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Everyone at Consensus 2024 is talking about Biden’s Crypto Flip Flop. It is true?

Published

8 months ago

31 May, 2024

Everyone at Consensus 2024 is talking about Biden's Crypto Flip Flop. It is true?

Austin, Texas – The biggest news this year at Consensus appears to be the political sea change taking place in the Democratic Party regarding cryptocurrencies. While President Biden’s administration has essentially maintained the same reluctant-to-the-point-of-hostile approach to cryptocurrencies as its predecessor, it has been actively hostile since the industry bottomed in 2022 (the year of cryptocurrency hell). . The easiest way to sum up Biden’s “all-of-government” attempt to wrangle the cryptocurrency industry is with the slogan Operation Choke Point 2.0, coined by VC Nic Carter to describe the apparent debanking of many crypto firms.

Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

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But within a few weeks, the situation changed. Starting with the bipartisan vote of the House and Senate to repeal the US Securities and Exchange Commission (SEC). much maligned accounting bulletin (SAB121) and extends to yesterday’s revelation that the Biden administration is reaching out to cryptocurrency companies in a late-stage effort to hear what they have to say on the matter what a good crypto policy would look likeit has become (almost) credible that better days are ahead on the political, regulatory and legislative front for the domestic cryptocurrency industry.

The feeling is in the air, probably because everyone seems to express it out loud. For example, on the Consensus stage yesterday, NYSE President Lynn Martin said he doesn’t believe cryptocurrencies will remain a “partisan” issue for much longer. In the same way that stocks and bonds are mostly apolitical, it doesn’t make much sense to view cryptocurrencies as inherently political (in fact, cryptocurrencies might have better reasons to actually be apolitical, given the technical design of protocols like Bitcoin). .

However, not everyone is aligned here. For example, a well-known cryptocurrency lawyer working for a hot DeFi startup, who asked not to be named given the sensitivity of his work, said he didn’t think Biden’s apparent change of heart was genuine. “He’ll probably go back to his course if re-elected,” he said. Asked whether he felt some weight off his shoulders, or whether his job had become or will become easier, under apparently improving regulatory conditions, he said “absolutely not”. Today is the same as yesterday.

Austin Campbell, a Columbia University economics professor connected to the D.C. Circuit, echoed this idea when he noted that the seemingly parallel change in Congress is likely not permanent. In fact, if you look at how the vote on the historic Financial Innovation and Technology for the 21st Century Act (FIT21) unfolded, it was largely split by age. While this in itself might be a good thing, given that younger members of Congress are more likely to “get it,” and despite the fact that American politics is a gerontocracy, dinosaurs will not rule the world forever.

This morning, Messari founder Ryan Selkis, who recently spoke with former President Trump at the Mar-a-Lago Club, and Uniswap Labs lead attorney Marvin Ammori, a longtime Democratic operative, actually discussed the recent political machinations taking place on the main stage. Selkis’ main argument was that any easing on cryptocurrencies by Democrats is largely the result of Trump taking over the “single-issue” crypto vote and should be treated as suspect. While Ammori argued that policy changes don’t flip like a switch and that things like SAB121 and FIT21 are the result of true bipartisan collaboration and successful crypto lobbying.

“The point is that we don’t necessarily want to be partisan, because in the long run that would be a setback,” Ammori said. In other words, cryptocurrencies should be cautious about aligning themselves with a party or candidate, especially considering that campaign promises are rarely kept. For his part, Selkis wanted to move away from wishful thinking (i.e., that Democrats might suddenly support cryptocurrencies after so many years) and into the realm of realpolitik (i.e., that if the theory of bipartisan support were true, it would be because Democrats’ needs have changed.)

“Democrats are like a cheating spouse right now; we caught them with their pants down,” Selkis said. “To reward this Democrat, the mainstream party right now is not only foolish, but I think it demonstrates a profound lack of self-respect: They need to do penance.”

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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

Published

7 months ago

3 July, 2024

AltcoinUpdates Staff

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

Published

7 months ago

3 July, 2024

AltcoinUpdates Staff

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

Published

7 months ago

3 July, 2024

AltcoinUpdates Staff

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.

#FIT21 passed the House with 71 Democratic votes, it’s exactly the kind of digital asset regulatory framework former President Trump would support if re-elected.

See more on @SquawkCNBC🔽 photo.twitter.com/ceTmU4LApU

— French Hill (@RepFrenchHill) July 3, 2024

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.

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

Published

7 months ago

3 July, 2024

AltcoinUpdates Staff

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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