South Korea’s regulations prohibiting corporations from opening virtual asset exchange accounts are making it impossible for local universities to liquidate their large cryptocurrency donations. Financial authorities cite money laundering concerns as the reason for maintaining the ban. Education Ministry and Financial Intelligence Unit Favor Maintaining Ban South Korean universities are reportedly unable to convert cryptocurrency […]
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Trump Campaign Now Accepts Crypto Donations via Coinbase
Former U.S. President and presidential candidate Donald Trump’s campaign now accepts cryptocurrency donations through Coinbase Commerce. The new fundraising page enables federally permissible donors to contribute using any cryptocurrency supported by Coinbase Commerce. President Trump has championed reduced regulations and innovation in financial technology, contrasting with Democrats like Joe Biden and Senator Elizabeth Warren, who […]
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Canadian Court Declares Freeze on Crypto Donations During ‘Freedom Convoy’ Protests Unconstitutional
In a judicial rebuke, the Federal Court of Canada ruled that the Trudeau government’s decision to freeze cryptocurrencies during the 2022 “Freedom Convoy” protests was unconstitutional.
Trudeau Government’s Emergency Powers Challenged: Court Rules Crypto Freeze Unlawful
In a ruling on Jan. 23, the Federal Court of Canada deemed the Trudeau government’s use of the Emergencies Act to freeze funds and cryptocurrencies during the ‘Freedom Convoy’ protests in 2022 as unconstitutional. Justice Richard Mosley concluded that invoking the Emergencies Act was not justified as there was no national emergency.
The controversial move by Prime Minister Justin Trudeau’s government in February 2022 aimed to curb financial support for truckers protesting Covid-19 vaccination mandates. It marked the first time the law was used to freeze financial assets, including cryptocurrencies.
The Canadian Civil Liberties Association (CCLA), the Canadian Constitution Foundation, and various groups contested the government’s decision, arguing it was unnecessary and a violation of constitutional rights. The court’s decision validates their stance, asserting that the government could have used other means rather than resorting to the Emergencies Act, a measure deemed an overreach.
Protesters in the ‘Freedom Convoy’ had blocked streets in Ottawa, opposing mandates for truck drivers crossing the Canada-United States border to be vaccinated against Covid-19. The government had labeled the protests as an illegal occupation, necessitating the use of the Emergencies Act.
This ruling has implications for the use of crypto assets in political protests. Digital assets played a part in funding the trucker protests, with estimates of millions received in cryptocurrencies.
In February 2022, Gofundme froze over million in donations for the protests. The fundraising subsequently shifted to Tallycoin, a bitcoin-based crowdfunding platform, where the Honkhonk Hodl group garnered over 22 bitcoin, valued at approximately 5,000 at that time. The Christian crowdfunding site Givesendgo also emerged as a key platform, raising over million, including unknown amounts in crypto. Canadian authorities later froze bank accounts linked to Givesendgo donations.
Following the court’s decision, the CCLA said in a released statement:
The CCLA stood up to the government’s use of the Emergencies Act and challenged the government in court. The Federal Court’s decision sets a clear and critical precedent for every future government.
Finance Minister Chrystia Freeland announced the government’s intention to appeal the ruling.
What do you think will be the repercussions of this ruling? Share your thoughts and opinions about this subject in the comments section below.
Law Offers Fast-Track Citizenship for Bitcoin Donations to El Salvador, Report Says
Under El Salvador’s recently approved immigration reform law, foreigners who donate to the government’s social and economic development programs will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.
El Salvador’s Successful Bitcoin Bet
According to reports, El Salvador’s legislature recently passed an immigration law that promises an expedited path to citizenship for foreigners who donate bitcoin (BTC) to the country’s social and economic development programs. The law, which was approved on Dec. 20, has the backing of President Nayib Bukele’s New Ideas party.
Following bitcoin’s recent surge, which has seen the top crypto asset breach the ,000 market, Bukele and his party have been touting El Salvador’s successful bitcoin bet. For instance, on Dec. 4, Bitcoin.com News reported that the value of the country’s bitcoin holdings was exceeding the initial outlay by more than million. Another report revealed that El Salvador is now on course to launch in Q1 of 2024.
The approved reform law is set to come into force in the coming days, according to a Reuters report. The reform law states that “altruistic foreigners interested in supporting the economic, social and cultural development of El Salvador…by donating bitcoin” will be eligible for expedited citizenship. However, the reform law does not reveal the amount of bitcoins that foreigners must donate to become eligible for expedited citizenship.
It states that those who meet the donation threshold will be exempted from the five-year naturalization process of permanent residence that normally applies to applicants from non-Spanish-speaking countries. On September 7, 2021, El Salvador became the first nation globally to adopt bitcoin as legal tender.
What are your thoughts on this story? Let us know what you think in the comments section below.
No Evidence Hamas Received Significant Crypto Donations: Elliptic Says Data Has Been Misrepresented
Blockchain analytics firm Elliptic says there is no evidence that Hamas has received significant volumes of cryptocurrency donations, emphasizing that crypto data it provides on the matter has been misrepresented. Noting that crypto accounts linked to Hamas have been seized or frozen, Elliptic says: “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities.”
Hamas’ Crypto Amounts Raised ‘Tiny’ Compared to Other Funding Sources
Blockchain analysis provider Elliptic published a blog post on Wednesday to set the record straight regarding crypto crowdfunding by Hamas, the military organization currently at war with Israel. This clarification followed numerous media reports claiming that Hamas had raised significant funds in cryptocurrency, including an article in The Wall Street Journal titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto.”
Elliptic emphasized:
There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.
The Wall Street Journal article has been referenced by various individuals, including Senator Elizabeth Warren and more than 100 U.S. lawmakers who jointly sent a letter to the White House and the U.S. Department of the Treasury, urging them to take action against crypto citing its use by Hamas. “In the months leading up to their brutal and horrific October 7th attack on Israel, Hamas and Palestinian Islamic Jihad (PIJ) raised millions of dollars in crypto — evading U.S. sanctions and funding their operations. Indeed, between August 2021 and this past June, the two groups raised over 0 million in crypto,” wrote Warren and her fellow lawmakers.
However, Elliptic stressed: “There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.”
In order to clear up confusion, Elliptic said that it has “engaged with the Wall Street Journal to correct misinterpretations of the level of crypto fundraising by Hamas” and has been “in discussions with the office of Senator Warren to ensure that the relevant parties have a proper appreciation of the complexities and nuances of analyzing these wallets.” Noting that “A full understanding of blockchain analysis and the context of any analysis is needed when using these insights to draw conclusions,” Elliptic said:
We have spoken to representatives of the lead signatory, Senator Warren, as well as the authors of the Wall Street Journal article, to clarify this.
While acknowledging that “Over the past few years, Hamas has begun to experiment with cryptocurrency as a means to crowdfund from the public through social media,” Elliptic clarified: “The unique traceability of these assets has meant that the amounts raised remain tiny compared to other funding sources.”
Furthermore, the blockchain analytics company highlighted that various cryptocurrency wallets associated with Hamas have been seized, and centralized crypto exchanges are collaborating with law enforcement agencies to freeze accounts connected to illicit activities. “This illustrates the weakness of crypto as a terrorism fundraising tool. The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities,” the firm described.
Elliptic further detailed that since the Hamas attacks of Oct. 7, the most prominent public crypto fundraising campaign has been operated by a pro-Hamas news organization, Gaza Now. However, the firm said only ,000 in cryptocurrency has been donated since Oct. 7, and much of this has been frozen. On Oct. 9, Gaza Now sent around ,000 of the donated cryptocurrency to an exchange, where it was promptly frozen, the firm added, noting that around ,000 in USDT donations were also frozen by Tether.
In contrast, much more funds have been raised to help people in Israel, the blockchain analytics firm additionally pointed out, stating:
Crypto fundraising for humanitarian causes in Israel is flourishing. For example, Crypto Aid Israel had received over 5,000 in crypto donations by October 19th to support those impacted by the attacks.
What do you think about the clarification by Elliptic about how much crypto Hamas had raised? Let us know in the comments section below.
FTX Engineer Reveals $8B Bug, Lavish Spending, and Political Donations in Explosive Testimony Against Bankman-Fried
Nishad Singh, former director of engineering at FTX, testified this week against his former boss Sam Bankman-Fried, detailing a software bug that hid billions in missing funds and excessive spending on celebrities and real estate.
Singh Points Finger at Billion Bug and Bankman-Fried’s Spending Sprees
Nishad Singh told the court that a coding error he helped create prevented proper accounting of FTX and Alameda Research, allowing Alameda to secretly build up an billion negative balance using customer funds.
“The bug prevented the correct accounting for the fiat@ FTX account – the error grew to billion,” Singh said. “I overheard a conversation between Gary and Adam Yedidia about it.” The courthouse play-by-play was published by Matthew Russell Lee from the Inner City Press.
The ex-director also described Bankman-Fried’s lavish expenditures, including a million penthouse in the Bahamas that Singh called “too ostentatious.” He said FTX spent over billion on celebrity endorsement deals, real estate, and parties.
“I saw them in the Albany penthouse. This a photo of Katy Perry in green, Orlando Bloom in a [hat], Michael Kives – and Sam,” Singh said about one event attended by celebrities. He expressed concerns to SBF about the deals, but said Bankman-Fried dismissed his objections.
Singh told prosecutors he felt “betrayed” and questioned Bankman-Fried about Alameda’s growing debt, but said SBF was “unsurprised.” After an hour-long private talk on a penthouse balcony, Singh said he still feared leaving and precipitating FTX’s collapse.
The former engineer described SBF’s physical “twitches” and said Bankman-Fried pressured him to take over duties so SBF could spend time on deals. “Sam said, I need you Nishad to take this kind of work off my plate,” Singh recalled. “I was afraid.”
Though concerned, Singh followed orders to process political donations through his personal account at Wells Fargo. He described a Signal chat for laundering funds called “Donations Processing” involving SBF’s brother Gabe. SBF’s brother Gabe was in charge of Guarding Against Pandemics (GAP).
Singh testified he used Prime Trust and Wells Fargo accounts to funnel contributions – illegally provided by Alameda – to Democrats at SBF’s direction. The donations were allegedly made in Singh’s name for “optics,” he said.
After pleading guilty, the former FTX engineer is now a cooperating witness against Bankman-Fried. His testimony provides an inside account of misused customer funds, known coding errors, and the high-rolling lifestyle around SBF that contributed to FTX’s stunning collapse.
What do you think about Nishad Singh’s testimony on Monday? Share your thoughts and opinions about this subject in the comments section below.
Stanford University Vows to Return $5.5M FTX Donations; Funds Initially Allocated for Pandemic Prevention
In the wake of a lawsuit targeting the parents of Sam Bankman-Fried, Stanford University’s spokesperson has announced intentions to give back the millions garnered from FTX and its affiliates. Records indicate that a whopping .5 million in gifts to Stanford traces back to the FTX empire.
FTX’s Pandemic Protection Push Pauses: Stanford Announces Donation Reversal Amid Legal Drama
Nestled in Stanford, California, Stanford Law School ranks among the nation’s premier law institutions, renowned for its progressive stance. A recent Bloomberg report reveals that FTX is retracting .5 million in contributions made to the university through both the company and its high-ranking officials.
The parents of Sam Bankman-Fried, Joseph Bankman and Barbara Fried, forged their relationship at Stanford University, crossing paths as educators in 1988. Bankman presently holds the title of Ralph M. Parsons professor of Law and Business at Stanford Law School, while Fried is designated as the William W. and Gertrude H. Saunders professor at the university.
“We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety,” a university spokesperson told Bloomberg reporters Amelia Pollard and Jonathan Randles on Tuesday. The school’s spokesperson added:
Stanford received gifts from the FTX Foundation and FTX-related companies largely for pandemic-related prevention and research.
FTX’s commitment to pandemic prevention runs deep, notably with SBF’s sibling, Gabe Bankman-Fried, at the helm of “Guarding Against Pandemics” (GAP). Reports suggest that FTX’s substantial financial backing powered GAP, and as the Washington Post highlighted, the group allocated million to influence Congress and brought on 26 lobbyists.
The latest revelation from Stanford comes on the heels of a lawsuit targeting Bankman-Fried’s parents, alleged to have profited handsomely from FTX’s coffers. The pair of Stanford law professors staunchly refute the allegations aimed at them.
What do you think about Stanford returning millions it reportedly received from FTX? Share your thoughts and opinions about this subject in the comments section below.
Singapore Red Cross Says It Now Accepts Crypto Donations
Well-wishers who want to financially support the Singapore Red Cross can now do so via crypto donations. All donations are converted into fiat currency within 24 hours after the donation has been made. Benjamin William said his organization has enabled the crypto option for “donors who are tech-savvy and wish to make a difference through their digital assets.”
Crypto Tax Deductions
The Singapore Red Cross has said well-wishers can now donate via cryptocurrency but donors will not receive tax deductions, a report has said. According to the charitable organization, all donations are converted into fiat currency less than 24 hours after the donation has been received.
As per a Straitstimes report, the Singapore Red Cross has partnered with the crypto payment gateway Triple A. Commenting on Singapore Red Cross’ decision to start accepting crypto donations, Benjamin William, the organization’s CEO, said:
By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.
By accepting donations in the form of BTC, ETH, and the stablecoins USDT and USDC, the Singapore Red Cross joins other local charitable organizations such as The Food Bank Singapore, which already accepts cryptocurrencies.
According to the report, other crypto-accepting Singaporean charitable organizations such as Daughters of Tomorrow and Cycling Without Age are using the platform Digital Philanthropy.
What are your thoughts on this story? Let us know what you think in the comments section below.
US State of Minnesota Okays Crypto Donations to Political Campaign Committees
Minnesota has become one of the few U.S. states to permit crypto donations to political campaign committees. However, according to the state’s new rules, crypto donations must be converted to U.S. dollars within five days. In the event of price changes within the five-day grace period, these must be shown separately in campaign finance reports.
Converting Crypto Donations to Dollars
The U.S. state of Minnesota has become one of the first states in the country to okay crypto donations to political campaign committees. Under the state’s new rules, which took effect in July 2023, recipients of crypto donations are nevertheless required to convert these to U.S. dollars within five days.
According to a report by Axios, the crypto contributions must be valued at the digital assets’ respective prices when the donations were made. In the event of the prices changing within the five-day grace period, such changes must be shown separately in campaign finance reports.
Minnesota’s decision to allow crypto contributions was made after the state’s Campaign Finance & Public Disclosure Board received inquiries from campaign teams which wanted to know the procedures for accepting crypto donations. According to Jeff Sigurdson, the CEO of the state’s political finance and disclosure body, these inquiries in turn prompted it to ask legislators to look into this.
Although the state has okayed crypto contributions, prospective recipients of such donations are still wary of digital assets’ volatility. The identity of crypto donors is also another key concern for the campaign committees.
Politicians Not in a Hurry to Receive Crypto Donations
Meanwhile, U.S. congressman Ken Martin is quoted in the report stating that he is not seeking to actively raise crypto donations.
“There’s so much that you have to do to verify cryptocurrency and … accept it that it’s somewhat of an administrative nightmare,” Martin said.
Minnesota Republican David Han claimed that politicians from the state will accept any “lawful contribution to help our cause.” He however claimed that politicians in the state are currently not focused much on raising funds via crypto donations.
As per the report, the new rules are expected to give the green light for collecting political donations via Venmo and other mobile payment apps.
What are your thoughts on this story? Let us know what you think in the comments section below.
TemDAO World Heritage Project Helps the Cultural Sector through Democracy-Fueled Donations
PRESS RELEASE. Tokyo, Japan, April 11th 2023, Chainwire. TemDAO is a world heritage project that seeks to protect and preserve cultural assets through donations and democracy. The project, powered by the $TEM token, ensures the long-term sustainability of global cultural sites.
Recently, TemDAO has made notable donations for preservation efforts in Ukraine, Turkey, and other regions worldwide. These actions aim to help communities preserve their existence and their global heritage.
The team underlines the importance of recognizing the significance of preserving the world’s shared cultural history. TemDAO aims to positively impact global culture through its unique strategy and solutions.
The Team’s Strategy for World Heritage and Cultural Assets Protection
TemDAO has an innovative strategy for protecting world heritage and cultural assets. The project intends to empower individuals and organizations to stimulate projects that preserve these important resources.
As a current initiative, the TemDAO team is working with Ninna-ji temple, one of the temples in Kyoto, Japan.
There are many temples in Kyoto, but they have the problem of aging and need to be repaired or rebuilt. Ninna-ji Temple and TemDAO are working together to attempt to reconstruct the temple through donations.
The project relies on transparent transactions in which all expenses are recorded on-chain, making corruption impossible and allowing for offering special utilities to collaborators who agree with their aims.
The proposed utility is the right to stay in a special part of the temple. That room has an important historical significance, where an old emperor used to live. Wouldn’t it be historic to be able to stay in the same room and experience the same feelings?
TemDAO is exploring the possibility of connecting the world of Buddhism at Ninna-ji Temple with the reality of their DAO to achieve sustainable protection and restoration of Ninna-ji Temple.
A System Fueled by Democracy and the $TEM Token
TemDAO is a platform that utilizes blockchain technology to facilitate the protection and maintenance of global heritage sites. It features two forms of democratic governance: off-chain voting, known as ‘soft’ governance, and on-chain voting.
The $TEM token serves as the fuel for this system, with multiple use cases:
- It allows holders to lock $TEM. The operation enables the community to govern fundraising proposals and decide fund allocation.
- It enables the community to pay commission fees for IP-NFT trading.
- Staking $TEM creates a pool for fundraising and project reviews.
- Depositing $TEM allows users to become nodes that review projects while deterring cheating.
The $TEM token distribution aims to provide incentives for all stakeholders in a democratic manner. Specifically, most of the tokens (62%) go to the ecosystem. This includes participants in World Heritage or cultural asset protection and funds for equipment and repairs.
Additionally, 14% of the tokens help the team push its marketing efforts. The same quantity (14%) goes to developing the platform and its supporting services. The remaining 10% is in the hands of TemDAO stakeholders, such as the team, investors, prospective employees, and strategic partners.
TemDAO’s decentralized governance mechanism preserves world history by balancing token utility and fund allocation.
The Project’s Recent Donations for World Heritage Preservation
The TEM project team has recently donated to several organizations to support the people and communities affected by global events. All of these donations were made from $TEM profits.
In particular, they have donated funds to aid Ukraine following the Russian invasion of 2022. The team donated for relief efforts after an earthquake hit Turkey in February 2023. The team has contributed to NPOs and NGOs such as “Save the Children,” “Binance Charity,” and others through these donations.
The project’s mission is to make sure that the world’s heritage is preserved and protected. In such a context, donations represent a direct way of contributing to this goal. The project team is committed to ensuring their donations are put to good use.
About TemDAO
TemDAO is a world heritage protection and development DAO accelerator. The project provides a large ecosystem of resources and support to fund, govern, and develop cultural properties worldwide.
TemDAO uses a decentralized, democratic governance system powered by the $TEM token. This approach preserves and maintains world heritage sites through off-chain and on-chain voting processes and more.
The team has recently partnered with the Giving Block, a popular name in the world of crypto charities. The Giving Block has gradually built a reputation as the go-to platform for nonprofits looking to accept cryptocurrency donations. This partnership is a great opportunity for TemDAO to enhance its mission of protecting the world’s precious heritage sites and accelerating its fundraising efforts.
The project’s recent donations go in the same direction, providing relief and support to communities affected by global crises. By doing so, TemDAO ensures the preservation of the world’s heritage for future generations.
TemDAO’s website and social media pages below provide more information about the platform, its features, and how it works.
Contact
Marketing Director
Kei Sugimura
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.