The SEC has retracted its request for a court ruling to classify tokens such as Solana, Cardano, Polygon, and others as securities.

The SEC’s Change of Heart

The United States Securities and Exchange Commission (SEC) is no longer asking a court to decide and deem the tokens named in its lawsuit against the crypto exchange Binance as securities. On July 30, 2024, the SEC filed a response to the court’s minute order from July 9, 2024. In this filing, the SEC stated it seeks to amend its complaint regarding the “Third Party Crypto Asset Securities” mentioned in its opposition to Binance’s motion to dismiss.

Why the SEC Changed Its Request

According to the SEC, this change removes the need to “issue a ruling as to the sufficiency of the allegations as to those tokens at this time.” This means the government agency no longer asks the court to decide whether the affected tokens are securities.

Which Tokens are Affected?

In its suit against Binance, the SEC claimed several tokens were securities. The list includes:

• Binance Coin (BNB)
• Binance USD (BUSD)
• Solana (SOL)
• Cardano (ADA)
• Polygon (MATIC)
• Cosmos (ATOM)
• The Sandbox (SAND)
• Decentraland (MANA)
• Axie Infinity (AXS)
• Coti (COTI)

These tokens are part of a larger list that the SEC believes to be securities. In June 2023, the SEC claimed at least 68 tokens were securities, impacting more than $100 billion worth of cryptocurrencies in the market.

Political Support for Crypto

On the other side of the political spectrum, views on crypto are also beginning to shift. On July 27, Democratic Party members of the US House of Representatives signed a letter calling for the party to take a “forward-looking approach” to blockchain and digital assets. In response to the letter, advisers of presidential candidate and incumbent Vice President Kamala Harris contacted crypto companies to repair the party’s ties to the crypto industry.

The SEC v. Binance Case

The case SEC v. Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc., and Changpeng Zhao (Case No. 1-23-cv-01599-ABJ) is being deliberated in the United States District Court for the District of Columbia. The SEC and the defendants submitted a joint response following a Minute Order issued by the court on July 9, 2024. This response details the respective positions of the parties regarding the SEC’s proposed amendments to the complaint and the scheduling of related motions and discovery.

The SEC’s Proposal

The SEC’s proposal outlines its intention to seek leave to amend its complaint, particularly regarding the “Third Party Crypto Asset Securities,” thus avoiding the need for an immediate court ruling on those allegations. The SEC proposes a detailed schedule for the submission and response to the motion to amend. The SEC also requests that discovery commence on the claims that have already been upheld by the court, arguing that these claims are independent of any new allegations in the proposed amended complaint.

The Defendants’ Opposition

The defendants, including BAM Management US Holdings Inc., BAM Trading Services Inc., Binance Holdings Limited, and Changpeng Zhao, oppose the immediate commencement of discovery. They argue that discovery should not begin until they have reviewed the SEC’s proposed amended complaint. The defendants propose a similar schedule for briefing and responding to the motion to amend but insist on deferring discovery discussions until after the SEC files its amended complaint.

SEC’s Argument for Immediate Discovery

The SEC emphasizes that the court has already sustained several of its claims, and therefore, it is reasonable to begin discovery on those claims immediately. The SEC argues that waiting for the amended complaint to initiate discovery would unnecessarily delay the proceedings. The SEC suggests that any additional discovery required for new allegations can be addressed later if those allegations survive further motions.

Defendants’ Counterarguments

The defendants counter that they were only informed about the SEC’s intention to amend the complaint late in the process. They argue that it is premature to start discovery without knowing the specifics of the SEC’s proposed amendments. The defendants’ proposal includes meeting and conferring to discuss the discovery plan after the SEC files its motion to amend, ensuring a more informed and efficient process.

The Court’s Decision

The court is asked to consider these competing proposals and decide on the appropriate schedule for amending the complaint, subsequent motions, and the commencement of discovery. Both parties aim to ensure a fair and efficient resolution of the case, but they differ on the timing and sequence of these critical procedural steps.

In summary, the case involves the SEC seeking to amend its complaint against Binance and its associated entities, with both parties proposing different timelines for motions and discovery. The SEC wants immediate discovery on upheld claims, while the defendants want to review the amended complaint before starting discovery. The court’s decision on these proposals will shape the next phase of the litigation.

The Bigger Picture

The SEC’s decision to back down from claiming certain tokens as securities is part of a larger debate about how cryptocurrencies should be regulated. This issue affects not just the tokens named in the Binance suit, but the entire crypto market. The SEC has been trying to classify many tokens as securities to bring them under its regulatory framework. However, this approach has faced significant pushback from the crypto industry, which argues that such regulation would stifle innovation and harm the market.

Impact on the Crypto Market

The SEC’s lawsuit against Binance and its stance on various tokens being securities have caused uncertainty in the crypto market. Investors and companies are closely watching the case to see how it will affect the classification of tokens and the broader regulatory environment. The SEC’s change in approach might ease some of this uncertainty, but the issue is far from resolved.

Future of Crypto Regulation

The future of crypto regulation in the US is still up in the air. With presidential candidates showing different levels of support for the crypto industry, the outcome of the next election could significantly influence how cryptocurrencies are regulated. The SEC’s actions, court decisions, and political developments will all play crucial roles in shaping the future of the crypto market.

Key Takeaways

• The SEC has retracted its request for a court ruling to classify certain tokens, including Solana (SOL), Cardano (ADA), and Polygon (MATIC), as securities.
• The SEC’s lawsuit against Binance is ongoing, with both parties proposing different schedules for amending the complaint and starting discovery.
• Presidential candidates are showing increased interest in the crypto industry, with some pledging to change current regulatory approaches.
• The future of crypto regulation in the US remains uncertain, influenced by legal, political, and market developments.

This article covered the SEC’s change in approach regarding the classification of certain crypto tokens, the ongoing lawsuit against Binance, and the broader context of crypto regulation in the US. It also highlighted the political dynamics that could shape the future of the crypto industry. As the case unfolds and the political landscape evolves, the crypto community will be watching closely to see how these developments impact the market and regulatory environment.

US Government Moves $2 Billion in Silk Road Bitcoin

US Government Transfers Seized Bitcoin

The United States government recently moved over $2 billion worth of Bitcoin that was connected to the Silk Road dark web marketplace. According to on-chain data shared by Arkham Intelligence, this large transfer involved Bitcoin that the government had seized from criminals. The Silk Road was an online black market where people bought illegal drugs before it was shut down in 2014. The Bitcoin used on this site was confiscated by the authorities.

Trump’s Pledge on Seized Bitcoin

This move comes just days after former President Donald Trump made a significant promise about Bitcoin. At Bitcoin 2024 in Nashville, Trump, who is running for president again, said he would create a national “strategic Bitcoin stockpile” if elected. He also promised that the government would keep all the seized Bitcoin and not sell it. This announcement was meant to show his support for the cryptocurrency community.

Impact on Bitcoin Prices

The news of the government’s Bitcoin move caused some concern among investors. The price of Bitcoin, the biggest digital coin by market cap, dropped by more than 2% within an hour of the news. On Monday morning, Bitcoin’s price briefly touched $70,000 per coin but fell to $66,845 later. This price is below its all-time high of $69,044, which it reached in 2021.

Reactions from the Crypto Community

The crypto community on Twitter, also known as X, had strong reactions to the news. Mike Novogratz, a crypto entrepreneur and the head of Galaxy Digital, criticized the timing of the move. He tweeted, “Tone deaf anyone??? Moving Silk Road BTC two days after Trump’s pledge to not move them is just dumb!!!!” His tweet shows the frustration felt by many in the community.

Expert Opinions on the Move

Not everyone believes the move is cause for alarm. Adam Cochran, a venture capitalist, reminded people that the U.S. Marshals Service (USMS) recently awarded a contract to Coinbase Prime to manage and dispose of large-cap cryptocurrency assets. This means the transfer might not indicate an intent to sell the Bitcoin. He pointed out that people often panic when large amounts of Bitcoin move, even if there’s no reason to worry.

Historical Context of Seized Bitcoin

The U.S. government and other authorities around the world sometimes move seized Bitcoin between wallets or custodians. These moves do not always mean that the Bitcoin will be sold. However, when the government does sell seized Bitcoin, it can impact the market. For example, last month, the German government moved Bitcoin to crypto exchanges, causing a price drop before it eventually recovered.

The Significance of the Silk Road Bitcoin

The Bitcoin moved by the U.S. government this time was connected to the Silk Road, a notorious dark web marketplace. The Silk Road was a major online black market, mainly used for selling illegal drugs. Authorities shut it down in 2014, and the Bitcoin used on the site was seized. The government still holds Bitcoin from these seizures and sometimes moves it around for various reasons.

Future of Government-Held Bitcoin

It is still unclear whether the U.S. government plans to sell the recently transferred Bitcoin. We reached out to the U.S. Department of Justice for a comment but did not receive an immediate response. The authorities have a history of holding onto seized Bitcoin and moving it between wallets or custodians without selling it. This strategy helps manage the large amounts of cryptocurrency the government has taken from criminals.

Market Reactions to Large Bitcoin Moves

Big moves of Bitcoin by the government or other large holders often affect the market. When significant amounts of Bitcoin are transferred, investors can become nervous, leading to price drops. This reaction is common because people worry that the Bitcoin might be sold, flooding the market and reducing prices. However, experts like Adam Cochran advise against panicking every time there is a large transfer.

The Role of Coinbase Prime

The recent contract between the U.S. Marshals Service and Coinbase Prime is important to consider. Coinbase Prime is a major player in the cryptocurrency market, known for managing large amounts of digital assets. This contract means that Coinbase Prime will handle the government’s large-cap cryptocurrency assets, including Bitcoin. The transfer to Coinbase Prime’s management could be a routine move, not necessarily an indication of an impending sale.

The Future of Bitcoin Under Trump’s Plan

If Donald Trump is elected and follows through on his promise, the U.S. government would stop selling seized Bitcoin and instead create a strategic stockpile. This plan could have significant implications for the cryptocurrency market. By keeping all seized Bitcoin, the government could potentially influence Bitcoin’s price and market dynamics. Investors and the crypto community are closely watching these developments.

Global Impact of Government Bitcoin Moves

The U.S. is not the only country that moves large amounts of Bitcoin. Governments around the world have seized Bitcoin from criminal activities and sometimes transfer it between wallets or sell it. These moves can impact the global cryptocurrency market. For instance, when the German government moved Bitcoin to exchanges, it caused a temporary price drop. Such events highlight the influence of government actions on the crypto market.

Understanding Bitcoin Seizures

Bitcoin seizures by governments usually occur when authorities shut down illegal activities involving the cryptocurrency. The Silk Road is one of the most well-known cases where a significant amount of Bitcoin was seized. The government has since held onto this Bitcoin and occasionally moves it for management purposes. These actions are closely monitored by the crypto community and can lead to market reactions.

The recent move of $2 billion in Silk Road Bitcoin by the U.S. government has sparked discussions and concerns in the crypto community. While some see it as a routine transfer, others worry about its potential impact on the market. With former President Donald Trump’s promise to create a strategic Bitcoin stockpile, the future of seized Bitcoin in the U.S. remains an important topic for investors and crypto enthusiasts. As governments continue to manage their seized cryptocurrency assets, the market will likely remain sensitive to these significant moves.

Record $39.4B Bitcoin Open Interest Suggests Imminent Price Breakout

Bitcoin’s open interest has hit a record high of $39.4 billion, suggesting a possible price breakout. Open interest is used to measure the interest and liquidity in an asset. For Bitcoin, this rise in open interest could mean a significant price move soon.

Bitcoin Futures Open Interest Hits All-Time High

Bitcoin futures’ open interest has reached a new all-time high of $39.46 billion. This high level of open interest shows that more investors are interested in Bitcoin than ever before. The previous record was $39.03 billion, set on March 29, 2024, according to CoinGlass data.

Understanding Bitcoin Open Interest

Open interest is a metric that tracks the total number of open positions in Bitcoin. It helps traders understand how much interest and liquidity there is in the market. The current peak of $39.46 billion shows that investors are very interested in Bitcoin right now, which could lead to a price breakout.

Bitcoin Breakout Could Be Imminent

The new high in open interest, combined with other factors, suggests that Bitcoin’s price might soon reach new all-time highs. Short-term holders and BTC dominance are two key indicators that point towards a possible breakout.

Short-Term Holders in Profit

As of July 24, over 75% of Bitcoin’s short-term holders were in profit. This could lead to more buying pressure on Bitcoin, as short-term holders are often seen as a sign of retail demand for the cryptocurrency.

BTC Dominance Growing

Bitcoin’s dominance in the crypto market is growing. This means Bitcoin is taking up a larger share of the total market capitalization. According to Benjamin Cowen, CEO and Founder of Into The CryptoVerse, this increasing dominance suggests Bitcoin could rise even higher.

Can Bitcoin Price Breach $71,500 Next?

Bitcoin’s next major target is $71,500, according to popular crypto analyst Rekt Capital. Bitcoin’s price is currently 5.8% down from its all-time high of over $73,750, recorded on March 14. Whether Bitcoin can reach this new target will depend on several factors.

US Spot Bitcoin ETFs and Price Action

One of the key factors influencing Bitcoin’s price is the inflows into US-based spot Bitcoin exchange-traded funds (ETFs). Last week, these ETFs saw $795 million worth of net inflows. This was the fourth week in a row of positive inflows, according to Dune data.

Historical Bitcoin Open Interest and Price Movements

Historically, high levels of open interest have often been followed by significant price movements in Bitcoin. When open interest is high, it shows that many investors are actively trading Bitcoin. This can lead to increased volatility and larger price swings.

Increased Investor Demand for Bitcoin

The current record level of open interest indicates that investor demand for Bitcoin is very high. More investors are getting involved in the Bitcoin market, which can drive the price up. High investor demand is a strong sign that Bitcoin’s price could break out soon.

Liquidity and Market Capitalization

Liquidity is crucial for any asset, including Bitcoin. High liquidity means that Bitcoin can be bought and sold quickly without causing large price changes. The current high level of open interest suggests that Bitcoin’s liquidity is strong, which can support a price breakout. Additionally, Bitcoin’s growing market capitalization shows that it is becoming more valuable and more important in the overall crypto market.

What this means

Tthe record $39.4 billion Bitcoin open interest suggests that a price breakout could be imminent. The high level of open interest, combined with factors like short-term holders in profit and growing BTC dominance, points towards a possible price rise. Bitcoin’s next target is $71,500, and the inflows into US spot Bitcoin ETFs will play a significant role in determining whether Bitcoin can reach this target. With increased investor demand and strong liquidity, Bitcoin’s price could be set for a major move soon.

Bitcoin Above $69,000 as Inflation Shows Signs of Easing Ahead of Fed Meeting

Bitcoin prices have surged above $69,000 as inflation shows signs of easing. This change comes just before an important meeting of the Federal Reserve, where decisions on interest rates could impact the crypto market.

Inflation and Federal Reserve Decisions

U.S. prices rose slightly in June, suggesting that inflation is cooling down. This could allow the Federal Reserve to cut interest rates in September. Lower interest rates often lead to higher prices for risk assets, including Bitcoin and other cryptocurrencies.

The Commerce Department reported that consumer spending slowed a bit last month. This, combined with easing price pressures and a cooling labor market, may boost the Federal Reserve’s confidence. They aim to bring inflation down to their target of 2%.

The price index of personal consumption expenditures, the Fed’s preferred measure of inflation, rose by 0.1% last month after being unchanged in May. Compared to last year, it increased by 2.5%.

Impact on Bitcoin and Crypto Prices

A cut in interest rates could help lift crypto prices as borrowing becomes cheaper for investors. Some analysts predict Bitcoin could reach as high as $100,000 this year. Currently, Bitcoin is trading at $69,200 according to CoinGecko data.

The Fed’s next policy meeting is set for July 30-31. The CME’s FedWatch tool, which looks at Fed funds data from derivatives traders, shows a 95.5% chance of no rate cuts this month. However, the probability of a 25 basis point cut in September is above 85%, with a 14% chance of an even larger cut.

Political Influences

Earlier this month, former President Donald Trump warned Fed Chairman Jerome Powell against politicizing interest rates ahead of the U.S. election. Trump believes that cutting rates before the election could boost voter confidence in the economy and help the Democrats retain the White House.

Trump previously stated that the central bank might cut interest rates before the election but added that “it’s something they know they shouldn’t be doing.” He also said he wouldn’t remove Powell from his job before his term ended, provided he was “doing the right thing.”

Bitcoin and U.S. Politics

The upcoming U.S. election is placing additional pressure on the Federal Reserve to remain impartial. However, Bitcoin might benefit from a change in leadership in Washington, D.C. Some experts believe that Bitcoin’s price will closely follow the likelihood of Trump being re-elected.

Rich Rosenblum, co-founder of trading firm GSR, tweeted that “Bitcoin will spend the next four months highly correlated to the probability that Trump is elected.”

At the Bitcoin 2024 conference in Nashville, Trump spoke to a crowd of 20,000 people. He promised to build a “strategic Bitcoin stockpile” and vowed to keep 100% of the Bitcoin the U.S. government currently holds or acquires on home soil.

Despite Trump’s speech having little immediate impact on Bitcoin’s price, his crypto policy promises have made it difficult for Vice President Kamala Harris to counter. Rosenblum tweeted that Harris’ policy lacks any focus on the Securities and Exchange Commission and government-held Bitcoin.

Bitcoin Nears All-Time High

Bitcoin has been pushing toward the $70,000 mark, coming within 6% of its all-time high. On July 29, Bitcoin posted a seven-week high, reaching $69,775 during Asia trading hours. This is the highest Bitcoin has traded since June 13, when it hit $70,000 but faced resistance and retreated.

Analyst “Titan of Crypto” told his 86,000 followers on social media that Bitcoin at $110,000 “is programmed” as the asset is “breaking out from the handle” of a cup and handle chart pattern.

Positive Sentiment in the Crypto Market

Recent positive sentiment around Bitcoin has been driven by two U.S. presidential candidates and a prominent Republican senator at the Bitcoin 2024 conference. Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis spoke about establishing a strategic Bitcoin reserve for the U.S. Meanwhile, former President Donald Trump said the government wouldn’t sell any more Bitcoin if he got elected. This could create a lot of buying pressure and a potential supply shock to Bitcoin markets.

Inflation and Interest Rates

The Personal Consumption Expenditures index rose just 0.1% in June, increasing confidence in an interest rate cut in September as inflation comes under control. The Federal Reserve will meet on July 31, and another rate decision is expected. However, the market expects the Fed to keep rates unchanged. The CME Group predicts a 95.9% chance that rates will remain at 5.25% to 5.5%.

Future of Bitcoin Prices

Signals are strengthening for a rate cut in September, with the odds at 85.8% for a cut to 5.0% to 5.25%. This would be the first reduction since March 2020. If this happens, it could provide a significant boost to Bitcoin prices.

Bitcoin’s recent performance and the potential for lower interest rates create an optimistic outlook for the cryptocurrency market. Investors are keeping a close eye on the Federal Reserve’s actions and political developments in the U.S., as these factors will likely influence Bitcoin’s future price movements.

With inflation showing signs of easing and the possibility of interest rate cuts, the crypto market may see increased investment and higher prices in the coming months. The connection between Bitcoin’s price and political events highlights the growing importance of cryptocurrency in the global financial landscape. As we approach the U.S. presidential election, Bitcoin’s performance will be closely watched by investors and policymakers alike.

Bitcoin’s rise above $69,000 amidst easing inflation and potential interest rate cuts presents a promising scenario for the crypto market. The Federal Reserve’s upcoming decisions and the political landscape will play a crucial role in shaping the future of Bitcoin and other cryptocurrencies. Investors should stay informed and be prepared for potential shifts in the market as these events unfold.

BTC Price Gains Fail to Materialize Despite Trump and Others Promising a Giant Bitcoin Reserve

Bitcoin’s price did not see significant gains on July 28, even after United States presidential candidates, including Donald Trump, promised to build a massive Bitcoin strategic reserve if elected.

Price Stabilizing After Flash Volatility

Bitcoin’s price was stabilizing after experiencing flash volatility during the Bitcoin 2024 conference. Many had anticipated a price surge before the event. Two presidential candidates, Donald Trump and Robert F. Kennedy Jr., both announced plans to build a strategic Bitcoin reserve of at least 200,000 BTC. However, this announcement did not have the expected impact on the market.

Experts Weigh In on Bitcoin Reserve Plans

Charles Edwards, the founder of Capriole Investments, reacted to these announcements on social media platform X, previously known as Twitter. He mentioned there was a 65% chance of a US strategic reserve for Bitcoin and that it could still be bought for under $70,000. Edwards referenced Trump’s election odds while discussing this.

Popular trader Daan Crypto Trades suggested that the lack of immediate market response could be due to timing. In his analysis of Trump and others’ speeches, he noted that people might be surprised and confused by the timeline. He stated that the strategic reserve commitments were “heavily underpricing” the actual impact. Even if no new coins are bought, just holding the seized coins would remove a significant supply from the market, easing sell-side pressure.

Bitcoin Monthly Close in Focus

As the buzz from the conference died down, Bitcoin traders turned their attention to the upcoming weekly and monthly closes. The previous candle finish was nearly $68,200, leaving uncertainty about whether the week would end in losses or gains.

Trader MegaWhale Crypto analyzed Bitcoin’s relative strength index (RSI) and hoped for an upward continuation. He explained that Bitcoin’s weekly RSI had broken upward, which was a positive sign. However, for the breakout to be validated, the RSI needed to stay above the diagonal down trending resistance until the weekly close.

Keith Alan, co-founder of Material Indicators, was more cautious. He pointed out that Bitcoin was still facing rejection from key resistance levels. Data from CoinGlass showed that BTC/USD was up 7.8% in July, canceling out losses from June.

Political Strategies and Crypto Industry Dynamics

As the 2024 election approaches, the relationship between political strategies and the crypto industry is becoming more significant. The Harris campaign, for instance, aims to repair the Democratic Party’s ties with the crypto sector. Kamala Harris’s advisers have reached out to top crypto companies to reset strained relationships.

Harris Campaign’s Outreach to Crypto Companies

According to the Financial Times, members of Harris’s team have contacted individuals connected to major crypto companies, including Coinbase, Circle, and Ripple Labs. The goal is to foster a constructive dialogue and establish a regulatory framework that supports industry growth. This outreach is crucial as the crypto industry has shown increasing support for her rival, Donald Trump.

Rethinking Stance on Digital Assets

The Harris campaign’s outreach is part of a broader effort to reshape the perception of the Democratic Party among business leaders. This initiative aims to counter the notion that Democrats are anti-business, a sentiment that has grown amid the Biden administration’s antitrust actions against tech companies. The campaign is focused on building a positive relationship that can pave the way for sensible regulatory frameworks.

Crypto’s Emerging Role in US Politics

Donald Trump, who once expressed skepticism towards cryptocurrencies, has recently become a strong advocate for the sector. He delivered a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, highlighting his support for the industry. This shift has garnered him substantial backing from the crypto community, making the sector an important source of funding for his campaign.

Pro-Crypto Super PAC Fairshake

The pro-crypto super PAC Fairshake has raised over $200 million from prominent backers, including Coinbase, Ripple, and venture capital firm Andreessen Horowitz. Meanwhile, Trump’s reelection campaign has received approximately $3 million in cryptocurrency donations since he announced it would accept digital asset contributions.

The Impact of a US Bitcoin Strategic Reserve

The idea of a US Bitcoin strategic reserve has significant implications for the global crypto market. If either Trump or Robert F. Kennedy Jr. implements their plans, it could influence Bitcoin’s supply and price dynamics. Charles Edwards and Daan Crypto Trades have both commented on the potential market impact, noting that the strategic reserve commitments could ease sell-side pressure and support Bitcoin’s price.

Weekly and Monthly Bitcoin Price Movements

Bitcoin traders are closely monitoring weekly and monthly price movements. The relative strength index (RSI) trends are crucial indicators for predicting price directions. MegaWhale Crypto and Keith Alan have provided their analyses, highlighting key resistance levels and potential upward trends.

Anticipation of Price Surge

Despite the anticipation of a price surge before the Bitcoin 2024 conference, the market’s response was muted. The promises from Donald Trump and Robert F. Kennedy Jr. did not lead to the expected gains. Experts believe that the strategic reserve commitments were already priced in to some extent, but the timing and market sentiment played significant roles.

Future of Bitcoin Regulation

The future of Bitcoin regulation is a critical topic as the 2024 election approaches. Both Trump and Harris are focusing on different aspects of the crypto industry. Trump’s support has attracted significant funding from the crypto community, while Harris aims to establish a regulatory framework that balances industry growth with sensible oversight.

Building a Strategic Bitcoin Reserve

The proposal to build a strategic Bitcoin reserve is a bold move by US presidential candidates. Such a reserve could have far-reaching effects on Bitcoin’s market stability and price. The idea is to create a reserve of at least 200,000 BTC, which would significantly reduce the available supply and potentially drive up prices.

Market Reactions and Future Predictions

Market reactions to political statements about Bitcoin have been mixed. While some traders expected a price surge, others were cautious about the timing and impact. Analysts like Charles Edwards and Daan Crypto Trades have provided insights into the potential effects of a strategic Bitcoin reserve on the market.

Key Resistance Levels and RSI Trends

Understanding key resistance levels and RSI trends is essential for predicting Bitcoin’s price movements. MegaWhale Crypto and Keith Alan have highlighted these factors in their analyses, providing valuable insights for traders. The focus is on whether Bitcoin can sustain its upward trend and break through key resistance levels.

Political Influence on Crypto Markets

The influence of political strategies on crypto markets is becoming more apparent. The Harris campaign’s outreach to the crypto industry and Trump’s support for Bitcoin are significant developments. These political moves could shape the future of Bitcoin regulation and market dynamics.

Crypto Donations and Campaign Funding

Crypto donations are playing an increasingly important role in campaign funding. The pro-crypto super PAC Fairshake has raised substantial funds, supporting Trump’s campaign. This trend highlights the growing influence of the crypto industry in US politics.

Sensible Regulatory Frameworks

Establishing sensible regulatory frameworks is a priority for the Harris campaign. The goal is to foster a positive relationship with the crypto industry and support its growth. This approach contrasts with the Biden administration’s perceived hostility towards digital assets.

Conclusion

The 2024 election will significantly impact the future of Bitcoin and the crypto industry. Political strategies, market dynamics, and regulatory frameworks are all key factors to watch. The promises of a strategic Bitcoin reserve and the outreach to the crypto industry highlight the growing importance of digital assets in US politics. As the election approaches, the interplay between political decisions and market reactions will continue to shape the landscape for Bitcoin and other cryptocurrencies.

University of Wyoming

The University of Wyoming (UW) has made history by launching the first academic institute dedicated to Bitcoin studies. Named the UW Bitcoin Research Institute, this new center aims to provide high-quality Bitcoin research to academics, journalists, policymakers, and the public.

Introduction to the Bitcoin Research Institute

The UW Bitcoin Research Institute will focus on improving the quality of Bitcoin research. It will create new faculty positions, offer incentives for good academic research on Bitcoin, and encourage young scholars to take on Bitcoin research projects. The institute will also host workshops on Bitcoin-related papers and books.

Leadership and Announcement

Dr. Bradley Rettler, an Associate Professor of Philosophy at UW and author of the book Resistance Money: A Philosophical Case for Bitcoin, has been appointed as the inaugural director of the institute. Dr. Rettler announced this exciting news at the Bitcoin 2024 Conference in Nashville.

Goals of the Institute

The main goal of the UW Bitcoin Research Institute is to raise the standards of Bitcoin research. Currently, the quality of academic Bitcoin research is not very high. The institute wants to change this by producing more accurate and thorough studies on Bitcoin. This will help ensure that high-quality, evidence-based research is available to everyone.

Creating Faculty Positions

The institute plans to create new faculty positions specifically for Bitcoin research. This will bring in more experts who can contribute to the growing body of knowledge on Bitcoin.

Incentivizing Academic Research

To encourage good academic research on Bitcoin, the institute will offer incentives. This means that scholars who produce high-quality research will be rewarded for their efforts.

Encouraging Young Scholars

The institute also aims to encourage young scholars to pursue research projects on Bitcoin. By offering support and resources, the institute hopes to inspire the next generation of Bitcoin researchers.

Hosting Workshops

Workshops will be a key part of the institute’s activities. These workshops will focus on discussing Bitcoin-related papers and books, providing a platform for researchers to share their findings and ideas.

Collaboration and Interdisciplinary Research

The University of Wyoming is well-positioned to lead this initiative because of its strong interdisciplinary academic collaboration. The UW Bitcoin Research Institute will work with various departments within the university, including the philosophy and economics departments, the School of Computing, and the Center for Blockchain and Digital Innovation.

Philosophy and Economics Departments

By collaborating with the philosophy and economics departments, the institute will be able to explore the ethical and economic implications of Bitcoin. This will lead to a deeper understanding of how Bitcoin can impact society.

School of Computing

The School of Computing will provide technical expertise on Bitcoin and blockchain technology. This will help the institute produce high-quality, technical research on Bitcoin.

Center for Blockchain and Digital Innovation

The Center for Blockchain and Digital Innovation will play a crucial role in the institute’s research activities. By working together, the institute and the center will be able to advance the study of Bitcoin and other digital currencies.

Strategic Positioning

The University of Wyoming is strategically positioned to lead this initiative for several reasons. Firstly, it has strong interdisciplinary academic collaboration. Secondly, it is close to renewable energy sources, which are important for Bitcoin mining. Thirdly, it has a supportive legislative and regulatory environment.

Renewable Energy Sources

Wyoming is home to abundant renewable energy sources, which are crucial for Bitcoin mining. By using renewable energy, the institute can conduct research on sustainable Bitcoin mining practices.

Supportive Legislative Environment

Wyoming has a supportive legislative and regulatory environment for cryptocurrency research. This makes it an ideal place for the UW Bitcoin Research Institute to operate and thrive.

Donations and Support

Those interested in supporting the UW Bitcoin Research Institute can make donations. Donations are tax-deductible, and all Bitcoin donations will be held. This support will help the institute continue its important work.

How to Donate

You can help further the work of the Bitcoin Research Institute by making a donation. Donations can be made through the official page of the institute. Every contribution will make a significant impact on academic Bitcoin research.

Tax-Deductible Contributions

All donations to the UW Bitcoin Research Institute are tax-deductible. This means that donors can reduce their taxable income by the amount they donate, providing a financial benefit for supporting the institute’s work.

Benefits to Various Groups

The research produced by the UW Bitcoin Research Institute will benefit a wide range of groups, including academics, journalists, policymakers, and the public.

Academics

Academics will have access to high-quality, peer-reviewed research on Bitcoin. This will help them in their own studies and contribute to the growing body of knowledge on digital currencies.

Journalists

Journalists will be able to use the institute’s research to write more accurate and informed articles about Bitcoin. This will help educate the public and provide reliable information about the cryptocurrency.

Policymakers

Policymakers will benefit from the institute’s evidence-based research. This will help them make informed decisions about cryptocurrency regulations and policies.

The Public

The general public will also benefit from the institute’s work. By providing accessible and accurate information about Bitcoin, the institute will help people understand the cryptocurrency better.

Future Plans and Vision

The UW Bitcoin Research Institute has ambitious plans for the future. It aims to become a leading center for Bitcoin research, contributing to both academic and public understanding of the cryptocurrency.

Expanding Research Areas

The institute plans to expand its research areas to cover various aspects of Bitcoin and blockchain technology. This includes studying the technical, economic, and social impacts of Bitcoin.

Increasing Collaboration

The institute aims to increase collaboration with other universities and research centers. By working together, they can produce more comprehensive and impactful research on Bitcoin.

Hosting Conferences and Events

In the future, the institute plans to host conferences and events focused on Bitcoin research. These events will bring together researchers, scholars, and industry experts to share their findings and discuss the latest developments in the field.

Developing Educational Programs

The institute also plans to develop educational programs on Bitcoin and blockchain technology. These programs will be aimed at students, academics, and the general public, helping to increase understanding and awareness of digital currencies.

Conclusion

The University of Wyoming’s launch of the first Bitcoin Research Institute is a significant step forward in the study of Bitcoin. With a strong focus on high-quality, evidence-based research, the institute aims to elevate the standards of academic research on Bitcoin. By collaborating with various departments and leveraging Wyoming’s unique advantages, the institute is well-positioned to become a leading center for Bitcoin research. Through donations and support, individuals can contribute to this important initiative and help advance the understanding of Bitcoin.

Trump Promises to End War on Crypto if Elected

Trump’s Big Announcement at Bitcoin 2024 Conference

Former United States president and current Republican candidate, Donald Trump, announced his plans to make the United States the “crypto capital of the world” if he is elected in November. He made this declaration at the Bitcoin 2024 conference in Nashville, Tennessee.

Trump arrived an hour late but received a warm welcome from the crowd. He expressed great respect for the Bitcoin community, comparing its early stages to the steel industry when it was young. “This is like the steel industry,” Trump said, emphasizing the potential he sees in Bitcoin and cryptocurrencies.

Bitcoin’s Future According to Trump

Trump predicted that one day, Bitcoin would overtake gold in value. He called Bitcoin a “marvel of technology” and a “miracle of cooperation and human achievement.” His strong support for Bitcoin was clear throughout his speech, as he referred to it as the future of the economy.

Trump’s Political Rivals and Energy Plans

Not wasting any time, Trump took a shot at his political rivals. He mentioned a “low I.Q. opponent,” hinting at Democratic candidate Kamala Harris. Trump then discussed energy usage for Bitcoin and AI, promising to use fossil fuels to generate more electricity. “We will create so much electricity that you’ll be saying, ‘please, President sir, we have too much electricity,'” he proclaimed. He also spoke about his plans to roll back federal incentives for electric vehicles and charging stations.

Trump’s Vision for Cryptocurrency in America

Trump assured the audience that he is the best candidate for the cryptocurrency and Bitcoin communities. He promised that if he becomes president, “you’ll be so happy, you’ll be so happy.” He stressed that if crypto is going to define the future, it should be “mined, minted, and made in America.” He also expressed a desire for America to lead the way if Bitcoin is going “to the Moon.”

Robert F. Kennedy Jr.’s Bitcoin-Friendly Policy

At the same conference, Independent presidential candidate Robert F. Kennedy Jr. presented his own Bitcoin-friendly policy. He promised to sign an executive order requiring the U.S. Justice Department to transfer the 204,000 BTC held by the Federal Reserve into a strategic reserve. Additionally, he said the Treasury Department would purchase 500 BTC daily until the reserve reaches at least four million BTC. Kennedy believes this would give the U.S. a dominant position in the global Bitcoin market.

Edward Snowden’s Caution on Political Bitcoin Support

In contrast to Trump and Kennedy, Edward Snowden, a key speaker at the conference, had a different message. He warned the cryptocurrency community not to blindly support politicians who use Bitcoin as a tool to gain votes. “Cast a vote, but don’t join a cult,” he advised. Snowden emphasized that the community should be cautious and not fully trust politicians, even if they support Bitcoin.

Pro-Crypto Statements by Trump at Bitcoin 2024

During his speech, Trump made twelve pro-crypto statements:

1. “If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds. This will serve as the core of the strategic bitcoin stockpile.”
2. “On Day 1, I will fire Gary Gensler.”
3. “I will immediately shut down Operation Choke Point 2.0.”
4. “I will immediately appoint a bitcoin and Crypto Presidential Advisory Council.”
5. “We will design transparent regulatory clarity in the first 100 days. Clear, simple, straightforward, and fair.”
6. “There will never be a CBDC while I am president.”
7. “I will always defend the right to self-custody.”
8. “We will create a framework to enable the safe, responsible expansion of stablecoins.”
9. “We will stop the war on crypto.”
10. “We will become the world’s number one bitcoin mining powerhouse.”
11. “I will commute the sentence of Ross Ulbricht.”
12. “I will be the pro-bitcoin president that America needs.”

Energy and Mining Focus

Trump’s vision includes using fossil fuels to generate more electricity, which he believes is essential for Bitcoin mining. He aims to make America the number one Bitcoin mining powerhouse in the world. This involves creating a framework for the safe and responsible expansion of stablecoins and ensuring transparent regulatory clarity within the first 100 days of his presidency.

Regulatory Clarity and Self-Custody Rights

Trump promised to provide clear, simple, and fair regulatory clarity. He assured the right to self-custody for cryptocurrency users, meaning they can hold and manage their own digital assets without relying on third parties. His administration would stop the war on crypto and ensure no Central Bank Digital Currency (CBDC) is introduced while he is president.

Plans to Fire Gary Gensler and End Operation Choke Point 2.0

One of Trump’s first actions as president would be to fire Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). He also plans to end Operation Choke Point 2.0, a government initiative that targets industries like cryptocurrency. By doing so, Trump hopes to create a more favorable environment for the crypto industry.

Establishment of a Crypto Presidential Advisory Council

Trump intends to establish a Crypto Presidential Advisory Council. This council would consist of experts in the cryptocurrency field who would advise his administration on matters related to Bitcoin and other digital currencies. This council’s goal would be to promote the growth and stability of the crypto market in the United States.

Ross Ulbricht Commutation

Trump also stated his intention to commute the sentence of Ross Ulbricht, the founder of Silk Road, an online black market. Ulbricht is currently serving a life sentence without parole for his involvement in the website. Trump believes commuting Ulbricht’s sentence would show his administration’s support for the cryptocurrency community.

Kennedy’s Ambitious Bitcoin Plans

Robert F. Kennedy Jr.’s ambitious plans include the daily purchase of Bitcoin by the Treasury Department and the establishment of a significant Bitcoin reserve. Kennedy believes this strategy would give the United States a dominant position in the global Bitcoin market, making it difficult for other countries to compete.

Snowden’s Warning to the Crypto Community

Edward Snowden’s speech provided a sobering contrast to the political promises. He cautioned the cryptocurrency community against blindly trusting politicians who support Bitcoin for their gain. Snowden’s message was clear: remain vigilant and ensure that the community’s interests are prioritized over political agendas.

The Future of Crypto in America

Trump’s vision for the future of crypto in America is ambitious. He aims to make the United States the leader in Bitcoin mining and ensure that all cryptocurrency activities are conducted within the country. By creating a favorable regulatory environment and supporting the rights of crypto users, Trump hopes to foster innovation and growth in the industry.

Conclusion

The Bitcoin 2024 conference in Nashville, Tennessee, showcased differing views on the future of cryptocurrency in America. Trump and Kennedy presented bold plans to support and grow the industry, while Snowden offered a cautious perspective, urging the community to remain wary of political agendas. As the 2024 election approaches, the future of cryptocurrency in America remains a hot topic, with significant implications for the global crypto market.