1. Home
  2. Constitution

Constitution

El Salvador pro-Bitcoin president Nayib Bukele launches re-election bid

Despite Bukele’s popularity, some critics argue he isn’t eligible to be re-elected under El Salvador’s constitution.

El Salvador president Nayib Bukele has filed paperwork to be re-elected in the country’s upcoming 2024 presidential election in February.

Bukele, a Bitcoin advocate, received strong support from the public on Oct. 26 after he was officially nominated by his party to run for re-election.

“Five more [years], five more and not one step back,” Bukele said in a speech in front of thousands of El Salvadorans. “We need five years to continue improving our country,” he added.

Bukele rose to power in 2019 when his political party, Neuva (New) Ideas, broke three decades of two-party dominance between the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMNLB).

However, despite his popularity among the local population, critics such as El Salvadoran lawyer Alfonso Fajardo maintain that the country’s constitution prohibits Bukele isn’t eligible to seek a second consecutive term.

“Today is a good day to remember that immediate presidential re-election is prohibited up to 7 times by the Constitution,” he said on Oct. 26.

However, in September 2021, El Salvador’s Supreme Court ruled that presidents can run for consecutive elections.

New Ideas is backed by 70% of the country’s voting population, according to Reuters, which cited a study by an El Salvadoran university. Its closest competitor only received 4% of the total votes.

One of New Ideas’ competitors, FMNLB, filed a lawsuit in June 2021 claiming Bukele’s Bitcoin adoption program is unconstitutional. However, that complaint made little ground as Bukele and El Salvador made Bitcoin legal tender three months later September 2021.

The Bukele government has also implemented other tech-friendly policies aimed at strengthening the country’s economy, such as eliminating all taxes on technological innovations.

Gabor Gurbacs, a VanEck strategy advisor, recently said that El Salvador has the potential to become the “Singapore of the Americas.”

Related: El Salvador launches first Bitcoin mining pool as Volcano Energy partners with Luxor

Much of Bukele’s popularity comes from his heavy-handed crackdown against MS-13, a multi-national gang which contributed towards El Salvador recording the highest homicide rates in the world six years ago.

As a result of the crackdown, El Salvador's homicide rate has fallen a staggering 92.6% from its peak of 106 per 100,000 inhabitants in 2015 to 7.8 in 2022. It now boasts one of the lowest crime rates in Latin America.

However, the United Nations and other critics argue El Salvador breached human rights laws by imprisoning 65,000 without affording them legal rights to defend themselves.

El Salvador’s presidential election will take place on Feb. 4, 2024.

Magazine: What it’s actually like to use Bitcoin in El Salvador

Gala Games exploiter returns $22M from GALA token attack

BREAKING: ConstitutionDAO fails to win Sotheby’s auction

Proceeds of the U.S. Constitution sale will benefit the Dorothy Tapper Goldman Foundation.

The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday. 

"The 'Official Edition' of The United States Constitution" was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.”

The news broke in an announcement on the official Discord. "While this was not the outcome we hoped for we still made history tonight," the post read.

This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.

Project participants began to band together just a week ago as a decentralized autonomous organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations collected via Juicebox, a platform for community-owned Ethereum-based projects.

The auction was streamed live.

In exchange for donations, the 17,437 backers were issued governance tokens called PEOPLE. These do not provide fractionalized ownership, rather give token owners the ability to vote on proposals around structure, governance and operational direction.

Participants will now be able to get a refund of their contribution via Juicebox.

Gala Games exploiter returns $22M from GALA token attack

Ethereum Name Service to Pivot to DAO Governance, Airdrops ENS Token to Domain Holders

Ethereum Name Service to Pivot to DAO Governance, Airdrops ENS Token to Domain HoldersThe Ethereum Name Service (ENS), the entity that controls the decentralized domains built on top of Ethereum, announced it would pivot to a decentralized governance model, opening the door to the formation of a DAO (decentralized autonomous organization). The ENS is now calling for delegates to propose their views to the community in order to […]

Gala Games exploiter returns $22M from GALA token attack

NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of Thousands

NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of ThousandsOn Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service (IRS). The U.S. tax agency is accused of obtaining Harper’s […]

Gala Games exploiter returns $22M from GALA token attack