Posts from the 'Quoted' Category

Republican Senate majority signals more ‘pro-crypto Congress’

Republican Senate majority signals more ‘pro-crypto Congress’

The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.

Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.

Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.

Plotnikova told Cointelegraph:

“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”

A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.

Lighter regulations and more oversight for CFTC

A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.

He told Cointelegraph:

“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”

The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.

Digital Commodities Consumer Protection Act of 2022. Source: Congress.gov

The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin BTCtickers down$75,398 reserve for the US, making it the first nation to use it as a “savings technology.”

The bill cited the US’ “soaring inflation rates” and the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.

Republican Senate to change SEC oversight over crypto industry?

Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.

This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:

“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”

Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.

The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.

 

Source: https://cointelegraph.com/news/republicans-majority-control-us-senate-pro-crypto-congress

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Trump Vs. Harris: Crypto Experts Give Final U.S. Election Analysis

Trump Vs. Harris: Crypto Experts Give Final U.S. Election Analysis

In the build-up to the 2024 U.S. presidential elections, Bitcoin (BTC) flirted with all-time highs regarding the possibility that pro-crypto candidate Donald Trump would take the helm at the White House.

While polls are set to close on November 5, it could take days or even weeks for a winner to be declared, depending on how close the contest is.

If you are wondering whether now is a good time to buy Bitcoin, we have compiled all the information you need to know about the 2024 U.S. presidential election race.

Key Takeaways

  • The crypto markets nervously await the 2024 U.S. election outcome between Trump and Harris.
  • Polymarket favors Trump as the pro-crypto candidate, contrasting with traditional poll projections.
  • A Harris win may present a Bitcoin buying opportunity, while Trump could boost crypto optimism.
  • Key crypto experts share insights with Techopedia on the potential shift in the regulatory environment post-election.

The Tight 2024 U.S. Presidential Election Race

According to a poll by the New York Times (NYT) and Siena College, the 2024 U.S. presidential election race is the closest it has been in decades.

While odds on the crypto prediction market Polymarket showed Trump as a clear favorite to win the 2024 U.S. presidential election, with Trump at a 61% chance compared to Kamala Harris’ 39%, traditional pollsters and media houses expect a tighter contest.

Ahead of the November 5 voting deadline, NYT’s polls highlighted seven battleground states – Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin – that could decide the fate of the election.

As of November 5, Polymarket polls showed Trump had a 60% chance of winning in Pennsylvania. However, NYT and Siena College’s final set of polls said both Trump and Harris had a 48% chance each of winning in Pennsylvania.

In 2020, current U.S. president Joe Biden won the Pennsylvania state with a narrow 1.17% margin over Trump. The 2016 U.S. presidential election saw Trump win in Pennsylvania by a slender margin.

What Happens to Crypto Post-Election? Expert Analysis

Techopedia reached out to industry experts for exclusive insights on the impact of the U.S. presidential election on the crypto market.

Anndy Lian: Republican Majority in Congress is Key for Crypto Industry

Techopedia reached out to Anndy Lian, intergovernmental blockchain advisor and author of Blockchain Revolution 2030, for his thoughts on the U.S. presidential election race.

Firstly, Lian highlighted how crucial it was for the Trump-led Republican party to secure a majority in both houses of the U.S. Congress.

“For Republicans to effectively push through pro-crypto legislation, they really need to secure a majority in both houses. Without that majority, even a pro-crypto president might struggle to get meaningful bills passed.”

“So, while a Trump victory could spark optimism in the crypto space, the real key to unlocking potential growth lies in having a Republican majority in Congress.

“This combination could pave the way for policies that truly benefit the crypto market and help it thrive in the long run,” he added.

Next, we asked Lian what was in store for the crypto industry if Harris-led Democrats were to win the 2024 U.S. presidential election.

“Harris has talked about supporting technological advancements, including digital assets, but there’s a concern that her policies might not stray far from the regulatory frameworks already in place.

“This could lead to an environment that focuses heavily on consumer protection and oversight, which might limit the more hands-off approach that many crypto advocates prefer.

“In the end, while a Democratic administration under Harris may not be as favorable for crypto as a Republican one, it doesn’t mean the industry is doomed.

The real question will be how her administration chooses to navigate the fast-changing world of cryptocurrencies.”

Finally, we asked Lian what he thought of the common notion that crypto regulations will change for the better no matter who wins the U.S. presidential elections.

“The idea that crypto regulations will improve regardless of who wins the presidency is an interesting one, but I think it oversimplifies a complex issue,” said Lian.

“The regulatory environment is influenced not just by the presidency but also by Congress, state governments, and international regulations.

“Even if there’s a general trend toward better regulations, the specifics will depend on the political climate and the priorities of those in power.”

10x Research: Harris Win Will Be Buying Opportunity

In a research note to Techopedia, 10x Research said the election outcome could hinge on “just one or two critical swing states”.

The Singapore-based crypto research firm noted that Bitcoin prices could slump 9% if Harris wins, while a Trump win could result in a 5% increase in Bitcoin prices.

10x Research added that a Harris win could present Bitcoin investors with a “buying opportunity.”

“The primary driver of this bull market, dating back to at least June 2023, has been the institutional adoption of Bitcoin, sparked by BlackRock’s application for a Bitcoin Spot ETF…

“Even if Harris were to ‘remain’ U.S. President, the impact on Bitcoin would likely be minimal,” said 10x Research.

However, 10x Research noted that this “buying opportunity” is not applicable to other cryptocurrencies, especially Solana (SOL), as a Harris win would lower the chances of a Solana ETF being approved.

“Crypto (Bitcoin, Ethereum, Solana) could be up +5% if Trump wins, Bitcoin might be down -9% if Harris wins, and Solana -15%. Hence, a long Bitcoin vs. short Solana could be a reasonable election trade,” said 10x Research.

The Bottom Line

The run-up to the 2024 U.S. presidential election has been incredibly interesting to observe as a crypto enthusiast.

Be it the newfound political importance of the crypto industry or the divergence between traditional polls and crypto platform polls, one thing is for certain: we will remember 2024 as the year crypto came of age.

As we conclude this article, we would like to remind readers that cryptocurrencies are volatile assets. Always do your own research before investing. The information in this guide does not constitute investment advice and is meant for informational purposes only.

 

 

 

Source: https://www.techopedia.com/trump-vs-harris-crypto-experts-final-election-analysis

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Allegations of North Korean Involvement Rock Cosmos Ecosystem

Allegations of North Korean Involvement Rock Cosmos Ecosystem

In an unsettling revelation, Jacob Gadikian, a developer within the Cosmos ecosystem, disclosed on X that North Korean programmers might have been involved in the development of Cosmos’ Liquid Staking Module (LSM). Highlighted in an on-chain investigation, these allegations have not only drawn the attention of the crypto community but also the scrutiny of the FBI in 2023. Gadikian clarified that the issue is not about the developers’ origin but their potential ties to known cybercrime activities, describing them as “the world’s most skilled and prolific crypto thieves.”

Reacting to these serious claims, Ethan Buchman, the co-founder of Cosmos, took to X to address the community’s concerns. He acknowledged that the Cosmos team was previously unaware of the LSM’s potentially compromised development lineage. Buchman detailed the immediate steps being taken, including rapid security audits and plans to lessen or eliminate reliance on the LSM to safeguard the ecosystem.

Security Fears Sparked by Alleged Involvement

Melody Chan, the research lead at Redecentralise, voiced concerns over potential hidden vulnerabilities that could stem from this development, such as covert backdoors. The urgency for thorough code audits is a direct response to these risks, amplified by the recent FBI warnings regarding the security of blockchain projects with possible North Korean integrations.

The infamous Lazarus Group, linked to the North Korean government, is well-known for its extensive history of cryptocurrency theft, including the high-profile $600 million Ronin bridge heist. While the association between the LSM developers and the Lazarus Group remains speculative, the potential implications of such a connection are alarming. Anndy Lian, a blockchain intergovernmental expert, emphasized the need for caution, pointing out that confirmed links to North Korean state operations could reveal serious security flaws within the LSM.

Informal Systems, a core Cosmos contributor, has announced a robust response plan, starting with two comprehensive audits by OtterSec and Binary Builders, and another by Zellic. These audits aim to identify and mitigate any security vulnerabilities promptly. Additionally, a strategic move towards a “phased removal” of the LSM is under discussion, proposing a transition to a more secure and efficient framework that better supports the needs of validators and voters within the Cosmos governance structure.

Community Engagement and Governance

The proposed governance changes involve a community vote on the LSM’s fate, suggesting a grace period for stakeholders to adjust before a complete transition. This process underscores the community’s role in shaping Cosmos’ security protocols and governance models, ensuring that the ecosystem remains resilient against threats and maintains its integrity.

As the Cosmos community confronts these allegations, the outcomes of the upcoming audits and governance decisions will critically influence the ecosystem’s future trajectory. The proactive steps taken by Cosmos leaders and contributors demonstrate a commitment to transparency and security, aiming to restore and enhance trust among users and investors in a landscape marked by increasing cybersecurity challenges.

 

Source: https://digitalmarketreports.com/news/28267/allegations-of-north-korean-involvement-rock-cosmos-ecosystem/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j