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At Bitcoin Conference, Trump Vows to Fire SEC Chairman Gary Gensler If He Wins

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View from the floor of Republican nominee Donald J. Trump's speech at the Bitcoin 2024 conference in Nashville.

Published on July 27, 2024 at 8:51 PM EST.

NASHVILLE, Tenn. — At Bitcoin 2024, former President Donald Trump unveiled an ambitious pro-Bitcoin and pro-cryptocurrency agenda that energized the crowd, while also attacking his opponent, current vice president and presumptive Democratic presidential nominee Kamala Harris, over the Biden administration’s cryptocurrency policies.

“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-cryptocurrency crusade will be over,” said Trump, now the first former US president to address an audience at a Bitcoin event anywhere in the world.

Trump made his historic announcement in front of a packed conference room that conference organizer and CEO of Bitcoin Magazine David Bailey estimated could accommodate 8,000 attendees, with tens of thousands, perhaps even more than 100,000, streaming live.

Trump has made numerous other promises, including establishing a presidential advisory council to develop transparent regulatory guidance in his first 100 days in office and using the U.S. government’s existing bitcoin reserve to form a “strategic national bitcoin reserve,” among others.

Reading from a teleprompter and occasionally rambling, he said, in a closing statement that seemed to take direct aim at the Biden administration’s approach to cryptocurrency: “My promise to each of you is this. I will be our pro-innovation, pro-bitcoin president that America needs and our citizens deserve. … Our nation has never prospered by trying to censor new ideas and shut down the dreams of our people. America always plants its flag on the next frontier and boldly pushes forward.”

Trump’s promise to fire SEC Chairman Gary Gensler on his first day in office drew the loudest applause during the former president’s speech.

“On day one, I will fire Gary Gensler and appoint a new chairman of the SEC,” Trump said, prompting thunderous applause and the entire crowd to rise to its feet.

“I didn’t know it was That unpopular! Wow,” he said, seemingly shocked. “I didn’t know that was That “unpopular,” he repeated, astonished. “Let me say that again.” There were roars from the crowd.

“On day one, I’m going to fire Gary Gensler,” he repeated. When the crowd stood and applauded loudly again, he said, “Whoa!”

The participants started singing.

“I will nominate a new SEC chairman who believes America should build the future, not block it,” Trump said.

To know more: Trump has made promises to cryptocurrency voters. If elected, what could he actually do?

Biden Administration’s Anti-Cryptocurrency Policy Blame Falls on Harris

During his speech, Trump sought to pit the audience against his likely opponent, Vice President Harris, equating her with the Biden administration’s hostile stance toward cryptocurrencies.

Speaking about her, he said: “She is against cryptocurrencies, by the way, and very much so. It’s no surprise that these totalitarians are hellbent on killing cryptocurrencies. We have the SEC, they are wiping out bitcoin, because bitcoin represents freedom, sovereignty, independence from government and coercion from control. The Biden and Harris administration’s crackdown on bitcoin and cryptocurrencies is wrong and it’s pretty un-American.”

To know more: Senator Tim Scott Goes All-In on Bitcoin, Paving the Way for 2025 Cryptocurrency Legislation

In addition to firing Gensler, Trump’s most notable promises included the acquisition of the 210,000 bitcoins seized by the government. He promised that the coins currently held would be used to create a fund that would act as the nation’s strategic reserve.

Although there were rumors that he would order the Federal Reserve to buy one million bitcoins, in his next speech to Trump, Senator Cynthia Lummis (R-Wyoming) revealed just such a plan in a bill to be introduced into Congress.

Trump also vowed to end what the crypto industry has called Operation Choke Point 2.0, which appears to have been an effort that began in late 2022 or early 2023 to shut down banks that serviced cryptocurrency firms or prevent cryptocurrency firms from being able to conduct banking activities. For example, Barney Frank, a co-author of the Dodd-Frank Act, said that the closure of Signature Bank occurred because “regulators wanted to send a very strong anti-crypto message.”

To know more: Law firm’s white paper suggests US regulators are waging financial war on cryptocurrencies

Trump vowed to shut down Operation Choke Point 2.0, complaining, “They want to strangle you, they want to strangle you out of business.”

He contrasted Operation Choke Point 2.0 with his plan to establish a “Presidential Advisory Council on Bitcoin and Cryptocurrency” to design transparent regulation for cryptocurrencies, saying, “We will have regulations, but from now on the rules will be written by people who love your industry, not hate it.” He said the council would design “transparent regulatory guidance” within the first 100 days of Trump’s inauguration, should he win.

More Promises for Cryptocurrency Faithful

Other promises he has made include ensuring that the United States becomes the world capital of bitcoin mining, abolishing any plans to implement a central bank digital currency (CBDC), establishing effective stablecoin legislation, and upholding the right to self-custody.

“I am laying out my plan to ensure that the United States becomes the cryptocurrency capital of the planet and the world’s Bitcoin superpower,” Trump said.

The former president also doubled down on his push for the pardon of Ross Ulbricht, who is currently serving a life sentence for creating and operating the infamous dark web marketplace Silk Road, which was shut down by the FBI in 2013 for facilitating the buying and selling of illegal drugs and other contraband.

Trump’s speech at the Bitcoin conference comes on the same day as the Financial Times reported that Kamala Harris’s presidential campaign is seeking a “reset” with cryptocurrency firms. According to the FT, the vice president’s campaign has reached out to cryptocurrency exchange Coinbase, stablecoin issuer Circle, and cross-border payments firm Ripple Labs, to send the message that Democrats are “pro-business, pro-responsible business,” a person familiar with her campaign told the FT.

Also on Saturday, a group of 28 Democratic officials, candidates and members of state legislatures, including well-known pro-crypto Democrats like Ro Khanna, Ritchie Torres and Wylie Nickel, published a letter to Jaime Harrison, chairman of the Democratic National Committee, urging him and potential presidential candidates to “take a forward-thinking approach to digital assets and blockchain technology.”

Both moves on the same day show that cryptocurrency as a campaign issue has reached the political high water mark, with Democrats scrambling to make up ground after three and a half years of unfair treatment of the cryptocurrency industry by the SEC under Biden Chairman Gary Gensler.

To know more: Why Rep. Ro Khanna Hopes the Democratic Party Will Adopt Cryptocurrencies

The Bitcoin 2024 Conference had already drawn a huge crowd, but Trump’s appearance caused it to spill over the venue. The nearby streets were packed with onlookers, including one family who drove four hours just to watch the motorcade pass by because it would be “as close to the President as you can get.”

However, not everyone waiting outside in the heat was a fan, with one woman watching the march and making an obscene gesture at Trump and someone standing outside the convention center with a sign that read, “Trump is the Antichrist.”

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Regulation

Cryptocurrency Regulation in Slovenia 2024

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Cryptocurrency Regulation in Slovenia 2024

Slovenia, a small but highly developed European country with a population of 2.1 million, boasts a rich industrial history that has contributed significantly to its robust economy. As the most economically developed Slavic nation, Slovenia has grown steadily since adopting the euro in 2007. Its openness to innovation has been a key factor in its success in the industrial sector, making it a favorite destination for cryptocurrency enthusiasts. Many believe that Slovenia is poised to become a powerful fintech hub in Europe. But does its current cryptocurrency regulatory framework support such aspirations?

Let’s explore Slovenia’s cryptocurrency regulations and see if they can push the country to the forefront of the cryptocurrency scene. My expectations are positive. What are yours? Before we answer, let’s dig deeper.

1. Cryptocurrency Regulation in Slovenia: An Overview

Slovenia is known for its pro-innovation stance, providing a supportive environment for emerging technologies such as blockchain and cryptocurrencies. Under the Payment Services and Systems Act, cryptocurrencies are classified as virtual assets rather than financial or monetary instruments.

Regulation of the cryptocurrency sector in Slovenia is decentralized. Different authorities manage different aspects of the ecosystem. For example, the Bank of Slovenia and the Securities Market Agency supervise cryptocurrency transactions to ensure compliance with financial laws, including anti-money laundering (AML) and counter-terrorist financing regulations. The Slovenian Act on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2) incorporates the EU’s Fifth Anti-Money Laundering Directive (5MLD) and aligns with the latest FATF recommendations. All virtual currency service providers must register with the Office of the Republic of Slovenia.

2. Cryptocurrency regulation in Slovenia: what’s new?

This year, there have been several noteworthy developments in the cryptocurrency sector in Slovenia:

July 25, 2024: Slovenia has issued a €30 million on-chain sovereign digital bond, the first of its kind in the EU, with a yield of 3.65%, maturing on 25 November 2024.

May 14, 2024: NiceHash has announced the first Slovenian Bitcoin-focused conference, NiceHashX, scheduled for November 8-9 in Maribor.

3. Explanation of the legal framework for cryptocurrency taxation in Slovenia

Slovenia’s cryptocurrency tax framework provides clear guidelines for both individuals and businesses. According to the Slovenian Tax Administration, tax treatment depends on the status of the trader and the nature of the transaction.

  • Individuals: Income earned from cryptocurrencies through employment or ongoing business activities is subject to personal income tax. However, capital gains from trading or market fluctuations are exempt from taxation.
  • Society: Capital gains from cryptocurrency activities are subject to a corporate income tax of 19%. Value added tax (VAT) generally applies at a rate of 22%, although cryptocurrency transactions considered as means of payment are exempt from VAT. Companies are not allowed to limit payment methods to cryptocurrencies only. Tokens issued during ICOs must comply with standard accounting rules and the Corporate Tax Act.

4. Cryptocurrency Mining in Slovenia: What You Should Know

Cryptocurrency mining is not restricted in Slovenia, but the income from mining is considered business income and is therefore taxable. This includes rewards from validating transactions and any additional income from mining operations. Both natural persons and legal entities must comply with Slovenian tax regulations.

5. Timeline of the evolution of cryptocurrency regulations in Slovenia

Here is a timeline highlighting the evolution of cryptocurrency regulations in Slovenia:

  • 2013:The Slovenian Tax Administration has issued guidelines according to which income from cryptocurrency transactions should be taxed.
  • 2017:The Slovenian Tax Administration has provided more detailed guidelines on cryptocurrency taxation, based on factors such as the trader’s status and the type of transaction.
  • 2023The EU has adopted the Markets in Cryptocurrencies Regulation (MiCA), which establishes a uniform regulatory framework for cryptocurrencies, their issuers and service providers across the EU.

Final note

Slovenia’s approach to the cryptocurrency industry is commendable, reflecting its optimistic view of the future of cryptocurrency. The country’s balanced regulatory framework supports cryptocurrency innovation while protecting user rights and preventing illegal activities. Recent developments demonstrate Slovenia’s commitment to continuously improving its regulatory environment. Slovenia’s cryptocurrency regulatory framework sets a positive example for other nations navigating the evolving cryptocurrency landscape.

Read also: Cryptocurrency Regulation in Hong Kong 2024

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A Blank Slate for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity

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A Blank Slate for Cryptocurrencies: Kamala Harris' Regulatory Opportunity

Photo by The Dhage of Shubham ON Disinfect

As the cryptocurrency landscape continues to evolve, the need for clear regulation has never been greater.

Vice President Kamala Harris is now leading the charge on digital asset regulation in the United States, presenting a unique opportunity for a clean slate. This fresh start can foster innovation and protect consumers. It can also pave the way for widespread adoption across industries, including real estate agencies, healthcare providers, and online gambling platforms like these online casinos in the uk. According to experts at SafestCasinoSites, these platforms have advantages such as bonus offers, a wide selection of games, and various payment methods. Ultimately, all this increased adoption could push the cryptocurrency market forward.

With that in mind, let’s take a look at the current state of cryptocurrency regulation in the United States, which is a complex and confusing landscape. Multiple agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN), have overlapping jurisdictions, creating a fragmented regulatory environment. This lack of clarity has hindered innovation, as companies are reluctant to invest in the United States, fearing regulatory repercussions. A cohesive and clear regulatory framework is urgently needed to unlock the full potential of cryptocurrencies in the United States.

While the US struggles to find its footing, other countries, such as Singapore and the UK, are actively embracing the cryptocurrency industry with clear and supportive regulatory frameworks. This has led to a brain drain, with companies opting to set up in more hospitable environments.

Vice President Kamala Harris has a unique opportunity to change this narrative and clean up the future. cryptocurrency regulation. By taking a comprehensive and inclusive approach, it can help create a framework that balances consumer protection with innovation and growth. The time has come for clear and effective regulation of cryptocurrencies in the United States.

Effective regulation of digital assets is essential to fostering a safe and innovative environment. Key principles guiding this regulation include clarity, innovation, global cooperation, consumer protection, and flexibility. Clear definitions and guidelines eliminate ambiguity, while encouraging experimentation and development to ensure progress. Collaboration with international partners establishes consistent standards, preventing regulatory arbitrage. Strong safeguards protect consumers from fraud and market abuse, and adaptability allows for evolution in response to emerging trends and technologies, striking a balance between innovation and protection.

The benefits of effective cryptocurrency regulation are many and far-reaching. By establishing clear guidelines, governments can attract investors and traditional users, spurring growth and adoption. This, in turn, can position countries like the United States as global leaders in financial technology and innovation. Strong protections will also increase consumer confidence in digital assets and related products, boosting economic activity.

A thriving cryptocurrency industry can significantly contribute to GDP and job creation, which has a positive impact on the overall economy. Furthermore, effective regulation has paved the way for the growth of many companies such as tech startups, online casinos, and pharmaceutical companies, proving that clear guidelines can unlock new opportunities without stifling innovation. This is a great example of how regulation can alleviate fears of regressive policies, even if Kamala Harris does not repeal the current progressive approach. By adopting effective regulation, governments can create fertile ground for the cryptocurrency industry to thrive, driving progress and prosperity.

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Think You Own Your Crypto? New UK Law Would Ensure It – DL News

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Think You Own Your Crypto? New UK Law Would Ensure It – DL News
  • The UK Law Commission has developed a bill that will address a situation of legal uncertainty.
  • The commission’s goal is to ensure that cryptocurrencies are legally treated as personal property.

UK law is not entirely clear whether cryptocurrencies can be considered personal property.

This is according to the UK Law Commission, which argues that while most investors assume that when they buy cryptocurrencies, they are “acquiring property rights in the same way as buying, say, a watch or a laptop.”

“As the law currently stands, this is not necessarily the case,” the respected legal body said in a new report on Tuesday.

The report was accompanied by a solution: a new bill to consolidate the legal status of digital assets as personal property.

This could be huge for the estimated 4.7 million Britons valued hold cryptocurrencies.

“This will allow the courts to determine a range of issues,” the report says.

If passed, the law would help clarify how cryptocurrencies are treated in cases of bankruptcy, estate planning or theft.

Flexible law

The commission is an independent body responsible for reviewing UK law. It began investigating whether English and Welsh property laws apply to digital assets in 2020.

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At the time, then-Chancellor of the Exchequer Rishi Sunak expressed ambitions to transform the UK into a cryptocurrency hub as Britons invested more.

In 2023, the commission decided that, in most cases, the legislation of England and Wales is sufficiently flexible to regulate cryptocurrencies.

This means that any asset, from Bitcoin to non-fungible tokens and some types of digital contracts, can be considered personal property, without Parliament having to write extensive new laws.

There was one small area of ​​uncertainty, however: it was unclear whether cryptocurrencies fell within the two categories of personal property recognised under UK law.

These two categories are made up of tangible assets (cars, laptops, bags) and intangible assets (contracts, stocks, and debt).

The bill that will now go to Parliament to be converted into law aims to remedy this situation.

Without that clarification, courts may try to lump cryptocurrencies together with intangible assets, said Adam Sanitt, head of litigation, knowledge, innovation and corporate support EMEA at law firm Norton Rose Fulbright. DL News in March.

This is problematic because intangible assets are creations of the legal system, while cryptocurrencies are not.

“How the law treats digital assets, what rights you have over them, how you own them, how you transfer them to other people—that treatment is different, because digital assets don’t exist by virtue of the legal system, but independently of it,” Sanitt said.

The money in your bank account, for example, is a legal creation. The government could pass a law to cancel it.

However, if the UK passed a law banning Bitcoin, Bitcoin would not cease to exist.

Sanitt said: “That’s why digital assets are so important: neither the government nor the legal system can take them away from you.”

Contact the author at joanna@dlnews.com.

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The Solution the Cryptocurrency Industry Needs

Chain Feed Staff

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The Solution the Cryptocurrency Industry Needs

The cryptocurrency industry has performed remarkably well since its inception, but now faces a critical hurdle that requires careful consideration and regulatory expertise to overcome. Despite the industry’s rapid growth and rate of global adoption, the gap between the industry and global regulation is only widening as new innovations break through into the public domain.

Although efforts are being made on both sides, regulators’ lack of familiarity with cryptocurrencies and the industry’s lack of regulatory expertise are hindering innovation in the sector. To address this issue, traditional financial institutions (TradFi) such as MultiBank Group have started venturing into the cryptocurrency sector.

The regulatory gap

Over the past decade, the cryptocurrency industry has grown dramatically as tech entrepreneurs and forward-thinking thinkers have founded a plethora of crypto platforms and protocols to push the boundaries of the space. The problem faced by these newcomers, who are often unfamiliar with the hurdles posed by financial regulators, can quickly overwhelm and stall operations.

On the other hand, regulators more attuned to TradFi systems may be equally stifled by the complexities of decentralization and blockchain technology. The unfamiliarity experienced by both innovators and regulators creates a stark regulatory divide between both sides, leading to misunderstandings and potential conflicts.

To overcome this lack of communication, a bridge must be built to bridge the gap, ensuring future stability for the cryptocurrency industry and clearer legislation from regulators.

Efforts to bridge the gap between industry

The gap between the cryptocurrency industry and regulators is slowly narrowing as efforts to regulate cryptocurrencies and Web3 space activities are gaining momentum. Specific regulatory actions are taking place in many countries, aimed at providing greater oversight of cryptocurrency transactions, cryptocurrency exchanges, and initial coin offerings (ICOs).

Despite being a positive step in the right direction, these new regulations can differ significantly between jurisdictions around the world. This fragmentation results in a regulatory environment filled with obstacles, bottlenecks, and varying requirements and prohibitions. As cryptocurrency companies and TradFi institutions attempt to navigate the minefield, the regulatory maze becomes increasingly convoluted.

TradFi institutions like MultiBank Group are working to solve this problem, as one of the largest financial derivatives institutions in the world with over 12 licenses across all continents. Founded in 2005, the Group has an impeccable and trustworthy reputation globally, extensive expertise in financial regulation and has now ventured into the cryptocurrency space via MultiBank.io.

MultiBank.io: TradFi Excellence in the Crypto Space

Expanding into the cryptocurrency space via MultiBank.io has enabled MultiBank Group to provide regulatory clarity and trust to the digital asset industry. With a substantial daily trading volume of $12.1 billion, the timely decision to enter the cryptocurrency space has the potential to set regulatory precedents and standards for years to come.

By helping to develop sensible and well-considered regulations, MultiBank.io’s established reputation allows the company to communicate effectively and clearly with regulators. Unlike others in the industry without regulatory expertise, MultiBank.io facilitates the Group’s commitment to rigorous regulatory standards, the scope of oversight and establishes the necessary transparency.

The company’s approach ensures that regulatory licenses are pre-acquired, compliance is met globally without jurisdictional barriers, and transactions remain secure at all times. By helping to create robust regulations that are both clear and innovation-friendly, MultiBank Group looks forward to standardizing the entire cryptocurrency industry for other potential innovators.

One of the biggest challenges in establishing a clearly constructed bridge between regulators and the cryptocurrency industry is effective communication. By leveraging its institutional background TradFi and acting as an intermediary with regulators, MultiBank Group is able to translate the needs of the industry to those who shape it.

This quality of mediation is essential to ensure that regulation helps develop essential technological advances rather than hinders their establishment and growth. Through the lens of TradFi when looking at the complexity of the cryptocurrency industry, MultiBank Group is able to deconstruct unfamiliar crypto arguments for regulation and create a safer and more secure space.

Where TradFi and Crypto Meet

Regulations are crucial for traders, investors, and everyday users of crypto platforms and their safety when participating in crypto markets. While strict regulations are necessary for stable market integrity, innovation should still be considered, something MultiBank Group considers a priority.

Where TradFi and cryptocurrencies converge, the Group is there to provide a balanced approach to ensure promotion for both the cryptocurrency industry and regulators seeking to protect both retail and institutional investors. This balance is critical to maintaining a thriving space where cryptocurrency innovation can thrive without compromising the security of user funds or data.

As more TradFi institutions like MultiBank Group enter the cryptocurrency space with ever-expanding expertise in regulatory understanding, the future of the industry is increasingly encouraged. The financial freedoms of the cryptocurrency space coupled with regulatory oversight for financial security will be the guiding lights for the future success of the entire cryptocurrency industry.

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