Robert F. Kennedy Jr. invested up to $250,000 in Bitcoin after Miami’s conference

July 9, 2023 Coin Telegraph

<div>Robert F. Kennedy Jr. invested up to 0,000 in Bitcoin after Miami's conference</div>

The recent investment disclosure contrasts with his claims in May that he was not an investor in Bitcoin.

Democratic presidential candidate Robert F. Kennedy Jr. owns up to $250,000 in Bitcoin (BTC), in contrast to his previous claim that he was not an investor in the leading cryptocurrency.

A record obtained by CNBC shows Kennedy Jr. owned between $100,001 and $250,000 worth of Bitcoin at the end of June. The investment was made after his speech at the Bitcoin 2023 conference in May, when he announced that his campaign would be the first to accept Bitcoin donations in the United States.

During the conference, the candidate also denied investing in Bitcoin. “I am not an investor, and I am not here to give investment advice,” he stated.

The financial disclosure filed on June 30 does not specify when the cryptocurrency was purchased, only that it has returned less than $201 since the investment was made. The filing does not indicate who made the purchase in the Kennedy family, although the candidate's campaign acknowledged it was Kennedy Jr.

*Screenshot of Robert F. Kennedy Jr.'s financial disclosure filed on June 30. Source: CNBC*

Challenging President Joe Biden, Kennedy Jr. has targeted the crypto community in his campaign. In a Twitter post on May 3, he stated that “cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine," adding that it was a mistake for the U.S. government "to hobble the industry and drive innovation elsewhere."

Among his wealthy backers is Twitter founder and the Block Inc. CEO Jack Dorsey, who has recently thrown his weight behind the candidate. “He can and will,” wrote Dorsey on Twitter about the candidate's strategy to defeat his opponents in the upcoming race.

Kennedy Jr. is the son of former Attorney General and Senator Robert F. Kennedy, as well as the nephew of the 35th President of the U.S. John F. Kennedy. His support comes at a crucial time for the American crypto industry, as the Securities and Exchange Commission (SEC) is cracking down on crypto businesses in the absence of a proper regulatory framework for digital assets in the U.S.

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Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida

May 13, 2023 Bitcoin.com

President Biden announces nominations for key positions at Federal Reserve

May 12, 2023 Coin Telegraph

Coin Telegraph

Leadership at the Fed will likely have an impact on how the U.S. government handles the potential issuance of a central bank digital currency.

United States President Joe Biden has announced his nomination of two people for key positions on the Federal Reserve, including a new Fed governor and economist Philip Jefferson as vice chair.

In a May 12 notice from the White House, President Biden said he would put forward Fed governor Philip Jefferson’s name to become the next vice chair of the central bank, replacing Lael Brainard, who resigned in February. The U.S. President added that Adriana Kugler, a former chief economist for the U.S. Department of Labor, was his pick for one of the Fed Board of Governors’ empty seats. He will also be renominating Fed governor Lisa Cook for a full term.

“These nominees understand that this job is not a partisan one, but one that plays a critical role in pursuing maximum employment, maintaining price stability, and supervising many of our nation’s financial institutions,” said President Biden.

The nominations will move to Congress, where a full Senate vote is required before the candidates take their respective positions at the Fed. Though the Democrats hold a slim majority in the Senate, partisanship could still be a factor in moving Biden’s picks forward. In a May 12 statement, House Financial Services Committee chair Patrick McHenry — a Republican — described the nominees as “seasoned economists” and said lawmakers would hold them to account in considering their positions.

If confirmed by the Senate, Jefferson would serve as Fed vice chair as part of his existing term as governor until 2036 and Kugler for a 14-year term likely ending in 2037. Cook’s current term is expected to end in 2024 should she not receive congressional confirmation.

As I assume my duties as a Federal Reserve Board Governor, I am beyond grateful to my family, friends, colleagues, mentors, former students, #EconTwitter friends, & many others for their love, encouragement, support, & prayers. (1/2)https://t.co/cWcKN0btJy pic.twitter.com/OiE0LVfB7P
— Dr. Lisa D. Cook (@drlisadcook) May 31, 2022

Leadership at the Federal Reserve will likely impact how the U.S. government considers treating crypto and blockchain, particularly in the potential issuance of a central bank digital currency. Though proponents of a federally issued CBDC have suggested it could help reinforce the U.S. dollar’s status as the world’s reserve currency, some have attacked a digital dollar over privacy concerns.

In Florida, Governor Ron DeSantis signed a ban on CBDCs in the state, claiming that the technology was about “surveilling Americans and controlling behavior of Americans.” North Carolina’s House of Representatives passed a similar bill on May 3 prohibiting CBDC payments and not allowing the Fed to include the state in any digital dollar pilot.

Magazine: Powers On… The Fed endorses cryptocurrency — Kind of

Argentina says no to crypto payments, France tolerates ‘finfluencers’: Law Decoded, May 1–8

May 8, 2023 Coin Telegraph

Argentina

Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets.

Last week brought several significant international developments in regulation. Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets. While local payment providers refuse to comment on the decision, Argentina’s fintech chamber urged the government to reconsider, claiming that “it limits access to a technology that offers multiple benefits and opportunities for our society.”

In France, the Senate Committee on Economic Affairs approved an amendment allowing registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes. The new wording would allow companies registered with France’s Financial Markets Authority to hire product influencers.

Meanwhile, Nigeria is preparing new industry regulations for digital asset platforms. The Nigerian Securities and Exchange Commission (SEC) is considering allowing licensed digital exchanges to list tokens backed by specific assets, including equity, debt and property. The SEC also aims to register fintech firms as digital sub-brokers, crowdfunding intermediaries, fund managers and tokenized coins issuers. The authority will not register crypto exchanges until the central bank provides clear regulations for the crypto market.

White House to build international standards for DLT

The United States Government released the national standards strategy for key and emerging technologies, with blockchain being one of them. The national strategy suggests that distributed ledger technology (DLT) and digital infrastructure would increasingly impact and be widely used in the economic sector. Some key areas where these technologies will be actively tested include automated and connected infrastructure, such as smart communities and the Internet of Things. DLT can be especially useful in building cybersecurity and privacy-based features and services.

North Carolina House passes bill banning CBDC payments to the state

The North Carolina House of Representatives has unanimously passed legislation prohibiting payments to the U.S. state using a central bank digital currency (CBDC). The latest version of the legislation aims to prohibit individuals from using CBDCs for any payments to the state. It also bars the Federal Reserve from using North Carolina as a potential testing ground for its own CBDC pilot. The bill will now move to the Senate, where it must pass before being signed into law or vetoed by Governor Roy Cooper.

Montana governor signs pro-cryptocurrency mining bill into law

Montana Governor Greg Gianforte has signed a bill into law essentially preventing local governments in the state from passing laws prohibiting cryptocurrency mining. The legislation effectively enshrines crypto miners’ rights in the state by revising existing laws, prohibiting discriminatory electrical rates for mining firms and not allowing taxation for crypto used as a payment method. It was introduced partly as a preventive measure in response to certain proposals in other states.

White House to build international standards for DLT

May 5, 2023 Coin Telegraph

Coin Telegraph

The White House national strategy listed eight emerging technologies with a focus on building international standards and finding use cases in the economic sector.

The United States White House released the national standards strategy for key and emerging technologies on May 4. The national strategy identified eight technology sectors that will have a great economic impact in the near future.

Among the eight technologies that focus on artificial intelligence, communication and network technologies, biotechnology, semiconductors and more, the listing of distributed ledger technology (DLT) and digital identity infrastructure grabbed the crypto community’s attention the most.

DLT permits concurrent access, record validation, and record updating throughout a networked database. Blockchain technology is based on DLT, making it possible for users to see any changes and the people who made them, lowering the need for auditing data, ensuring data reliability, and restricting access to only those who actually need it.

The national strategy aims to increase U.S. leadership in the development of international standards for these emerging technologies. The American government is actively involved in building synergies with the private sector to promote and build international standards for such emerging technologies.

The most prominent example of such collaboration and standard development includes the telecom and communications standard development. For example, the initial proposal for 3G was made in the 1990s by Qualcomm Technologies, and the subsequent proposal for LTE, the dominant standard for wireless broadband communication for mobile devices and data terminals, was made in the 2000s by NTT Docomo, a major Japanese mobile phone provider.

The national strategy suggests the likes of DLT and digital infrastructure would increasingly impact and be widely used in the economic sector. Some of the key areas where these technologies will be actively tested include automated and connected infrastructure, such as smart communities and the Internet of Things (IoT). DLT can especially find great use in building cybersecurity and privacy-based features and services.

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

US vice president gathers top tech CEOs to discuss dangers of AI

May 5, 2023 Coin Telegraph

Vice President Harris gathered the heads of several AI development firms to discuss potential risks posed by the budding technology.

The United States vice president and President Biden’s top advisors have held a meeting with several AI industry CEOs to discuss “concerns about the risks associated with AI.”

On May 4, U.S. vice president Kamala Harris was joined by nine top Biden administration advisors in science, national security, policy and economics, meeting with the CEOs of OpenAI, Microsoft, Google and AI startup Anthropic.

Notably, tech giant Meta’s CEO Mark Zuckerberg was absent from the meeting.

Before the meeting, the White House released a flurry of AI-related announcements regarding funding AI research facilities, government AI policy, and AI systems evaluation.

The meeting focused on the transparency of AI systems, the importance of evaluating and validating the safety of AI and ensuring AI is secured from malicious actors, as per the announcement.

Advances in tech always present new opportunities and challenges. Generative AI is no different.

Today, I met with CEOs of companies at the forefront of these advances to discuss the responsibility that governments and companies have to mitigate risks to protect the public. pic.twitter.com/YQOkdv1BgR
— Vice President Kamala Harris (@VP) May 5, 2023

Reportedly, the government and the tech CEOs agreed “more work is needed to develop and ensure appropriate safeguards and protections” for AI.

The CEOs committed to engaging with the White House to ensure Americans can “benefit from AI innovation.” No specific details were shared on what safeguards were needed or what the engagement with the government exactly entails.

Meta chief Mark Zuckerberg was absent from the meeting despite the company working on AI for years. A White House official told CNN “It was focused on companies currently leading in the space.”

Artificial Intelligence is one of the most powerful tools of our time, but to seize its opportunities, we must first mitigate its risks.

Today, I dropped by a meeting with AI leaders to touch on the importance of innovating responsibly and protecting people's rights and safety. pic.twitter.com/VEJjBrhCTW
— President Biden (@POTUS) May 4, 2023

The Biden administration also highlighted — without going into specifics — its work to address national security concerns posed by AI, specifically mentioning cybersecurity and biosecurity.

It said these efforts would ensure AI firms “have access to best practices” to protect AI networks from state cybersecurity experts from the “national security community.”

White House banks big on AI

On the same day, the Biden Administration announced it would put aside $140 million to launch seven new National AI Research Institutes, bringing the total to 25 across the country.

“These Institutes bolster America’s AI [research and development] infrastructure,” the White House said. It added the institutes would “drive breakthroughs” in areas such as “climate, agriculture, energy, public health, education, and cybersecurity.”

In a separate announcement, the government said AI development firms including Anthropic, Google, Microsoft, OpenAI, NVIDIA, Hugging Face and Stability AI will also participate in publicly evaluating AI systems on a platform from AI training firm Scale AI at the hacker convention DEFCON in August.

We've been hard at work on the Generative Red Team event we're doing at @defcon for a while and are excited that the @WhiteHouse announced it this morning. Here's more details:https://t.co/04oXIqXrKr
— AI Village @ DEF CON (@aivillage_dc) May 4, 2023

Finally, the White House said it would release a draft policy on how the U.S. government will use AI which will be will be made available for public comment “this summer.”

Policies around the development, use and procurement of AI by federal departments and agencies will be drafted. It said the policies will be a “model” for state and local governments, in their own procurement and use of AI.

AI Eye: ‘Biggest ever’ leap in AI, cool new tools, AIs are the real DAOs

White House advisors renew push for 30% digital mining energy tax

May 3, 2023 Coin Telegraph

Biden

The May 2 blog post by the White House’s Council of Economic Advisers (CEA) has already attracted strong criticism from the community.

The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change.

The proposed crypto-mining tax was first announced on March 9 as part of President Biden's FY2024 budget and seeks to impose a phased-in 30% excise tax on electricity used by crypto-miners.

Today the CEA released a blog highlighting a new tax in the President’s budget, the Digital Asset Mining Excise Tax (“DAME Tax”), a tax equal to 30 percent of the cost of the electricity cryptominers use once fully phased in. 1/ https://t.co/944x0wVVB5
— Council of Economic Advisers (@WhiteHouseCEA) May 2, 2023

“An excise tax on electricity usage by digital asset miners could reduce mining activity along with its associated environmental impacts and other harms,” the Department of Treasury wrote at the time. Bitcoin (BTC) fell under $20,000 just a day later.

However, a May 2 statement from the White House’s Council of Economic Advisers (CEA) has brought the proposal back to light again, in attempts to justify the need for the new tax.

“Currently, cryptomining firms do not have to pay for the full cost they impose on others, in the form of local environmental pollution, higher energy prices, and the impacts of increased greenhouse gas emissions on the climate,” the CEA wrote.

#Bitcoin mining is good for the grid and good for the environment, yet Biden wants to tax it 30% and send this valuable industry into the hands of Russia.
— Dennis Porter (@Dennis_Porter_) May 2, 2023

“The DAME tax encourages firms to start taking better account of the harms they impose on society,” it wrote, adding:

“While crypto assets are virtual, the energy consumption tied to their computationally intensive production is very real and imposes very real costs.”

The blog also referenced reports suggesting crypto mining has “negative spillovers” on the environment, quality of life, and electricity grids and that pollution from electricity generation falls on low-income neighborhoods and communities of color, while pushing up the cost of electricity for consumers.

It even suggests that crypto mining using existing clean power (such as hydropower) can still have a negative impact on the environment, by pushing other electricity users to “dirtier” sources of electricity.

Screenshot of CEA's thread on the environmental impact of crypto mining. Source: Twitter

The Twitter thread posted by the Council of Economic Advisers has attracted widespread criticism from the community, with some calling it “misinformation” and “propaganda” while one Twitter user argued such a tax would “simply push Bitcoin mining to Russia & other countries."

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Biden’s comms director barred from former crypto clients: Report

April 23, 2023 Coin Telegraph

Ben LaBolt

Decentralized exchange UniSwap and venture capital firm Andressen Horowitz were revealed as former clients of LaBolt in a recently published public financial disclosure report.

United States President Joe Biden will reportedly ban his communications director from handling matters related to any crypto or technology firms he has previously worked with, while allowing him to advise on crypto regulation.

According to an April 22 Bloomberg Law report, the White House communications director Ben LaBolt will be barred from “participating in legal matters, investigations, or contracts involving cryptocurrency or technology firms he previously represented.”

Decentralized exchange UniSwap and venture capital firm Andressen Horowitz – an early investor in Coinbase Global Inc – were both former clients of Bully Pulpit Interactive (BPI), where LaBolt was previously a partner, according to a public financial disclosure report published on April 21.

Both firms were among a list of 23 clients paying fees exceeding $5,000 in a year to BPI.

Ben LaBolt's Public Financial Disclosure Report. Source: aboutblaw.com

Meta Platforms, Shopify, and West Street – the family office of Meta CEO Mark Zuckerburg and his wife Priscilla Chan – were also included in the list of 23 clients exceeding $5,000 in a year.

Meanwhile, in the assets and income section, LaBolt disclosed that he holds $50,001-$100,000 in Bitcoin (BTC) and $15,001-$50,000 in Ethereum 2 (ETH2).

“LaBolt’s restrictions are in line with ethics rules followed by other senior White House staff,” the report stated.

Despite the restrictions expected to be put in place, it was reported that LaBolt will be allowed to advise on the president’s approach to regulating cryptocurrency and social media companies.

This comes after Biden signed an executive order (EO) on digital assets on March 9.

While the EO didn’t specify any regulatory actions, it outlined an interagency process that will involve 16 high officials, initially starting with the task of producing an elaborate series of reports.

These reports are due at intervals ranging from 90 days to over a year from the publication of the EO.

The EO attracted attention from government officials and industry leaders alike.

Republican “Crypto Senator” Cynthia Loomis of Wyoming commented on the executive order saying “it’s great to see the Biden administration’s growing interest in digital assets.”

Meanwhile, Ari Redborn, head of legal and government affairs for blockchain-based intelligence firm TRM Labs, said that he was “expecting certain things and the positive tone was not necessarily one of them.”

Magazine: Musk hints at suing Microsoft, US Rep. wants Gensler fired, and more: Hodler’s Digest, April 16-22

U.S. Congress to introduce new draft bill for stablecoins

April 15, 2023 Coin Telegraph

Coin Telegraph

Failure to register as a stablecoin issuer could result in up to five years in prison and a fine of $1 million. Issuers out of the United States would have to seek registration to operate in the country.

A new draft bill providing a framework for stablecoins in the United States was published on the House of Representatives' document repository, a few days before a hearing on the topic on April 19. The draft puts the Federal Reserve in charge of non-bank stablecoin issuers, such as crypto firms Tether and Circle, respectively issuers of Tether (USDT) and USD Coin (USDC).

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability by being backed by specific assets or using algorithms to adjust their supply based on demand. Stablecoins were introduced in 2014 with the release of the BitUSD.

According to the document, insured depository institutions seeking to issue stablecoins would fall under the appropriate Federal banking agency supervision, while non-bank institutions would be subject to the Federal Reserve oversight. Failure to register could result in up to five years in prison and a fine of $1 million. Issuers out of the United States would have to seek registration to do business in the country.

Among the factors for approval are the ability of the applicant to maintain reserves backing the stablecoins with U.S. dollars or Federal Reserve notes, Treasury bills with maturity of 90 days or less, repurchase agreements with maturity of 7 days or less backed by Treasury bills with maturity of 90 days or less, as well as central bank reserve deposits.

Additionally, issuers must demonstrate technical expertise and established governance, as well as the benefits of offering financial inclusion and innovation through stablecoins.

On a Twitter thread, Circle's CEO Jeremy Allaire said that "there is clearly the need for deep, bi-partisan support for laws that ensure that digital dollars on the internet are safely issued, backed and operated." Cointelegraph reached out to Tether, but did not receive an immediate response.

Also, as part of the drafted legislation is a two-year ban on issuing, creating or originating stablecoins not backed by real assets. It also establishes that the Treasury Department would conduct a study regarding "endogenously collateralized stablecoins."

As per the document definition, endogenously stablecoins "relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price."

The draft further allows the U.S. government to establish standards for interoperability between stablecoins. It also determines that the Congress and the White House would support a Federal Reserve's study about the issuance of a digital dollar.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

US Presidential Candidate RFK Jr. Says Bitcoin Provides An ‘Escape Route’ From Financial Turmoil

April 11, 2023 Bitcoin.com

White House

White House to build international standards for DLT

North Carolina House passes bill banning CBDC payments to the state

Montana governor signs pro-cryptocurrency mining bill into law

White House banks big on AI

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