🚨Crypto Panic: Democrats Scramble for Solutions
Crypto is impacting politics and the upcoming elections, and Democrats are waking up to this fact.
GM Thinkers 💡
It appears that the Democratic Party is beginning to feel uneasy as the Biden Administration maintains its stringent stance on cryptocurrency, largely influenced by Senator Elizabeth Warren. This sentiment is echoed in reports from Bitcoin Magazine, which revealed that Representative Ro Khanna (D-CA) is organizing a roundtable discussion on crypto policy scheduled for early July. This roundtable will see participation from various members of the Biden administration, other House and Senate officials, and prominent pro-crypto advocate and businessman Mark Cuban.
This move by Representative Khanna reflects growing tension within the Democratic Party over cryptocurrency regulation. Recently, a significant number of Democrats have distanced themselves from Elizabeth Warren's hardline approach. This shift was evident when Democrats collaborated with Republicans in both the House and Senate to repeal SAB121 and pass the FIT21 bill in the House. These legislative actions indicate a bipartisan effort to push back against restrictive crypto policies.
Moreover, the Democratic Party is concerned about the potential loss of campaign contributions from the burgeoning crypto industry. Crypto Super PACs have accumulated over $100 million, highlighting the financial clout of the sector. This financial influence is critical as the party prepares for upcoming elections.
Adding to the pressure, former President Donald Trump has consistently voiced his support for the cryptocurrency industry. He has engaged with Bitcoin miners and made commitments to back the industry, promote self-custody, and establish clear regulatory guidelines should he return to office. Trump's pro-crypto stance could potentially sway voters and industry support towards his camp, further alarming Democrats.
The central question remains: Can Democrats persuade the Biden Administration to adopt a more favorable view of cryptocurrency and counteract Elizabeth Warren’s stringent policies? The outcome of this internal debate and the upcoming roundtable discussion will be crucial in determining the future direction of the Democratic Party's approach to crypto regulation.
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📰 Latest Crypto News:
David Hirsch, the head of the United States Securities and Exchange Commission’s Crypto Asset and Cyber Unit in the Division of Enforcement, has left the agency after nearly nine years. - source
An opinion piece titled “Crypto Could Stave Off a U.S. Debt Crisis” was published in the Wall Street Journal last week which included thoughts from former speaker of the House Paul Ryan.
“If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer.”
Largest European Telecom, Deutsche Telekom will start mining Bitcoin - source
Spot Ethereum ETF projected to launch by July 2nd, Bloomberg ETF analyst says. - source
aUSDT, the first Tethered asset, just launched! aUSDT is a synthetic dollar over-collateralised by XAUt (Tether Gold). - source
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