Crypto
Shadowy crypto companies think they can buy Arizona votes. So far, it’s working
Voters, beware: Crypto companies are throwing big money into elections in Arizona and other states in hopes of quashing any opposition to their industry.
Who is running in Arizona’s nine congressional district races?
Arizona has nine seats in the U.S. House of Representatives up for grabs in the 2024 election. Here’s what voters need to know for November elections.
Cryptocurrency advocates threw around some serious cash in Arizona’s primary election.
While their success at influencing outcomes is debatable, their commitment to being political players is not.
Crypto corporations have pumped an estimated $120 million into federal election races this year, primarily through nonpartisan super political action committees (PACs) devoted to electing pro-crypto candidates and defeating crypto skeptics.
All indications point to more of the same in the general election, and beyond.
Crypto backers gave Shah an ‘F’ rating
In Arizona, that likely will start with the Congressional District 1 race. In the primary, Protect Progress, one of three super PACs funded by crypto interests, spent more than $400,000 to support former White House aide and one-time Democratic state chair Andrei Cherny.
Cherny lost.
But crypto supporters were as much backing Cherny as they were opposing Amish Shah, who emerged victorious.
The advocacy group Stand With Crypto gave Shah, an ER physician and former state lawmaker, an F rating as “strongly against cryto.”
Shah faces incumbent David Schweikert, a Republican, in one of the most competitive congressional races nationally. The Cook Political Report rates it a toss-up.
Shah’s grassroots campaign: Helped him win over big money
Crypto interests might have spent more in the CD 1 primary, but Cherny and Shah were locked in a six-person field.
They poured even more money into District 3
In Congressional District 3, Protect Progress directed nearly $1.4 million in outside spending to support Yassamin Ansari, who won a narrow race against Raquel Terán.
Ansari is the odds-on favorite to capture the seat vacated by Ruben Gallego in a district where Democrats enjoy a 30 percentage point lead over Republicans in registered voters.
It’s plausible that crypto super PACs will also be active in the Congressional District 6 race between first-term U.S. Rep. Juan Ciscomani, a Republican whom Stand With Crypto considers a strong supporter, and Democrat Kirsten Engel. The advocacy group has not given a rating on Engel.
Cook Political Report also has the CD 6 contest as a toss-up.
We won’t get the quarterly look at spending in the general election for a few weeks, but there’s no reason to believe crypto will turn off the spigot any time soon.
Crypto is using the cash to influence legislation
The crypto sector’s emergence as election influencers comes at a precarious time. Major crypto companies have been sued by federal regulators over trading practices and handling of customer assets, which have implications for the sector.
Flush with money from an upswing in crypto prices, advocates are seeking to install politicians who would help pass legislation that’ll settle the debate over how crypto should be classified and which regulatory rules should apply.
According to the consumer advocacy group Public Citizen, crypto spending accounts for nearly half of all corporate money contributed during this year’s election.
The crypto-backed super PAC Fairshake has spent $10 million on ads attacking progressive Katie Porter, who’s in a runoff with U.S. Rep. Adam Schiff for the U.S. Senate.
Porter has raised questions about the energy required to “mine,” or create, cryptocurrency and its relationship to climate change.
Arizona Legislature seems the next likely target
Crypto advocates point to the defeat of New York U.S. Rep. Jamaal Bowman in the Democratic primary — Fairshake spent $2 million to take down Bowman — as a force that politicians must reckon with.
A more open question is if and when crypto may look to wield similar influence in Arizona’s state legislative races.
There has been a host of bills intended to help expand or encourage adoption of cryptocurrency, including allowing Arizonans to pay state fines and taxes using the currency and directing the state retirement system to look into investing in digital assets.
Some have gotten floor votes, and a few have been enacted.
The negative ratings that triggered the heavy spending for the opponents of Shah and Terán were based, in fact, on their opposition to as few as a single crypto-related bill.
This political spending reflects the existential threat that crypto naysayers and skeptics represent for a digital currency sector that’s still trying to find its footing.
Which means voters have extra cause to be wary of attack ads leading up to Nov. 5.
Reach Abe Kwok at akwok@azcentral.com. On X, formerly Twitter: @abekwok.
Crypto
Iran’s Cryptocurrency Toll System Emerges In The Strait Of Hormuz, Posing Economic Chalenges : Analysis | Crowdfund Insider
Iran has introduced mandatory cryptocurrency payments for commercial vessels navigating the Strait of Hormuz. Blockchain analytics firm Chainalysis and blockchain intelligence company TRM Labs have both independently documented the latest scheme, which now represents the first known instance of a nation-state levying transit fees in crypto at a critical global maritime chokepoint.
As highlighted by Chainalysis and TRM Labs in detailed updates, the system, administered by the Islamic Revolutionary Guard Corps (IRGC), took effect in mid-March 2026.
Ship operators must contact an IRGC-linked intermediary, submit comprehensive details—including vessel ownership, flag state, cargo manifests, crew lists, and destination ports—and undergo screening.
Unsurprisingly and as expected, vessels tied to the United States or Israel are barred from passage entirely.
Approved ships negotiate fees based on a five-tier “friendliness” scale, pay in Chinese yuan (via Kunlun Bank’s CIPS system) or cryptocurrency, and receive a VHF-broadcast passcode along with an escorted route through the northern corridor near Larak Island.
Tolls typically range from $0.50 to $1 per barrel of crude oil, with fully loaded very large crude carriers (VLCCs) facing bills of up to $2 million.
Iran’s parliament formalized the arrangement on March 30–31, 2026, through the “Strait of Hormuz Management Plan,” explicitly authorizing payments in rials, yuan, or “digital currencies.”
A dedicated crypto-conversion window on Qeshm Island now handles incoming funds, converting them into local currency or foreign accounts.
Although a rather weak, tentative Pakistan-brokered ceasefire took effect on April 7, 2026, reports indicate the toll regime remains operational.
Analysts highlight the IRGC’s dominant role in Iran’s crypto economy.
The Guard controlled roughly half of the country’s on-chain activity in late 2025, with associated addresses receiving more than $2 billion in 2024 and surpassing $3 billion in 2025—conservative estimates drawn from sanctions designations and seizure records.
While Iranian officials have publicly referenced Bitcoin, industry observers believe stablecoins such as USDT are preferred for their price stability and liquidity, aligning with the IRGC’s long-standing sanctions-evasion strategy.
The economic stakes are enormous. Roughly 20 percent of global oil and liquefied natural gas transits the Strait.
TRM Labs now estimates daily revenue from oil tankers alone could reach $20 million, scaling to $600–800 million monthly when LNG carriers are included.
Iranian sources reportedly project annual collections as high as $120 billion at full capacity.
The initiative extends Iran’s established use of crypto for oil sales, weapons procurement, and proxy financing.
By bypassing traditional banking rails, Tehran potentially reduces exposure to U.S. sanctions enforcement.
However, blockchain transparency offers regulators and stablecoin issuers tools to monitor flows and impose targeted freezes once wallet addresses are identified. But this is only the case with private, permissioned chains and certain stablecoins like USDC or USDT. Other coins may not be frozen so easily if at all.
Shipping companies now face heightened compliance risks, including potential penalties for unlicensed dealings with sanctioned entities. But just how exactly this can continue to be enforced remains unclear due to rapid advancements in digital technology.
This crypto toll “booth” sets a precedent that could inspire other sanctioned states to monetize strategic waterways. And this trend is likely to continue, potentially putting an end to US-led hegemony.
As the IRGC embeds digital currency infrastructure into sovereign revenue streams, the development indicates that nation states may no longer be crippled by international sanctions. Perhaps in the future, it will become very challenging if not impossible to restrict economic transactions between different countries to the rise of permissionless cryptocurrencies.
Kraken Valued at $13 Billion After Deutsche Börse Stake
Deutsche Börse has taken a minority stake in crypto exchange Kraken, marking one of the clearest signs yet of Europe’s largest market operator deepening its exposure to digital assets.
The German exchange group said it invested $200 million in Payward, Kraken’s parent company, securing roughly a 1.5% fully diluted ownership. The transaction values Kraken at about $13.3 billion, according to reporting by Bloomberg.
The move builds on an existing relationship between the two firms and signals a broader push to integrate traditional financial infrastructure with crypto markets. The partnership is expected to focus on regulated offerings, including tokenized assets and derivatives, while improving liquidity for institutional clients.
As part of the collaboration, Kraken will integrate with 360T, Deutsche Börse’s foreign exchange trading platform. The connection is designed to provide Kraken users with access to bank-grade foreign exchange liquidity, potentially streamlining the conversion between fiat currencies and digital assets.
The companies also plan to expand the use of Kraken Embed, a service that allows institutions to offer crypto trading and custody under their own brands. The initiative targets banks, fintech firms, and asset managers seeking to enter the digital asset space without building infrastructure from scratch.
Further developments are expected, subject to regulatory approval. These include enabling trading of derivatives listed on Eurex, Deutsche Börse’s derivatives exchange, through Kraken’s platform.
The investment underscores a growing convergence between established financial institutions and the crypto sector. For Kraken, the backing from Deutsche Börse provides capital and strategic alignment with one of Europe’s most influential financial market operators. For Deutsche Börse, the stake offers a direct foothold in a global crypto platform at a time when competition for digital asset infrastructure is intensifying.
The deal also reflects a broader trend of legacy financial firms moving beyond exploratory partnerships toward equity investments in crypto companies. By combining trading, custody, and tokenization capabilities, both firms are positioning themselves to capture a larger share of institutional flows into digital assets.
San Francisco taqueria El Faro looks to sell, saying their rent has nearly doubled
Cowboys Visit Hints at Potential Unexpected Day 2 Target in 2026 Draft
Miami County leaders take action to get disaster aid after Hillsdale devastated by tornado damage
Why the Bills may consider this physical receiver in first round
Denver area events for April 15
Florida High School Football Rankings: Top 25 teams – Oct. 21
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
99th annual Pony Swim held in Virginia
Indiana Members Credit Union announced as new anchor tenant at Bottleworks District
Dem fundraising giant in the hot seat as GOP lawmakers demand answers over dodged subpoena
Fifth woman accuses former US lawmaker Eric Swalwell of sexual misconduct
Commercial Ships Transit Strait of Hormuz as U.S. Blockades Iran’s Ports
Video: How Stephen Miller Is Adjusting Trump’s Immigration Agenda
Biden DOJ weaponized FACE Act against pro-life Americans, 882-report alleges
-
Ohio17 hours ago‘Little Rascals’ star Bug Hall arrested in Ohio
-
Georgia1 week agoGeorgia House Special Runoff Election 2026 Live Results
-
Arkansas5 days agoArkansas TV meteorologist Melinda Mayo retires after nearly four decades on air
-
Pennsylvania1 week agoParents charged after toddler injured by wolf at Pennsylvania zoo
-
Milwaukee, WI1 week agoPotawatomi Casino Hotel evacuated after fire breaks out in rooftop HVAC system
-
World1 week agoZelenskyy warns US-Iran war could divert critical aid from Ukraine
-
Austin, TX1 week agoABC Kite Fest Returns to Austin for Annual Celebration – Austin Today
-
Culture1 week agoCan You Name These Novels Based on Their Characters?