Blockchain
Will the US presidential election define the future of crypto?
The cryptocurrency industry is “rife with fraud, hucksters, and grifters,” according to one of the top financial regulators in the United States. Gary Gensler, chair of the US Securities and Exchange Commission (SEC), told the BBC that the global investing public has lost significant amounts of money due to crypto companies not adhering to the laws his agency enforces.
This comes as the crypto industry pours millions into political donations ahead of the upcoming US elections in November, hoping to shape more favorable future laws. In addition to the presidential race between Donald Trump and Kamala Harris, all 435 House of Representatives seats and 33 of the 100 Senate seats are up for re-election.
The future of cryptocurrency is a divisive issue between Trump and the Biden administration. Trump has been courting crypto enthusiasts, promising to make America “the crypto capital of the planet” and proposing a “strategic national bitcoin stockpile.” He recently launched a new crypto business, World Liberty Financial, marking a significant shift from his previous dismissal of Bitcoin as a potential scam.
In contrast, the Biden administration, with Harris as vice president, has overseen a broad crackdown on crypto firms. Notably, Sam Bankman-Fried, founder of FTX, was sentenced to 25 years for fraud earlier this year, and Binance founder Changpeng Zhao received a four-month prison term alongside a $4.3 billion fine for allowing illegal activities on his platform.
The SEC has also taken record action against crypto firms, including ongoing cases against Binance. Gensler emphasized that crypto companies must follow the same time-tested laws as other financial sectors to protect investors.
While crypto supporters argue that the technology offers fast and secure transactions, a Federal Reserve survey showed that the number of Americans using cryptocurrency dropped from 12% in 2021 to 7% in 2022. Harris has not made clear statements on crypto, but her team has engaged with industry leaders, giving them hope for better prospects under the next administration.
The US crypto crackdown has been mirrored in Europe, where the European Union recently introduced new regulations to curb the criminal use of digital assets. However, progress has been slower elsewhere, with the G20 working on minimum crypto standards that are not legally binding. In the US, a bill regulating cryptocurrencies passed the House but stalled in the Senate, drawing criticism for potentially weakening consumer protections.
Coinbase’s chief legal officer, Paul Grewal, advocates for the bill and emphasizes that the crypto industry is not opposed to regulation but seeks fair and consistent standards. With the elections approaching, the crypto industry has spent a record $119 million in donations, aiming to support pro-crypto candidates and challenge critics, regardless of party affiliation. Rick Claypool of Public Citizen warns that this spending is aimed at weakening oversight and consumer protections.
Source: bbc.com
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Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
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Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
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Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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