Trump 0, Kamala 1 🏆
Donald Trump’s odds to clinch election fall 3% on Polymarket. Taylor Swift endorses Kamala Harris. Democrat Waters calls out Trump’s DeFi project. Bitcoin trading volume hits a new record almost $3T.
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First Donald Trump and Kamala Harris Presidential debate ends with no crypto mention.
Kamala Harris got one up against Donald Trump, and his ego.
Abortion rights? Check.
Immigration? Check.
Inflation and unemployment? Check.
Fake news about pet killings in Ohio? Check.
Crypto? Error! 404 not found.
Harris and Trump’s first presidential debate had everything but crypto.
Catcalling (quite literally at one point), personal attacks and even unfounded claims (infanticides).
All the drama. But not crypto.
Were voters unhappy? Apparently not.
Only 6% were most interested in hearing either Vice President Harris or former President Trump talk about cryptocurrency, survey conducted by Benzinga between September 9 and 10, among 133 adults,
Roughly 45% wanted the candidates to discuss the economy and jobs. About 24% wanted to hear them chat about immigration.
But the first presidential debate with Harris did hurt Trump.
Former president’s odds of winning elections dropped to 49% on Polymarket after the debate ended.
Brings him neck and neck with Harris for the first time on the betting platform.
So, who’s celebrating?
Definitely not the Bitcoin community.
A Trump victory could see Bitcoin prices soar to $90,000. While a Harris win might drive prices down to $30,000-$40,000, say analysts at Bernstein.
How much does crypto impact the voters?
For the first time ever, crypto has become an election issue in US elections.
For 73% of US respondents who currently own crypto, a candidate’s stance on crypto would have “some impact” on their for vote.
37% said it the stance would have a “significant impact” on their vote, as per crypto exchange Gemini’s latest Global State of Crypto report.
Did Kamala Harris finally break her silence on crypto?
Nope. Just quite not there yet.
Harris’ policy platform that was released on Monday had no crypto mention.
References made were “clean energy, AI, and other cutting-edge industries of the future”. But not crypto.
List of proposed policy positions for her potential administration also had no positions for crypto.
Even Senate Majority Leader Chuck Schumer did not make any reference to digital assets in his letter to lawmakers.
Despite vowing to push for crypto regulation at the Crypto4Harris town hall recently.
Democrat’s policy focus: Fairer tax system for working and middle-class Americans, tax cuts and incentives for families.
What about Republicans? Explicitly supports Bitcoin mining and self-custody rights.
But Trump has not always been pro-crypto.
During his presidency, he directed his Treasury Secretary to regulate Bitcoin. He previously referred to it as a "scam."
Now, he pledges support for Bitcoin miners and opposes central bank digital currencies.
Read: Crypto's $200M Election War Chest 🪖
But not all in the crypto community have abandoned Kamala.
Last week, Ripple CEO and 88 other US corporate leaders wrote a letter endorsing Kamala.
Advantage Kamala?
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Block That Quote 🎙️
Taylor Swift. Does she even need an introduction? Okay … star.
“I’m voting for @kamalaharris because she fights for the rights and causes I believe need a warrior to champion them."
Right after the debate, Taylor Swift endorsed Harris.
I will be casting my vote for Kamala Harris and Tim Walz in the 2024 Presidential Election. I’m voting for @kamalaharris because she fights for the rights and causes I believe need a warrior to champion them. I think she is a steady-handed, gifted leader and I believe we can accomplish so much more in this country if we are led by calm and not chaos. I was so heartened and impressed by her selection of running mate @timwalz, who has been standing up for LGBTQ+ rights, IVF, and a woman’s right to her own body for decades.
She signed her post as “Childless Cat Lady,” a dig at comments made by Trump’s running mate, Senator JD Vance of Ohio, about women without children. She posted a photo of holding her pet Ragdoll, Benjamin Button.
Thread: Who is JD Vance?
Look what they made her do. Swifties for Kamala then?
Trump Project Shows DeFi is Ripe for Scammers
That’s what democratic lawmaker Maxine Waters highlighted during a congressional hearing.
The Trump sons, Eric and Donald Jr., are launching a DeFi project called World Liberty Financial.
An example of the dangers of decentralised finance (DeFi)?
Recent scams?
Waters reported that accounts belonging to Lara Trump and Tiffany Trump were hacked, promoting a counterfeit coin.
The scam post reached over 200,000 viewers, resulting in 2,000 purchases totalling $1.8 million in fake tokens.
“Because of the prominence of those behind the project, bad actors took advantage of the opportunity to scam potential users. Lawmakers have a responsibility to consider strong protections to prevent such scams from moving forward.”
The hearing, organised by the House Financial Services Committee, reflects a growing concern within Congress regarding DeFi's implications.
There is a partisan divide, with Republicans fearing regulation could stifle innovation, while Democrats worry about the potential for scams and money laundering.
Stephen Lynch, the subcommittee's top Democrat, cited research indicating that DeFi users lost nearly $2 billion to scams, rug pulls, and hacks in 2023.
"This committee should have explored digital asset topics such as DeFi and tokenisation long before legislation was introduced. The FIT act, which I strongly opposed, excluded DeFi services. I urge this committee to refrain from moving forward with similar legislation that would invite the same consumer and investor protection risks by legitimising this industry."
In The Numbers 🔢
$2.874 trillion
The cumulative trading volume for Bitcoin in the first eight months of 2024.
A new record. The previous record of $2.424 billion set during the 2021 bull market by nearly 20%. This is the highest trading volume since 2012.
What’s driving the volume?
The rise in crypto volatility + increased market participation in the Bitcoin market.
US Bitcoin ETFs inflows and expectations for Fed rate cuts spiked the volatility in April 2024 and drove Bitcoin's price to record highs above $70,000.
The US recession fear and the unwinding of the yen carry trade led to the volatility in August 2024.
Read: Carry Trade Crash? 💥
Tron, Tether & TRM Labs to Combat Crypto Crime
A 2023 TRM Labs report revealed that nearly 45% of all illicit crypto volume is associated with the Tron blockchain.
The T3 Financial Crime Unit (T3 FCU) will target illicit activities involving USDT, the largest stablecoin, on the Tron network.
Tron is the largest blockchain network for USDT transactions, with $60.8 billion in Tron-based USDT, accounting for 51% of the total USDT in circulation.
Funds Frozen: The task force has already frozen $12 million in USDT linked to blackmail scams and investment fraud.
Data Analysis: TRM Labs will use its intelligence suite to help analyse blockchain activity and identify suspicious patterns.
Circle's Decision: In February, Circle, issuer of USDC, announced it would stop minting USDC on Tron due to risk management concerns.
The Surfer 🏄
Payment processors PayPal and Venmo have integrated Ethereum Name Service (ENS) support, allowing users to send cryptocurrency payments using ENS usernames instead of lengthy wallet addresses.
A solo Bitcoin miner successfully mined block 860749, earning about $182,505 (3.169 BTC). Solo miners usually have less power than large pools like Antpool and FoundryUSA which control over 50% of the network's. New solo mining rigs are allowing individuals to compete against institutional miners with hashrate.
Standard Chartered has launched digital asset custody services in the UAE, starting with Bitcoin and Ethereum, after receiving approval from the Dubai Financial Services Authority. The UAE ranks third, behind Singapore and Hong Kong, in adopting digital assets.
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More unfounded claims: J6 being the worst day since Civil War, Trump praising white supremacists, Kamala's praise on her economic failures (such as being the deciding vote on the Inflation Reduction Act, aka Green New Deal that useda false title to pass)
as crypto folks, banking on people or ideology to support the cause might not be the best outcome for everyone involved. if the technology and solutions and promises are good, they will come through. no matter who is supporting and who is in power. we are kidding ourselves if we think that someone supporting crypto or making it part of their campaign or accepting donations is going to be a sustainable path in the long run #wagmi @josh913401 @zajacik