Update 4:05 PM ET: Adds details, comments

U.S. President Joe Biden said on Sunday he’s stepping down from the presidential race, ending his reelection campaign after he lost the support of senior Democrats amid concerns over his ability to beat Donald Trump.

In a post on X, Biden wrote that he will continue in his role as the president until his term ends in January 2025 and will address the country later this week.

Biden endorsed his vice president Kamala Harris to be the nominee of the Democratic Party this year.

“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.

Harris would become the first Black woman to become a major party nominee. But she will have limited time, barely three months, to campaign and unite the Democratic Party.

In a phone call with CNN, Trump said he believes Harris will be easier to defeat than Biden would have been, CNN anchor Kaitlan Collins wrote on X.

The decision comes after weeks of calls for Biden to pull out from the race.

Biden, who tested positive for COVID-19 only four days ago, had previously repeatedly rejected calls for him to drop out of the race.

Biden’s decision caught many White House staff unaware, as the president had planned to stay in the 2024 race as of Saturday night, Reuters reported Sunday, citing a source familiar with the matter.

“Last night the message was proceed with everything, full speed ahead,” the source told Reuters. “At around 1:45 p.m. today: the president told his senior team that he had changed his mind.”

House Speaker Mike Johnson wrote on X that if Biden is unfit to run, “he is not fit to serve as President. He must resign the office immediately.”

Former President Bill Clinton and former Secretary of State Hillary Clinton thanked Biden for his accomplishments and endorsed Harris. In a joint statement on X, they said they “will do whatever we can to support her.”

Former House Speaker Nancy Pelosi and former President Barack Obama also released statements expressing their gratitude to Biden, but their statements did not contain an endorsement for Harris.

Investors will be watching market reaction when Tokyo opens at 8 p.m ET. Bitcoin (BTC-USD) -1.6%, which is open continuously, sank before the Biden announcement and extended losses once the move was official.

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Khamzat Chimaev, a rising star in the UFC, recently found himself embroiled in a controversy unrelated to his prowess in the octagon. A cryptocurrency scandal has cast a shadow over his career, sparking speculations and questions from fans and media alike. In a candid interview, Chimaev shares his perspective on the incident and explains what transpired.

The controversy began when Chimaev participated in a promotional campaign for a cryptocurrency named SMASH, which turned out to be fraudulent. His endorsement led many followers and fans to invest in the currency, resulting in significant financial losses when the project collapsed. Chimaev quickly became a central figure in the scandal, facing accusations of deceiving his fans.

“I trusted the wrong people,” Chimaev admitted. “My management team assured me that this was a safe and reliable investment. I had no deep knowledge of cryptocurrencies and completely relied on their judgment.”

Chimaev acknowledged his mistake in not researching the cryptocurrency before endorsing it.

“I should have been more cautious and learned more about what I was supporting,” he said. “It was naive of me not to do my own research.”

He emphasized that he never intended to deceive his fans.

“I would never knowingly harm or deceive my followers. I am also a victim in this situation and have lost both money and trust.”

 

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Following the scandal, Chimaev has taken steps to rectify the situation. He has cooperated with authorities to track down those responsible for the fraudulent cryptocurrency and is working to recover the lost funds for his followers.

“We have managed to identify some of the culprits, and they have been forced to admit their fraud,” he revealed.

Chimaev has also made changes to his team, now working with new management whom he trusts more.

“I have learned a hard lesson about the importance of having the right people around me. I will be much more cautious in the future and ensure that I fully understand what I am endorsing.”

Despite the negative attention, Chimaev is determined to rebuild his reputation and return to the octagon with the same strength and determination as always.

“I am sorry for what happened and will do everything I can to make it right,” he said. “But this will not stop me. I am here to fight and to win, and that is exactly what I will do.”

This incident serves as a reminder of the potential pitfalls in the fast-moving world of cryptocurrency, even for those with good intentions. Chimaev’s experience highlights the importance of due diligence and the risks involved in endorsing financial products without thorough understanding.

This article was created based on information from MMAnytt.se.

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In the past few years, there has been a gradual positive shift in the right direction. The government has provided clarity on taxation, and crypto exchanges are now reported entities under the Prevention of Money Laundering Act (PMLA). However, the tax rate remains high, which is negatively impacting the growth of the ecosystem. This situation has led to a migration of trading volume to international exchanges, posing higher risks in terms of compliance and customer protection.The taxation on crypto should also be at par with other businesses, the TDS should be reduced from 1% to 0.01 %, and set off of losses should be allowed.

The government and other stakeholders to promote awareness about the benefits and risks of crypto, and align stakeholders on comprehensive regulations around Web3 technology.

Industry Concerns
The Indian crypto industry has voiced its concerns regarding the current taxation framework. The 30% flat tax is considered significantly higher compared to traditional asset classes like stocks, which discourages long-term investment and incentivizes short-term trading. The 1% TDS further adds to the burden, creating an additional compliance layer and potentially hindering trading activity.This has led to a decline in domestic trading volumes, with investors potentially shifting their activities to offshore exchanges that offer more favourable tax environments. This not only deprives the Indian government of potential tax revenue but also undermines the growth of the domestic Web3 ecosystem.The Untapped Potential
Despite the current challenges, the Web3 sector in India holds immense promise for future growth. Industry estimates suggest that Web3 could contribute a staggering USD 1.1 trillion to India’s GDP by 2032. This exponential growth can be attributed to the numerous applications of blockchain technology, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse. Creating a vibrant Web3 ecosystem which presents a unique opportunity for India to attract investments, create jobs, and become a global leader in this burgeoning technological revolution.

A Global Perspective
In comparison to India, several developed economies have adopted a more measured approach to crypto taxation. Countries like Singapore and Portugal have implemented lower tax rates for cryptocurrencies, creating a more conducive environment for innovation and investment. This highlights the potential competitive advantage India could gain by introducing a more rationalized tax regime.

The Government’s Viewpoint
It’s crucial to acknowledge the government’s concerns regarding cryptocurrencies. The volatile nature of the market and the potential for misuse in money laundering and tax evasion are legitimate issues that necessitate regulatory measures.

A Call for Reform
There exists a clear need for a balanced approach. A well-designed tax framework can ensure that the government receives its fair share of revenue while simultaneously encouraging responsible innovation within the Web3 sector. Open dialogue and collaboration between the industry and the government are essential to achieve this balance.

Tax Optimization Strategies
It’s important to know that some investors explore alternative strategies within the current tax structure. These may include utilizing Crypto-INR Futures and Options (F&Os) offered by certain platforms. However, it’s crucial to understand that such strategies are complex and may not be suitable for everyone. Consulting with a qualified tax professional before implementing any such strategy is essential.

With the upcoming budget approaching, the Indian crypto industry is anxiously awaiting potential changes in the regulatory system. A shift towards more favorable tax regulations for the Web3 sector could unlock its immense potential, propelling India to the forefront of the global digital revolution. By embracing innovation while addressing regulatory concerns, India can create a win-win situation for both the government and the burgeoning Web3 ecosystem.

(The author is the Cofounder & CEO, Pi42. Views are own)