Russian lawmakers pass bill legalizing Bitcoin mining, crypto payments for international trade

Adoption 14 hours ago

The bill, which was first introduced a few years ago, is expected to take effect on Sept. 1,  pending final approval from the federation.

US President Joe Biden resigned from the upcoming November 2024 Presidential Election on July 21 and immediately endorsed Vice President Kamala Harris’s candidature.

Biden said:

“I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”

Biden’s move was entirely not surprising as he had been facing increasing pressure to drop out over the past few weeks after his disastrous showing at the debate against former US President Donald Trump.

Crypto platform Polymarket was praised by many, including Ethereumm’s Vitalik Buterin, for its ability to predict Biden’s move ahead of time.

“Really impressive showing from [Polymarket]. Not just predicting the outcomes well in advance, but also (through making conditional odds of different candidates visible) serving as an active input into collective decision making.”

Crypto community members have pointed out that Biden’s withdrawal from the presidential race presents the Democratic Party an opportunity to win back the crypto votes that have predominantly tilted towards the Republicans due to President Trump’s newfound pro-crypto stance.

On July 21, Variant Fund’s chief legal officer, Jake Chervinsky, emphasized that capturing crypto votes should be the “new nominee’s top priority in an election that will be won on the margins in states where crypto is a live issue.”

He added:

“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”

The Cedar Innovation Foundation, a crypto policy group, agreed. They suggested that with SEC Chair Gary Gensler and Senator Elizabeth Warren having influenced past White House policies, it’s time for fresh leadership. Colin McLaren, the Engagement Director of the Cedar Innovation Foundation, told CryptoSlate:

“A new generation of Democratic candidates in the House and Senate have made innovation-friendly policies a part of their policy platforms, and we hope that Vice President Harris and any other candidates who run for the nomination will do the same.”

How Democrats can win back crypto votes

Chervinsky provided five recommendations for the new candidate to win back crypto voters:

1. Recognize crypto’s importance to the US economy.
2. Acknowledge the failures of current regulatory approaches.
3. Propose balanced policies for innovation and consumer protection.
4. Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
5. Engage with crypto industry stakeholders

Cinneamhain Ventures partner Adam Cochran noted that while Harris has no public stance on crypto, she could sell herself to the industry by appointing a pro-crypto running mate. He further pointed out that the potential candidates for this role—Pete Buttigieg and Josh Shapiro—are pro-crypto.

He concluded:

“Given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes, I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”

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Online bettors on blockchain-based betting platform Polymarket are predicting that US President Joe Biden will withdraw from the upcoming US elections after his spotty performance during the presidential debate against Donald Trump.

Punters rate Biden’s chances of dropping out of the races at 38 cents against 63 cents. The bet has attracted over $7 million worth of bets as of press time.

Similarly, forecasting startup Manifold shows a similar sentiment. The firm reports that the odds of Biden being the Democratic candidate for the forthcoming election plummeted to 68% from 94% within the past day.

Jim Bianco from Bianco Research noted the exceptionally high volume of bets placed, stating that prediction markets are “real-time, so when events like last night happen, they can measure how much things have changed… Biden’s odds (blue line) fell much more than Trump’s odds (red line) rose.” He further commented,

“Our interpretation is that Biden is in a deep hole that he may be unable to climb out of. However, if Biden is replaced with someone acceptable, Trump might not win either.

In other words, Trump may have had a pyrrhic victory last night.”

Why are people betting on a Biden dropout?

The bettors’ actions on prediction markets reveal the extent of the reaction to Biden’s performance at the first presidential debate.

Market experts noted that replacing Biden just months before the election is unprecedented in modern times and would be recently considered unthinkable. Yet, his debate performance has sparked many questions about his health and cognitive ability.

Demetri Sevastopulo, the US-China Correspondent for Financial Times, reported:

“Democratic lawmaker tells me a wide cross section of House Democrats were texting each other during the debate with same conclusion [of] Biden must dropout of the race. They are suggesting an open convention to excite voters.”

Who could replace Biden?

Data from Polymarket indicates that bettors are speculating on potential candidates to replace Biden. The “Democratic Nominee 2024” market on the site has drawn nearly $62 million in bets, with Biden still leading.

Interestingly, California Governor Gavin Newsom’s odds have risen to 15%, reflecting growing support. Newsom, a Biden supporter, praised the President’s debate performance.

Meanwhile, Michelle Obama, former US First Lady, has a 9% chance of being a contender, while Biden’s Vice President Kamala Harris is also a strong possibility, with 8% odds.

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Justin Sun, Tron’s blockchain founder, has called on the crypto community to support a pro-crypto candidate in the forthcoming US presidential elections in November.

Sun made this appeal in a May 26 social media post, emphasizing the importance of aligning with a candidate who endorses cryptocurrencies to ensure the industry’s voice is heard and interests protected. He said:

“We should support a presidential candidate who endorses cryptocurrencies. We need to demonstrate to the candidate that the cryptocurrency community, companies, and protocols are significant stakeholders whose voices should be heard and whose interests should be protected.”

So, the upcoming election presents a crucial opportunity for the crypto community to influence the regulatory environment by backing a candidate who supports the industry’s growth and integration into the broader economy.

Biden, Trump jostle for crypto

Sun’s statement comes amid a changing regulatory landscape in the US regarding cryptocurrencies.

Recently, crypto has become a hot political topic, with bipartisan support for two crypto-related bills—SAB121 and the FIT21 Act. These bills aim to enhance the industry’s regulatory framework and provide the necessary clarity for it to thrive.

Additionally, the traditionally crypto-skeptic Securities and Exchange Commission (SEC) unexpectedly approved spot Ethereum exchange-traded funds (ETFs) 19-b filings, marking a pivot from its previous stance on the asset.

Stakeholders see these developments as a significant shift for President Joe Biden‘s administration, which previously favored strict regulation of the emerging industry. The White House has also shown interest in collaborating with Congress on effective crypto regulations.

Experts attribute these changes to former President Donald Trump‘s newly acquired pro-crypto stance, which has bolstered his re-election prospects. According to Polymarket, Trump has a 56% chance of winning the election, compared to Biden’s 38%. While Trump was president, he was overtly against crypto, calling it “based on thin air.”

In recent months, Trump’s chances have risen following a series of pro-crypto actions and statements. This weekend, the former president said the United States must be a leader in the crypto sector while pledging to release the imprisoned founder of Silk Road, Ross Ulbricht. Furthermore, his re-election campaign now accepts crypto donations in various digital assets, including Bitcoin, making him the first major candidate to do so.

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Former President Donald Trump continued his advances toward the crypto community by hosting an event for holders of the Trump Cards NFT Gala on May 8 at his Mar-a-Lago resort in Palm Beach, Florida.

During the event, Trump expressed his support for cryptocurrencies, announcing plans to accept digital asset donations for his potential re-election campaign. He also emphasized the need for a more favorable regulatory environment for the growing crypto industry.

Following the statements, a Trump-inspired MAGA memecoin lacking utility surged by over 40%. This impressive gain positioned MAGA as the top performer on CryptoSlate’s list of gainers during the reporting period.

Pro-crypto

Videos circulating on social media showed Trump’s critique of the Biden administration’s approach to crypto, signaling potential shifts in policy should he return to office.

Trump highlighted the exodus of crypto firms from the US due to regulatory hostility, promising a friendlier environment under his leadership to bolster the industry domestically.

The former president chastised Biden’s lack of crypto understanding, attributing it to his administration’s unfavorable stance. Trump said:

“Biden doesn’t know, Gensler is very much against it, the Democrats are very much against it.”

Notably, Trump previously held anti-crypto sentiments during his tenure, labeling Bitcoin as a scam in 2021. However, his views of the sector appear to have evolved, as evidenced by his embrace of non-fungible tokens (NFTs) bearing his semblance.

Trump is banking on this newfound view to gather support for his presidential campaign, stating that:

“If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump.”

These moves have spurred speculation on how a potential Trump presidency could benefit crypto. Financial institution Standard Chartered suggested that a second Trump term could be a boon for Bitcoin and other digital assets by offering viable alternative investment avenues.

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