Bloomberg’s senior ETF analyst has stated that the odds of a Solana exchange-traded fund (ETF) being approved within the next 12 months are closely linked to the likelihood of a change in the U.S. presidency. He noted that it is “safe to say the chances of both are higher today than they were yesterday.” Potential […]
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Putin Says BRICS Developing Independent Payment System Free From Political Pressure
Russian President Vladimir Putin recently announced that the BRICS bloc aims to establish an independent payment system, free from political pressure and external interference. Putin stated that the addition of new members has increased BRICS’ share of global GDP to 36% and its share of the global population to 45%. Putin Announces BRICS Open to […]
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Mike Novogratz Expects Bitcoin to Hit $100K by Year-End as US Political Support for Crypto Grows
Galaxy Digital CEO Mike Novogratz predicts bitcoin could hit 0,000 by year-end, citing a positive U.S. political environment for digital assets. He highlighted growing optimism for cryptocurrencies and progress on SEC approval of spot ethereum ETFs. However, the industry recently faced a setback when President Joe Biden vetoed a resolution to overturn the controversial crypto […]
Bitcoin News
Political Memecoin Mania: Super Trump Token Explodes With 200% Surge
Cryptocurrencies linked to former US President Donald Trump have seen a meteoric rise over the past week, reflecting a growing speculative fervor around politically-charged “memecoins” in the digital asset space.
The most notable gainer has been the “Super Trump” (STRUMP) token, which rallied by over 200% on May 29th alone, making it one of the top trending cryptocurrencies on CoinMarketCap.
The memecoin, which first debuted on Ethereum in March, has seen its fortunes change dramatically since launching on the Solana blockchain just last weekend.
Crypto analyst Tyler, who has been closely watching the space, noted:
“We are not even 24 hours past the #SUPERTRUMP launch on #SOLANA and already have great support around 4 million MC. Almost 1 million in volume and up 485.970%!”
Political meme coins stay hot
In the past day:$TRUMP +20% to 0M$MAGA +20% to 0M$BODEN +25% to 0M$STRUMP (Super Trump) +186% to M
The TRUMP coin on ETH is clearly leading the way and is now the 8th biggest meme coin by mc.
Polifi has become too big to fade pic.twitter.com/J6onV5W9Vg
— TylerD
(@Tyler_Did_It) May 29, 2024
Trump Memecoin And The ‘PoliFi’ Phenomenon
The STRUMP surge appears to be part of a broader trend within the so-called “PoliFi” (political finance) ecosystem, where tokens tied to prominent political figures and ideologies have gained significant traction among crypto investors.
Other Trump-linked memecoins, such as TRUMP, MAGA, and BODEN, have also recorded massive price spikes in recent days, with gains ranging from 20% to 350%. This rally has catapulted the original TRUMP coin to become the 8th largest memecoin by market capitalization.
The STRUMP project itself has emphasized its community’s deep dedication to the former president, claiming that 0.8% of its wallet is reserved for Trump. This signal of support seems to have resonated with the crypto crowd, many of whom view Trump’s pro-crypto stance as a positive driver for these types of digital assets.
STRUMP Loses Steam
However, the euphoria surrounding STRUMP and its peers has been short-lived, as the memecoins have since lost steam following their recent record highs. As of press time, STRUMP was trading around .006, roughly 50% below its peak price of .012 reached earlier this week.
This volatility underscores the inherent risks and speculative nature of the memecoin market, where prices can fluctuate wildly based on social media trends, influencer endorsements, and other ephemeral factors.
The long-term viability of these tokens remains uncertain, as regulatory scrutiny and broader market conditions could significantly impact their performance.
Investors Bring Ideologies To The Blockchain
The resurgence of Trump-linked memecoins reflects the continued fascination with the former president’s brand and the growing influence of politically-motivated investors in the cryptocurrency space.
While these digital assets have captivated the attention of speculators, their dramatic price swings serve as a cautionary tale for those seeking to capitalize on the “PoliFi” phenomenon.
Featured image from iPic.Ai, chart from TradingView
Japan’s Web3 Ambitions Hang in Balance as Political Scandal Rocks Kishida’s Leadership
Japan’s Prime Minister Fumio Kishida and the ruling Liberal Democratic Party are advocating Web3 development amid a major corruption scandal that threatens their political stability. With leadership elections approaching in September and declining party support, the future of Japan’s Web3 policy and initiatives, including a substantial number of active projects, remains uncertain. Despite global challenges […]
Bitcoin News
Former Coinbase CTO Balaji Srinivasan: Bitcoin Is a ‘Political Revolution’
Balaji Srinivasan, venture capitalist and former CTO of Coinbase, has highlighted the real purpose of Bitcoin and its implications for geopolitical and financial issues. Srinivasan stated that Bitcoin at its core is a “political revolution,” because it challenges the centralized states’ business model, and the change brought by it will be fought by states who […]
Bitcoin News
Ripple CEO Blasts Gary Gensler as ‘Political Liability’ — Says New SEC Chair Will Be Good for the American People
The CEO of Ripple, Brad Garlinghouse, has slammed the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, as a “political liability.” Emphasizing that Gensler is not acting in the interests of the people or the long-term growth of the economy, the Ripple executive said: “I think at some point there will be a new chair of the SEC, and I think that will be a good thing for the American people.”
Garlinghouse Calls SEC Chair a ‘Political Liability’
Ripple CEO Brad Garlinghouse directed strong criticism towards U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in Davos on Tuesday. Calling Gensler a “political liability” due to his approach to the crypto industry, Garlinghouse said:
I do think the chair of the SEC, Gary Gensler, is a political liability in the United States. And I think he’s not acting in the interests of the citizenry, he’s not acting in the interests of the long-term growth of the economy, and I don’t understand it.
“I think at some point there will be a new chair of the SEC, and I think that will be a good thing for the American people,” the Ripple executive opined.
Despite approving 11 spot bitcoin ETFs last week, SEC Chair Gary Gensler clarified that this does not constitute an endorsement of bitcoin. He reiterated his warnings about the risks associated with crypto investments. Furthermore, Gensler sees an irony in the approval, noting that it has led to the centralization of what’s supposed to be a decentralized system.
The SEC’s legal journey in the cryptocurrency space was fraught with challenges last year. After filing a lawsuit against Ripple, Garlinghouse, and Chris Larsen in December 2020, the agency faced a partial victory for Ripple from Judge Analisa Torres. The SEC’s attempt to appeal was rejected, and the agency later dropped the charges against Garlinghouse and Larsen. Further, the regulator lost a court case against Grayscale Investments as the asset manager attempted to convert its bitcoin trust (GBTC) into a spot bitcoin ETF.
Garlinghouse further said on Tuesday: “One of the definitions of insanity is doing the same thing over and over again and expecting a different outcome.” The Ripple executive opined:
I think Gary Gensler is doing the same thing over and over again, and he thinks that somehow he’s going to win in court. He has continued to lose in court.
Crypto investors and lawmakers are increasingly critical of Gensler’s regulatory approach. There is currently a bill introduced in Congress by Rep. Warren Davidson (R-OH) seeking to remove Gensler as the chairman of the SEC.
What do you think about the statements by Ripple CEO Brad Garlinghousea about SEC Chair Gary Gensler? 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.
US Prosecutors Accuse FTX’s Sam Bankman-Fried Of Using $100M To Curry Political Favors
The drama surrounding FTX and founder Sam Bankman-Fried (SBF) continues to unfold almost a year after the crypto exchange collapsed. This time around, prosecutors are coming after the former CEO for allegedly using customer funds to buy the favor of politicians.
SBF Used Customer Funds For Campaign Contributions
The latest indictment filed by the United States Department of Justice (DOJ) details how Bankman-Fried embezzled customer deposits and used these stolen funds towards various ventures, including funding the political campaigns of several politicians in the Democratic and Republican parties.
According to the filing, SBF did this to lobby for crypto regulations that could favor him and his company. His plan was to get Congress and regulators to make laws and regulations that make it easier for FTX to accept customers’ deposits, consequently allowing his embezzlement to continue without getting noticed.
SBF also apparently broke several campaign finance rules to maximize his influence on politicians by using straw donors as some of these political contributions were allegedly made in the names of FTX executives. The founder also made to conceal the fact that the source of these donations was customer funds, as he directed that the customer deposits be paid into the executives’ bank accounts, who then made the donations in their names.
SBF had been publicly known to make contributions to the Democratic party while secretly funneling funds to the GOP. He previously admitted that he made “significant” donations to both parties before the midterm elections last year.
At the time, the funds he reportedly donated totaled over million, making him the seventh-highest political donor between 2021 and 2022. However, the latest indictment filing reveals that he could have well been the second-highest political donor with over 0 million in political contributions.
While SBF made these donations and portrayed himself as the “savior of the cryptocurrency industry” (in reference to SBF bailing out crypto firms that were struggling financially), there were gaps in FTX’s finances resulting from his alleged misappropriation.
Sam Bankman-Fried Faces Seven Counts Of Fraud
Despite this latest revelation, prosecutors will no longer be charging SBF with violation of campaign finance rules. This decision was made to protect the US government’s extradition agreement with the Bahamas as the latter “did not intend to extradite the defendant on the campaign contributions count.”
According to the latest indictment filing, SBF now faces seven counts of financial fraud. These charges cut across his misappropriation of funds that belonged to FTX customers and Alameda Research Creditors. He is also charged with money laundering.
Last week, a US Judge ruled that SBF be remanded in the infamous Brooklyn Metropolitan Detention Center (MDC), known for its unfavorable living conditions. This ruling came after SBF was found to have tampered with evidence, and he is expected to remain in custody until his trial set for October 2.
Russian President Vladimir Putin Criticizes the ‘Use of the Dollar as a Political Weapon’
Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global finance complicated the institution’s growth to help third-world countries facing difficult conditions.
Russian President Vladimir Putin Talks Dollar Weaponization in Recent Meeting
Russian President Vladimir Putin referred to the weaponization of the dollar and its effects on the global economy in a recent meeting with Dilma Rousseff, president of the New Development Bank (NDB) — also known as the BRICS bank — during the second Russia-Africa Summit held in Saint Petersburg. Putin explained this weaponization complicated Rousseff’s task of growing and developing the NDB’s role in the current international arena.
Talking to Rousseff, Putin stated:
I am confident that … you will make every effort to develop this institution. In the current conditions, it is not easy to do so, given the developments in global finance and the use of the dollar as a political weapon.
Furthermore, Putin declared that the BRICS countries (Brazil, Russia, India, China, and South Africa) were “increasing the use of national currencies in their mutual settlements,” mentioning that the NDB might have a role to play in boosting these joint activities.
Rousseff’s Statements
Rousseff stated that even as the bank faces liquidity problems, the institution is called to develop a more significant role in the emerging multipolar world order. She explained:
The bank should play a major role in the development of a multipolar, polycentric world. We must work to attract investment in the markets of our partners.
Putin had declared previously that this new multipolar world already being shaped will be “more just and democratic.” Rousseff also talked in favor of using national currencies for international trade, stating:
I also believe that the countries of the developing world can freely make their foreign trade transactions between themselves in their national currencies.
The Roscongress Foundation, a Russian think tank that sponsors the Russia-Africa Summit, had profiled the role of the NDB as a counterpart to the International Monetary Fund (IMF) in a report published in May. In Roscongress’ vision, the bank could issue “energy loans” based on the energy exporting capabilities of each member.
These energy loans would be secured through the NDB, being liquid due to its multi-currency nature, similar to the IMF’s Special Drawing Rights (SDR).
What do you think about Putin’s statements on the weaponization of the U.S. dollar? Tell us in the comments section below.