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Harris campaign is making a ‘concerted effort’ on crypto — Circle CEO

Jeremy Allaire discussed his impressions of Harris campaign representatives on crypto after attending a video call with industry leaders, White House officials, and US lawmakers.

Circle CEO Jeremy Allaire reported that representatives from Democratic presidential nominee Kamala Harris’ campaign were making efforts to better understand crypto-related policies going into the 2024 United States elections.

In an Aug. 14 CNBC interview, Allaire said that based on the passage of digital asset-related legislation in the current session of Congress, crypto appeared to be a “purple” issue — i.e., both Democratic and Republican. The Circle CEO said he attended an Aug. 8 video call with White House officials, Harris campaign representatives, and US lawmakers, where industry leaders had the opportunity to ascertain positions on digital assets.

“There is a concerted effort both from the administration and the Harris campaign to really get to know the issues, the players, the industry, the policy issues,” said Allaire. “I think what the industry is looking for very, very clearly is clear statements. Clear statements potentially from the existing White House, and clear statements from Harris as part of her economic policy agenda.”

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Crypto could get boost from younger, tech-savvy Harris administration 

A Harris administration could be younger and more pragmatic and bring “a fresh perspective toward crypto,” some believe.

The campaign of United States presidential candidate and sitting Vice President Kamala Harris has given several signals that her administration would benefit the crypto industry.

As Harris continues to climb in the polls, industry observers are beginning to ask more questions.

Would a Harris presidency include younger advisers and political appointees who are more open to cryptocurrencies and blockchain technology — unlike the old guard of Biden, Yellen and Gensler?

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Vivek Ramaswamy predicts Kamala Harris may adopt pro-crypto position

Both Kamala Harris and her running mate, Tim Walz, have yet to present clear policy positions on digital asset regulation in the United States.

Former 2024 presidential candidate Vivek Ramaswamy appeared on CNBC on Aug. 13, where he was asked whether he thought presidential candidate Kamala Harris would embrace the crypto industry.

Ramaswamy responded by saying that he believes “her verbiage” toward the crypto industry would change in an attempt to garner votes from the crypto community now that former President Donald Trump has turned crypto into a campaign issue.

The former Republican candidate for president said that Vice President Harris’ sincerity in pro-crypto positions should be judged by the specificity of her policy positions on crucial issues like self-custody and the leadership at the Securities and Exchange Commission. Ramaswamy told CNBC:

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Texas Blockchain Council endorses Ted Cruz for US Senate

The junior senator from Texas has spoken at several crypto conferences about Bitcoin mining and its potential benefits for the Lone Star State’s energy grid.

The cryptocurrency and blockchain advocacy organization Texas Blockchain Council (TBC) announced it endorsed incumbent Ted Cruz for reelection in the United States Senate.

In an Aug. 12 X post, president Lee Bratcher said the TBC would endorse the junior senator as Cruz addressed a crowd at a Core Scientific mining facility in Denton, Texas. Bratcher hinted the Texas senator was knowledgeable about “Bitcoin as a tool for ensuring freedom and mining as a tool for grid stability.” In an X post at the event, Cruz said, “Crypto is the future.”

Source: Lee Bratcher

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Crypto ETFs will expand to new asset types, indexes — Grayscale executive

The pace of adoption of crypto exchange-traded funds in the United States has been surprising even to Grayscale.

The market for cryptocurrency exchange-traded funds (ETFs) will expand to encompass new types of digital assets as well as diversified crypto indexes, according to an executive at asset manager Grayscale Investments. 

“We're going to see a number of more single asset products, and then also certainly some index based and diversified products,” Dave Lavalle, Grayscale’s global head of ETFs, said during an Aug. 12 webinar.

Grayscale is among the largest issuers of crypto ETFs, with upward of $25 billion in assets under management (AUM) across its United States-listed crypto ETFs. Its US exchange-traded products currently comprise single-asset Bitcoin (BTC) and Ether (ETH) funds.

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

US Democrats are ‘increasingly gravitating towards crypto’ — Poll

A poll of 804 self-identified Democrats suggested a majority favored some of the core values surrounding digital assets, as well as the US leading the world on innovation.

According to a poll sponsored by venture capital firm Paradigm, United States Democratic presidential nominee Kamala Harris has an opportunity to make “inroads with crypto owners” during her campaign.

In a poll conducted with Mercury Analytics among 804 self-identified Democratic registered voters after US President Joe Biden said he would not be running for reelection, data suggested that Vice President Harris could increase her chances of winning in November by appealing to crypto-focused voters. Of the Democrats surveyed, 27% said they were “somewhat likely” or “very likely” to purchase crypto in the next year.

According to the poll, roughly 13% of Democrats said they were undecided or intended to vote for Republican nominee Donald Trump or a third-party candidate like Robert F. Kennedy Jr. This data suggested that Harris could “win back some wayward Democrats” seemingly by distancing herself from the Biden administration’s crypto policies, such as those at the Securities and Exchange Commission.

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Bitcoin miner Argo repays $35M Galaxy bailout loan

The loan saved Argo from bankruptcy during the crypto winter of 2022.

Bitcoin miner Argo Blockchain finished repaying $35 million it borrowed from asset manager Galaxy Digital in 2022 to stave off bankruptcy amid that year’s crypto bear market, according to an Aug. 12 company filing

The repayment marks “a significant milestone for Argo” and was accomplished “without any meaningful impact to Argo’s hashrate,” Argo CEO Thomas Chippas said in a statement. Hashrate measures the computational power of a cryptocurrency mining operation and directly relates to how much Bitcoin (BTC) a miner can earn in a given period.

In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy that included selling its Helios Bitcoin mining facility in Dickens County, Texas, for $65 million and refinancing its debt with a $35 million loan.

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

IRS updates draft of crypto reporting form for US taxpayers

The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.”

The United States Internal Revenue Service (IRS) has updated its draft form for taxpayers to report digital asset transactions starting in 2026. 

In an Aug. 8 notice, the IRS released a draft of Form 1099-DA, “Digital Asset Proceeds From Broker Transactions.” The form, if approved by the tax service, the form would allow US taxpayers to report crypto transactions from 2025 by the filing deadline in April 2026.

Compared to the draft released in April, the latest proposed 1099-DA removed a box asking taxpayers to identify the “broker type” for digital asset transactions. It eliminated asking filers for the precise time of day the transaction occurred rather than just the date. The draft also removed spaces for taxpayers to report wallet addresses and transaction IDs.

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Ripple begins testing RLUSD stablecoin on mainnet

Ripple believes the total stablecoin market will have swollen to $2 trillion by 2028 as demand for the low-volatility fiat-pegged tokens grows.

On Aug. 9, Ripple Labs announced the first tests of its United States dollar-pegged stablecoin, Ripple Labs’ Ripple USD (RLUSD), on the XRP ledger (XRPL) and Ethereum mainnets, with plans to deploy the fiat-backed token on additional blockchain networks in the future.

According to Ripple Labs, the upcoming stablecoin will be overcollateralized, meaning that each unit of RLUSD is backed by USD reserves or short-term cash equivalents in a bank, at a ratio of 1:1 with the US dollar. To guarantee transparency and accountability, Ripple also promised third-party audits of the underlying cash assets and monthly reports published on the reserves.

The crypto firm also reiterated its commitment to using both XRP (XRP) and RLUSD to serve markets, quelling rumors that the firm would abandon XRP to focus on its new stablecoin.

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC

Regulators postpone listing decision for Hashdex Nasdaq Crypto Index ETF

If approved, the ETF would be the first US fund to hold a diversified portfolio of spot cryptocurrencies.

United States regulators said they would need more time to decide if an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can list on Nasdaq’s electronic securities exchange, according to an Aug. 9 regulatory filing.

The filing was a response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

Related: Nasdaq asks to list options on spot Ethereum ETFs — Filing

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Trump open to idea of establishing a strategic reserve with US-based coins like SOL, XRP, USDC