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Donald Trump says his campaign will accept crypto

Coin Telegraph
Donald Trump says his campaign will accept crypto
Coin Telegraph

Facing several criminal cases, the presumptive Republican Party nominee for U.S. President is expected to face off against President Joe Biden in November 2024.

Former United States President Donald Trump, currently facing criminal charges in four jurisdictions in the country, announced his campaign to run for president in 2024 would accept cryptocurrency donations.

In a May 21 notice, the Trump 2024 campaign said it had launched a fundraising page for eligible people to donate in crypto using the Coinbase Commerce product. The website featured logos for Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), XRP, USD Coin (USDC), Solana (SOL) and 0x (ZRX). The announcement cited Senator Elizabeth Warren’s attacks on cryptocurrency, claiming without evidence that she was acting as U.S. President Joe Biden’s “official surrogate” in Congress.

During a May 8 dinner for supporters who purchased a nonfungible token featuring a mugshot at his surrender in a Georgia jail, Trump said he would ensure attendees could make donations to his campaign in crypto. With less than six months until Election Day, Trump is the presumptive Republican Party nominee for U.S. President in 2024. He will likely face off against President Biden, the presumptive Democratic Party nominee.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

US lawmaker addresses House before FIT21 vote: Bill ‘will stop another FTX’

Coin Telegraph
US lawmaker addresses House before FIT21 vote: Bill ‘will stop another FTX’
Coin Telegraph

Representative Wiley Nickel called on Democrats and Republicans to support the bill to stop the SEC from “turning cryptocurrency regulation into a political football.”

Many lawmakers in the United States House of Representatives are expressing support for a bill clarifying the roles of the country’s financial regulators regarding digital assets as it approaches a floor vote on May 22.

Speaking on the House floor on May 21, North Carolina Representative Wiley Nickel called on lawmakers to support the passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act. The bill would clarify how the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission regulate crypto and, according to Rep. Nickel, “prevent the next FTX” from happening.

“Congress has never voted on a regulatory structure for crypto,” said Rep. Nickel. “In fact, we’re operating on a hundred-year-old securities law.”

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

Freedom of speech isn’t a ‘trump card’ for Tornado Cash developers

Coin Telegraph
Freedom of speech isn’t a ‘trump card’ for Tornado Cash developers
Coin Telegraph

Does code as freedom of speech mean that developers aren’t responsible for how their creations are used?

Crypto industry advocates are locked in a debate with regulators over whether a protocol’s code constitutes free speech, and what that means for liability. 

Lawmakers have long accused the crypto industry of facilitating illicit activities, from money laundering to financing terrorism. This has led to several court cases, arrests and even incarcerations.

Recent high-profile examples include the arrests of developers who worked on crypto mixers Tornado Cash and Samurai Wallet, as well as the United States Securities and Exchange Commission’s (SECs) planned enforcement action against decentralized exchange Uniswap.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

Ex-Florida congressman joins Coinbase Global Advisory Council

Coin Telegraph
Ex-Florida congressman joins Coinbase Global Advisory Council
bitcoin regulation

Stephanie Murphy, Tim Ryan, and Pat Toomey — all former U.S. lawmakers — are on the council advising Coinbase on regulatory matters.

Kendrick Meek, previously serving as the House Representative for Florida's 17th congressional district, has joined cryptocurrency exchange Coinbase’s council to address the digital asset regulatory landscape.

In a May 20 X post, Coinbase Chief Policy Officer Faryar Shirzad said Meek had joined the exchange’s Global Advisory Council as part of efforts to “updat[e] the system” governing digital assets in the United States. The former Florida congressman served in the U.S. House of Representatives from 2003 to 2011 and was a member of the Committee on Ways and Means, which has jurisdiction over taxes.

According to a report from The Hill, Meek spoke in favor of digital assets as they “offer new opportunities to address the systemic issues that have plagued our financial system.” He will join other former U.S. lawmakers on the council, including Stephanie Murphy, Tim Ryan and Pat Toomey. Cointelegraph reached out to Meek for comment but did not receive a response at the time of publication.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

SEC rumored to be reconsidering spot Ether ETF denial, say analysts

Coin Telegraph
SEC rumored to be reconsidering spot Ether ETF denial, say analysts
Coin Telegraph

ETF analysts James Seyffart and Eric Balchunas said they had increased their odds of the SEC approving a spot Ether exchange-traded fund from 25% to 75%.

Two exchange-traded fund analysts have said they are reevaluating the chances of the United States Securities and Exchange Commission (SEC) approving a spot Ether (ETH) exchange-traded fund after “hearing chatter” about the financial regulator.

In May 20 X posts, Bloomberg ETF analysts James Seyffart and Eric Balchunas said the SEC might be “doing a 180” on their expected denial of spot Ether exchange-traded funds this week. Filings from the regulator, public statements from SEC Chair Gary Gensler and reports of investigations previously suggested that the commission may have been preparing to deny spot Ether ETF applications.

However, according to Seyffart and Balchunas, the two analysts changed their prediction on the odds of spot Ether ETF approval from 25% to 75%. Seyffart hinted that the investment vehicle was becoming an “increasingly political issue.”

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

US House to vote on FIT21 bill before holiday weekend

Coin Telegraph
US House to vote on FIT21 bill before holiday weekend
Coin Telegraph

The legislation, passed out of committee in July 2023, would clarify how the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission handle crypto.

Republican lawmakers in the United States House Financial Services Committee announced that the House of Representatives will vote on legislation clarifying the roles of financial regulators over digital assets sometime this week.

In a May 20 X post, House Republicans said the full chamber will vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act “this week,” giving the bill a chance to become law. The legislation would clarify how the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) regulate digital assets.

The legislation has seen little movement since lawmakers passed the FIT21 bill out of the House Financial Services Committee in July 2023. In May, Committee Chair Patrick McHenry said the House Committee on Rules could clear the bill for a vote in the full chamber.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

‘Godfather of AI’ advises UK government to start UBI

Coin Telegraph
‘Godfather of AI’ advises UK government to start UBI
chatGPT

Geoffrey Hinton also warns that advanced AI could pose an existential threat within the next five to twenty years.

Geoffrey Hinton, a world-renowned artificial intelligence (AI) expert often referred to as the “Godfather of AI,” recently consulted with members of the United Kingdom’s government at Downing Street where he advised lawmakers to consider adopting a universal basic income (UBI) to deal with the impending threat of job loss.

Until recently, Hinton worked for Google developing high-level AI features for neural networks — the underlying technology that powers most modern generative AI systems such as Google’s Gemini and OpenAI’s ChatGPT.

According to Hinton, the AI revolution will mostly benefit the rich. Laypersons, blue collar workers, and those employed in jobs that can be automated stand to lose their means of income and “that’s going to be bad for society” he recently told the BBC in an interview.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

US Senate passes resolution overturning SEC crypto rule on banks

Coin Telegraph
US Senate passes resolution overturning SEC crypto rule on banks
Banking

U.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep customers’ digital assets on its balance sheets.

A majority of lawmakers in the United States Senate have passed a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms.

In a 60 to 38 vote on May 16, U.S. Senators passed H.J.Res. 109, a resolution nullifying the SEC’s Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the crypto advocacy group Blockchain Association in a May 16 X post.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

Oklahoma’s new crypto law protects miners, sets blockchain legal framework

Coin Telegraph
Oklahoma’s new crypto law protects miners, sets blockchain legal framework
Coin Telegraph

Oklahoma Governor Kevin Stitt enacted a law on May 13 that creates a legal framework for blockchain and safeguards miners’ activities.

Oklahoma Governor Kevin Stitt has signed into law a bill that establishes a legal framework for blockchain technology and digital assets. 

The new legislation prohibits Oklahoma’s government from imposing restrictions on the use of digital assets for legal purchases or self-custody. It also determines that digital assets used as payment cannot be subject to any additional taxes or charges over other methods.

The bill — introduced in January by state Rep. Brian Hill — legitimizes home digital asset mining in residential zones under local noise ordinances. In addition, businesses mining digital assets in industrial zones are allowed to operate without specific noise limits other than those already in place.

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

CFTC announces $1.8M settlement against brokerage firm FalconX

Coin Telegraph
CFTC announces .8M settlement against brokerage firm FalconX
bitcoin regulation

The regulator reported the firm voluntarily improved its practices after the CFTC’s civil suit with Binance and its former CEO Changpeng Zhao.

The United States Commodity Futures Trading Commission (CFTC) announced that it had both filed and settled charges against cryptocurrency brokerage firm Falcon Labs for roughly $1.8 million in disgorgement and penalties.

In a May 13 notice, the CFTC said Falcon Labs, owned by FalconX, had failed to register as a futures commission merchant, “inappropriately facilitat[ing] access to digital asset exchanges.” The settlement required FalconX to cease offering services to U.S. residents and pay roughly $1.2 million in disgorgement and $600,000 in civil monetary penalties.

“The CFTC’s enforcement program has made clear it will not tolerate digital asset exchanges that fail to register with the CFTC or comply with the agency’s rules that maintain integrity in the derivatives markets,” said Enforcement Director Ian McGinley. “And now the CFTC is taking the fight one step further by, for the first time, charging an intermediary that inappropriately facilitated access to those exchanges.”

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3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

3 Meme Coins to Buy Before the 2025 Crypto Bull Run: SLAP, PEPU, PNUT

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