Ripple CEO Brad Garlinghouse expressed his view on the political landscape in the U.S. regarding cryptocurrency regulation on social media platform X on Monday. “You’ll hear this a lot more in the next few months in the U.S. — candidates will only gain votes for being pro-crypto, and absolutely lose them for being anti-crypto. There’s […]
Bitcoin News
US Congress Building Pro-Crypto Army, Lawmaker Says
Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler. ‘We […]
Bitcoin News
Pro-Crypto Lawyer John Deaton Enters Senate Race to Challenge Elizabeth Warren
Cryptocurrency advocate John Deaton has formally announced his candidacy for the Senate in Massachusetts, setting his sights on unseating the current Democratic Senator Elizabeth Warren from her position. “I’m excited for the opportunity to fight for change, and for the people of Massachusetts in the United States Senate,” Deaton wrote on Tuesday. Deaton vs. Warren: […]
Bitcoin News
Pro-Crypto US Attorney Considers Challenging Elizabeth Warren in Massachusetts Senate Race
John Deaton, a U.S. lawyer known for his pro-crypto stance, is reportedly considering a run against Massachusetts Senator Elizabeth Warren. The Republicans are eager to nominate a formidable candidate against Warren. This strategy could compel her to concentrate on her political survival, potentially diverting her focus from supporting other Democrats. Pro-Crypto U.S. Lawyer to Decide […]
Bitcoin News
Crypto Industry Funnels $78 Million Into War Chest to Elect Pro-Crypto Candidates in 2024 Elections
Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase.
The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage
Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcement states:
They will report million raised and in the bank in Q4 2023 to support leaders who support American crypto and blockchain innovation and responsible regulation in the forthcoming 2024 elections.
The announcement adds that supporters of Fairshake include venture capital firm Andreessen Horowitz, Ark Invest, Coinbase and its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Ron Conway, Cumberland, Framework Ventures, Hunter Horsley, Jump Crypto, Kraken, Lightspark, Messari, Multicoin Capital, Paradigm, Potter Ventures, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.
“In order for the blockchain economy to realize its full potential, a clear regulatory and legal framework for success is needed,” Fairshake stressed.
Ripple CEO Brad Garlinghouse commented on social media platform X Monday: “Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 U.S. election cycle.” The executive opined:
The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction, and other countries are taking full advantage of the lack of U.S. leadership.
“We need to advance leaders who will champion innovation and spearhead paths towards responsible regulation. 2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation and a compliance-first approach. Team Ripple and I won’t squander it,” he emphasized.
Coinbase CEO Brian Armstrong stated: “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation. It will be bi-partisan. And hopefully we can get it to 0m in Q1 next year.”
What do you think about the crypto industry’s war chest to elect pro-crypto candidates in upcoming elections? Let us know in the comments section below.
Elon Musk Shows Public Support For Pro-Crypto Presidential Candidate
X (formerly Twitter) owner Elon Musk is known to have an underlying interest in politics and cryptocurrencies. And this time around, the world’s richest man has showered praises on a pro-crypto candidate.
Elon Musk Compliments Pro-Crypto Ramaswamy
Elon Musk revealed his admiration for Republican Presidential Candidate Vivek Ramaswamy in response to a clip of Ramaswamy’s appearance on Tucker Carlson’s online show posted on the X platform. In the tweet, Musk labeled him “a very promising candidate.”
This isn’t the first time the world’s richest man has shown public support for a pro-crypto candidate, as Florida Governor Ron DeSantis was meant to announce his presidential bid during a chat with the Tesla CEO.
Meanwhile, Ramaswamy is known to have taken a pro-crypto stance since the beginning of his campaign. As part of his campaign, he has promised to create a more viable environment for the crypto industry in the US.
The presidential candidate has gone as far as incorporating Bitcoin donations into his campaign funds. During a Bitcoin 2023 conference in May, he announced that his campaign committee was “officially” accepting Bitcoin donations.
Interestingly, another presidential candidate Robert F. Kennedy also announced that his team was accepting Bitcoin donations during this conference.
Crypto A Focal Point Ahead Of Next Year’s Elections
Cryptocurrencies have continued to gain more attention in the political sphere ahead of the 2024 US elections. This isn’t surprising, considering that many US voters are said to be actively invested in digital assets.
Last year, a poll conducted by the crypto-focused political group GMI PAC revealed that 44% of US voters own or are considering owning digital assets. As such, it is expected that politicians will be looking to target this group of voters.
Presidential candidates like Ramaswamy and Kennedy have shown their inclination toward crypto. Kennedy, for one, has described cryptocurrency as a “symbol of democracy and freedom.”
Republican Presidential Candidate Ron DeSantis is another huge fan of Bitcoin. The Governor has promised to end “Biden’s War on Bitcoin” if elected. He also believes every citizen should have the right “to do Bitcoin,” as he mentioned during an X space with Elon Musk.
Furthermore, there is reason to believe that the outcome of the 2024 elections could significantly impact the crypto industry going forward. Former SEC Attorney John Reed Stark has predicted that the SEC’s clampdown on crypto firms could become a thing of the past if a Republican gets elected as President next year.
This prediction may not be far-fetched considering that two of the front runners for the Republican Presidential ticket (DeSantis and Ramaswamy) have publicly shown their support for cryptocurrencies.
US Lawmaker Behind Pro-Crypto Legislation To Introduce Clear Crypto Bill In 2022
Pro-bitcoin Senator Cynthia Lummis of the United States is planning to present a comprehensive crypto bill next year that will explain how different digital assets will be classified and taxed.
Pro-Bitcoin Senator Proposes Crypto Bill
Senator Cynthia Lummis, a Bitcoin evangelist, plans to introduce a comprehensive crypto bill in the new year.
Lummis’ proposed bill, according to Bloomberg, aims to establish regulatory clarity on stablecoins, instruct regulators on which cryptos belong to which asset classes, and provide consumer protections. In addition, the senator is said to have advocated forming an institution to regulate the crypto market under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill would be one of Congress’ first attempts to create comprehensive crypto legislation, and it would have to pass through a Senate that is divided on the issue. Meanwhile, officials at the Federal Reserve, the Treasury Department, and other agencies are considering their own regulations for various aspects of the cryptocurrency industry.
On Twitter, Lummis urged Americans to contact their senators and encourage them to support the bill, adding that she was looking for bipartisan cosponsors. Despite being a staunch conservative who voted against a commission to investigate the Capitol attack on Jan. 6 and against impeaching the former president, the Wyoming worked with Democrats Mark Warner and Kyrsten Sinema to “fix” the definition of broker in the infrastructure bill signed into law in November.
Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it. https://t.co/ndIfFAkj0L
— Cynthia Lummis (@CynthiaMLummis) December 23, 2021
Any bill introduced in the Senate would need the support of at least 60 senators to be considered for a vote. Democrats currently have 50 of the Senate’s 100 seats, with Vice President Kamala Harris acting as a tiebreaker in the event of a tie.
Bitcoin needs to Hold k has support. Source: TradingView
Related article | Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss
Senator Lummis Owns Bitcoin
Lummis declared she purchased Bitcoin (BTC) worth between ,001 and 0,000 as part of the Stop Trading on Congressional Knowledge Act, despite being a pro-Bitcoin advocate before being elected to the Senate.
Lummis has been vocal about Bitcoin and its advantages, as well as her support for the technology. In November, the senator drew a line between Bitcoin and other cryptocurrencies, saying that the peer-to-peer monetary network is “fully decentralized” and “clearly a commodity,” while “everything else has to be monitored differently,” comparing their behavior to that of stocks.
Lummis has previously chastised her colleagues for voting to raise the US debt ceiling by 0 billion, stating that Bitcoin is a gift from God in the face of bad government policies.
Her support for the crypto industry prompted her to write an op-ed for the New York Times, urging Congress to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve Board of Governors because of their “political approach to digital assets” in her home state, which has passed a number of crypto-friendly laws.
Related article | Paraguay’s Passes Bill To Regulate Crypto, Targets Mining Companies
Featured image from Pixabay, chart from TradingView
NewsBTC
Pro-Crypto Group Attempts To Get Bitcoin Added As A Swiss Reserve Currency
Bitcoin is a lot of different things to different people. It is a store of wealth, a transfer of value, an insurance policy against the unknown, and even a source of hope.
Soon, one pro-crypto group hopes to get Bitcoin added alongside gold and the dollar as a Swiss Reserve Currency. Here’s why that would be an important nod of approval for the cryptocurrency, and why it might unfortunately never happen.
Can A Cryptocurrency Become The Global Reserve Currency?
In addition to the growing list of what Bitcoin is the answer to, the cryptocurrency is now also preserving corporate treasuries and hedge funds from inflation.
It is serving almost all of the same purposes as gold as a monetary asset yet does it better by a large margin. Institutions have taken notice, and expect the asset to appreciate faster than anything else on the face of the planet.
Related Reading | Bitcoin Held By Public Companies Now On Par With Past Market Cap
And as the cryptocurrency becomes more widely adopted and matures, it will eventually assume other roles and continue to grow its foothold over finance.
Some of the smartest minds in the world believe that Bitcoin could eventually become the global reserve currency. Among the next stops for the still very young cryptocurrency, is to become a reserve currency first, and one pro-Bitcoin group is trying to achieve just that.
Bitcoin trading against the Swiss franc in 2020 | Source: BTCCHF on TradingView.com
Pro-Crypto Group Pushes For Bitcoin To Be Added To Swiss Reserve Currency List
A pro-cryptocurrency group is trying to get Bitcoin added to Switzerland’s list of reserve currencies, next to the franc, dollar, and gold.
Switzerland is the only country in the world, that within its constitution, article 99 focuses on a specific monetary policy where central banks in the country are “obligated” to hold gold.
According to Robert Sharratt, Managing Director of CrescoFin SA, “the Swiss are common sense people.”
“They know what happens when you print too much paper money,” he added. Sharratt and others that are part of his initiative believe that Bitcoin serves a similar enough role as gold in the world of finance, but arrived after the constitution was created.
Sharratt’s pitch is that “if you like gold, you’re going to like Bitcoin even more.”
Related Reading | Bitcoin Consumes As Much Power As Switzerland, But Environmental Impact Remains Negligible
If Sharratt and his colleagues are successful in their goal, it would bring the cryptocurrency another step closer toward becoming the global reserve currency many have been positioning it as.
And if that happens, it will become the first non-sovereign reserve currency since gold and seashells, replacing the dollar’s dominance and ending a century of currency-led control.
Featured image from Deposit Photos, Charts from TradingView.com
Pro-Crypto Federal Reserve Nominee Grilled Ahead of Senate Vote
The Senate Banking Committee hearing, held today, will decide the fate of Trump’s latest nominees to the Federal Reserve’s Board of Governors. Judy Shelton, known for her unorthodox views, including hints of support for the crypto asset industry, is amongst them.
Shelton is a proponent of a system like the gold standard. However, she also stresses the need for any such common anchor to improve on the shiny yellow metal so it can better serve a digital economy.
Echoing the Crypto Industry: Shelton Doesn’t Think the Fed Should Set Monetary Policy
The two Trump nominees will face a Senate grilling today ahead of a vote to fill the remaining seats on the central bank’s Board of Governors. One of them is Judy Shelton, a proponent of a return to something like the gold standard.
Shelton is known for being a fan of hard monetary policy and not so impressed by central banks. Without explicitly mentioning crypto assets, she has espoused views that seem to advocate for a common, global digital unit of account.
In a clip featured as part of a video posted by CNN earlier today, Shelton says the following:
“We need another Breton Woods or at least we need to be thinking in terms of a neutral reference point, a global unit of account, something like a gold standard updated to reflect a digital world and fast-moving financial flows.”
Could be the first ever true bitcoin advocate at the Federal Reserve. Important story to watch. https://t.co/QBOcTdfxIc
— Nik Bhatia (@timevalueofbtc) February 13, 2020
Of course, Trump has previously said that he is opposed to any alternative to the US dollar. Yet, he has also been a staunch critic of the Federal Reserve chair Jerome Powell of late.
According to a report in MarketWatch, observers fear Shelton’s nomination is an effort to weaken the bank’s independence from government. In October last year, she reportedly stated:
“I don’t see any reference to independence in the legislation that has defined the role of the Federal Reserve for the United States.”
Will Shelton Get the Job?
Political and economic analysts are largely on the fence about whether the Fed Board of Governors is about to get its first crypto-friendly member. Diane Swink, the chief economist for accountancy company Grant Thornton, said:
“If Congress is as committed to Fed independence as they appear to be, then it should be a no-brainer to take a pass.”
Others argue that President Trump, post-impeachment scandal, is keen to quiet dissent from within the Republican party. Monetary policy expert of the Cato Foundation George Selgin believes Shelton, alongside fellow Trump nominee Christopher Waller, both stand a good chance of election to the Federal Reserve’s board:
“… few Republican senators are likely to risk incurring Trump’s displeasure at a time when he’s feeling both triumphant and vindictive.”
If both Shelton and Waller are successful, Trump would have personally installed six of the seven governors. In Shelton, the US president would also have put someone very sympathetic to the ideas core to crypto assets in a very senior position at the world’s most powerful bank.
Related Reading: Analysts Say Crypto Market Yet to Believe in Bull Run, Expect Further Gains
Featured Image from Shutterstock.
NewsBTC