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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Normie Meme Coin Suffers Exploit, Vows to Relaunch After Negotiating Hacker Bounty
Normie, a meme coin launched on Base, suffered an exploit that took its market capitalization from almost million to million. The exploiter sent a message offering to keep 10% of the ETH exploited, and demanding that the remaining 90% and the 600 ETH still present in the wallet of the token developers be […]
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Wyoming Senator Slams DOJ’s Take on Non-Custodial Crypto Software, Vows to Protect User Rights
Wyoming’s Republican Senator Cynthia Lummis has responded to the Department of Justice’s (DOJ) latest argument regarding non-custodial software. Lummis’s remarks follow the DOJ’s reply brief on the indictment against Tornado Cash developer Roman Storm’s motion to dismiss. Senator Lummis Questions DOJ’s Non-Custodial Wallet Stance, Cites Legal Misinterpretations Senator Cynthia Lummis, a staunch advocate of cryptocurrency, […]
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Venezuelan State Oil Company to Accelerate USDT Adoption for Settlements; Tether Vows to Uphold OFAC Sanctions
PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption. Tether, nonetheless, stated it will uphold OFAC […]
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Uniswap Labs Receives SEC Wells Notice, Founder Vows to Fight
In a recent social media post, Hayden Adams, the founder of Uniswap Labs, announced that the company has received a Wells notice from the Securities and Exchange Commission (SEC), expressing his disappointment and determination to contest the notice. SEC Sends Decentralized Exchange Uniswap a Wells Notice Hayden Adams, the founder behind the decentralized finance (defi) […]
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Sam Bankman-Fried Breaks Silence: ‘Haunted’ by FTX Collapse, Vows to Appeal and Criticizes Legal Process
The fallen founder of FTX, Sam Bankman-Fried (SBF), broke his silence for the first time since being sentenced to 24.25 years in prison, engaging in an email conversation with ABC News. SBF expressed that he is “haunted” daily by the events that transpired, emphasizing his stance that he “never intended to hurt anyone.” Former FTX […]
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Iceland’s Prime Minister Vows to Prioritize Food Security Over Bitcoin
Iceland’s Prime Minister Katrín Jakobsdóttir has vowed to focus more power on producing food internally while reducing the energy expenditure in data centers and bitcoin mining. Jakobsdóttir stated that while the country was working to achieve carbon neutrality, bitcoin and cryptocurrencies were “not part of that mission.” Iceland’s Prime Minister to Shift Power Away From […]
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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.
Latam Insights: Milei Wins Runoff Election, Vows to Eliminate Central Bank in Argentina; Drex to Encourage Tokenization
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Libertarian Javier Milei wins the runoff election in Argentina, reinforcing his intention of eliminating the central bank. Also, the digital real may encourage the tokenization of assets in Brazil, and the Brazilian senate could approve a bill to tax cryptocurrency purchases using foreign brokers.
Javier Milei Wins Runoff Election, Reaffirms Intention of Ending the Central Bank in Argentina
Libertarian Javier Milei has become president-elect of Argentina after defeating current Economy Minister Sergio Massa in a runoff election last week, obtaining 56% of the popular vote. Milei’s campaign includes proposals to make the state leaner by eliminating a significant chunk of the ministries and the Central Bank of Argentina, which he considers a “scam.”
These actions will also involve the dollarization of the country, a measure focused on reining in the country’s inflation, which has registered yearly numbers of over 140%. After being elected, Milei’s office issued a statement clarifying that he was committed to closing the central bank after rumors indicated he had changed his stance.
Milei’s office explained:
Given the false rumors spread, we wish to clarify that the closure of the Central Bank of the Argentine Republic is not a negotiable matter.
President of the Central Bank of Brazil: Digital Real to Bring New Business Models
Roberto Campos Neto, president of the Central Bank of Brazil, has discussed the possibilities the digital real (drex) will bring for business and financial transactions. In recent statements, Campos Neto explained that the programmability of drex will allow the development of many applications that can’t use today’s bank rails.
He declared:
We have programmable payments, greater speed [of payments], peer-to-peer transfer, transparency, and increased security, with technology very different from what we have today.
Furthermore, Campos Neto emphasized the significance of the tokenization of assets, which will allow the trading of goods to be registered using drex’s system without needing a public notary to certify the transaction.
Brazilian Senate Might Approve a Foreign Crypto Purchases Tax
The Committee of Economic Affairs of the Brazilian Senate has recently approved a bill that taxes cryptocurrency purchases processed through foreign exchanges. Bill 4,173/2023 establishes that cryptocurrency purchases on exchanges abroad will be subject to a 15% fee.
According to analysts, this bill is focused on exchanges that operate in the country but are not directly taxed because their operations happen abroad and will be effective when customers exchange their crypto assets for Brazilian reals. The bill needs to be approved by the Senate plenary and sent for presidential sanction to become law.
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US Presidential Candidate Vows to Protect Bitcoin From Government Interference
U.S. presidential candidate Vivek Ramaswamy says the government is “threatened by the existence of Bitcoin,” emphasizing that if the cryptocurrency becomes more popular, it would create “a threat to the incumbent status of the U.S. Federal Reserve itself.” He promised to ensure the government is “staying the heck out of the business of those who are innovating” if he’s elected president.
Vivek Ramaswamy: Government Threatened by the Existence of Bitcoin
U.S. presidential candidate Vivek Ramaswamy discussed a number of topics, including Bitcoin, in an interview with Natalie Brunell, published this week. He also recently revealed his crypto policy framework.
“My view on the promise of Bitcoin … is an opt-out from the broken financial architecture created by the U.S. Federal Reserve System,” he began. While emphasizing that he wants to “fight for the dollar to remain the reserve currency of the world,” Ramaswamy stressed that there are two ways of doing it. “One is if you are really insecure about your own value proposition, you may try to smash out the competition,” he said, adding:
I look at it the other way. I think the existence of Bitcoin hold the dollar’s feet to the fire to make sure that it can’t be manipulated in a way that people don’t just opt out and go to the other direction.
“My view is I’m against corporatism which is the merger of state power and private power to together coordinate and do what can’t be done,” he detailed. “I, instead, have a different vision, which is the government should get the hell out of the hair of Bitcoiners.” He emphasized: “It’s not how do we integrate. It’s how do you actually realize the initial promise of being an alternative Wild West that’s a true frontier for pioneers and explorers without being constrained.”
Ramaswamy continued: “Look at the Biden administration’s differential rules or regulations or proposed regulations from an energy perspective.” He explained that a lot of activities related to “the climate change agenda” have “nothing to do with the energy.”
He warned: “That’s just the excuse they are using. Part of this is they want to create a surveillance state … to be able to monitor how you are using your energy. If they can monitor that, they can monitor anything.” Moreover, Ramaswamy stated:
They’re threatened by the existence of Bitcoin. They don’t want people mining for more bitcoin because that would make Bitcoin more popular which in turn you know creates a threat to the incumbent status of the U.S. Federal Reserve itself.
We Need ‘True Competition Where Government Stays the Heck out of the Way’
Emphasizing that the job of the U.S. government is to stay away, the presidential hopeful detailed: “I would say this to the Bitcoiners out there in the entire community. Be very wary of saying: ‘Hey what can the government do to help us?’ No! keep the government the hell away from whatever it is you want to do that’s a good thing.”
He added, “I think it is good to decentralize power away from the federal government. That’s what the founding fathers envisioned,” elaborating:
My job should be to make sure the government is staying the heck out of the business of those who are innovating and pioneering in different spheres in their own right, financial system included … I actually think that what we need is true competition where the government stays the heck out of the way.
“That’s the way I look at this rather than saying: ‘Hey how do we all work together to create a vision of the great reset where we dissolve the boundaries between the public and private sector to have a hunky dory vision for the future of Humanity,’” he concluded.
What do you think about the statements by U.S. presidential candidate Vivek Ramaswamy about bitcoin and the government’s role in crypto regulation? Let us know in the comments section below.