U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has unveiled his plan to put the entire U.S. budget on a blockchain. “Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day,” he explained, adding that if somebody is spending ,000 for a toilet seat, everybody […]
Bitcoin News
Presidential Election Betting Surges as Odds Tighten on Polymarket
The competition has notably intensified in recent months for the 2024 U.S. presidential election, as indicated by the prediction market platform Polymarket. Just two months ago, former President Donald Trump was ahead with a 52% lead, while incumbent Joe Biden was at 33%. Current figures from Polymarket still place Trump in the lead, albeit by […]
Bitcoin News
Nigerian Presidential Adviser Assails Binance, Calls for Measures Against the Crypto Exchange
Bayo Onanuga, a special adviser to the Nigerian president, has leveled accusations against Binance, blaming it for exacerbating the local currency’s depreciation against major currencies. Onanuga called for immediate action against Binance, warning that its activities could potentially undermine the economy. Binance, however, has refuted these allegations, attributing the naira’s depreciation to “complex factors” that […]
Bitcoin News
Latam Insights: Bukele Wins Presidential Ballot by Landslide, Brazil Strengthens Crypto Tax Oversight
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements, and Argentine President Javier Milei warns there will be no dollarization this […]
Bitcoin News
Former SEC Official: Crypto Holds the Key to 2024 US Presidential Election
The U.S. Securities and Exchange Commission’s former head of internet enforcement has explained that crypto holds the key to the 2024 U.S. presidential election. He stressed that every U.S. presidential candidate should immediately appoint an internal Crypto Czar. “The stark reality is that above all else, people have always voted with their wallets,” he emphasized.
Former SEC Official on Crypto and Presidential Election
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has shared his view on crypto and how it could influence the outcome of the 2024 U.S. presidential election. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official detailed on social media platform X Wednesday:
The crypto movement holds the key to the 2024 presidential election. Every presidential contender should immediately appoint an internal Crypto Czar to serve as the crypto-focal point and crypto-spokesperson for that candidate.
“The Crypto Czar should join the stages of all of the crypto-spaces and participate in all of the crypto symposium/meetings to mobilize crypto-enthusiasts and issue a proclamation as to the candidate’s position on crypto-related issues,” Stark continued.
“While I firmly believe that crypto is a mammoth Ponzi scheme, I also believe that members of the crypto community are extraordinarily passionate and represent a growing and powerful political constituency. Along these lines, crypto ownership is most akin to an ethos, a lifestyle, a culture, and a worldview, which could … transform crypto enthusiasts into one-issue voters who can move the election needle dramatically,” he added.
The former SEC internet enforcement chief opined: “The stark reality is that above all else, people have always voted with their wallets — and going forward will do so even moreso if their wallets are digital. The cryptoverse has become a global masala of antiestablishmentarianism unlike any other economy movement in history.”
Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing million as of December last year. Supporters include venture capital firm Andreessen Horowitz, Ark Invest, Coinbase and its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Kraken, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.
Recent data from the decentralized crypto-based predictions platform Polymarket suggests that Donald Trump, the 45th president of the United States, is currently leading with a 48% chance of victory. While Trump has expressed skepticism toward crypto and bitcoin in the past, he is expected to become “a lot more” crypto-friendly if he returns to the White House. Several analysts, including those at asset management firm Vaneck, expect the price of bitcoin to hit record highs if Trump wins the U.S. presidential election in November.
What do you think about the statements by the former SEC official? Let us know in the comments section below.
DeSantis Vows to Abolish IRS, Advocates Flat Tax in Presidential Bid Amidst Stiff GOP Competition
On Jan. 4, 2024, Florida Governor and presidential candidate Ron DeSantis articulated his desire to abolish the U.S. Internal Revenue Service (IRS). He advocated for the adoption of a uniform rate flat tax for all U.S. residents. DeSantis declared to CNN’s Kaitlan Collins on Thursday, “I would eliminate the IRS, have a single rate, and just do a flat tax.”
DeSantis Targets IRS Overhaul and Flat Tax in 2024 Presidential Race
In a recent series of town hall gatherings, U.S. Republican presidential contender Ron DeSantis appeared alongside Nikki Haley, the former Republican Governor of South Carolina. At the CNN-sponsored event, DeSantis engaged with potential GOP caucus-goers and moderators, delving into a variety of national issues and sharing his presidential aspirations. Addressing the audience and CNN’s Kaitlan Collins, DeSantis reaffirmed his commitment to disband the U.S. federal tax authority, the IRS, articulating:
I would eliminate the IRS, have a single rate, and just do a flat tax — That would be the ideal tax system.
DeSantis isn’t the sole Republican aiming for the presidency to express intentions to dissolve key U.S. agencies. Previously in Iowa, presidential aspirant Vivek Ramaswamy vocalized his plan to disband the CDC, ATF, and IRS. Moreover, DeSantis’s discussion on dismantling the IRS isn’t a new development. He previously broached the topic in June 2023 during an interview with Fox News anchor Martha MacCallum. Even before that, he detailed to Dana Loesch, host of The Dana Show, his plans to substitute the tax agency with an alternative system.
Florida’s 46th Governor, DeSantis, has long been an advocate for implementing a flat tax system at the federal level, actively co-sponsoring The Fair Tax Act (H.R. 25) during 2013, 2015, and 2017. In a video from June 2013, DeSantis strongly supported the bill he helped introduce, responding to queries from his constituents. The Fair Tax Act aimed to eliminate federal personal, corporate, payroll, estate, and gift taxes, and proposed the dissolution of the Internal Revenue Service (IRS). Despite these efforts, the bill did not advance through the requisite legislative stages to be enacted.
Ex-U.S. President Donald Trump, however, dominates the Republican field by a significant margin, with national polling from fivethirtyeight.com showing him in the lead with 61.8% favorability as of Jan. 6, 2024. Trailing behind is DeSantis at 12.1%, with the Florida Governor slightly ahead of Haley, who stands at 11.2% favorability. Ramaswamy is further down the list with a 4.1% favorability rating in the fivethirtyeight.com polls. Additional sources, such as the 270towin Polling Average, also depict Trump as the frontrunner across nearly all regions of the United States.
What do you think about DeSantis and his idea to abolish the IRS and implement a flat tax system? Share your thoughts and opinions about this subject in the comments section below.
US Presidential Candidate Outlines Plan to Shut Down FBI if Elected — ‘This Is Much More Practical Than It Sounds’
Presidential candidate Vivek Ramaswamy has outlined his plan to shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States. “56% of the bureau that are professional bureaucrats should be fired immediately,” he stressed, adding that 44% of FBI employees are special agents and intelligence analysts who “should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.”
’This Is Much More Practical Than It Sounds’
U.S. presidential candidate Vivek Ramaswamy outlined how he would shut down the Federal Bureau of Investigation (FBI) if he is elected President of the United States in several posts on social media platform X.
“We need to cure the cancer that is the administrative-police state,” the presidential hopeful explained, adding that the FBI is among the “toxic” government agencies that he will shut down. Emphasizing that the bureau cannot be reformed, he wrote on X Saturday:
Shut down the FBI. And yes, this is much more practical than it sounds.
The FBI can’t be “reformed.”
The right answer is: Shut It Down.
Yes, the President can do it.
I will.
— Vivek Ramaswamy (@VivekGRamaswamy) December 31, 2023
Noting that the FBI has about 35,842 employees, the presidential hopeful stated that “56% of the bureau that are professional bureaucrats should be fired immediately.” He added: “Just 44% of FBI employees are special agents and intelligence analysts — these 15,770 specialists should be reassigned to serve under the narrow focus of other federal law enforcement agencies doing the same specialist work.”
Ramaswamy then highlighted where some FBI specialists and analysts should be transferred to. Firstly, he said 821 should be reassigned to the U.S. Marshals Service to fight crimes against children, and 4,159 should be transferred to work at the Department of Defense’s Intelligence Agency.
Moreover, 4,663 should be transferred to the Department of Homeland Security to focus on national security and terrorism while 856 should be reassigned to the U.S. Secret Service to fight “political corruption,” the presidential candidate stated.
Furthermore, 2,555 FBI specialists and analysts should be transferred to the Department of Justice, “within a specialized sub-agency rather than a sprawling investigative bureaucracy,” the presidential candidate emphasized. They should be reassigned to focus on “civil rights, organized crime, violent crime, science and technology, including crime laboratory analysis across agencies,” Ramaswamy described. Lastly, 856 should join the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) to fight “white collar crime,” he noted.
Ramaswamy recently unveiled his crypto policy. He has promised that if he is elected President of the U.S., he will ensure that innovative sectors, including crypto, are “liberated from the shackles of the unconstitutional shadow government.” He expects to rescind most, if not all, of the U.S. Securities and Exchange Commission (SEC) regulations that apply to cryptocurrencies.
Do you think the FBI should be shut down? Let us know in the comments section below.
Donald Trump Warns of Stock Market Crash and Great Depression if He Doesn’t Win Presidential Election
Former U.S. President Donald Trump has warned that the U.S. could face a stock market crash worse than that of 1929 and a Great Depression if he doesn’t win the upcoming presidential election. He stressed that the U.S. economy is “terrible” and inflation over the past three years “has totally destroyed the buying power of the consumer.”
Trump’s Market Crash and Depression Warnings
Donald Trump, the 45th President of the United States, has sounded the alarm regarding the U.S. economy if he doesn’t win the presidential election this year.
The former U.S. president posted on his social media platform Truth Social on Friday: “The economy is terrible & inflation, which by some accounts is more than 30% over the last three years, has totally destroyed the buying power of the consumer. The only thing that is keeping the economy ‘alive’ is the fumes of what we accomplished during the Trump administration.”
Trump added: “The stock market is only high because people, & institutions, believe & expect me to win the presidential election of 2024.” He warned:
If I don’t win, it is my prediction that we will have a stock market ‘crash’ worse than that of 1929 — a Great Depression.
Official Bureau of Labor Statistics (BLS) data show a 17% price increase since President Joe Biden took office. However, an alternative inflation measure, applying the same methodology used in the 1980s, estimates this figure to be roughly double, exceeding 30%.
Trump’s path to the 2024 Republican nomination faces roadblocks, with ongoing legal battles. He is presently barred from the primary ballot in Colorado and Maine. The Supreme Court is expected to rule whether states have the authority to prevent from running for president.
This isn’t Trump’s first warning about economic calamity if he loses the 2024 presidential election. In July, he predicted an economic depression. In April, he fretted over a crashing U.S. dollar and our proximity to World War III. He also stressed that the U.S. is losing the currency war against China, noting that the Chinese government is attempting to dethrone the USD as the world’s dominant currency.
Meanwhile, some have predicted that Trump’s presidential victory would send bitcoin soaring. Asset manager Vaneck, for instance, anticipates an all-time high for BTC after Trump wins the election. John Reed Stark, former internet enforcement chief at the U.S. Securities and Exchange Commission (SEC), even suggested that Trump may change his anti-crypto stance dramatically. In addition, the former U.S. president recently launched his third non-fungible token (NFT) collection and reportedly sold millions of dollars in ether (ETH) he received from NFT sales.
What do you think about former U.S. President Donald Trump’s warnings? Let us know in the comments section below.
US Presidential Candidates Tackle Crypto Issues at Groundbreaking Forum
Highlighting the increasing significance of digital assets in American politics, several presidential candidates from the Republican and Democratic parties came together at the Crypto Presidential Forum to discuss their visions for the future of cryptocurrency in the U.S.
Crypto Takes Center Stage in Crypto Presidential Forum
In a historic event at St. Anselm College in New Hampshire, presidential candidates from both sides of the political aisle gathered on Dec. 11, 2023, for the first-ever Crypto Presidential Forum, organized by the Stand with Crypto Alliance and Coindesk. With the 2024 U.S. presidential election fast approaching, the event, which can be viewed in its entirety here, offered a unique platform for candidates to express their views on the burgeoning cryptocurrency industry and the current state of digital asset regulation in the United States.
First up was Republican candidate and former governor of Arkansas Asa Hutchinson with a clear message of support for the crypto industry, saying, “I want the crypto industry to flourish in America and that the United States will lead.” To accomplish this, he outlined four points: clarity of rules, consumer confidence, coding ability, and affordable energy.
Vivek Ramaswamy, another Republican hopeful, presented a comprehensive crypto framework centered on three core principles: the freedom to code, financial self-reliance, and protection from regulatory overreach. Criticizing the influence of unelected bureaucrats in agencies like the U.S. Securities and Exchange Commission (SEC), Ramaswamy argued that:
“The imposition of the regulatory state and its overreach on the crypto sector, isn’t about the crypto sector, it’s about an imposition of an agenda that threatens our constitutional republic itself.”
On the Democratic side, Rep. Dean Phillips of Minnesota pointed out the knowledge gap in Congress regarding blockchain technology and crypto. He stressed the importance of understanding these emerging fields to effectively legislate and regulate them. Phillips’ perspective seemed to echo a common critique leveled against people in Congress, that they are out of touch with modern challenges, especially those brought on by new technologies.
Ben Friedman, the business development manager at Bitcoin.com, attended the event and praised the candidates for addressing pressing concerns from the crypto industry. Friedman said, “Vivek Ramaswamy’s approach to integrating crypto into national strategies was impressive, and his thoughts on a regulatory framework were articulated with remarkable clarity. Dean Phillips’ perspective on embracing blockchain innovation and positioning America as a leader in Web3 highlighted the event’s forward-thinking atmosphere.”
Overall, the event revealed a consensus among the candidates on the need for clear crypto regulations and a broader understanding of blockchain technology. The event represented a positive step in bringing crypto-related topics to the forefront of political considerations, suggesting that the next administration, regardless of its political affiliation, will likely pay closer attention to the growing digital asset landscape.
Which presidential candidate do you think has the best plan for crypto? Share your thoughts and opinions about this subject in the comments section below.
Trump, Kennedy Jr, and Ramaswamy Invited to First Crypto Presidential Forum
Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy have been invited to be part of the First Crypto Presidential Forum, an initiative designed to clarify the cryptocurrency policies of each U.S. presidential candidate. The event, organized by Stand with Crypto, will be held in New Hampshire on December 11.
Candidates to Discuss Crypto Policies in First Crypto Presidential Forum
Some of the most significant U.S. presidential hopefuls and candidates, including Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy, have been invited to the First Crypto Presidential Forum, an event focused on providing a medium for these politicians to describe their stance on cryptocurrency.
The event, to be held in New Hampshire on December 11, and hosted by the Stand with Crypto Alliance, a nonprofit focused on advocating for clear cryptocurrency regulations, will allow the candidates to discuss their hypothetical crypto-related policies in front of the crypto community. Other leaders and politicians, such as former Arkansas Governor Asa Hutchinson, U.S. Representative Dean Phillips, North Dakota Governor Doug Burgum, have also been invited.
The audience will also be able to submit questions to the participants. Nonetheless, the event will not be limited to only discussing crypto policies, as the alliance stressed that it is “designed to enable candidates to address the crypto and blockchain community on a range of policies.”
Stand with Crypto, which has received over million from more than 80,000 donors, has been mobilizing the cryptocurrency-holding crowd — estimated to be 52 million people in the U.S. — to organize and ask for a clear regulatory framework to allow industry actors to operate in a friendly environment.
At the time of writing, only Hutchinson, Ramaswamy, and Phillips have confirmed their presence at the event, while Trump, Kennedy Jr., and others haven’t yet announced if they will assist.
What do you think about the First Crypto Presidential Forum hosted by the Stand By Crypto Alliance? Tell us in the comments section below.