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Trump reelection campaign raised $3M in crypto for Q2 2024

The most significant contributions came from Gemini co-founders Cameron and Tyler Winklevoss, who announced their support for the Republican candidate on X.

Donors to Donald Trump’s campaign to be reelected as US President have contributed roughly $3 million in cryptocurrency since the candidate announced he would accept digital assets.

According to a Federal Election Commission (FEC) filing for the second quarter of 2024, the Trump 47 Committee received millions in crypto donations from roughly 20 individuals starting in May. The Republican nominee has publicly shifted from calling Bitcoin (BTC) a “scam” in 2021 to having his campaign defend miners and accept crypto donations in 2024. The filing did not include contributions from July.

The most significant contributions to the Trump campaign in Q2 2024 came from Gemini co-founders Cameron and Tyler Winklevoss, who pledged a combined $2 million in Bitcoin (BTC) on June 20. Kraken co-founder Jesse Powell said he would donate $1 million in Ether (ETH) on June 28. FEC filings show Powell contributed more than $844,000 while the Trump campaign was obligated to partially refund the Winklevoss’ BTC donation — guidelines impose a maximum of $844,600 per individual.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Fireblocks launches Web3 startup toolkit amid a surge in new ventures

The number of startups using the Web3 platform has already increased by some 50%, according to Fireblocks.

Fireblocks, the Web3 infrastructure platform, launched a suite of tools specifically designed for startups amid a proliferation of early-stage blockchain ventures, according to a July 25 press release. 

The toolkit — Fireblocks for Startups — is designed to help startups quickly build and launch Web3 products and includes solutions for treasury management, self-custody, private key storage, and secure digital asset transfers, the company said.

“The short history of crypto shows that successful projects — whether crypto exchanges, DeFi bridges, or NFT platforms — go through periods of hypergrowth during market upswings, with development teams focused solely on maintaining front-end stability while neglecting security in the process,” Idan Ofrat, Co-founder & Chief Product Officer of Fireblocks, said in a statement.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Crypto think tank launches voting project to support ‘right candidates’

The Digital Future project did not endorse specific candidates or political parties, but its CEO ran as a Republican in a 2022 congressional campaign associated with FTX.

Michelle Bond, the CEO behind a crypto-focused think tank in Washington, DC and the partner of former FTX Digital Markets co-CEO Ryan Salame, announced the launch of an initiative “to boost voter registration and crypto education” in the United States.

In a July 24 notice, crypto think tank Digital Future said it would initially target US voters in Arizona, Nevada, Wisconsin, Minnesota, Georgia, Michigan, Pennsylvania, and North Carolina as part of Project Swing. According to Digital Future, the voter project aims to “activate support for pro-crypto candidates” ahead of the 2024 election season, which is already in full swing nationwide.

Bond said in an X post that the project would help “ensure the right candidates are elected” related to policies on financial freedom. Cointelegraph reached out to Digital Future for comment but did not receive a response at the time of publication.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Senator Cynthia Lummis releases report attacking Biden’s mining tax

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled Powering Down Progress: Why A Bitcoin Mining Tax Hurts America, put the Bitcoin (BTC) mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Kamala Harris could be ‘far more open’ to crypto business, Mark Cuban says

Kamala Harris’ campaign team is reportedly seeking input on crypto policy ahead of the Democratic National Convention.

United States presidential candidate Kamala Harris could be much more open to technological innovation and cryptocurrencies than President Joe Biden, billionaire investor Mark Cuban told Politico on July 23. 

According to Cuban, the tech industry could have an unexpected ally in the US vice president, who previously served as a senator and attorney general of California.

“The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto and government as a service,” Cuban told Politico in an email interview, adding that:

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Bill targeting illicit use of crypto passes US House

The Financial Technology Protection Act passed the House of Representatives by voice vote roughly a year after lawmakers sent it out of committee.

Lawmakers in the United States House of Representatives voted in favor of legislation to establish a working group researching the illicit use of digital assets.

A majority of House members approved the Financial Technology Protection Act by voice vote on July 22. The bill, introduced in April 2023 by Representatives Zach Nunn and Jim Himes, aims to address how “rogue and foreign nations” could use crypto to evade sanctions by having members of several federal agencies coordinate their efforts.

“This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Representative Nunn. “We must do both simultaneously to ensure the long-term integrity of digital assets.”

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

What crypto policies can voters expect from potential VPs under Kamala Harris?

Despite endorsements from major party leaders, the top and bottom of the Democratic presidential ticket have yet to be fixed.

Though United States Vice President Kamala Harris has yet to officially win the Democratic nomination for president in 2024, many experts suggest she has an excellent chance to be the party’s candidate, facing off against Republican Donald Trump in November.

At the time of publication, it was unclear whether the Democratic National Convention (DNC) would hold an open primary — allowing any candidate to potentially win the delegates for the top of the ticket — or conduct a “virtual roll call” to decide on a nominee before a critical state deadline. The DNC is scheduled to begin on Aug. 19 in Chicago. However, Ohio’s election laws require parties to certify their presidential tickets by Aug. 7, suggesting that Democrats may take steps to ensure Harris is nominated outside of an open convention.

With the endorsement of US President Joe Biden, Senator Elizabeth Warren, Representative Nancy Pelosi, and many Democratic leaders, Harris may become the party’s candidate in 2024. Until the nomination is official, certain Democrats have a chance of being at the top of the ticket or potentially vice presidential candidates under Harris.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

The Digital Chamber pens letter to Vice President Kamala Harris

“Over 50 million Americans own crypto,” the advocacy letter states while calling on Kamala Harris to deviate from the Democrats’ current party line.

The Digital Chamber penned an open letter to United States Vice President Kamala Harris on July 22 advocating for a more crypto-friendly stance and industry engagement from the potential Democrat nominee, should she secure the party’s 2024 presidential nomination.

The Digital Chamber’s letter outlines three actionable points for a potential Harris campaign, including support for digital assets in the Democrat Party’s platform, a vice presidential candidate “sophisticated” in digital asset policy, and lines of communication between the presumptive candidate’s campaign and industry leaders.

After weeks of speculation, a letter was posted to President Joe Biden’s X social media account on July 21, announcing that the incumbent was dropping out of the 2024 presidential race. This development was hotly contested in predictive markets.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

Biden out, bull run in? Here’s what analysts think

Biden’s sudden move to abandon the 2024 presidential race could be a “huge boost” for crypto assets, but it may be too soon to get excited about a massive crypto rally.

United States President Joe Biden shocked the markets when he ended his reelection bid on Sunday, July 22.

Some analysts suggested that the president’s withdrawal from the election race could benefit Bitcoin (BTC) and other crypto assets in the coming months, while others cautioned that investors should temper their excitement for now.

The price of Bitcoin immediately dipped as much as 2.8% following the announcement, touching the $65,800 mark, but it quickly regained over 3.6% by the time of publication, according to TradingView data.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive

What we know about Kamala Harris’ views on crypto

With Joe out of the race, all bets are off.

The vice president of the United States, Kamala Harris, is a bit of an anomaly among Capitol Hill politicians: she’s never had strong words to say for or against digital currencies, tokenization, blockchain, or NFTs. 

None of that has mattered for the past four years as US president Joseph Biden has had plenty to say about crypto during his stay in the White House.

But that’s all changed since Biden announced his intent to drop out of the upcoming presidential election. While there’s no guarantee that his vice president will get the democratic nomination, he’s already given Harris his endorsement.

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Malaysia’s PM Discusses Crypto With Binance’s CZ — Shaping Policies to Stay Competitive