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The crypto industry is corrupt & convoluted, but its survival strategy is simple: Control Congress. • Nevada Current

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The crypto industry is corrupt & convoluted, but its survival strategy is simple: Control Congress. • Nevada Current


Jacky Rosen and Sam Brown each have been raising and spending millions of dollars telling voters to “pick me” in the Nevada U.S. Senate race.

But that’s not the only thing Nevada’s incumbent Democratic senator and her Republican challenger have in common. 

Both Rosen and Brown have each been granted “A” grades from the cryptocurrency industry, which describes them both as “strongly supportive.”

Nevada U.S. Democratic Reps. Steven Horsford, Susie Lee, and Dina Titus also got “A” grades and were rated “strongly supportive” of crypto. 

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So were Republican Rep. Mark Amodei, as well as Amodei’s opponent, independent candidate Greg Kidd, and Southern Nevada Republican congressional candidate Drew Johnson, who is running against Lee.

The ratings were bestowed by the Stand With Crypto Alliance, a creation of the cryptocurrency exchange corporation Coinbase as part of the industry’s campaign efforts that have raised more political action committee money than any other industry during the 2024 campaign cycle.

The only Nevada politician ranked by Stand With Crypto who didn’t get an “A” was Democratic Sen. Catherine Cortez Masto, who instead got an “F” and was described as “strongly against” crypto.

“I support reasonable regulations on crypto – including my bipartisan bills to close loopholes that are allowing drug cartels and terrorist organizations like Hamas to use digital currency to fund their operations. That’s just common sense,” Cortez Masto said in a statement when asked about her “F” grade from the industry. 

The Stand With Crypto Alliance describes that bill as “very anti-crypto.”

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“I look forward to continuing to work with my Senate colleagues to crack down on bad actors,” Cortez Masto added.

As if to reply “Bad actors? Us?,” the Stand With Crypto Alliance scheduled an “America Loves Crypto Swing State Bus Tour” to visit Las Vegas Thursday, headlined by Nevada State Treasurer (yes, treasurer) Zach Conine.

“America Loves Crypto” is an appropriate name for the event, not because America loves crypto, but because the crypto industry loves – indeed could not survive without – hype about crypto’s purported importance and popularity.

The industry spent some of its $174 million 2024 campaign warchest against whiteboard-wielding Rep. Katie Porter (crypto grade: F, strongly against) in her California U.S. Senate Democratic primary won by Rep. Adam Schiff (A, strongly supportive).

It’s also spending heavily to defeat Ohio Democratic Sen. Sherrod Brown, whose loss would give Republicans control of the U.S. Senate.

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But the industry appears to be content to sit on much if not most of its campaign money, as if the fear that it might rain down political death and destruction via attack ads is itself enough to make politicians of both parties fall in line and stay on the right side of the industry. 

The only Nevada politician to have received substantial cryptocurrency campaign contributions is not Brown, or Rosen, but Horsford, according to researcher Molly White’s Follow the Crypto campaign contribution tracking site. The Nevada congressman and chair of the Congressional Black Caucus has received nearly $110,500 from crypto PACs.

As for all the other Nevada pols with A grades, the crypto PACs might not be contributing to them but, even more importantly, nor are they spending to defeat them.

Useless ‘use cases’

Crypto enthusiasts are jargon heads, so instead of identifying (or imagining) purposes for cryptocurrency, they instead natter on about “use cases.”

Fine. Fifteen years after Bitcoin was created, by far the largest “use case” for cryptocurrency is not the purpose originally promised – a new way to pay for things – but rather as a speculative investment, according to a Federal Reserve Board report published in May of this year. 

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And if “America loves crypto,” the love appears to be fading. The Fed report found that only 7% of adults in the U.S. had any use at all for crypto in 2023. That was down from 10% the year before, and 12% the year before that.

Those who aren’t using crypto as a speculative investment might be using it in more nefarious ways, including money laundering. (It wouldn’t be that surprising if Las Vegas was the one place in the U.S. where crypto is used for money laundering more than for speculative investment).

You will be surprised (just kidding) to learn that the crypto industry’s estimates of how many people are using crypto are a lot bigger than the 7% in the Fed’s study, and that the industry’s boosters also promise robust growth for the foreseeable future.

Makes sense. If your industry consists primarily of holding then selling an investment in something with no intrinsic value and that doesn’t actually add anything to the economy except more investment instruments that don’t actually add anything to the economy, convincing the public that there is a demand for your effectively useless product – in other words, hype – is pretty much the foundation and perhaps sum total of your revenue model.

Hence things like ads during the Super Bowl, an “America Loves Crypto Swing State Bus Tour,” and of course, using hundreds of millions of dollars to get elected officials to act like you’re credible.

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These things must be done if the industry is going to survive in an environment where the vast majority of the public may not be excited and curious about cryptocurrency, but rather just tired of hearing about it.

Creating the perception that elected officials comprehend the potentially beneficial if thus far elusive uses (er, use cases) of cryptocurrency and also genuinely think it’s crucial to the nation’s future economic competitiveness (or however politicians are phrasing their purported crush on crypto these days) isn’t just good for building up hype and polishing crypto’s image for potential investors.

It’s also good for attracting the biggest investor of all.

Wyoming Republican Sen. Cynthia Lummis (yes, Wyoming gets a U.S. senator; two of them in fact, sigh) has introduced legislation to establish a “strategic Bitcoin reserve,” by having the U.S. government “acquire” 5% of the total Bitcoin supply and hold on to it for at least 20 years.

As a pair of really quite conservative economists dryly observed while blistering the plan’s idiocy, the government holding on to the Bitcoin would be crucial because “We couldn’t have the government selling its Bitcoin and driving down the cryptocurrency’s price, now could we?” 

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Donald Trump went from calling crypto a “scam” (a phenomenon with which he is not without expertise) that’s “based on thin air” to now promising to be President Bitcoin or whatever, because of course he has. So given the chance, he might instruct a docile Republican Congress to pass the Lummis scam, er, scheme.

If Kamala Harris wins, however… crypto will still probably get kid gloves treatment.

Democratic Senate Majority Leader Chuck Schumer, who seems to love recklessly exotic investment instruments almost as much as he loves the campaign contributions that accompany them, is all-in for crypto. And he’s leading a group of Democrats who are pushing Harris to “reset” the relationship with the industry. 

The industry wants a reset with the White House because Joe Biden and his Securities and Exchange Commission chair think crypto is super risky to consumers and the entire economy and needs to be regulated

Because how old is Joe Biden? He’s old enough to remember when slipshod regulation of deeply flawed investment instruments sent the entire global economy into a Great Recession and a decade-long tailspin so severe that Nevada never did fully recover.

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Stand With Crypto by the way gives Biden a “D” and labels him “against crypto.”

Kamala Harris got an “N/A” grade and her position on crypto is listed as “pending.” 

The power of campaign financing – whether spent for or against a politician – is sometimes oversimplified by both the press and the public.

But crypto’s relatively recent acquisition of the United States Congress is pretty simple. And pretty crude. And demeaning, not only to members of Congress, but to their constituents.

Democrats like Rosen, Horsford, Schiff, Schumer, and Harris say elected officials like themselves must prioritize the interests of average people who are working hard yet still often struggling to get by, not powerful special interests. 

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Those elected officials need to do as they say, and not bow before a special interest whose practical purpose they can’t even clearly explain to the average people they profess to care about.



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Nevada

Exclusive | California’s illegal fireworks trade fueled by nefarious interstate pipeline

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Exclusive | California’s illegal fireworks trade fueled by nefarious interstate pipeline


California fireworks fans hungry for more high-powered pyrotechnics not sold in the state are heading for the Nevada border to get their illegal Fourth of July fix.

The Golden State only sells firecrackers that are certified “safe and sane” and sold by licensed sellers. But dozens of dealers in Nevada just miles from the California border have become a magnet for buyers looking for a bigger bang.

Authorities seized over 8,500 pounds of illegal commercial fireworks in East Los Angeles last month. Getty Images

At Cosmic Boom Fireworks in Amargosa Valley, cashier Jovon Oseguera said business has picked up sharply among Californians.

“It’s making [us] busier, people from everywhere just come by in the past week or so with roughly 25 to 30% of customers in a day from California,” he said.

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Oseguera said Californians are drawn to higher powered aerials “mostly mortar shells and fireworks cakes” they can’t buy in their own state.

At a Fourth of July party last year, a man lit an illegal $400 cake containing professional-grade explosives that malfunctioned and killed an 8-year-old girl.

Fireworks retailers in Nevada are seeing a steady uptick in customers crossing the border from California. Getty Images/iStockphoto

“A lot of them ask if they can take the fireworks back across the state line, but I tell them there’s not much [they] could really take back, except… really small stuff,” Oseguera added.

While some Nevada stores require that customers fill out forms for their purchases, his shop only checks that buyers are over 18.

A worker at Blackjack Fireworks in Pahrump, Nevada, said that the shop attracts hundreds of buyers from outside Nevada, with a significant number arriving from California during the week of July 4. 

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“If you come to the store, there will be several hundred cars all year round,” said the employee, who declined to provide her name.

The staffer said some choose light the fireworks off near Walker Lake on the Nevada side, but the shop doesn’t keep track of where buyers go after their shopping sprees.

“I have no business asking where they are coming from or what their final destination will be, as it will be a violation of their rights,” the worker said. 

Many Californians are making the trek across the border into Nevada this holiday season.
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According to the latest California Department of Public Health data from 2023, the state saw 200 nonfatal hospitalizations and 718 emergency department visits due to fireworks.

In 2024, Cal Fire reported over 1,200 illegal fireworks-related fires and hundreds of injuries.

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“Each year, we continue to see illegal fireworks, particularly those purchased online or shipped into California from out of state, pose a significant threat to public safety, property, and our natural resources,” a Cal Fire spokesperson told The California Post.

While Cal Fire could not share details about sensitive operations ahead of July 4 or ongoing investigations, the department is “working in close partnership with local, state, federal, and out-of-state law enforcement agencies to investigate the illegal sale, distribution, and use of dangerous fireworks.”

Los Angeles County District Attorney Nathan J. Hochman urged the residents to report illegal fireworks activity, saying that celebrations with illegal fireworks and explosives are not harmless entertainment.

DA Hochman urged LA locals to keep safety in mind while catching the July 4 fireworks this year. Los Angeles County District Attorney’s Office

“These devices can kill people, causing devastating injuries and destroying entire neighborhoods,” he said.

The DA is also currently investigating several cases of illegal fireworks possession.

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  • East Los Angeles/Pico Rivera: Four individuals were charged after approximately 8,500 pounds of illegal fireworks and homemade explosive devices seized on June 22, 2026.
  • South Los Angeles: Over 37,000 pounds of fireworks were discovered at a residence on May 27, 2026, leading to charges against four p eople, including child abuse charges for two defendants due to a child living in the home.
  • 6th Street Bridge: Three individuals face 21 felony counts each after the LAPD Bomb Squad recovered homemade explosives from a car on May 2, 2026.
  • Whittier: A seizure on January 13, 2026, uncovered over 24,000 pounds of fireworks and explosive-making materials in a storage unit near a preschool.



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How Chinese-Americans contributed to mining in Nevada

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How Chinese-Americans contributed to mining in Nevada


We’re celebrating America’s 250th birthday this weekend, and that means looking at some of the people who helped build our country into what it is today.

One group with a large impact on the country, including Nevada, is the Chinese.

In fact, Chinese-Americans were involved in mining in Nevada, and an exhibit at the Clark County Government Center is showcasing their contributions.

Dr. Zhida Song-James, curator of the exhibit, and Moon Xia, vice president of the Nevada Chinese American Association, joined us to share more about this part of Nevada history.

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The exhibit is on display now through July 16.



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US Supreme Court: Nevada, other states can accept late-arriving mail ballots

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US Supreme Court: Nevada, other states can accept late-arriving mail ballots


The U.S. Supreme Court ruled on Monday that states with laws that allow late-arriving mail ballots, including Nevada, can continue counting them in future elections.

In a 5-4 decision that had potential to affect November’s midterms, the high court upheld a Mississippi law that lets mail votes be counted up to five days after Election Day.

Nevada allows ballots postmarked on or before Election Day to be accepted for up to four days after the election. Mail returned without a legible postmark is accepted for up to three days.

“Nevada’s elections will not change — we will continue to run safe, secure and accessible elections this year without the interference and intimidation of the federal government,” said Nevada Secretary of State Francisco Aguilar in a statement.

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The Supreme Court case originated in Mississippi, where the Republican National Committee, Mississippi Republican Party and the state’s Libertarian Party sued the state. Plaintiffs argued that the laws undermine trust and confidence in the election process. Their position centered around federal statutes that set a uniform Election Day.

President Donald Trump, who issued a 2025 executive order that called for an Election Day counting deadline, called the ruling a “tremendous loss” for voter rights.

In a statement, Gov. Joe Lombardo said he agreed with the court’s ruling and called for legislative changes in Nevada.

“Today’s ruling from the Supreme Court reaffirms my stance that states should determine how their own elections are conducted, but there is still a need to enhance transparency and security in Nevada’s elections,” the governor said in a statement. “I fully support the Voter ID ballot measure and will work to ensure our election laws reflect a simple, common-sense principle: Election Day should mean the end of voting, and ballots should be received by Election Day so the results are timely, secure, and trusted by the public.”

Nevada officials react

Attorney General Aaron Ford had signed Nevada onto a Supreme Court amicus brief in support of Mississippi, which argued that establishing an Election Day deadline could lead to a flood of litigation related to ballots that were cast on time but had delayed arrivals.

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“Nevada’s elections are free, fair and safe, and Nevadans benefit from a range of choices in how to cast their vote — mail ballots included,” he said in a Monday statement. “Our state has made it clear that we believe our citizens deserve to cast their ballots in the way that is easiest for them, and today’s decision ensures that Nevadans who cast their mail ballot by Election Day will have their legal votes counted.”

Aguilar, Nevada’s chief election officer, earlier said that the state was preparing for the possibility that the high court would issue an opinion reversing the Nevada law. And, he said, recent elections had not seen a high volume of late-arriving ballots. In the 2024 general election, for example, under 10 had arrived by the fourth day after Election Day, he said in April.

Justices split vote

Justice Amy Coney Barrett and Chief Justice John Roberts, both conservatives, joined the three liberal justices in the majority ruling.

“When voting on different days in different states sparked allegations of fraud, Congress set a nationally uniform deadline for voting,” Barrett wrote in the majority opinion. “If varied deadlines for ballot receipt similarly call for a national solution, the American people must choose it through their elected representatives.”

She wrote that about 30 states accept at least some absentee ballots sent by Election Day to be counted afterward.

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“Although the election-day statutes refer to a particular ‘day’ for the election, plaintiffs do not contend that everything must occur on that day,” Barrett said.

Justice Samuel Alito penned the dissenting opinion.

“If ballots received after Election Day are added to the set of ballots that dictate the election’s outcome, the electorate’s choice does not occur on election day, and the federal election-day statutes are violated,” he wrote.

Call for voter ID law renewed

After the ruling, Trump repeated his demand for senators to pass the Save America Act, a bill that would require voters to present a photo ID, proof of citizenship and outlaw most mail voting.

“There is no excuse for a politician, or otherwise, to be against the above three requirements. There is only one reason to oppose — CHEATING!,” Trump wrote on Truth Social. “The House of Representatives has approved this vital Act, THREE TIMES. The United States Senate seems unable to do so.”

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The Repair the Vote PAC, which is leading a ballot initiative in Nevada to institute voter ID requirements, supports an Election Day deadline.

“This decision makes passing Question 7 even more important, as we must have verification that every ballot that is mailed in was sent in by a legally registered Nevada voter, regardless of when it was received,” said PAC Chairman David Gibbs in a statement, “but especially for those received after the polls have closed.”

Democratic senators Catherine Cortez Masto and Jacky Rosen celebrated the Supreme Court’s decision, adding that Nevada’s elections already are safe and secure.

“Today’s Supreme Court decision preserves that right so that Americans can continue to make their voices heard in the democratic process,” Cortez Masto wrote on X. “This administration will continue to lose in court as it tries to illegally control our elections.”

Added Rosen in her own post: “All eligible voters have a right to make their voice heard, and Trump won’t get away with his attacks on Americans’ voting rights.”

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Contact Ricardo Torres-Cortez at rtorres@reviewjournal.com.



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