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Cryptocurrency campaign donations grow more popular, though state rules vary

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Cryptocurrency campaign donations grow more popular, though state rules vary

For congressional candidate Shrina Kurani, cryptocurrency isn’t solely the way forward for cash, it is a transformative know-how that might revolutionize marketing campaign funding and appeal to a brand new technology of voters.

She is amongst a vanguard of candidates courting marketing campaign contributions in digital currencies equivalent to Bitcoin.

“We’re a marketing campaign that’s chatting with a big a part of the inhabitants, particularly youthful individuals,” stated the American-born daughter of Indian immigrants, who’s on Tuesday’s main poll as she seeks the Democratic nomination for a congressional seat east of Los Angeles.

Kurani’s foray into digital foreign money to assist fund her marketing campaign wouldn’t be doable if she have been operating for the California Legislature or another workplace throughout the state. Whereas the federal authorities permits political donations in cryptocurrency, California doesn’t, having banned the follow 4 years in the past.

The distinction underscores not simply the rising recognition of cryptocurrencies but additionally how regulation varies broadly throughout the U.S.

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Some states, together with Arkansas and North Carolina, additionally do not permit cryptocurrency donations in state races beneath current marketing campaign finance legal guidelines. Others have adopted federal guidelines for congressional candidates and permit donations with disclosure necessities and contribution caps, sometimes set at $100. Nonetheless different states, together with Hawaii, Idaho and South Dakota, have adopted no particular insurance policies round digital foreign money donations.

Digital currencies supply an alternate that doesn’t rely on banks. As a substitute, transactions are validated and recorded on a decentralized digital ledger referred to as the blockchain.

Perianne Boring, founder and CEO of the Chamber of Digital Commerce, a commerce affiliation representing the blockchain trade, likened using cryptocurrency in politics to former President Barack Obama utilizing smartphone know-how and former President Donald Trump leveraging social media.

“Blockchain know-how can improve participation within the political course of in a really constructive means,” Boring stated, noting that’s notably true for youthful individuals and members of minority teams who is likely to be skeptical of conventional financial strategies.

Critics say the potential draw back is lack of transparency — not understanding who’s in the end behind the donation.

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Beth Rotman, director of the Cash in Politics and Ethics Program for the nonpartisan watchdog group Frequent Trigger, worries that traceability is harder with cryptocurrency.

“In marketing campaign finance, you need disclosure. You want backup data,” Rotman stated. “I do know (cryptocurrency) is horny and alerts to individuals that you are a hip new candidate, however there must be a greater method to do it than compromise the opposite elements of the marketing campaign finance system.”

Timothy Massad, a former chairman of the U.S. Commodity Futures Buying and selling Fee, additionally is anxious about disclosures.

“The hazard is that that is nonetheless, in my thoughts, a sector the place there may be inadequate regulation, notably on the danger of illicit exercise and cash laundering,” stated Massad, at present a analysis fellow at Harvard College’s Kennedy College of Authorities.

Cryptocurrency donations have been permitted in federal races for years, after the Federal Election Fee allowed their use in a 2014 opinion.

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The fee stated political committees ought to worth digital foreign money contributions primarily based in the marketplace worth on the time the donation is obtained. Candidates additionally should return contributions that come from prohibited sources or exceed contribution limits.

Within the 2017-18 election cycle, cryptocurrency donations reported to the Federal Election Fee got here to simply over $1.2 million. They’ve hit about $500,000 to date within the present cycle, which has months to go earlier than the final election.

Shortly after the Federal Election Fee allowed cryptocurrency donations, then-U.S. Rep. Jared Polis, a Democrat, started soliciting them. Now governor of Colorado, Polis is in search of related contributions as he runs for reelection, with donations in cryptocurrency capped at $100.

“By campaigns accepting cryptocurrency donations, we are able to present the safety, accessibility and the chance of utilizing crypto in several types of transactions and in addition assist ship the message that Colorado is a house of innovation,” stated Amber Miller, Polis’ marketing campaign spokesperson.

As the recognition of digital currencies grows, some states that prohibited cryptocurrency contributions are reassessing.

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Jay Wierenga, spokesperson for the California Honest Political Practices Fee, stated the company will reexamine its ban later this 12 months.

“The fee is at all times in search of to maintain up with and get forward of the altering universe round political exercise,” Wierenga stated.

Oregon is likely one of the extra progressive states in elections, having been the primary to institute vote-by-mail. However in 2019, Oregon banned candidates campaigning for workplaces throughout the state from accepting cryptocurrency donations. That was regardless of former Secretary of State Dennis Richardson, a Republican, saying they need to be thought of as “a brand new and progressive method to develop participation.”

Two months after Richardson died of most cancers in 2019, the Oregon Legislature closed the door to such donations. Because the Senate ready to vote, state Sen. Jeff Golden, a Democrat, stated: “One of many broadly shared goals of this legislative session is to extend the transparency of cash in politics, and cryptocurrency tends to go in the other way.”

That feeling is not unanimous. One of many few state lawmakers who opposed prohibiting cryptocurrency donations was Republican Rep. Invoice Put up. He stated lots of people within the Legislature merely did not perceive it.

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“I do not need (us) to sound like a bunch of outdated fuddy-duddies right here,” he stated. “Let’s stand up to hurry on the twenty first century.”

Jesse Grushack, 30, is a kind of voters keen on cryptocurrencies and who helps utilizing them for political contributions. The New Yorker donated to the marketing campaign of Democrat Matt West, a fellow cryptocurrency fanatic who had a failed bid for an Oregon congressional seat this 12 months.

“At this level in American politics, anybody who’s pro-crypto is somebody I wish to assist,” Grushack stated.

Kurani, 29, stated her embrace of cryptocurrency is extra than simply an opportunity to show her tech credentials. It is also a method to attain these for whom the digital alternate options to U.S. {dollars} have gotten their authorized tender of alternative.

She downplays considerations about donor secrecy, saying her marketing campaign converts crypto donations into {dollars} and pursues the identical data — title, deal with, employer, occupation — that it will for any donor.

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“We’re actually ensuring that we are able to symbolize American people who find themselves taking part with new sorts of digital foreign money,” she stated.

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Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

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Blockchain Revolution: How Cryptocurrency is Transforming Global Logistics – theafricalogistics.com

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The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.

These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.

1. Blockchain’s Role in Logistics

Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:

  • Enhanced Traceability: Every transaction, from the manufacturing stage to delivery, is recorded on an immutable ledger. This ensures that stakeholders have a comprehensive view of the supply chain.
  • Reduced Paperwork: By digitizing documents such as bills of lading and certificates of origin, blockchain eliminates the inefficiencies of manual processes.
  • Improved Trust: Smart contracts, self-executing agreements coded on the blockchain, reduce disputes and enhance trust between parties.

2. Cryptocurrency in Cross-Border Transactions

Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:

  • Lowering Transaction Costs: Cryptocurrency transactions bypass intermediaries, significantly reducing fees.
  • Speeding Up Payments: Transactions settle in minutes, eliminating delays common with traditional banking systems.
  • Enhancing Financial Inclusion: For businesses in emerging markets, cryptocurrencies provide access to global trade without reliance on conventional banking infrastructure.

3. Use Cases Transforming the Sector

Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:

  • Walmart’s Blockchain Initiative: Walmart leverages blockchain to track the origin of produce, ensuring food safety and traceability within its supply chain.
  • Maersk’s TradeLens Platform: Developed in collaboration with IBM, TradeLens uses blockchain to digitize and streamline global shipping documentation, reducing inefficiencies.
  • Cryptocurrency-Powered Freight Payments: Startups like Slync.io enable shippers to pay carriers using digital currencies, enhancing payment speed and reliability.

4. Challenges to Adoption

Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:

  • Regulatory Ambiguities: The legal status of cryptocurrencies varies across countries, complicating implementation.
  • Scalability Concerns: Processing thousands of transactions per second remains a challenge for blockchain networks.
  • Skill Gaps: The logistics workforce often lacks the technical expertise to deploy and manage blockchain systems.

5. The Road Ahead

The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.

Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.

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Conclusion

Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.

By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.

As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.

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How cryptocurrency works: A step by step guide

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Exploring the potential use cases of Pi Coins post-launch

 

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My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool

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My Top Cryptocurrency to Buy Right Now (Hint: It's Not Bitcoin) | The Motley Fool

The performance of Bitcoin (BTC -0.53%) this year has been nothing short of extraordinary. It’s now up about 46% since the election on Nov. 5, and 146% year to date. Best of all, Bitcoin recently broke through the $100,000 price level to hit another all-time high just north of $108,000.

But what if I told you that there is another top cryptocurrency that is up more than 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That cryptocurrency is Sui (SUI -3.69%), which now ranks 14th among all cryptocurrencies with a $13 billion market cap.

What is Sui and why haven’t I heard of it before?

If you’ve never heard of Sui, that’s understandable. The cryptocurrency only launched in May 2023, just as the market was emerging from the crypto winter of 2022. So, in many ways, its launch flew under the radar of investors. There were bigger issues to consider. The industry was still coping with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022, and nobody was very interested in hearing about another new cryptocurrency launch.

But fast-forward to August 2024. That’s when 21Shares — the company that partnered with Cathie Wood’s Ark Invest on the launch of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (ETH -0.79%) — released a research report on Sui, detailing all of its unique characteristics. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a substantial margin. It pointed out how Sui was rapidly growing in terms of total value locked (TVL), which is a key metric showing the relative strength of a particular blockchain.

Image source: Getty Images.

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The title of the report (“Is Sui a Solana (SOL -0.00%) Killer?”) was very provocative, at least for crypto investors. It suggested that Sui had the technological chops to take on Solana, which now ranks as the fifth-largest cryptocurrency. For several years now, Solana has been positioned as the next Ethereum, so Sui being tabbed as a potential Solana killer is a big deal. In fact, 21Shares suggested that there might be a $68 billion market opportunity for Sui if it was able to take on Solana and win.

How high can Sui go in 2025?

My primary concern right now with Sui is that it may be overheating. Just like Bitcoin, it is smashing through all-time high after all-time high. Right now, Sui is trading at about $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 presents the same psychological price barrier for Sui that $100,000 did for Bitcoin. It took Bitcoin a while to break through the $100,000 level, so Sui may not be able to break through the $5 price level by the end of this year.

But, in 2025, watch out. Just take a look at this comparison chart of Bitcoin and Sui since the presidential election. That leads me to think that the market is very bullish on Sui’s prospects under the Trump administration.

Bitcoin / U.S. dollar chart by TradingView

Moreover, consider the trading volume that Sui is now seeing on Coinbase Global (COIN 1.75%). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Granted, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there’s more activity in Sui than in popular cryptocurrencies such as Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.

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Best of all, Sui has a major new product launch coming in 2025. It’s a $599 handheld gaming device that is currently available for pre-order online. If that product launch is a success, then it could be off to the races for Sui. It could easily double in price to hit the $10 price level.

This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after its launch. Most likely, you’d be a crypto millionaire by now. In December 2016, Ethereum was trading around $5,  which is roughly where Sui is trading right now. Today, Ethereum trades for about $3,400.

That said, I can’t emphasize enough how speculative Sui is. It is still a baby in crypto terms. It has only been around for 18 months, and it can be difficult to get good data and reliable information about it. So, do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum might only come around once in a lifetime, so it’s asking a lot for it to happen with Sui as well.

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Dominic Basulto has positions in Bitcoin, Ethereum, SUI, and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.

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S. Korea, US conducting joint research to block NK cryptocurrency heists

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S. Korea, US conducting joint research to block NK cryptocurrency heists

A representation of Bitcoin and a price chart are seen in this October 2023 photo illustration. Reuters-Yonhap

South Korea and the United States are conducting joint research to strengthen protection against cryptocurrency heist attempts amid growing concerns of such attacks by North Korea-linked hackers, officials said Sunday.

Based on a recently signed technical annex between the South Korean government and the U.S. Department of Homeland Security, the two sides will jointly develop technologies to prevent cryptocurrency-targeted attacks and to track stolen assets, according to authorities and cybersecurity industry officials.

The science ministry plans to support such research through the Institute of Information & Communications Technology Planning & Evaluation until 2026.

The move comes as the price of bitcoin recently surged to $100,000 after the U.S. presidential election last month, raising concerns of increased attempts by hackers to steal virtual assets.

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While the United States collaborates with other countries for cybersecurity research, it is known to have chosen South Korea for research on digital asset tracking technology as North Korea is seen as a key culprit behind cryptocurrency heists.

Under the program, South Korean and U.S. researchers, including those from Korea University and the RAND research institute, will focus on technologies to prevent and track hackers when they steal assets from a cryptocurrency exchange.

They will also focus on understanding how they convert or launder other financial assets they obtain into virtual assets through illegal ransomeware or other methods.

North Korea is known as a major player in cryptocurrency heists, with hackers linked to the country estimated to have stolen $1.34 billion worth of cryptocurrency across 47 incidents this year, according to Chainalysis, a blockchain analysis firm. (Yonhap)

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