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Time is running out for Democrats on cryptocurrencies

AltcoinUpdates Staff

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Time is running out for Democrats on cryptocurrencies

Last week, cryptocurrencies made headlines again. Donald Trump declared himself a unabashed supporter as he unveils a new line of mug shot NFTs at Mar-a-Lago. On the same day, the Biden administration announced it would veto efforts to remedy a widely loathed situation SEC accounting bulletin which prevents the custody of cryptocurrencies by many companies.

The stories highlight how cryptocurrencies have become yet another battleground in this year’s presidential election. But for many Democrats, the Biden administration’s hard line has seemed as tragicomic as watching Sideshow Bob step on dozens of rakes, over and over again.

At the rate things are going, cryptocurrency owners could be the straw that breaks Biden’s campaign’s back. According to the paradigm survey Since March, while Biden has lost 44%-43% among cryptocurrency owners, he has lost 48-39% among the 20% of voters who own cryptocurrencies. And that’s a change from 2020, when cryptocurrency owners recall voting for Biden by 43%-39%.

As Democrats, we would like to see Biden give people in the cryptocurrency world a reason to believe in him. According to surveys conducted by both our organizations, approximately 20% of registered voters own cryptocurrencies. Cryptocurrency owners are young, but they are all sorts of partisans. About 20% of Democrats own cryptocurrencies, about 20% of Republicans own cryptocurrencies, and about 20% of Independents own cryptocurrencies. People vote (or don’t vote) for many reasons, but being anti-crypto is interpreted as synonymous with anti-innovation, anti-technology and anti-change. The wounds to the campaign are self-inflicted.

Cryptocurrencies should not be a partisan issue. No technology should be. The idea of ​​being pro- or anti-cryptocurrency should be as ridiculous as describing yourself as pro-computers or anti-toasters. Yet under this administration, we, lifelong progressives who have a healthy skepticism about technology, have watched with growing concern as our party has cast the entire digital assets industry as evil. Nowhere is this clearer than with the SEC under the chairmanship of Gary Gensler. The chairman of the SEC testified told Congress early in his term that cryptocurrency legislation was needed to give the SEC additional critical authority to regulate the industry. Over the next year, he scrapped that sensible approach in favor of a relentless fight with his fellow regulators attacking the industry in printing and engaging in a “sinners in the hands of an angry god” anti-space campaign.

With some notable exceptions, the agency has closed its doors to the entire industry and made it clear that it can do nothing to work with Chairman Gensler. The President has provided no path to compliance for the industry, sending a singular message to cryptocurrencies: I demand your destruction.

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This mentality has not bled the entire Administration dry. There are some agencies and regulators who have not positioned themselves with such hostility. But there was also little significant resistance at the top when it came to curbing Gensler’s antics. Indeed, the White House statement calling for a veto on efforts to change SAB 121 (the rules that severely limit who can store cryptocurrencies) was seen by many as a vote of support for the President’s entire approach to cryptocurrencies .

Fortunately, some Democrats in Congress have tried to create space from the SEC. Notably, 21 people voted to overturn SAB121, showing that it’s not just industry players who perceive political bias here.

We are both progressives in the cryptocurrency space and think the party is making a mistake if it lets a few loud voices dictate policy at the party level. Sheila entered blockchain after a decade in nonprofit law and civic technology, due to concerns about big data monopolies and inequality in the movement of money across borders. Justin entered the world of cryptocurrency after working in and out of government because he provides an open space to build technology without the control of a single entity. The idea of ​​a decentralized platform owned by tens of millions of people is a respite from our current world of both technology and finance, full of closed spaces governed like feudal fiefdoms.

While the headlines focus on the worst actors, the reality is that the industry is not a monolith. Responsible companies have been calling for regulation for years, even though they know that regulation will create potentially complicated and costly compliance requirements. But Democratic leaders have largely ignored them. Why? When did Democrats start to be afraid of legislating and regulating? Why do Democrats choose to pursue aggressive approaches in a conservative justice system? We’re backwards.

It’s not too late to change course. Democrats don’t need to hang a giant “I 💙Crypto” sign on the DNC to appeal to cryptocurrency owners; simply saying that they think cryptocurrencies are an innovation that requires reasonable regulation would help immensely. But if Democrats don’t at least try to appeal to this voting bloc, they risk sending them back to Donald Trump. In an important election like this, with Biden below in polls, Democrats should be trying to bring crypto voters into the tent, not recklessly chase them away.

This story was originally featured on Fortune.com



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We are the editorial team of Altcoin Updates, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Altcoin Updates, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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How Ether Spot ETF Approval Could Impact Crypto Prices: CNBC Crypto World

AltcoinUpdates Staff

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How Ether Spot ETF Approval Could Impact Crypto Prices: CNBC Crypto World

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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and gives viewers a glimpse of what’s to come with high-profile interviews, explainers and unique stories from the ever-changing cryptocurrency industry. On today’s show, Ledn Chief Investment Officer John Glover weighs in on what’s driving cryptocurrency prices right now and how the potential approval of spot ether ETFs could impact markets.

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Miners’ ‘Capitulation’ Signals Bitcoin Price May Have Bottomed Out: CryptoQuant

AltcoinUpdates Staff

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Miners' 'Capitulation' Signals Bitcoin Price May Have Bottomed Out: CryptoQuant

According to CryptoQuant, blockchain data shows signs that the Bitcoin mining industry is “capitulating,” a likely precursor to Bitcoin hitting a local price bottom before reaching new highs.

CryptoQuant analyzed metrics for miners, who are responsible for securing the Bitcoin network in exchange for newly minted BTC. As outlined in the market intelligence platform’s Wednesday report, multiple signs of capitulation have emerged over the past month, during which Bitcoin’s price has fallen 13% from $68,791 to $59,603.

One such sign includes a significant drop in Bitcoin’s hash rate, the total computing power that backs Bitcoin. After hitting a record high of 623 exashashes per second (EH/s) on April 27, the hash rate has fallen 7.7% to 576 EH/s, its lowest level in four months.

“Historically, extreme hash rate drawdowns have been associated with price bottoms,” CryptoQuant wrote. In particular, the 7.7% drawdown is reminiscent of an equivalent hash rate drawdown in December 2022, when Bitcoin’s price bottomed at $16,000 before rallying over 300% over the next 15 months.

This latest hash rate drop follows Bitcoin’s fourth cyclical “halving” event in April, which cut the number of coins paid out to miners in half. According to CryptoQuant’s Miner Profit/Loss Sustainability Indicator, this has left miners “mostly extremely underpaid” since April 20, forcing many to shut down mining machines that have now become unprofitable.

CrypotoQuant said that miners faced a 63% drop in daily revenue after the halving, when both Bitcoin block rewards and transaction fee revenues were much higher.

During this time, Bitcoin miners were seen moving coins from their on-chain wallets at a faster rate than usual, indicating that they may be selling their BTC reserves“Daily miner outflows reached their highest volume since May 21,” the company wrote.

Among the sales of Bitcoin miners, whales and national governmentsBitcoin’s price drop in June also hurt Bitcoin’s “hash price,” a metric of Bitcoin Miner Profitability per unit of computing power.

“Average mining revenue per hash (hash price) continues to hover near all-time lows,” CryptoQuant wrote. “Hashprice stands at $0.049 per EH/s, just above the all-time low hashprice of $0.045 reached on May 1st.”

By Ryan-Ozawa.

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US Congressman French Hill Doubles Down on Trump’s Pro-Crypto Stance

AltcoinUpdates Staff

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US Congressman French Hill Doubles Down on Trump's Pro-Crypto Stance

US lawmaker French Hill has noted that Donald Trump will take a more pro-crypto approach than the current administration. The run-up to the presidential election has seen cryptocurrencies become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also been reaching out to the industry, making a pro-crypto case.

French Hill Backs Trump’s Pro-Crypto Stance

Republican Congressman French Hill has explained the type of cryptocurrency regulatory framework he believes Donald Trump could adopt in the country. In a recent interview with CNBC, French Hill said that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector.

THE FIT21 Bill It is intended to protect investors and consumers in the market by establishing clear rules and powers for the various regulators in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market.

“… for people who are innovating and starting a crypto token, a related business, custody of those assets, how to ensure consumer protection, so I think that framework is the right approach and that’s what I’m going to recommend to the President to pass, which is that we have not passed it between now and the end of this Congress.”

He also called Trump an innovative and pro-growth president in financial matters.

Cryptocurrency is going mainstream

This election cycle saw the cryptocurrency industry taking a place in mainstream issues following broader adoption across demographics. From candidates moving toward enthusiasts to recent pro-Congress legislation, cryptocurrencies have become a rallying point for officials. The U.S. regulatory landscape has been criticized for stifling growth due to frequent SEC LawsuitsThis has led executives to push for pro-cryptocurrency laws and raise money for pro-industry candidates.

Read also: Federal Reserve Predicts “AI Will Be Deflationary” to Stimulate Economy

David Pokima

David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.



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US Court Orders Sam Ikkurty to Pay $84 Million for Cryptocurrency Ponzi Scheme

AltcoinUpdates Staff

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U.S. Court orders Sam Ikkurty to pay $84M for crypto Ponzi scheme

A federal court has ordered Jafia LLC and its owner, Sam Ikkurty, to pay nearly $84 million to cryptocurrency investors after ruling that the company was operating a Ponzi scheme.

The ruling, issued by Judge Mary Rowland in the U.S. District Court for the Northern District of Illinois, follows a lawsuit filed by the Commodity Futures Trading Commission (CFTC) in 2022 after the fund collapsed.

Judge Rowland found that Ikkurty, based in Portland, Oregon, did numerous false claims on his company’s hedge funds.

These included misleading statements about his trading experience and the promise of high and stable profits. Instead, Ikkurty used funds from new investors to pay off previous investors, a hallmark of a Ponzi scheme.

The Ponzi Scheme

The court found that Ikkurty misappropriated investment funds for personal use without the knowledge of the investors. These funds were used for personal use and were reported as Fraudulent Investmentscausing significant financial losses to customers.

This non-transparent operation violated Transparency Commission regulations, which led to the imposition of a hefty fine to compensate defrauded investors and restore some public confidence in the financial system.

Judge Rowland emphasized that fraudulent activity such as this violates the law and undermines the integrity of modern financial markets. The $84 million award seeks to address the financial harm inflicted on investors and reinforce the importance of legal compliance in cryptocurrency trading.

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