Ethereum
Leak Reveals Joe Biden May Be Planning Crypto Coup Amid Bitcoin, Ethereum, and XRP Price Swings
Updated 06/13 below. This article was originally published on June 11
Bitcoin
Bitcoin
and other major cryptocurrencies including Ethereum and XRP
XRP
have soared since falling to their 2022 lows (as President Joe Biden and former President Donald Trump are warned ‘there is only one way to save the US dollar’).
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The price of bitcoin has rallied to its previous all-time high of around $70,000 per bitcoin.and could be on the verge of going “parabolic” after traders spotted a surprise price trend.-while Ethereum, XRP and other cryptocurrencies prepare for their own Wall Street earthquake.
NOW, as Trump and Biden rush toward Bitcoin showdownA potentially game-changing bill with a surprise crypto provision has passed a Senate committee, in what could be the most significant U.S. crypto policy ever if it becomes law.
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Bitcoin and crypto have become a major political issue ahead of this year’s showdown between the United States… [+] President Joe Biden and former President Donald Trump, which could cause price chaos for Bitcoin, Ethereum and XRP.
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The US Senate Select Committee on Intelligence Funding recently passed a nearly unnoticed crypto provision that would require crypto companies to collect more user information or risk being caught in sanctions designed to prevent funding of terrorism.
The passage, spotted by eagle-eyed journalists at Coindesk, “would speed up and automate the process of sanctioning “foreign facilitators of digital asset transactions” – including crypto exchanges – that are linked to users who support terrorist groups.
The Intelligence Authorization Act (IAA) cleared the committee by a unanimous vote of 17-0, although its cryptographic section was not mentioned when Senator Mark Warner, a Democratic lawmaker from Virginia and chairman of the committee, announced the vote in a press release.
“This year’s bill strengthens the capabilities of the IC [U.S. intelligence community] ability to identify and counter emerging technological threats posed by adversary nations,” said Senator Warner. wrote. “The IAA also designates foreign ransomware organizations as hostile cyber actors and ensures that the IC has the tools it needs to counter economic coercion and illicit technology transfer.”
Bitcoin and crypto are often demanded by hackers in ransomware attacks.
However, crypto industry insiders interviewed by Coindesk say this provision is unlikely to survive the budget process.
Updated 06/13: US President Joe Biden’s campaign team has held talks with crypto companies about accepting cryptocurrency donations through major exchange Coinbase. reported by The Block, citing anonymous sources, as the battle for the orange vote intensifies ahead of the November presidential election.
“They are paying attention to crypto issues and trying to find quick wins to show they support the industry,” said one of The Block’s sources, who reportedly worked with politicians and crypto leaders. crypto industry. “[They want] to show that they are not the enemy.
The Biden campaign’s sudden change in stance on bitcoin and crypto comes after Biden’s rival in this year’s White House race, Donald Trump, expressed his wholehearted support for bitcoin, crypto and the American mining industry.
Earlier this week, after meeting with cryptocurrency mining companies at his Mar-a-Lago home, Trump said bitcoin mining could be “our last line of defense against a CBDC.” [central bank digital currency]”, and warned that what he called Biden’s “bitcoin hatred” is aid to “China, Russia and the radical communist left.”
Traders on crypto-based Polymarket prediction platform count Trump has a 56% chance of taking back the White House this year, while Biden currently has a 35% chance. Polymarket users can, however, turn to crypto and Coindesk points to a number of recent polls that Polymarket users have called correctly but exaggerated.
Crypto companies, tired of the political and regulatory vacuum they have found themselves in in recent years, have invested around $100 million in so-called super political action committees (PACS), with major crypto companies like XRP developer Ripple and crypto exchange Coinbase. large donations to super pacs who can spend on behalf of their preferred candidates.
“I think it will probably be removed from the NDAA. [National Defense Authorization Act] process given the immediate reaction from the industry,” Digital Chamber Police Chief Cody Carbone told Coindesk.
Last month, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which divides responsibility for regulating cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). supported by crypto companies and pro-crypto lobby groups.
The Biden administration has sought to soften its stance toward bitcoin and crypto in recent weeks after 2024 White House candidate Donald Trump pledged support for the crypto industry.
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The price of bitcoin has skyrocketed over the past year, pushing bitcoin, ethereum, XRP and others… [+] cryptocurrencies are coming back to the forefront.
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Last week, Trump reportedly launched a crypto charm offensive at a Silicon Valley fundraiser hosted by investors David Sacks and Chamath Palihapitiya. reported by Reuters.
The fundraiser, which sold the best tickets for $250,000, took place would have sold and pocketed Trump about $12 million.
“He said he would be the president of crypto,” Trevor Traina, a San Francisco-based technology executive and former Trump ambassador to Austria, was quoted by the newswire, while Jacob Helberg, an advisor to the data analytics company Palantir, said: “President Trump has made it clear that the Biden-Gensler crusade against crypto will stop within an hour of a second Trump administration,” referring to SEC Chairman Gary Gensler.
Trump has weighed in on bitcoin and crypto in recent weeks after making millions from a series of crypto-based digital trading card non-fungible tokens (NFTs) and putting him in stark contradiction to the position anti-crypto from the Biden administration. Trump declared his support for crypto in late May and began accepting campaign donations in Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu.
“Crypto is such a clear win,” Jason Calacanis, an investor who hosts the All In podcast alongside Sacks, Palihapitiya and David Friedberg, said on last week’s show. to showrecorded before fundraising.