Crypto
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.
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.
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.
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.
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.
“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.
“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.
Crypto
Malign interference and cryptocurrency: A new frontier in disinformation and national security
This content was written by Chainalysis.
In a world where nearly half the population will participate in national elections in 2024, the stakes for securing democratic processes have never been higher. Disinformation campaigns—especially those funded through crypto—have become a potent tool for states like Russia, China, and North Korea to destabilize democratic institutions, influence public sentiment and erode trust in governance. Chainalysis’ Malign Interference and Cryptocurrency report sheds light on the pivotal role of crypto tracing in identifying and countering these threats.
In spite of their pseudonymity, the transparency of the blockchain provides investigators a powerful tool to investigate how malign actors abuse cryptocurrency. Each transaction leaves a permanent, traceable record, allowing analysts to connect the financial dots across complex networks of accounts. This traceability was crucial in identifying the funding behind Russian disinformation efforts in recent U.S. elections. The funds used to purchase web domains and social media accounts were traced back to Kremlin-affiliated actors, highlighting crypto’s role in the infrastructure of disinformation.
Sanctions are among the most effective countermeasures against malign actors using crypto for disinformation. For example, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned multiple crypto addresses associated with Russian disinformation entities. These sanctions disrupt financing and make it difficult for actors to raise, transfer, and off-ramp their funds. However, these actors adapt quickly, finding new means of funneling funds and evading detection.
Looking ahead, as AI amplifies the reach and sophistication of disinformation, crypto tracing must continue to evolve. The ongoing development of blockchain analytics tools promises to meet the challenge of tracing disinformation funding in a world where deepfakes, bots, and AI-generated profiles are becoming the norm. The findings from the Malign Interference and Crypto report underscore the importance of collaboration across the public sector, private companies, and international organizations to safeguard democracies from crypto-fueled disinformation threats.
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Crypto
Cryptocurrency prices on November 4: Bitcoin trades near $69,000 ahead of US election and as Fed rate cut looms
Major tokens like Bitcoin, Ethereum, Dogecoin, Tron, and Toncoin saw gains, while others such as BNB, Cardano, Shiba Inu, Chainlink, Polkadot, Litecoin, Uniswap, and NEAR Protocol experienced losses of up to 3%.
At 12:02 pm IST, Bitcoin (BTC) traded 0.84% higher at $69,014, while Ethereum rose by 0.9% to $2,472. Despite these individual gains, the global cryptocurrency market cap declined by 1.68% over the past 24 hours to roughly $2.25 trillion.
Crypto Tracker
“Bitcoin is facing resistance at $69,000 after last week’s gains. We expect high volatility this week, driven by the US presidential election and the Fed’s policy meeting,” said Vikram Subburaj, CEO of Giottus Crypto Platform. “A rally above $72,000 could be likely if Trump secures a victory, while support remains strong at $66,000 if a drop occurs.”Edul Patel, CEO of Mudrex, said, “With just one day remaining before the U.S. presidential election, the crypto market is closely watching for the outcome. Bitcoin, currently trading at $69,000, has declined by over 4% over the weekend as investors adopt a cautious approach. Although technical charts suggest momentum is building, investors’ reaction to the election outcome is expected to be the key driver of BTC’s price action. Bitcoin faces resistance at $70,900, with support at the $67,400 level.”
The volume of all stablecoins is now $65.12 billion, which is 93.44% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, increased to $1.363 trillion. Bitcoin’s dominance is currently 60.63%, according to CoinMarketCap. BTC volume in the last 24 hours surged 42.64% to $33.44 billion.
Tech view by ZebPay Trade Desk
Earlier this week, Bitcoin’s pullback near its all-time high may have prompted short-term traders to lock in profits. Despite the price retreating to around $68,000, analysts remain optimistic, expecting Bitcoin to find solid support within the $65,000 to $68,000 range. The upcoming U.S. elections are the next significant catalyst for the crypto markets. A break above $70,000 in the near term could lift investor sentiment, driving renewed buying interest in select altcoins as well.
ETMarkets.comBTC after making the all-time high of $73,777 was trading in the ‘Descending Channel’ pattern. The asset gave a breakout above the channel and rallied up to $73,620. However, the bulls failed to cross the previous all-time and the prices witnessed some profit booking. BTC has struggled to give a weekly closing above the $70k mark in the past and this time also it failed to do that. Once it gives a weekly close above $70,000 and sustains above the previous all-time high then we may expect it to rally further.
Key Levels for BTC:
Support 1: $66,500
Support 2: $62,000
Resistance 1: $70,000
Resistance 2: $73,777
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
Former President Donald Trump announced the launch of a new cryptocurrency exchange World Liberty Financial where people can buy, sell and trade digital currencies like Bitcoin. Now the exchange has also taken the next big step of issuing its very own cryptocurrency: WLFI.
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Because Trump’s name is attached, this new digital coin is drawing a lot of attention. But should you put your own money in? We spoke to two experts who gave us their take.
Trending Now:
Any financial advisor will tell you to put your money in an asset that has a proven record of stability and growth. Trump’s cryptocurrency is brand new and doesn’t have any history to back it up. Just because it has a familiar name attached to it, that doesn’t mean it will perform well.
“The best things that you can invest in are things that you understand, and that have a proven track record of success,” said Joe Schmitz, Jr., founder and CEO of Peak Retirement Planning. “You should not invest in things because people are speculating that it could make it big.”
Crypto has made huge gains for some, but it’s also caused huge losses, too. Some people do make a lot of money in crypto. But what worked for one person doesn’t guarantee that the same thing will work for you. If you’re considering putting money into Trump’s crypto, remember that there’s no way to know whether any new cryptocurrency will perform well.
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World Liberty Financial announced that their currency, WLFI, will become a stablecoin. That means that, theoretically at least, its value will be locked one-to-one with the U.S. dollar. This is supposed to keep the extreme price swings of regular cryptocurrencies from happening. But there are still big risks. A stablecoin relies on World Liberty Financial to keep its value. You have to trust that World Liberty Financial has enough cash reserves to back up every coin they issue.
“I do not advise putting money into Trump’s crypto or any other cryptocurrency,” said Thomas J. Brock, of RetireGuide.com. “Cryptocurrency is a highly speculative asset; it is not a prudent investment. Cryptocurrency does not yield any income, and it has no intrinsic economic value. The only way you can make money with cryptocurrency is if you can sell it to someone at a higher price than what you paid. Unfortunately, given cryptocurrency’s incredibly volatile nature, properly timing a purchase and sale is hard to do.”
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