🚨 Big Crypto Politics News! 📰

From Kamala Harris to Donald Trump's sons, there is a lot happening around crypto from a political perspective.

Hey Thinkers 💡

Crypto & Politics: The Latest Updates

Over the past 24 hours, the intersection of cryptocurrency and politics has ramped up. Both Democrats and Republicans are taking action. Here’s a breakdown of the top items:

Harris 4 Crypto

A group of Democrats in the crypto space who don’t want to see Donald Trump run away with this issue has created a group called Crypto4Harris. This group will hold a public virtual town hall next Wednesday to discuss their plans to support the Harris campaign. Billionaire entrepreneur Mark Cuban, along with other industry participants, will speak at the meeting.

It is important to note the following:

• Harris' New Running Mate: Harris announced her running mate this week as Tim Walz. Walz has not made any public statements about crypto.

• Potential Treasury Secretary: According to Axios, the Harris team is considering Wally Adeyemo, a known crypto critic, for the position of Treasury Secretary.

Ro Khanna’s Crypto Meeting

Ro Khanna’s crypto meeting with Democratic leaders is now set for Thursday, August 8th, at 11:45 AM EST. The goal of this Zoom meeting is to help Kamala Harris repair crypto relations. Harris’ campaign has been meeting with industry organizations and leaders to discuss concerns about the current administration and to outline a path forward.

Trump Family and Crypto

Donald Trump’s sons, Eric and Donald Jr., have been tweeting about an upcoming crypto initiative they are working on:

• Eric Trump: “I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement.”

• Donald Trump Jr.: “We’re about to shake up the crypto world with something HUGE. Decentralized finance is the future—don’t get left behind.”

Donald Trump is known to be pro-crypto, and everyone is curious about his next moves to support the industry.

Pro-Crypto Super PAC Fairshake

The pro-crypto Super PAC Fairshake has announced it will spend $25 million on TV ad campaigns to support 18 House candidates from both parties. Fairshake spokesman Josh Vlasto commented:

"We are seeing a broad bipartisan consensus behind ‘crypto and blockchain as a critical component of the future economy.' More than 52 million Americans own crypto, with the sector responsible for tens of thousands of jobs across the country. We will continue to deploy our resources in support of leaders on both sides of the aisle and in both houses who are committed to getting things done and working with the industry to pass responsible regulation that drives innovation, creates jobs, and sustains America’s global leadership."

An example of Fairshake’s campaigns is Crypto skeptic Cori Bush, who just lost her Democratic primary race to Wesley Bell. Bush voted against several key crypto-related bills:

• FIT21

• SAB 121 Nullification

• CBDC Anti-Surveillance State Act

Losses like this were seen on Super Tuesday and in the Primaries. This should be a warning sign for those who are anti-crypto.

Senator Elizabeth Warren's Push Against Political Betting Contracts

Senator Elizabeth Warren, along with other Democratic lawmakers, is urging the Commodity Futures Trading Commission (CFTC) to finalize a ban on political betting contracts. This call to action comes as Polymarket, a popular betting platform, reports over $500 million in bets on the 2024 US presidential election, reaching all-time highs (ATHs). Gemini co-founder Tyler Winklevoss tweeted:

"Senator Warren wants to ban prediction markets for political events, contracts that are hard to manipulate, in favor of political polls that are easy to manipulate. Got it."

Credit to Eleanor Terrett of Fox Business on her reporting of these items.

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-Tony

Disclaimer - Thinking Crypto and Tony are not financial or investment experts. You should do your own research on each cryptocurrency and make your own conclusions and decisions for investment. Invest at your own risk, only invest what you are willing to lose. This newsletter is for educational purposes and NOT investment or financial advice.