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cointelegraph.com Mar 20, 2025 21:19

Crypto campaign donations are democracy at work — former Kraken exec - Former chief legal officer of the Kraken exchange, Marco Santori, praised the political campaign donations made by crypto industry firms during the 2024 election as “democracy at work.”In an exclusive interview with Cointelegraphs Turner Wright, the former Kraken executive argued that crypto voters tilted the election in favor of then-candidate Donald Trump and the Republican Party.The executive also said that the election donations from crypto firms, many of which are now having regulatory lawsuits dropped, do not represent conflicts of interest. Santori told Cointelegraph:Detractors only call it a conflict of interest when it is a cause they do not believe in, otherwise, its just democracy at work. It is people advocating for their own benefits — people like you and me. That is what is happening, and that is what happened in the last election.“Look at what happened in November. Who can deny that crypto was responsible For 4-5% of the vote,” Santori added. “It was a huge swing in an American election in every state across demographics,” the executive continued.2024 US electoral map. Source: 270 To WinIn September 2024, Dr. Tonya M. Evans, a tenured law professor at Pennsylvania State University, told Cointelegraph that the 2024 US elections would be decided by razor-thin margins and that crypto voters had the voting power to swing the elections.Related: Rep. Mike Collins now accepting crypto donations for campaignCrypto industry spends big on 2024 US electionsThe crypto industry was responsible for nearly half of all corporate political campaign contributions during the 2024 United States election cycle.According to data from Public Citizen, a nonprofit watchdog group, digital asset firms poured over $119 million to support pro-crypto candidates and policies in the 2024 US elections.The crypto industry’s share of corporate campaign contributions during the 2024 election cycle. Source: Public CitizenThis included money spent on the Presidential and Congressional elections, such as the re-election campaign of Rep. Bryan Steil, on which crypto political action committee Fairshake spent $760,000 in a last-minute media ad supporting the lawmaker.According to former White House chief of staff Mick Mulvaney, the crypto industry built a professional lobbying operation during the most recent election cycle — something that was absent during 2016 and 2020.The lobbying of the crypto industry is credited as the catalyst that allowed the GOP to secure both chambers of Congress, the popular vote, and the 2024 US presidential election.Magazine: Harris’ unrealized gains tax could ‘tank markets’: Nansen’s Alex Svanevik, X Hall of Flame

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cointelegraph.com Mar 20, 2025 19:45

SEC says proof-of-work mining does not constitute securities dealing - The US Securities and Exchange Commission’s Division of Corporation Finance has clarified its views on proof-of-work mining, arguing that such activities do not constitute “the offer and sale of securities” as outlined in the Securities Act of 1933, so long as they meet certain criteria.In a March 20 statement, the SEC division addressed the “mining of crypto assets that are intrinsically linked to the programmatic functioning of a public, permissionless network” and determined that decentralized PoW networks should not be treated as securities.Although the SEC’s statement did not name any specific blockchain, its views on certain PoW activities apply to permissionless networks where mining is used to participate in the consensus mechanism. The statement applies to solo miners and mining pools participating in such networks. The SEC’s Division of Corporation Finance gives its view on PoW “protocol mining activities.” Source: SECAlthough Bitcoin (BTC) is by far the largest and most significant PoW chain, there are several others, including Dogecoin (DOGE), Litecoin (LTC) and Monero (XMR). US regulators have long considered Bitcoin to be a commodity and not a security — a view that also extends to Litecoin and Dogecoin, according to the Commodity Futures Trading Commission. Source: CointelegraphRelated: Trump says US will be Bitcoin superpower as BTC price breaks 4-month downtrendA pro-crypto policy tailwindDigital asset markets, including PoW chains, are set to flourish under US President Donald Trump, who has vowed to make America the world’s blockchain and crypto capital. In addition to appointing a pro-crypto replacement to Gary Gensler at the SEC, the president has established the Council of Advisers on Digital Assets to advance common-sense regulations for the industry. On March 19, the council’s executive director, Bo Hines, revealed that a comprehensive stablecoin bill could land on the president’s desk in a matter of months. The same day, the Blockchain Association, an industry advocacy group, said a cryptocurrency market structure bill is expected by the summer. “I think we’re close to being able to get those done for August […] They’re doing a lot of work on that behind the scenes right now,” said Kristin Smith, the Blockchain Association’s CEO.Magazine: Unstablecoins: Depegging, bank runs and other risks loom

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