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How cryptocurrency is poised to influence elections
Ryan Selkis, a cryptocurrency executive, was dining at Mar-a-Lago last month when he received an unexpected invitation: Former President Donald J. Trump wanted him to come on stage and say a few words.
Mr. Selkis, who runs the crypto data company Messari, was one of several hundred attendees at an event celebrating Mr. Trump’s victory. non-fungible token series, the digital collectibles known as NFTs. When he reached the lectern, Mr. Selkis turned to the former president.
“There are 50 million crypto holders in the United States,” the executive says. declared. “That’s a lot of voters.”
This message has become a political talking point in the crypto world, as the industry attempts to shake off a wave of scandals and establish itself as a powerful force in the 2024 election cycle. Three big companies cryptography have came together to finance a group of affiliated super PACs, investing approximately $150 million to elect pro-crypto candidates in congressional races.
The PACs do not plan to participate in the presidential election, a spokesperson for the groups said. But top crypto executives have tried to rally the industry behind Mr. Trump, who has reciprocated by praising digital currencies and hosting executives at Mar-a-Lago.
Many crypto proponents view the 2024 election as a pivotal moment. After the collapse of a series of crypto companies two years ago, the Biden administration embarked on a aggressive repression, filing lawsuits and criminal charges against some of the industry’s leading figures. The Securities and Exchange Commission is continuation of cases this could effectively force the crypto industry out of the United States.
“The 2024 election will be the most important in crypto history,” said Brad Garlinghouse, chief executive of Ripple, a crypto company that has been battling with the federal government for years. “You see a technology becoming a partisan political issue. »
Mr. Garlinghouse, Mr. Selkis and other leaders have argued that newly energized “crypto voters” could influence the outcome of the election. They often cite a investigationcommissioned by crypto exchange Coinbase, which suggests that 52 million Americans own digital currencies. (The Federal Reserve estimates that the total represents 7 percent of the adult population, or about 18 million people.)
But voters’ supposed passion for crypto may be less important than the industry’s war chest. Ripple, Coinbase and venture capital firm Andreessen Horowitz have each donated around $50 million to crypto PACs, which plan to spend the funds in several competitive Senate races. In March, the largest PAC, Fairshake, spent about $10 million on attack ads against Rep. Katie Porter, a Democratic candidate in the California Senate primary who was allied with Sen. Elizabeth Warren, a critic of longstanding in cryptography. Ms. Porter lost her race.
“A single, relatively small industry is literally trying to buy off enough politicians to hijack the public agenda,” said Dennis Kelleher, president of Better Markets, a financial reform advocacy group. “It’s pretty mind-blowing.”
The vast resources available to the industry have made a specific set of issues a topic of discussion during the presidential campaign. Robert F. Kennedy Jr., the independent presidential candidate, do his first official campaign appearance at a Bitcoin event in Miami, and he attended several industry conferences, sometimes holding fundraising meetings with wealthy executives on the sidelines.
President Biden has long been seen as anti-crypto because his SEC Chairman Gary Gensler has sued many crypto companies. But some Biden supporters, including investor Mark Cuban, insisted his campaign would mend fences.
The campaign was receptive to the message, Mr. Cuban said in an email. In recent weeks, Biden officials have contacted Coinbase and Ripple, asking to discuss crypto policy, four people familiar with those discussions said.
Yet much of the industry appears to be rallying around Mr. Trump. While the former president said once Bitcoin “looks like a scam” and has often criticized the tech industry, he has made several favorable comments on crypto over the past month, promising to end the regulatory crackdown. On Tuesday, Mr. Trump met at Mar-a-Lago with executives from some of the world’s largest Bitcoin mining companies, including Marathon Digital and Riot Platforms.
Bitcoin should be “MADE IN THE USA!!!” ” he job on his social network.
The last time the crypto industry spent significant sums in a political race, its biggest donor was Sam Bankman-Fried, the founder of FTX, who spent tens of millions of dollars supporting both Democrats and the Republicans in the 2022 midterms. Two years later, Mr. Bankman-Fried’s company is bankrupt and he is serving a 25-year prison sentence for fraud.
The collapse of FTX was a huge setback for the crypto industry’s efforts in Washington. Last year, the SEC for follow-up Coinbase and other crypto companies, arguing that the digital assets they allowed customers to buy and sell were unregistered securities. In May, the industry scored a rare legislative victory when Congress voted to overturn an SEC accounting directive challenged by crypto companies. Mr. Biden vetoed The resolution.
Now the industry is fighting back. Fairshake has announced plans enter four more Senate races this year, including close contests in Ohio and Montana, where Democrats who have criticized crypto are up for re-election. Privately, crypto executives have credited Fairshake with softening up some skeptical lawmakers, including Sen. Sherrod Brown, Democrat of Ohio, according to two people familiar with the conversations. Mr. Brown, who chairs the Senate Banking Committee, said in April he was willing to propose an industry-backed bill.
A few weeks after the California Senate primary in March, Representative Adam Schiff, the Democrat who defeated Ms. Porter, visited Coinbase’s offices in Mountain View, California. He met with representatives from Coinbase, Andreessen Horowitz and crypto-focused investment firm Electric Capital. , Paradigm and Haun Ventures, two people familiar with the meeting said.
Mr. Trump has not always been a supporter of crypto. He said he preferred dollars to Bitcoin, and in 2019 he tweeted that digital currencies were “based on wind”. But lately, some crypto executives – looking for a political savior – have embraced it.
Vivek Ramaswamy, crypto enthusiast and former presidential candidate, has credit claimed for Mr. Trump’s pivot to crypto and has carved out a role as an emissary to the industry: On Wednesday afternoon, Mr. Ramaswamy met privately with Brian Armstrong, chief executive of Coinbase, at the Capitol Hill Club in Washington and encouraged him to support Trump. campaign, a person familiar with the meeting said.
Mr. Armstrong has not publicly endorsed a presidential candidate. “We will not give special treatment to any particular party,” he said in a statement. “Crypto is a truly bipartisan issue.”
Mr. Selkis, who identifies as a libertarian, attended the Mar-a-Lago event in May after get a ticket from a colleague who could not come. “I’m eating my salad and the president cold calls me on stage,” Mr. Selkis recalled in an interview.
That night, Mr. Trump declared, “If you are in favor of crypto, you better vote for Trump.” He also has announcement that his campaign would accept digital currency donations and pledged to shuttle the life sentence of Ross Ulbricht, a cult hero in the crypto world who ran the online drug market Silk Road.
On Tuesday evening, Mr. Trump met with about 15 Bitcoin mining executives for more than an hour at Mar-a-Lago, according to one of the participants, Salman Khan, chief financial officer of Marathon Digital.
At one point, Mr. Khan said, the executives showed Mr. Trump inside a machine used for mining Bitcoin, an energy-intensive process which has raised environmental concerns. “He loved the made-in-America functionality,” Mr. Khan said.
Not everyone in the crypto world agrees with Mr. Trump. At a conference in May, Marvin Ammori, a Democrat who works for the crypto company Uniswap, debated Mr. Selkis took the stage about the industry’s political strategy, warning that Mr. Trump may fail to deliver on his campaign promises.
Yet this month, Mr. Trump attended a fundraiser at the home of David Sacks, a prominent venture capitalist, in San Francisco, and reiterated his support for crypto, according to three people present. Guests included Mr. Selkis, crypto executives Tyler and Cameron Winklevoss and Paul Grewal, Coinbase’s chief legal officer, the sources said.
“The crypto vote has already been won by President Trump,” Mr. Selkis said. “It’s finish.”
Shane Goldmacher contributed reporting.
Bitcoin has surpassed the $63,000 mark for the first time since November 2021. (Chesnot via Getty Images)
Bitcoin has broken above the $63,000 (£49,745) mark for the first time since November 2021, when the digital asset hit its all-time high of over $68,000.
Over the past 24 hours, the value of the largest digital asset by market capitalization has increased by more than 8% to trade at $63,108, at the time of writing.
Learn more: Live Cryptocurrency Prices
The price appreciation was fueled by record inflows into several U.S.-based bitcoin cash exchange-traded funds (ETFs), which were approved in January this year.
A Bitcoin spot ETF is a financial product that investors believe will pave the way for an influx of traditional capital into the cryptocurrency market. Currently, indications are favorable, with fund managers such as BlackRock (BLK) and Franklin Templeton (BEN), after allocating a record $673 million into spot Bitcoin ETFs on Wednesday.
Learn more: Bitcoin’s Success With SEC Fuels Expectations for an Ether Spot ETF
The record allocation surpassed the funds’ first day of launch, when inflows totaled $655 million. BlackRock’s iShares Bitcoin Trust ETF (I BITE) alone attracted a record $612 million yesterday.
Bitcoin Price Prediction
Earlier this week, veteran investor Peter Brandt said that bitcoin could peak at $200,000 by September 2025. “With the push above the upper boundary of the 15-month channel, the target for the current market bull cycle, which is expected to end in August/September 2025, is raised from $120,000 to $200,000,” Brandt said. published on X.
The influx of capital from the traditional financial sphere into Bitcoin spot ETFs is acting as a major price catalyst for the digital asset, but it is not the only one. The consensus among analysts is that the upcoming “bitcoin halving” could continue to drive flows into the bitcoin market.
The Bitcoin halving is an event that occurs roughly every four years and is expected to happen again next April. The halving will reduce the bitcoin reward that miners receive for validating blocks on the blockchain from 6.25 BTC to 3.125 BTC. This could lead to a supply crunch for the digital asset, which could lead to price appreciation.
The story continues
Watch: Bitcoin ETFs set to attract funds from US pension plans, says Standard Chartered analyst | Future Focus
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Forensic Risk Alliance (FRA), an independent consultancy specializing in regulatory investigations, compliance and litigation, has welcomed U.S.-based cryptocurrency specialist Thomas Hyun as a director of the firm’s global cryptocurrency investigations and compliance practice. Hyun brings to the firm years of experience building and leading anti-money laundering (AML) compliance programs, including emerging payment technologies in the blockchain and digital asset ecosystem.
Hyun has nearly 15 years of experience as a compliance officer. Prior to joining FRA, he served as Director of AML and Blockchain Strategy at PayPal for four years. He established PayPal’s financial crime policy and control framework for its cryptocurrency-related products, including PayPal’s first consumer-facing cryptocurrency offering on PayPal and Venmo, as well as PayPal’s branded stablecoin.
At PayPal, Hyun oversaw the second-line AML program for the cryptocurrency business. His responsibilities included drafting financial crime policies supporting the cryptocurrency business, establishing governance and escalation processes for high-risk partners, providing credible challenge and oversight of front-line program areas, and reporting to the Board and associated authorized committees on program performance.
Prior to joining PayPal, Hyun served as Chief Compliance Officer and Bank Secrecy Officer (BSA) at Paxos, a global blockchain infrastructure company. At Paxos, he was responsible for implementing the compliance program, including anti-money laundering and sanctions, around the company’s digital asset exchange and its asset-backed tokens and stablecoins. He also supported the company’s regulatory engagement efforts, securing regulatory approvals, supporting regulatory reviews, and ensuring compliance with relevant digital asset requirements and guidelines.
Thomas brings additional experience in payments and financial crime compliance (FCC), having previously served as Vice President of Compliance at Mastercard, where he was responsible for compliance for its consumer products portfolio. He also spent more than seven years in EY’s forensics practice, working on various FCC investigations for U.S. and foreign financial institutions.
Hyun is a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Fraud Examiner (CFE). He is a graduate of New York University’s Stern School of Business, where he earned a bachelor’s degree in finance and accounting. Additionally, he serves on the board of directors for the Central Ohio Association of Certified Anti-Money Laundering Specialists (ACAMS) chapter.
Commenting on his appointment, Hyun said, “With my experience overseeing and implementing effective compliance programs at various levels of maturity and growth, whether in a startup environment or large enterprises, I am excited to help our clients overcome similar obstacles and challenges to improve their financial crime compliance programs. I am excited to join FRA and leverage my experience to help clients navigate the complexities of AML compliance and financial crime prevention in this dynamic space.”
FRA Partner, Roy Pollittadded: “As the FRA’s sponsor partner for our growing Cryptocurrency Investigations and Compliance practice, I am thrilled to have Thomas join our ever-expanding team. The rapid evolution of blockchain and digital asset technologies presents both exciting opportunities and significant compliance challenges. Hiring Thomas in a leadership role underscores our commitment to staying at the forefront of the industry by enhancing our expertise in anti-money laundering and blockchain strategy.”
“Thomas’ extensive background in financial crime compliance and proven track record of building risk-based FCC programs in the blockchain and digital asset space will be invaluable as we continue to provide our clients with the highest level of service and innovative solutions.”
“FRA strengthens cryptocurrency practice with new director Thomas Hyun” was originally created and published by International Accounting Bulletina brand owned by GlobalData.
The information on this website has been included in good faith for general information purposes only. It is not intended to amount to advice on which you should rely, and we make no representations, warranties or assurances, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our website.
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Bitcoin fell in line with the broader cryptocurrency market, with ether and other altcoins also falling.
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Financial markets were weighed down by risk-off sentiment ahead of the Fed’s interest rate decision and press conference later in the day.
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10x Research said it is targeting a price target of $52,000 to $55,000, anticipating further selling pressure.
Bitcoin {{BTC}} was trading around $57,700 during European morning trading on Wednesday after falling to its lowest level since late February, as the world’s largest cryptocurrency recorded its worst month since November 2022.
BTC has fallen about 6.3% over the past 24 hours, after breaking below the $60,000 support level late Tuesday, according to data from CoinDesk. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), lost nearly 9% before recovering part of its decline.
Cryptocurrencies have been hurt by risk-off sentiment in broader financial markets amid stagflation in the United States, following indications of slowing growth and persistent inflation that have dampened hopes of an interest rate cut by the Federal Reserve. The Federal Open Market Committee is due to deliver its latest rate decision later in the day.
Ether {{ETH}} fell about 5%, dropping below $3,000, while dogecoin {{DOGE}} led the decline among other major altcoins with a 9% drop. Solana {{SOL}} and Avalanche {{AVAX}} both lost about 6%.
Bitcoin plunged in April, posting its first monthly loss since August. The 16% drop is the worst since November 2022, when cryptocurrency exchange FTX imploded, but some analysts are warning of further declines in the immediate future.
10x Research, a digital asset research firm, said it sees selling pressure toward the $52,000 level due to outflows from U.S. cash exchange-traded funds, which have totaled $540 million since the Bitcoin halving on April 20. It estimates that the average entry price for U.S. Bitcoin ETF holders is $57,300, so this could prove to be a key support level.
The closer the bitcoin spot price is to this average entry price, the greater the likelihood of a new ETF unwind, 10x CEO Markus Thielen wrote Wednesday.
“There may have been a lot of ‘TradeFi’ tourists in crypto – pushing longs all the way to the halving – that period is now over,” he wrote. “We expect more unwinding as the average Bitcoin ETF buyer will be underwater when Bitcoin trades below $57,300. This will likely push prices down to our target levels and cause a -25% to -29% correction from the $73,000 high – hence our $52,000/$55,000 price target over the past three weeks.”
The story continues
UPDATE (May 1, 8:56 UTC): Price updates throughout the process.
UPDATE (May 1, 9:57 UTC): Price updates throughout the process.
UPDATE (May 1, 11:05 UTC): Adds analysis from 10x.
Hello from Austin, where thousands of crypto enthusiasts braved storms and scorching heat to attend Consensus. The industry’s largest and longest-running conference, which can sometimes feel like a religious revival, offers opportunities to chat and listen to leading names in crypto. And for the casual observer, Consensus offers a useful glimpse into the mood of an industry prone to wild swings in fortune.
Unsurprisingly, the mood is noticeably more positive than it was a year ago, when crowds were sparse and many attendees were quietly confiding that they were considering switching to AI. In practice, that means some of the more obnoxious elements are back, but not to the level of Consensus 2018 in New York, when charlatans parked Lamborghinis outside the event and the hallways were lined with booth girls and scammers pitching “ICOs in a box.”
This time around, Elon Musk’s Cybertrucks have replaced Lamborghinis as the vehicle of choice for marketers. One of the most notable publicity stunts was a startup that paid a poor guy to parade around in the Texas sun in a Jamie Dimon costume, wig, and mask, and then staged a mock assault on him by memecoin characters.
Outside the event was a giant “RFK for President” truck, while campaign staffers manned a booth instead — a reflection of both the election year and crypto’s willingness to latch onto any candidate, no matter how outlandish, who will talk about the industry. RFK himself is scheduled to address the conference on Thursday.
Excesses aside, the general sense of optimism was understandable. The cryptocurrency market has not only recovered from the wave of fraud that nearly sank it in 2022, it is riding a new wave of political legitimacy. This month, cryptocurrencies scored once-unthinkable political victories in Washington, D.C., and there is a sense that the industry has not only withstood the relentless regulatory assaults of SEC Chairman Gary Gensler and Sen. Elizabeth Warren, but is poised to defeat them.
And while cryptocurrency is still searching for its flagship application, the optimists I spoke with pointed to signs that it is (once again) upon us. Those signs include the rapid advancement of zero-knowledge proofs as well as the popularity of Coinbase’s Base blockchain and, perhaps most importantly, the large-scale arrival of traditional finance into the world of cryptocurrencies – a development that not only provides a major financial boost, but also a new element of stability and maturity that will, perhaps, tame the worst of crypto’s wilder side. Finally, this consensus marked the end of the Austin era as the conference, under new leadership, will be held in Toronto and Hong Kong in 2025.
The story continues
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
This story was originally featured on Fortune.com
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