Donald Trump
Over 250 Pro-Crypto Candidates Enter the US Congress
Published
2 days agoon
By
adminPreliminary results of the U.S. Congressional elections show that more than 250 candidates who support the digital asset sector have made it into the new legislature.
As FOX Business reports, the elections were held simultaneously with the presidential election, won by Donald Trump. Journalists note that representatives of the digital asset industry donated more than $200 million to pro-cryptocurrency candidates, which is a record amount.
Some crypto supporters could bypass experienced legislators who have been in Congress for many years. For example, in Ohio, Republican Bernie Moreno defeated Democrat Sherrod Brown, who had been in Congress for 18 years. In Pennsylvania, votes are still being counted in the standoff between Bitcoin (BTC) supporter Dave McCormick and Democrat Bob Casey.
Other pro-crypto winners include Jim Justice (West Virginia), Jim Banks (Indiana), Kirsten Gillibrand (New York), and Ted Cruz (Texas). Financial support from industry insiders also helped achieve success in Arizona, California, Colorado, Iowa, Michigan, and Virginia.
Experts point out that most of the latest members of Congress who support digital assets are Republicans, who traditionally advocate for the rapid integration of cryptocurrencies into the country’s financial system. Representatives of the crypto sector continue to discuss Trump’s victory, confident that his return to the White House could lead to a “golden age” for the industry.
The most vivid pro-crypto politicians: Who are they?
Bernie Moren
Republican Bernie Moreno has won in the Ohio Senate race, unseating incumbent Democrat Sherrod Brown. Moreno, a car dealer and blockchain entrepreneur, defeated Brown, who is critical of cryptocurrency and chairs the Senate Banking Committee.
Moreno, born in Bogota, Colombia, is a cryptocurrency advocate and a frequent speaker at industry conferences. In 2018, he co-founded ChampTitles, a company aimed at simplifying the process of obtaining car titles. He recently sold his stake in the company.
The political action committee (PAC) Fairshake has poured nearly $40 million into the campaign against Brown, an ally of the Securities and Exchange Commission (SEC) Chairman Gary Gensler, which has been vocal in its opposition to the crypto sector. Fairshake’s backers include Coinbase Global and Ripple Labs.
Moreno has also clashed with Elizabeth Warren, one of the Senate’s most prominent cryptocurrency opponents.
Coinbase CEO Brian Armstrong commented on Moreno’s victory and announced the creation of the most pro-crypto Congress in U.S. history:
“Welcome to America’s most pro-crypto Congress ever.”
Brian Armstrong, Coinbase CEO
Jim Justice
West Virginia Governor Jim Justice has successfully captured the Senate seat previously held by Democrat Joe Manchin.
Justice has received strong support from the pro-crypto super PAC Defend American Jobs, contributing $3 million to his campaign. Armstrong also backed the candidate with a $3,300 donation, praising his commitment to digital assets.
Justice, a former Democrat, switched parties in 2017 and has openly supported Donald Trump, calling him a close friend and pointing out the severe problems the country faces without his leadership. Justice has supported blockchain, artificial intelligence, and other cutting-edge technologies in line with Trump’s stance on cryptocurrency.
During his campaign, Justice campaigned against central bank digital currencies (CBDC) and emphasized the importance of precise regulation of cryptocurrencies. On his campaign website, he focused on creating a secure digital market to protect American investors and promote digital asset innovation and job creation.
Ted Cruz
Longtime U.S. Senator Ted Cruz is a vocal supporter of cryptocurrencies. He has spoken out publicly in defense of the market. In 2021, he opposed a crypto tax as part of an infrastructure bill to raise about $28 billion over a decade. Cruz also proposed allowing merchants and businesses in Washington to accept crypto payments.
He is also against a digital dollar, emphasizing that U.S. digital currency policy should protect user privacy, maintain dollar dominance, and encourage innovation. Cruz points out that, unlike decentralized cryptocurrencies such as Bitcoin, a digital dollar could lead to control over citizens’ private transactions.
How crypto giants funded the U.S. elections?
The crypto industry actively funds the U.S. elections, donating over $200 million to various political committees, candidates, and organizations. This significant funding underscores the sector’s influence on the 2024 elections.
Trump’s campaign has received support from prominent players in the crypto industry. Elon Musk, one of the world’s richest man, is a significant donor to Trump’s campaign and the sole donor to America PAC. From July to September, the committee spent $72 million to support Trump, underscoring its commitment to the Republican agenda.
Vice President Kamala Harris, meanwhile, has also received support from influential figures in the crypto industry. Ripple co-founder Chris Larsen led her donor list with a massive $11.7 million contribution. Other supporters have also focused on her, including tech investor Vinod Khosla with a $1 million donation and early Coinbase investor Reid Hoffman with a $250,000 contribution.
The rise of crypto donations became a significant factor in the 2024 presidential election, highlighting the industry’s interest in shaping regulation. These financial infusions could impact the candidates’ campaigns and crypto regulation policy moving forward as the election approaches, and both sides could benefit from the crypto industry’s support.
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Bitcoin
Senator to Push the Bill in Trump’s First 100 Days
Published
14 hours agoon
November 14, 2024By
adminThe Senate hopes to push through a Bitcoin reserve bill in the first 100 days of Trump’s presidency while the Republicans consult on crypto policy.
American Senator Cynthia Lummis expressed optimism that plans to create a strategic Bitcoin (BTC) reserve will be implemented soon after Donald Trump‘s inauguration.
“I believe we can get this done with bipartisan support in the first 100 days if we have the support of the people. It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act!”
Senator Cynthia Lummis
Lummis’s post responded to David Bailey, BTC Inc. CEO, who has been actively advising Trump on cryptocurrency policy. Bailey had previously suggested that such a reserve could be created quickly under the new administration.
“The Bitcoin and Crypto industry’s policy wishlist is long and pressing… but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump’s agenda. The downstream effects change everything. We must get it done in the first 100 days.”
David Bailey, BTC Inc. CEO
Bailey also floated the idea of using Bitcoin more widely in government programs. He suggested that if Robert F. Kennedy Jr. were appointed Secretary of Health and Human Services and assumed responsibility for managing the Social Security program, there would be a discussion about paying 5-10% of Social Security payments in Bitcoin, stored in a strategic reserve.
What is known about the Bitcoin reserve project?
Trump announced the creation of a Bitcoin reserve in the U.S. in July 2024 during a speech at an event supporting his election campaign. A few days before the politician’s announcement, media reports appeared that Senator Cynthia Lummis was preparing a Bitcoin reserve bill called the BITCOIN Act of 2024.
The act proposes creating a network of decentralized vaults nationwide to securely store Bitcoin reserves. The U.S. Treasury Department is supposed to have 200,000 BTC annually for five years, and the U.S. reserves would eventually amount to one million BTC. It is also assumed that Bitcoin reserves will be stored for at least 20 years.
The cryptocurrency can be purchased at the expense of other assets at the authorities’ disposal, such as gold certificates. Lummis proposes to cover the costs of purchasing cryptocurrency by revaluing it.
In addition, the proposal plans to implement a reserve verification system to verify the availability of funds and consolidate all existing BTC that are currently in the possession of the U.S. government into a new reserve.
Bitcoin reserves to make the U.S. new crypto haven
Analysts at CoinShares write that implementing the plan to create strategic reserves in BTC can generate significant institutional and government interest in Bitcoin. According to their forecasts, this will potentially accelerate its growth and raise its value to new heights.
In general, many participants in the crypto community expect that the U.S. bet on Bitcoin can significantly increase the cryptocurrency’s investment attractiveness. For example, Anthony Pompliano, the founder of Pomp Investments, is confident that the initiative will cause the market to experience FOMO.
Lummis’ proposal implies that the pace of Bitcoin purchases may outpace the cost of BTC mining. In this case, a cryptocurrency deficit will form in the market, which can also support the growth of its rate.
Trump’s rally is in full swing. Or just a rally?
In general, Lummis’ words are confirmed based on the dynamics of Bitcoin and the entire crypto market since the U.S. elections. Over the past week, Bitcoin has repeatedly updated historical highs.
The total capitalization of the entire crypto market has grown by 25% in a week and exceeded $3 trillion. At the same time, the price of Bitcoin has increased by 23.8% in 7 days, several times updating the all-time high and reaching $93,000.
The crypto market’s index of fear and greed has grown by as much as 14 points in a week—from 70 points to 84 out of 100- indicating the market’s extreme greed.
However, some experts doubted that Trump’s victory was the only growth driver of the crypto market.
Thus, the co-founder of Onramp Bitcoin, Jesse Myers, noted that such crypto market dynamics are routine and predictable after the Bitcoin halving in April. During this time, a shortage of coins has arisen on the market, therefore the price is growing under pressure from demand. This triggers a chain reaction that should lead to another bubble.
Myers reminded that the same situation happened after each previous Bitcoin halving, so it makes sense to expect something similar this time. The change of power in the U.S. to one potentially more friendly to cryptocurrencies only acted as a catalyst.
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all time high
Thank You Donald Trump for Bitcoin's All-Time High
Published
3 days agoon
November 12, 2024By
adminJust as I called it a few weeks ago, the election was too big to rig. I said the outcome of the election would dictate when we see a new Bitcoin all-time high. My argument was that if Trump won, we would see Bitcoin rise to a six figure price and if Kamala won, BTC would have dumped hard.
But thankfully, pro-Bitcoin Donald Trump swept the election, winning all swing states and the popular vote. His anti-Bitcoin opponent lost in dramatic fashion, and now it’s off to the races for Bitcoin’s price. Even CNBC is reporting on this as the “post-election rally.”
Trump’s proposed policies for Bitcoin has propelled bitcoin’s price upward — it’s now up over 22% since last week. If Trump had lost, the price of BTC would have most likely plummeted due to Harris’ unfavorable policy around Bitcoin and overall horrible policy around financial markets in general — like wanting to tax unrealized gains.
Now, we’re past that, though, and we have a President-elect that is going to champion Bitcoin innovation, support the industry and has pledged to work with congress and the senate to approve and establish a Strategic Bitcoin Reserve. In addition to that, MicoStrategy is raising $42 billion to buy more bitcoin and Bitcoin ETFs are on an accumulation rampage (BlackRock’s ETF did $1 billion in volume in just 35 minutes this morning) — and it feels like no one is selling.
WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
Oh, and on top of all that, Ross Ulbricht is going to be a free man on day one of Trump’s presidency. We are winning on every single front now.
So, thank you President Trump for saving us from the Democrats’ war on Bitcoin, from four more years of their continued attack on this industry and, of course, for bitcoin’s price making new all-time highs (we just hit $85,000! Let’s go!)
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Businesses
Bitcoin Businesses Feel Safe In The U.S. In Wake Of Trump Victory
Published
3 days agoon
November 12, 2024By
adminThis morning MARA, the largest publicly-traded Bitcoin mining company, shared that it will be rolling out three new data centers in the U.S.
Would it have made such an announcement had Harris won the election? Probably. (It’s not like they whisked up these data centers overnight.)
But would they have made the announcement with such gusto, highlighting the fact that the bitcoin the company mines will be “Made In USA”? Probably not.
American compute power is accelerating. Today, we’re announcing:
-Three new data centers.
-Owned and operated in Ohio.
-372 megawatts of capacity.#Bitcoin – Made in USA. pic.twitter.com/ltDbhKrCHJ— MARA (@MARAHoldings) November 11, 2024
The “Made In USA” line is likely a nod to President-elect Donald Trump, who’s said he wants all future bitcoin mined in the United States.
Since Trump won the election, the stocks for bitcoin mining companies across the board have skyrocketed, with CleanSpark (CLSK) even being halted due to such breakneck upward price action, indicating that not only miners but also investors believe that Bitcoin mining is welcome in the U.S. and that the industry will thrive as a result.
And it isn’t only Bitcoin miners who feel that Bitcoin companies are safe to operate in the U.S. Alex Leishman, CEO and CTO of Bitcoin exchange River, also believes that the Trump administration will be kind to Bitcoin businesses (and Bitcoin holders).
Major risks to Bitcoin have been removed or made substantially less likely this year:
– Federal Ban / Chokepoint (with Trump this is much less likely)
– Gox coins dumping (coins have already been distributed)
– Self custody ban (less likely with Trump)— Alexander Leishman 🇺🇸 (@Leishman) November 11, 2024
In this tweet, Leishman seemingly refers to the promise Trump made in his keynote speech at Bitcoin 2024 to protect the right to self-custody and to stop the Federal bureaucracy from unlawfully cracking down on the Bitcoin and crypto industry.
Will Trump follow through on all of his promises? Hard to tell.
It seems likely that he will, though, as money talks and the Bitcoin/crypto lobby raised millions for Trump’s campaign.
For now, though, optimism abounds, which is refreshing after four years of the Biden administration, which made Bitcoin and crypto companies feel uneasy about their status in the U.S.
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