Better Know a Crypto Candidate: Jerrod Sessler

October 23, 2024 Coin Telegraph

2024 Presidential elections

As part of its coverage of the 2024 US Elections, Cointelegraph asked several congressional candidates for their positions on crypto.

Jerrod Sessler is running for Washington’s 4th Congressional District in the United States House of Representatives as a Republican against incumbent Dan Newhouse, who is also a Republican who has held the chair since 2015.

The GOP newcomer is an entrepreneur and the founder of the HomeTask maintenance service. Sessler also served in the US Navy and was previously a NASCAR driver. According to a video statement from Sessler, he strongly opposes the centralization of digital assets:

The Congressional candidate continued, “Those that seek to destroy American Liberty, also seek to centralize crypto. As Congressman, I will fully and completely oppose the centralization of crypto in America.”

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

US bankers support Trump but expect Harris victory — American Banker

October 23, 2024 Coin Telegraph

2024 US Presidential elections

A survey of 191 bankers indicated heavy support for Trump’s cryptocurrency and taxation policies.

Professionals in the United States banking industry prefer presidential candidate and former US president Donald Trump by a small margin, according to recent survey data. But most expect to see his opponent, Vice President Kamala Harris, take the Oval Office in January.

American Banker publisher Arizent gathered survey data from 191 respondents working in the US banking industry and found that 59% — about 112 — believed that Harris is the frontrunner.

However, when asked whether a Trump or Harris administration would be better for the banking industry, 58% of the respondents said they’d be better off under Trump.

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Judge delays sentencing of IcomTech promoter to allow testimony

October 22, 2024 Coin Telegraph

Coin Telegraph

Gustavo Rodriguez, who was initially scheduled to be sentenced following his conviction for conspiracy to commit wire fraud, will testify under oath on Oct. 25.

Gustavo Rodriguez, one of the promoters of the cryptocurrency mining and trading firm IcomTech convicted of wire fraud, will have a few more days to prepare for his testimony and cross-examination before sentencing in a New York courtroom.

In an Oct. 22 hearing in the United States District Court for the Southern District of New York, Rodriguez’s lawyers requested Judge Jennifer Rochon grant an evidentiary hearing, claiming the former IcomTech promoter wanted to testify at his March 2024 trial. Judge Rochon said the court would hear testimony from Rodriguez and a witness on Oct. 25.

Rodriguez was one of two IcomTech promoters — along with his colleague David Brend — charged in the indictment against the project’s founder, David Carmona. Authorities alleged IcomTech amounted to a crypto-based Ponzi scheme, siphoning more than $8 million from users between 2018 and 2019.

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Metallicus secures FedNow transaction certification

October 22, 2024 Coin Telegraph

Blockchain

The partnership was originally announced in mid-2023 ahead of the launch of FedNow.

Digital banking network Metallicus announced the completion of its testing and certification phase and the launch of its services on the United States Federal Reserve’s FedNow instant payments platform.

The Oct. 22 announcement comes more than a year after the Fed announced Metal Blockchain’s integration with FedNow, highlighting the lengthy certification process as the central bank purportedly aims to onboard thousands of financial institutions over time.

Per Don Berk, the chief operating officer of Metallicus:

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

SEC lists crypto as an examination priority in 2025

October 22, 2024 Coin Telegraph

Coin Telegraph

The regulator’s Division of Examinations specifically named spot Bitcoin and Ether exchange-traded products in its priorities after their 2024 launch.

The United States Securities and Exchange Commission (SEC) has again included cryptocurrencies in its list of examination priorities for the next year, even as its leadership and government control could change hands.

In an Oct. 21 notice, the SEC’s Division of Examinations released its priorities for 2025, including crypto assets and their “associated products and services.”

According to the regulator, it planned to focus on the “offer, sale, recommendation, advice, trading, and other activities involving crypto assets,” explicitly naming spot Bitcoin (BTC) and Ether (ETH) exchange-traded products.

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Coinbase CEO Brian Armstrong backs Republican Senate candidates

October 21, 2024 Coin Telegraph

Brian Armstrong

Armstrong has endorsed pro-crypto Senate candidates, backing Republicans like John Deaton and David McCormick for their stance on digital asset policies.

Coinbase co-founder and CEO Brian Armstrong has endorsed several Republican candidates for the United States Senate in the November elections.

Armstrong took to X on Oct. 20 to show support for pro-crypto Senate candidates, including the pro-XRP (XRP) lawyer John Deaton and former Bridgewater Associates CEO David McCormick.

Both candidates are running under the Republican Party banner, with Deaton running for a Senate seat in Massachusetts and McCormick in Pennsylvania.

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Crypto events turn to regulation and politics as US election looms

October 19, 2024 Coin Telegraph

Coin Telegraph

Some executives at crypto and blockchain firms have suggested prioritizing US congressional races over the presidential election.

With less than a month until the people of the United States decide who will represent them in the House of Representatives, Senate, and the Presidency, some crypto events seem to be focused on regulation and politics.

Attending the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, in October, Cointelegraph noted that many panels included takes from high-level executives on their predictions for what would happen in the November race between Democrat Kamala Harris and Republican Donald Trump for the US presidency, and what the outcome could mean for the industry in 2025.

Whether the topics of discussion initially focused on regulation or included stablecoins or Bitcoin (BTC) mining, many participants suggested that digital assets had become more of a mainstream issue in US politics in 2024 in a way never before seen.

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Crypto Super PACs spend $1.3M on candidates as early voting continues

October 18, 2024 Coin Telegraph

Crypto Super PACs spend .3M on candidates as early voting continues

Coin Telegraph

The Fairshake and Defend American Jobs PACs reported media buys for GOP and Democratic candidates in the House of Representatives ahead of the elections.

With many areas of the United States already allowing residents to cast their ballots in the 2024 election, cryptocurrency-backed political action committees (PACs) have reported roughly $1.3 million worth of expenditures to support the campaigns of Democratic and Republican candidates for the House of Representatives.

In an Oct. 17 filing with the Federal Election Commission (FEC), the Fairshake PAC reported spending more than $900,000 in a media buy supporting Democratic Representative Thomas Suozzi for New York’s 3rd Congressional District. The same PAC disclosed it had spent more than $60,000 on a media buy for Democratic Representative Yadira Caraveo for Colorado’s 8th Congressional District.

Source: FEC

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Montenegro halts Do Kwon’s extradition again ahead of appeal ruling

October 18, 2024 Coin Telegraph

Bitcoin

Do Kwon’s extradition has been delayed again, to the surprise of the Justice Ministry.

The Constitutional Court of Montenegro suspended the extradition of former Terraform Labs founder and CEO Do Kwon on Oct. 18, according to local press reports. A day earlier, the Montenegrin Justice Ministry had said a decision on Kwon’s extradition had been made and it promised to make the decision public on Oct. 20.

The decision on Kwon’s extradition, including Kwon’s destination, was entrusted to the Justice Ministry by the Supreme Court in September. Both the United States and South Korea have requested his extradition.

The Constitutional Court had not informed the ministry of the suspension of that judgment until the last minute, the ministry said, adding:

Chainalysis: Stablecoins Emerge as the Cornerstone of Illicit Crypto Activity in 2024

Sen. Warren calls out Deaton’s ‘pro-bono work for crypto’ in 2nd debate

October 18, 2024 Coin Telegraph

Coin Telegraph

The Oct. 17 debate was likely the final time the two Senate candidates faced off before the November election.

Massachusetts Senator Elizabeth Warren faced off against lawyer John Deaton in their second and final debate to discuss policies before the November election. The Senator attacked Deaton for his ties to the cryptocurrency industry in an apparent effort to appeal to voters.

In a debate streamed by New England Public Media and GBH News on Oct. 17, Senator Warren reiterated her earlier claims that cryptocurrency transactions were tied to “drug cartels” and “terrorists,” calling for rules of the road for the industry. The two candidates made different allegations over corruption, with Senator Warren calling out Deaton over his loyalty to crypto backers.

“80% of Mr. Deaton’s wealth is tied up in crypto, 90% of his funding from this campaign is coming from crypto, and 100% of his loyalty in Washington will be to crypto: that is corruption,” said Senator Warren.

United States

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