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
The post Will the US presidential election define the future of crypto? appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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