Former U.S. President and presidential candidate Donald Trump has engaged with leaders in the bitcoin mining sector, expressing his support for the industry. Trump stressed that bitcoin mining “may be our last line of defense” against a central bank digital currency (CBDC). He emphasized the importance of producing the remaining bitcoin in the U.S., suggesting […]
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Donald Trump Vows to Be the ‘Crypto President’ — Pledges to End Biden-Gensler Crypto Policies Within One Hour
Former U.S. President and presidential candidate Donald Trump has pledged to become “the crypto president” if re-elected. He vowed to terminate the anti-crypto policies introduced by Joe Biden and U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, emphasizing that their policies “will grind to a halt within one hour of a second Trump administration.” […]
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Donald Trump Pledges to Stop Biden’s Anti-Crypto Agenda, Protect Bitcoin, Free Ross Ulbricht
Presidential candidate and 45th U.S. President Donald Trump has declared support for the crypto sector. “I will also stop Joe Biden’s crusade to crush crypto,” he promised. “I will support the right to self-custody.” He will also “commute the sentence of Ross Ulbricht to a sentence of time served.” Moreover, Trump stressed, “I will keep […]
Bitcoin News
Asset Manager Vaneck Pledges to Donate 5% of Spot Bitcoin ETF Profits to Bitcoin Core Developers for 10 Years
Asset management firm Vaneck has pledged to donate 5% of its spot bitcoin exchange-traded fund (ETF) profits to support Bitcoin Core developers for at least 10 years. The company is currently awaiting approval from the U.S. Securities and Exchange Commission (SEC) to launch its spot bitcoin ETF. The securities regulator is expected to approve multiple applications early next week.
Vaneck to Donate 5% of Spot Bitcoin ETF Profits
Asset manager Vaneck pledged financial support for Bitcoin Core developers on Friday, ahead of the U.S. Securities and Exchange Commission (SEC)’s decision on its spot bitcoin exchange-traded fund (ETF) application. Vaneck is one of 11 companies vying to launch the first U.S. spot bitcoin ETFs.
“We’re not Bitcoin tourists at Vaneck. We’re in it for the long haul,” Vaneck wrote on social media platform X Friday. The asset manager added:
That’s why we made an initial k donation and signed a pledge to donate 5% of our bitcoin ETF profits (if approved) to support Bitcoin Core devs for at least 10 years.
“Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it — more details to come,” Vaneck added.
The SEC is expected to make a decision on spot bitcoin ETF approvals early next week. In its year-end predictions, Vaneck said: “We expect more than .4B will flow into newly approved U.S. spot bitcoin ETFs in Q1 2024 to keep the bitcoin price elevated.”
In March, Bitcoin mining company Marathon Digital Holdings and Brink, a nonprofit striving to support open-source Bitcoin development, joined forces to raise million for Bitcoin Core developers. Marathon pledged to match all contributions toward this cause, totaling a maximum of 0,000 through 2023.
Venture capitalist Tim Draper, along with the Draper Foundation, has also supported Bitcoin Core developers through donations to Brink. In March, they donated 0,000, followed by another 0,000 in December for Brink’s Bitcoin developer funding efforts, bringing their total contribution to 0,000 for the year. Draper recently doubled down on his BTC prediction of 0,000 this year.
What do you think about Vaneck pledging to donate 5% of its spot bitcoin ETF profits to support Bitcoin Core developers for at least 10 years? Let us know in the comments section below.
Poloniex Hit by $114 Million Hot Wallet Heist; Justin Sun Pledges to Recover Funds
Onchain data and reports have highlighted unusual outflows from cryptocurrency exchange Poloniex, prompting concerns of a possible hot wallet breach worth approximately 4 million. Justin Sun, the exchange’s proprietor and Tron’s creator, has stated that the incident is under investigation.
Poloniex’s Hot Wallets Breached in 4M Hack
The breach at the centralized digital currency platform Poloniex, which occurred on Friday, November 10, 2023, involved a suspected loss of 4 million, as noted by onchain analysts. Cyvers, a team that provides real-time blockchain security alerts, issued a warning: “Red Code: Hey Poloniex [and] Poloniex Support, you better contact us as soon as possible,” they alerted.
In response to the event, Poloniex announced on the social media platform X that it had temporarily disabled its wallet system. “Our wallet has been disabled for maintenance,” Poloniex stated. “We will update this thread once the wallet has been re-enabled.”
While the estimated losses currently stand at 4 million, the impact on a considerable number of hot wallets suggests that the total could be higher. Justin Sun informed the crypto community through the social media platform X about the breach, assuring them of Poloniex’s commitment to rectify the situation.
“We are currently investigating the Poloniex hack incident,” Sun wrote. “Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.” Sun further added that a bounty was created, stating:
We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.
What are your views on the Poloniex hack and the estimated 4 million in losses? Post your comments and share your perspective on this matter below.
Vaneck Pledges 10% of Ethereum ETF Profits to Fuel ETH Core Development
On September 29, 2023, the asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum (ETH) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol.
A Decade-Long Commitment to Ethereum Development
Vaneck is set to contribute 10% of its ethereum futures ETF profits to the advancement of Ethereum, as revealed in a statement released on the social media platform X this past Friday. “We intend to donate 10% of our EFUT ETF profits to Protocol Guild for at least 10 years,” the firm said. “Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.”
The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membership. This guild is steered by the vision to “boost the incentives around stewarding the core protocol.” Vaneck accentuates that core developers have played pivotal roles in propelling crucial updates such as The Merge and Shanghai.
The firm underscored that should traditional finance (tradfi) reap benefits from the endeavors of Ethereum development, it’s only fitting that Tradefi reciprocates by giving back. “If tradfi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work,” Vaneck stated on X.
The digital asset fund manager added:
We urge other asset managers/ETF issuers to consider also giving back in the same way.
Vaneck’s Ethereum-centric ETF, brandishing the ticker “EFUT,” operates as a cash-settled futures fund, capitalizing on futures traded over the Chicago Mercantile Exchange (CME). Yet, it has lodged a filing for a physically-settled ether ETF, in tandem with its spot bitcoin ETF submission. Not to be outdone, Ark Invest and 21shares have also cast their bid into the ring, aiming to launch a physically settled ETH exchange-traded fund with regulatory approval.
What do you think about Vaneck pledging 10% of its EFUT profits to the Protocol Guild? Share your thoughts and opinions about this subject in the comments section below.
Biden Pledges to Eliminate Tax Loopholes for Crypto Traders — Vows to Make US Tax System Fair
U.S. President Joe Biden has promised to make the federal tax system fair by eliminating loopholes for crypto traders and hedge fund managers. He aims to “achieve tax code fairness” by “ensuring that the burden is shared by the wealthy, super-wealthy, and large corporations while safeguarding the middle class from any tax increases.”
Biden Wants to Eliminate Tax Loopholes for Crypto Traders
U.S. President Joe Biden talked about taxation for crypto traders during his economic policy speech dubbed “Bidenomics” in Chicago on Wednesday.
“Does anyone here think the federal tax system is fair? Raise your hand,” Biden said, adding:
No matter how much money you make. We’re going to make it fair by eliminating loopholes for crypto traders, hedge fund managers.
“We’re going to get billionaires to pay up a little bit, at least a minimum tax … No billionaire should pay a lower tax rate than a schoolteacher, a firefighter, or a cop,” he emphasized. “That’s the next phase of this fight: making the tax code fair for everyone, making the wealthy and the super-wealthy and big corporations begin to pay their fair share, without raising taxes at all on the middle class.”
Many crypto proponents took to social media to comment on Biden’s speech. Gabor Gurbacs, advisor at investment management firm Vaneck, tweeted:
Reminder: The U.S. added trillion in debt in the past ~3 years. The U.S. doesn’t have a revenue problem. It has a government spending problem. Not sure what President Biden is saying about eliminating tax loopholes for crypto traders. There are few to none.
Ryan Selkis, founder & CEO of crypto analytics firm Messari, wrote: “At 80 years old, President Biden is one of the few people in D.C. who’s lived long enough to read through our 70,000-page tax code. But he’s also losing his marbles and seems confused: there are no ‘crypto trader’ tax loopholes, and his policies are destroying capital gains anyway.”
What do you think about Biden’s promise to eliminate tax loopholes for crypto traders? Let us know in the comments section below.
Crypto Giant Binance Pledges $1.5m to Help Chinese Coronavirus Victims
Over the past few weeks, a virus in the coronavirus family (same family as the common cold, SARS, MERS, etc.) has started to circulate the globe. This novel coronavirus (2019-nCoV) originated in China, specifically in the Chinese city of Wuhan and seemingly due to infected animals being sold at a local market.
The virus has thus far infected 1,400 individuals, official numbers state, with cases existing mainly in China though starting to spread to the U.S., France, Malaysia, Singapore, and beyond.
Although these numbers may seem small, reports indicate that hospitals in Wuhan are being overrun due to the influx of cases and those believing they are sick with this coronavirus. Independent videos published to social media, in fact, say that there is a shortage of masks and other protective materials, along with too few doctors.
Thus, the world has sprung into action, attempting to support the victims.
Crypto Giant Binance to Support Coronavirus Outbreak
Changpeng “CZ” Zhao, the Chinese-Canadian businessman that heads the world’s largest crypto exchange Binance, revealed in a tweet published minutes ago that his company has pledged “10m RMB (.5m USD) to help coronavirus victims.”
Zhao seemingly denied any use of crypto assets in this, writing that it “is not realistic to do crypto to end beneficiaries [for the Wuhan outbreak].”
Binance is purportedly still working on the logistics for this move, with the industry executive writing: “We didn’t make any announcements. But BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”
For #Wuhan, not realistic to do crypto to end beneficiaries.
Binance pledged 10m RMB (.5m USD) to help #coronavirus victims.
We didn’t make any announcements. But BCF/Binance team has been busy for the last few days.
Still need help to arrange logistics locally. https://t.co/UH6FXgVSrX
— CZ Binance (@cz_binance) January 25, 2020
This seemingly makes Binance the first crypto company to have started a charitable initiative to support victims of the latest Chinese coronavirus.
This isn’t the first time Binance has been charitable in times of need. It in 2018 contributed million to aid those affected by the massive flood in the west of Japan. The crypto firm also has its own charity arm.
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Chinas Hainan Free Trade Zone Pledges $140M in New Blockchain Support
n Chinas Hainan Free Trade Zone has pledged 0 million to developing blockchain in the pilot jurisdictionn
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Crypto Entrepreneur Pledges Match of Presidential Candidate’s Universal Basic Income Scheme
Justin Sun, the founder of the crypto asset network TRON and CEO of BitTorrent, has just announced that he intends to match a presidential candidate’s unorthodox campaign strategy. The crypto-friendly democratic candidate, Andrew Yang, has stated that he plans to use campaign funds to extend universal basic income of ,000 per month to 10 people for the next year.
In a move clearly supportive of the candidate, Sun has pledged to give ,000 of his own money to 100 people each month for the next year. The crypto entrepreneur has also offered a seat at his lunch date with legendary investor Warren Buffet.
Justin Sun Backs Pro-Crypto Candidate with UBI Match
Earlier today, The New York Times reported on democratic presidential candidate Andrew Yang’s announcement that he planned to award 10 people ,000 per month for a year. The move would be a much scaled down version of the universal basic income package he plans for US citizens should they elect him president in 2020.
The legality of Yang’s “freedom dividends” have been called into question since he plans to finance them using campaign funds. However, Yang argues that the payments are not against federal law since they would not exist if it were not for the campaign.
Crypto entrepreneur Justin Sun today pledged to match Yang’s UBI experiment by extending the monthly ,000 to another “100 ppl”. He gave scant few other details of his plans via Twitter:
Yang’s initiative to UBI k to 10 ppl per mth for 1 yr, I'll pledge UBI k to 100 ppl per mth in 2020! I'll pick 1 to attend lunch w/ me & @WarrenBuffett 2020! I'll let Yang assist me in picking the lucky 100! Join us! #YANG2020 @AndrewYang https://t.co/YQFnXwXtuf
— Justin Sun (@justinsuntron) September 13, 2019
Sun does not tell followers if they need to register interest in the competition, if it will be exclusive to US citizens, or if all entries must be a Tron holder. He also does not state if he will be paying the UBI in the crypto asset he founded, TRON.
He does, however, extend an invitation for one of the 100 recipients to join him at his lunch date with Warren Buffet. Yang will reportedly help him select who to bring along. The entrepreneur won a charity auction for the opportunity for him and a handful of others to have lunch with the legendary investor and cryptocurrency naysayer. He paid .6 million for the opportunity to turn Buffet around to his way of thinking. The lunch has already been postponed once due to apparent health concerns of Sun.
Already known to be joining Sun at the dinner is Jeremy Allaire, the CEO of Circle; eToro founder, Yoni Assia; Livio Weng, of Huobi; Charlie Lee, the founder of Litecoin; and a representative of exchange giant Binance. Each gave their agreement to attend the lunch prior to the now postponed date.
Presuming that those five names are still interested, that leaves two of the seven places yet to fill. With one going to the winner of the crypto entrepreneur’s UBI pledge competition, and President Trump looking increasingly like he snubbed his own invitation, it’s unclear who will fill out the table when the lunch is finally rescheduled.
Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!
— Justin Sun (@justinsuntron) July 12, 2019
Related Reading: Crypto Crisis: Pro Trader Compares Altcoins To Crushing Student Debt
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