Mike Novogratz, CEO and founder of Galaxy Digital and a prominent Democrat, is slated to speak at Permissionless. Novogratz has been encouraging the crypto community not to turn its back on Harris, although Yanowitz declined to comment on whether Novogratz was involved in brokering a potential appearance by the Vice President.

The timing of the conference is particularly significant, coming just weeks before the presidential election. Many in the crypto industry view this election as a referendum on the mainstream adoption of cryptocurrencies, making the presence of high-profile political figures all the more crucial.

Yanowitz expressed optimism about the event, stating that Permissionless is on track to be the largest U.S.-based cryptocurrency conference of the second half of 2024 in terms of ticket sales. “Demand for the event is already exceeding all of our expectations,” he said.

However, securing appearances from high-level politicians, especially those involved in an ongoing presidential campaign, presents significant challenges. A former U.S. Secret Service agent noted that invitations for such events typically need to be extended several weeks in advance, particularly given the recent transition of power from President Joe Biden to Vice President Harris.

The post Democratic Donors Push for VP Harris to Address Upcoming Crypto Conference appeared first on Blockonomi.

Harris’ presidential campaign team seems to be looking to rebuild bridges with crypto firms. Wow – that was fast.

Advisers to the Harris campaign said that the move is aimed at rebranding the Democratic Party as “pro-business, responsible business” to win back support from the tech industry, including those in the crypto sector. The VP has a long history of close ties to the tech industry, particularly Silicon Valley.

Harris also reportedly seeks to create a regulatory environment that supports the growth of the cryptocurrency industry while addressing concerns about consumer protection and market stability. Despite the crypto industry’s growing disillusionment with current regulatory approaches, the move is not primarily about attracting new electoral contributions.

The Lame Duck

Following President Joe Biden’s withdrawal from the presidential race, Harris has become the presumptive Democratic nominee with President Biden’s endorsement. The new status positions her directly against Trump, the Republican nominee who has received strong support from the cryptocurrency industry.

Harris’ public stance on Bitcoin and cryptocurrency is unclear. The VP has not made any direct statements about cryptocurrencies during her tenure. However, since President Biden’s withdrawal, her team has been reportedly reaching out to industry leaders, as well as high-profile figures to better understand the industry.

Billionaire entrepreneur Mark Cuban said Harris’ campaign reached out to discuss cryptocurrency policy. Cuban revealed that he received “multiple questions” from the team about crypto, which he sees as a positive sign.

According to a recent report from Fortune, Harris may share her stance on Bitcoin in the coming weeks as her campaign continues its outreach to the cryptocurrency industry.

Meanwhile, Trump is more direct and clear in his stance on Bitcoin and the cryptocurrency sector. The former President has changed his stance toward the industry which he initially described as “highly volatile and based on thin air.”

Trumped?

Recently, Trump has advocated for the U.S. to embrace digital currencies. He argues that if the U.S. does not adopt digital currencies, it risks allowing China to dominate the sector.

Trump has vowed to create a more friendly environment for cryptocurrency businesses to operate if re-elected, as well as end the hostility of the currency administration to the industry. His campaign also announced plans to establish a “crypto army” to rally support from the cryptocurrency community.

Trump recently spoke at the 2024 Bitcoin Conference, the world’s largest Bitcoin event, where he made several pledges about Bitcoin and cryptocurrency.

Trump promised to make the U.S. the global leader in cryptocurrency technology, aiming to transform the country into “the crypto capital of the world and a bitcoin superpower.” He also vowed to “fire” Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), on his first day of presidency if re-elected.

Under Gensler’s leadership, the SEC has initiated several legal actions against cryptocurrency companies, including Ripple Labs, Binance, Coinbase, Kraken, Uniswap Labs, and Consensys.

During his speech, Trump committed to retaining 100% of all Bitcoin currently held or acquired by the U.S. government. He introduced the idea of establishing a national Bitcoin “stockpile,” which he described as a “permanent national asset.” However, he did not provide details on how this would be implemented.

“If I am elected, it will be the policy of my administration, [the] United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future,” Trump said.

The former President criticized the Biden-Harris administration’s regulatory approach to cryptocurrency. He claimed that Harris was against cryptocurrency and positioned himself as a pro-crypto candidate.

The post Kamala Harris Campaign Reaches Out To Crypto Heavies appeared first on Blockonomi.

• Vice President Kamala Harris is now the presumptive Democratic nominee for president after Joe Biden withdrew from the race.
• The crypto industry sees Harris’s nomination as an opportunity for a reset in the Democratic party’s approach to crypto.
• Harris’s campaign has reportedly been asking questions about crypto and may be more open to the technology than Biden.
• Donald Trump, the Republican nominee, has declared himself a “crypto candidate” and is accepting crypto donations.
• A cryptocurrency named Kamala Horris has seen significant growth since Harris became the presumptive nominee.

Vice President Kamala Harris has become the presumptive Democratic nominee for president following President Joe Biden’s unexpected withdrawal from the race.

This sudden change has caught the attention of the cryptocurrency industry, which sees an opportunity for a potential shift in the Democratic party’s approach to digital assets.

Harris, who hails from California, is seen as potentially more open to technology and related issues due to her background. Mark Cuban, a well-known entrepreneur and Bitcoin enthusiast, told Decrypt that Harris’s campaign has been asking him questions about cryptocurrency.

This suggests that the Harris campaign may be more receptive to crypto-related topics than the Biden administration has been.

The crypto industry has long sought more engagement from Democratic leadership. The Digital Chamber, a prominent digital asset trade association, has already urged Harris to support the U.S. cryptocurrency industry if she becomes the Democratic presidential nominee.

They’ve called for open dialogue with industry experts to help craft policies that encourage growth while ensuring consumer protection and financial stability.

On the Republican side, former President Donald Trump, now the party’s nominee, has already positioned himself as crypto-friendly. Trump declared himself a “crypto candidate” at a Mar-a-Lago event in May and has announced that his campaign will accept donations in various cryptocurrencies, including Bitcoin, Ether, and Dogecoin.

The contrast between the two candidates’ approaches to crypto could become a notable issue in the upcoming election. While Democrats have traditionally been more skeptical of cryptocurrency, Harris’s nomination presents an opportunity for the party to reassess its stance.

Interestingly, the crypto market has already reacted to Harris’s new position. A cryptocurrency named Kamala Horris, launched just a month ago, saw a significant price increase following Harris’s nomination.

The token jumped 40% in 24 hours and has experienced nearly 4,000% growth since its launch, according to data from CoinGecko.

As the campaign progresses, the crypto industry will be watching closely to see how Harris develops her position on digital assets. Her choice of running mate could also provide clues about her administration’s potential approach to crypto and technology issues.

The upcoming Bitcoin Conference in Nashville, Tennessee, scheduled for July 25-27, may serve as a litmus test for both candidates’ engagement with the crypto community.

Trump is set to speak at the event, marking the first time a presidential candidate has attended the conference. It remains to be seen whether the Harris campaign will make a similar move to connect with crypto enthusiasts.

The post Harris Nomination Prompts Renewed Crypto Discussion appeared first on Blockonomi.

Harris received a cryptocurrency policy push from The Digital Chamber in order to shift the perception that the Democratic Party is anti-crypto.

The Biden/Harris Administration’s cautious stance has created a negative perception of the Democratic Party as anti-crypto. However, the Chamber argues that public perception does not reflect Democratic values of progress and inclusivity.

The transition from Biden’s campaign to Harris’s “represents an opportunity to change that perception,” the Chamber stated.

The Dems Hate Cryptos

According to The Chamber, over 50 million Americans, particularly from Black, Latino, and immigrant communities, have embraced digital assets for democratizing finance and creating economic opportunities.

Meanwhile, within the Democratic party, a growing number of key Democratic constituencies have also adopted digital assets.

“Digital assets and blockchain technology are not merely financial instruments but represent a revolutionary shift that can enhance transparency, reduce fraud, and create a more inclusive financial system,” The Chamber wrote.

The Chamber urges the inclusion of pro-digital asset language in the Democratic Party’s platform. The Chamber also suggested Harris consider a vice-presidential candidate with a strong pro-crypto record, such as Colorado Governor Jared Polis.

The Chamber encourages Harris to engage in open dialogues with leaders in the digital asset and blockchain industry to craft supportive policies that ensure growth, consumer protection, and financial stability.

On Sunday, Biden officially announced his withdrawal from the 2024 presidential campaign. In addition to expressing an honor to serve as president, Biden offered his full support for Vice President Kamala Harris as the Democratic Party’s nominee.

Biden’s decision to step aside came amid mounting pressure from his party, particularly after his poor performance in a recent debate against Donald Trump. The Republican candidate has recently received support from the cryptocurrency community and industry leaders.

A number of figures, such as the Winklevoss twins, Kraken’s co-founder Jesse Powell, ARK Invest CEO Cathie Wood, and Tron’s founder Justin Sun, have voiced endorsements of Trump in their public statements. Some have also donated millions worth of cryptocurrencies to Trump’s campaign.

What is Harris’s Cryptocurrency Stance?

With Biden’s endorsement, Harris is prepared to lead the Democratic campaign against Trump. The Vice President, known for her neutral stance on digital currencies, faces new scrutiny as the presidential race heats up.

Harris has not taken a definitive public stance on cryptocurrency regulation, and her personal financial disclosures do not reveal any holdings in digital assets. Unlike some of her counterparts, she has not been vocal about supporting or opposing the industry, which leaves her position somewhat ambiguous.

The Democratic nominee has a reputation as a pro-business politician. Her background in technology has led some in the crypto industry to hope she might adopt a more favorable view of digital assets as she campaigns for the presidency.

There is also anticipation that Harris’s administration may continue bipartisan support for cryptocurrency legislation, especially given the increasing interest from various political factions in Congress.

Observers also speculate about Harris’s choice of advisors and potential vice-presidential pick, which could reflect and influence her stance on cryptocurrency.

The crypto community is also interested in whether she will appoint a new Securities and Exchange Commission (SEC) chairman after Gary Gensler’s term ends in 2026, as his approach to the industry has been perceived as stringent.

According to a recent report by Markus Thielen, founder of 10X Research, Gensler will likely resign shortly after President Joe Biden’s term ends. Thielen’s projection is based on the historical pattern of SEC Chairs stepping down when a new administration takes over, especially if Donald Trump returns to the White House.

The post Digital Chamber Urges VP Harris to Embrace Crypto as Democratic Nominee appeared first on Blockonomi.

• President Joe Biden has withdrawn from the 2024 presidential race.
• Bitcoin’s price initially dipped but quickly recovered following the announcement.
• Some analysts believe Trump’s increased chances of winning could benefit crypto assets.
• The news caused significant liquidations in crypto markets, with $67 million in long positions liquidated within 30 minutes.
• Analysts caution it’s too early to predict a definite Trump victory or its impact on crypto.

President Joe Biden has withdrawn from the 2024 presidential race, sending ripples through the cryptocurrency markets.

The announcement on Sunday, July 22, led to swift price movements and significant market liquidations.

Following Biden’s withdrawal, Bitcoin’s price experienced a quick dip, falling 2.8% to $65,800. However, the world’s largest cryptocurrency bounced back rapidly, gaining over 3.6% shortly after.

This volatility triggered substantial liquidations in the crypto derivatives market. Within just 30 minutes of the news breaking, nearly $67 million worth of leveraged long positions were wiped out.

The market’s reaction didn’t stop there. Over a 12-hour period, more than $134.5 million in both long and short positions were liquidated.

Bitcoin accounted for $43.8 million of these liquidations, while Ethereum saw $31.1 million wiped out. Most of these liquidations occurred on major exchanges like Binance and OKX.

Some analysts view Biden’s exit as potentially positive for the crypto sector. Josh Gilbert, a market analyst at eToro, described it as a “win for crypto assets.”

He suggested that former President Donald Trump’s improved chances of reelection could provide a “huge boost” to the asset class.

Trump has recently made cryptocurrencies a key part of his campaign, promising to end what he calls the Biden administration’s “war on crypto.”

However, not all experts are convinced that Biden’s withdrawal will lead to an immediate surge in crypto prices. Pav Hundal, an analyst at Swyftx, warned that it would be difficult to directly link Biden’s exit to the current bounce in the broader crypto market. He advised investors to remain cautious and not get overly excited in the short term.

The race for the Democratic nomination is now wide open. Vice President Kamala Harris is considered a likely replacement for Biden as the Democratic candidate.

Those who think Trump/Vance will win by a landslide are getting ahead of themselves. The American public doesn’t trust Trump after the events of Jan 6th. I was no fan of Biden or Kamala but Dems could still nominate Newsom, Michelle Obama or another leading Dem to be their… https://t.co/xqbq5NPpmH

— Gary Black (@garyblack00) July 21, 2024

However, some speculate that other prominent Democrats like Gavin Newsom or Michelle Obama could potentially enter the race.

Looking ahead, the crypto market may face additional factors that could influence prices. The upcoming launch of spot Ethereum ETFs in the U.S. is seen as a potential catalyst for growth across the market.

Additionally, some analysts speculate about bold moves a crypto-friendly president might make, such as announcing Bitcoin as a strategic reserve asset for the U.S. government.

As the political landscape shifts, the cryptocurrency market continues to react to these developments. While some see potential benefits for crypto under a possible Trump presidency, others caution against making early predictions.

The coming months are likely to bring more clarity as the election race unfolds and its potential impact on the crypto sector becomes clearer.

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