Crypto
Republicans claim betrayal as cryptocurrency PAC backs Democrats
JACKSON HOLE, Wyo. — A leading pro-cryptocurrency political group has dumped millions of dollars into high-profile Michigan and Arizona Senate races to back Democrats against Donald Trump-endorsed candidates, angering top Republicans who viewed the industry as an ally, not an opponent.
Fairshake PAC and its affiliated super PACs are reserving millions in advertising spending to influence three U.S. Senate races this cycle, and have announced commitments of about $3 million each to Democrats Rep. Ruben Gallego, who is running in Arizona, and Rep. Elissa Slotkin, a candidate in Michigan, it said on Wednesday.
The spending risks upending GOP efforts to secure seats in two key battleground states in the fight for control of the Senate and comes as top Republicans — amid a hostile regulatory environment — have leveraged their political capital to broker closer ties to the cryptocurrency industry.
When asked for comment, Fairshake referred NBC News to Slotkin and Gallego’s current A-ratings from Stand With Crypto, a nonprofit group advocating for the crypto industry. Both Democrats this year crossed party lines to support a historic crypto bill.
For years, Slotkin had expressed skepticism of cryptocurrency until an apparent change of heart in recent months. The Michigan lawmaker earned an F-rating from Stand With Crypto as recently as March.
Gallego, who is facing off against Republican Kari Lake, had failed in the past to back legislation that was supported by the crypto industry and, in 2022, praised on social media a candidate who “slayed the Crypto beast.” Last year, Gallego signed onto a letter, spearheaded by Sen. Elizabeth Warren, D-Mass., to address crypto-financed reforms, crediting her as an “outspoken advocate for regulation and oversight of crypto.” He has also criticized business owners like Elon Musk for “pushing Bitcoin” and profiting off cryptocurrency, and signed onto legislation perceived as hostile by the industry in years past.
Lake earned an A rating from the group Stand With Crypto for her strong statements about supporting the industry, and is assessed as “very pro-crypto.”
A spokesperson for Fairshake, Josh Vlasto, said in a statement that the super PAC and its affiliates are working to “support candidates who embrace innovation, want to protect American jobs and are committed to working across the aisle to get things done and oppose those who do not.”
The crypto industry and its aligned super PACs have amassed more than $100 million to spend in House and Senate races, part of an effort to shape a favorable regulatory landscape by bolstering crypto-friendly candidates. In Ohio alone, the group is targeting $12 million in support of a Republican Senate candidate running to unseat Democratic Sen. Sherrod Brown, chair of the powerful Committee on Banking, Housing and Urban Affairs, who is viewed by industry advocates as a crypto skeptic.
Fairshake is the leading PAC funded by digital asset firms, with its most significant contributions coming from a handful of donors: blockchain firm Ripple; individual donors affiliated with the venture firm Andreessen Horowitz; and Coinbase, the largest U.S. cryptocurrency exchange.
Republican operatives making the case for crypto say that it is a growth industry that the party has embraced for good reasons, and that these efforts will continue to pay off over time.
“The world has changed since Trump’s first term in office,” said Matt Mackowiak, a GOP strategist based in Austin, Texas. “The smart Republicans have seen that opportunity and have moved towards it. And it has multiple advantages: One, it is a source of fundraising. Two, it is a way to attract votes from a younger demographic. And three, it is an issue that can set up a contrast with the Democrats, and makes Republicans look like the party of the future.”
Now, simmering tensions are moving into the open as alarmed Republicans eye Fairshake, its affiliated super PACs and top backers with mounting skepticism. They warn that the groups risk losing sway with Republicans after working to cultivate hard-won relationships and are questioning the durability of Gallego and Slotkin’s support.
“It is reminiscent of when the Chamber of Commerce bankrolled a bunch of anti-business House Democrats who turned around and passed massive tax hikes on businesses with the so-called Inflation Reduction Act,” a senior GOP Senate aide said. “Now, the Chamber of Commerce can’t even get a meeting with House Republican Leadership to discuss their priorities.”
Congressional Republicans and the Chamber of Commerce have been on rocky terms in recent years after the business lobbying group became irate with Republicans for not supporting immigration reforms and not stopping Trump’s tariffs, both positions the group felt harmed American business. The chamber announced a willingness to back Democrats, a move that was unimaginable in the Obama era and that enraged many Republicans on the hill.
The aide continued: “It is surprising that whoever is advising Fairshake has come up with the same flawed strategy.”
One GOP strategist involved in Senate races warned that the spending risks hurting Trump as well since his allies are being attacked.
“Coinbase and Fairshake are attempting to become toxic to Republicans. Spending against two key GOP candidates could jeopardize the Senate and harm Trump,” said the source, who was not authorized to speak publicly so as not to get ahead of the former president. “Gallego and Slotkin have voted against bitcoin interests and would vote to confirm a far-Left SEC Chairman. It makes no sense.”
The spending was a hot topic of conversation as Republicans descended on Jackson Hole this week, alongside Marc Andreessen and representatives from Coinbase and other crypto groups, to attend consecutive retreats hosted by the Congressional Leadership Fund super PAC and House Speaker Mike Johnson, R-La. Andreessen and his business partner, Ben Horowitz, have endorsed Trump in the presidential race and criticized the Biden-Harris administration’s regulatory agenda and its promise to tax unrealized capital gains. Together, Andreessen and Horowitz are among Fairshake’s most significant donors.
“Republicans are WTF about what’s going on with Fairshake, and I think that’s a pretty bad omen for the industry, that people are wondering why our main trade association is pointing its arsenal at our friends,” said one industry leader who was granted anonymity to speak freely. “A lot of people are walking around the CLF conference astonished that this is the strategic chess move that the industry has made.”
A prominent member of Trumpworld likened the support “to a pro-Israel group giving money to the Squad.” A source familiar with the comments who was not authorized to speak publicly said the comparison suggests that Fairshake is supporting a cohort hostile to its interest.
Trump has promised to implement crypto-friendly policies if elected, culminating in a reversal of his stance from his time in the White House, when he criticized Bitcoin as “highly volatile and based on thin air.” Trump’s campaign now accepts Bitcoin donations, and his selection of running mate JD Vance was viewed as a win for the industry. Vance has called for looser regulation of crypto and disclosed that he has $250,000 to $500,000 worth of bitcoin among his assets.
Mackowiak said the shift is in part generational, with Vance credited with convincing a group of Silicon Valley investors to host Trump on their popular podcast and hold a San Francisco fundraiser that raked in millions.
A former Trump regulator said that a future Trump administration would invite “a more nuanced approach to regulation” around crypto but that a regulatory shift should be expected regardless of who wins the presidential race. “It’ll just be faster if you have a Trump presidency.”
Since taking over the Democratic Party’s nomination, Vice President Kamala Harris has begun seeking a “reset” with the crypto industry, with executives from Coinbase, Ripple and Kraken voicing their concerns to the White House during a Zoom call, according to Bloomberg. Democrats have launched a Crypto4Harris group that is seeking to formalize the industry’s ties to the presidential candidate. Top Harris surrogates are also signaling a more open environment should she win in November, with Maryland Gov. Wes Moore promising during a recent interview on CNBC that Harris would offer a regulatory framework that would be more business-friendly than under Biden.
The former regulator said many are still skeptical, however.
“The big political question here is, can Harris convince proponents of industry that she has done a 180, or is it just talk?” he said. “Because they will not believe that she will cross Elizabeth Warren.”
This article was originally published on NBCNews.com
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Crypto
Ethereum (ETH) Whale Purchase New Cryptocurrency At $0.001777 For PEPE-Like Gains
![Ethereum (ETH) Whale Purchase New Cryptocurrency At alt= Ethereum (ETH) Whale Purchase New Cryptocurrency At alt=](https://www.newsbtc.com/wp-content/uploads/2024/08/photo_2024-08-14_19-13-47.jpg)
Recently, an Ethereum (ETH) whale made headlines by investing in a new cryptocurrency, Mpeppe (MPEPE), at a notable price point of $0.001777. This move has sparked widespread interest, drawing comparisons to the successful trajectory of Pepecoin (PEPE). Let’s explore why this whale’s investment in Mpeppe (MPEPE) is generating buzz and what it could mean for future gains.
Ethereum (ETH) Whale’s Strategic Investment: What’s Behind the Move?
A Significant Purchase at $0.001777
The whale’s acquisition of Mpeppe (MPEPE) at $0.001777 has captured the attention of the crypto community. This price point is seen as an early entry into a potentially lucrative opportunity, reflecting the whale’s confidence in Mpeppe’s future performance. Such a significant purchase highlights the perceived potential for substantial gains, drawing parallels with the success story of Pepecoin (PEPE).
Drawing Parallels with Pepecoin (PEPE)
The investment in Mpeppe (MPEPE) is particularly intriguing due to its similarities with Pepecoin (PEPE), a cryptocurrency that achieved impressive returns and widespread popularity. Just as Pepecoin leveraged meme culture and blockchain innovation to make a mark, Mpeppe (MPEPE) aims to follow a similar path. The whale’s investment signals a belief that Mpeppe could replicate or even surpass Pepecoin’s success, making it a noteworthy development for crypto enthusiasts and investors.
Mpeppe (MPEPE): A New Contender in the Crypto Space
Innovative Approach and Unique Value Proposition
Mpeppe (MPEPE) distinguishes itself with a unique blend of meme culture and blockchain technology. Inspired by the success of Pepecoin, Mpeppe combines the playful elements of internet memes with the serious potential of cryptocurrency investments. This innovative approach positions Mpeppe (MPEPE) as a fresh contender in the market, with a value proposition that appeals to both meme enthusiasts and serious investors.
Integration with Ethereum (ETH)’s Ecosystem
As an Ethereum (ETH)-based token, Mpeppe (MPEPE) benefits from the robust infrastructure and security provided by Ethereum (ETH). The integration with Ethereum (ETH) allows Mpeppe to leverage smart contracts, decentralized finance (DeFi) protocols, and a secure network. This synergy not only enhances Mpeppe’s functionality but also aligns it with Ethereum (ETH)’s broader ecosystem, contributing to its potential for significant growth.
Potential for PEPE-Like Gains
Investors are closely watching Mpeppe (MPEPE) for its potential to achieve gains similar to those seen with Pepecoin (PEPE). With the whale’s substantial investment as a significant endorsement, there is growing optimism about Mpeppe’s prospects. The combination of a low entry price, innovative features, and the backing of a major player suggests that Mpeppe could offer impressive returns in the coming months.
Conclusion: Mpeppe (MPEPE) Poised for Success
The Ethereum (ETH) whale’s investment in Mpeppe (MPEPE) at $0.001777 marks a significant moment in the cryptocurrency space. With its innovative approach, alignment with Ethereum (ETH)’s ecosystem, and potential for PEPE-like gains, Mpeppe is generating considerable excitement. For investors, this presents an opportunity to be part of a promising new venture with the potential for impressive returns. As Mpeppe (MPEPE) continues to make waves, keeping an eye on its developments and market performance will be key to navigating this exciting investment landscape.
For more information on the Mpeppe (MPEPE) Presale:
Visit Mpeppe (MPEPE)
Join and become a community member:
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Crypto
Economist Editorial Claims 2024 Recession Is Inevitable—Is America Ready? – Economics Bitcoin News
![Economist Editorial Claims 2024 Recession Is Inevitable—Is America Ready? – Economics Bitcoin News Economist Editorial Claims 2024 Recession Is Inevitable—Is America Ready? – Economics Bitcoin News](https://static.news.bitcoin.com/wp-content/uploads/2024/08/downtttttns.jpg)
Crypto
Safeguards crucial as Hong Kong seeks slice of cryptocurrency pie
![Safeguards crucial as Hong Kong seeks slice of cryptocurrency pie Safeguards crucial as Hong Kong seeks slice of cryptocurrency pie](https://cdn.i-scmp.com/sites/default/files/styles/og_image_scmp_generic/public/d8/images/canvas/2024/08/14/9b3ca736-9084-4a9b-99be-e23951ce9abc_fa01aea6.jpg?itok=QsmkUmFy&v=1723582407)
Hong Kong is competing with financial centres around the world to establish itself as a hub for cryptocurrency business.
To achieve this requires allowing multiple forms of cryptocurrency tools as well as the appropriate regulatory framework to help manage the risk of monetary and financial instability.
To that end, a regulatory regime for stablecoins has taken a welcome step closer to fruition after a two-month consultation wrapped up last month.
The Hong Kong Monetary Authority and Financial Services and the Treasury Bureau have prudently chosen to keep in place most of the rules they initially proposed in December to manage stablecoins, virtual assets that are pegged to other assets such as a fiat currency to maintain a stable value.
Issuers will be required to obtain a licence from the HKMA. The rules also require that stablecoins be fully backed by reserve assets “at any given point in time”, and that issuers publish monthly confirmation of those assets from an independent auditor.
Overseas issuers hoping to offer blockchain-based stablecoins in Hong Kong also must establish a local subsidiary with key management personnel based in the city.
Rules that were relaxed after the consultation included a reduction in the minimum paid-up share capital requirement from 2 per cent to 1 per cent of the value of its stablecoins in circulation, with a minimum of HK$25 million (US$3.2 million). Legislation would be drafted and introduced as soon as possible, the regulators said.
The requirements are similar to those adopted by the Securities and Futures Commission for virtual asset trading platform licences.
Perhaps due to the stringent nature of the rules, Hong Kong saw 24 applicants compared to rival hub Singapore, which garnered three times as many applicants under its regime.
The revised proposal is unlikely to mollify those critics who say they are too strict, but at least it should be welcomed by others who thought the regulators were moving too sluggishly to put a framework in place.
Authorities are right to be cautious. Cryptocurrencies are known for volatile price swings and are regarded as higher risk investments. Hong Kong is the only city in China that is being allowed to experiment with a cryptocurrency regime and needs to get it right.
Still, demand for cryptocurrencies as an alternative investment tool is real, and the city is aiming to be a digital forerunner.
It is therefore important to build suitable and transparent guardrails that will strike a balance between protecting the interests of investors and creating a favourable regulatory environment for coin issuers.
Once the law is drafted, the city will be a step closer to becoming a competitive virtual assets hub.
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