This text appears to be an article from CoinDesk, a crypto news outlet. The article discusses various news stories related to cryptocurrencies and elections around the world. It mentions that there is ongoing coverage of how elections in different countries may impact the crypto industry, as well as specific stories about regulatory actions and court cases involving crypto companies and individuals. The text also includes a schedule of upcoming hearings and events related to crypto regulation and enforcement. Additionally, it provides links to other articles on related topics for further reading.

This fall, the United States will conduct its presidential election. Simultaneously, over half a dozen other countries and organizations are conducting or have recently concluded elections. Several political candidates and legislators have already acknowledged cryptocurrencies, either expressing support for the industry or commenting on the technology. The existence of a “crypto voter” is yet to be determined, but it’s clear that there’s growing interest in this sector.

As a dedicated researcher in the field of cryptocurrencies and their relationship with governments, I strongly recommend subscribing to State of Crypto, our informative newsletter published by CoinDesk. By clicking the link provided, you’ll secure your spot for future editions filled with insightful analysis and breaking news.

Spotlight’s on

The narrative

As an analyst, I’ve noticed that this year, there are numerous elections taking place across the globe. From the upcoming United States presidential election in the fall to the European Union elections next month, as well as recent ones such as South Korea’s election last month, the electoral calendar is quite full. Although cryptocurrencies have yet to emerge as a significant election issue in most of these events, some candidates, including former U.S. President Donald Trump, have acknowledged and addressed the crypto community directly.

Why it matters

In past elections, cryptocurrency didn’t play a significant role. While some candidates had prior connections to the industry, there was no substantial push to attract voters whose primary concern was crypto. However, this trend might be shifting, and it’s unclear how large the pro-crypto voting bloc will be.

Breaking it down

As an analyst, I’m excited to share that CoinDesk is committed to providing extensive coverage on this year’s elections with a particular emphasis on cryptocurrencies and related matters. Our initial reports have delved into how significant crypto could be in various elections and the anticipated impact of election outcomes on crypto regulations worldwide.

During his presidential campaign, Indonesia’s soon-to-be vice president expressed his intent to enhance technology education, with a focus on cryptocurrencies and blockchain technology.

As a crypto investor, I’ve noticed a significant surge of interest in the U.S. crypto space last week following former President Donald Trump’s latest statement on NFTs. He expressed his support for non-fungible tokens (NFTs) by telling a crowd of his NFT holders that he’s “on board” with the technology. This sudden change in stance comes just three months after he mentioned the need for some regulation in crypto, and years after his well-known criticism of Bitcoin and other cryptocurrencies as being “not a fan.”

We’re off to the races.

According to Danny Nelson’s report, it remains uncertain if Trump fully grasps the intricacies of cryptocurrency, yet he’s reaching out to the crypto community nonetheless. His statements have ignited significant debate among crypto enthusiasts regarding his potential role as a shield against perceived regulatory overreach or the influence crypto voters could wield in the election. The Biden administration has not been particularly welcoming towards crypto, with various moves from the SEC and DOJ targeting major exchanges and other industry players. As we approach the general election, it remains to be seen how the presidential campaigns will address this issue.

Here are some queries deserving deeper exploration over the upcoming months. For the time being, allow me to share with you CoinDesk’s initial reports examining how elections could influence different countries.

South Korea’s April 10 Election: What’s at Stake for the Crypto Universe
In Mexico’s Biggest Election Yet, Crypto Remains on the Sidelines
What’s at Stake for Crypto in India as the World’s Largest Democracy Is in the Midst of Its National Election?
Japan’s Embrace of Web3 Uncertain as Ruling Party Under Threat
South Africa’s Election Won’t Interfere With Crypto Policy: Industry Watchers
Ahead of EU Elections, Crypto Industry Pushes Blockchain Merits as Policy Focus Shifts to AI
Indonesia’s Election Results May Be Good for Crypto, Industry Watchers Say
Industry Stakeholders Believe a UK Election Won’t Derail Crypto Plans
The Crypto Industry’s Influence on U.S. Elections is Bigger Than Ever, Industry Insiders Say

As a crypto investor, I’m keeping a close eye on various data points that could potentially impact the cryptocurrency market, especially during this election season. I’m not just relying on price movements or market trends, but also considering other factors such as polling information, prediction markets, and political action committee activities. If you have valuable insights or perspectives on how crypto might be influenced by these elections or vice versa, please don’t hesitate to share your thoughts with me. I’m particularly interested in the outcomes of the presidential, Senate, and House races in the U.S., as well as their equivalents in other parts of the world. Let’s engage in a meaningful conversation about this intriguing intersection between politics and crypto.

You can continue following all of our coverage of elections worldwide at this link.

Stories you may have missed

Prometheum’s Contentious Answer to Crypto Compliance Is Running Late: Special-purpose broker dealer Prometheum once announced a March launch date for its custody operation, which would precede its trading business. Halfway through May, the company is running late. The company attributed the delay to continuing work on a smart contract auditing process.
U.S. Blocks China-Tied Crypto Miners as ‘National Security Risk’ Near Nuke Base: U.S. President Joe Biden ordered MineOne, a crypto mining facility next to Wyoming’s Warren Air Force Base, to halt operations and remove all of its equipment, citing national security concerns due to the company being majority owned by Chinese nationals.
U.S. Senators Question Justice Department’s Pursuit of Crypto Mixers: This is a somewhat interesting twist in the ongoing DOJ case against Tornado Cash developer Roman Storm: U.S. Senators Ron Wyden (D-Ore.) and Cynthia Lummis (R-Wyo.) are concerned with how the DOJ seemed to set aside longstanding Financial Crimes Enforcement Network (FinCEN) guidance (and common interpretations of that guidance) in its latest filing pushing back against Storm’s effort to end the criminal case against him.
U.S. House’s McHenry Says Bill on Crypto Market Structure Will Get Floor Vote: The Financial Innovation Technology for the 21st Century Act – a crypto market structure bill – and an anti-central bank digital currency bill might see a floor vote by the full House of Representatives before the month is out.
U.S. CFTC Proposes Ban on Political Event Contracts: The Commodity Futures Trading Commission wants to get rid of political prediction markets in the U.S., though the vote to launch the proposal for public feedback received a split vote from the regulator’s five commissioners.

This week

Tuesday

11:00 UTC (1:00 p.m. CEST) A panel of judges found Tornado Cash developer Alexey Pertsev guilty on money laundering and related charges.
18:00 UTC (2:00 p.m. EDT) Samourai Wallet co-founder Keonne Rodriguez was set to appear before a district judge in New York, but this hearing has been moved to May 28.

Wednesday

14:00 UTC (10:00 a.m. EDT) The House Financial Services Committee will hold a hearing with federal bank regulators.

Thursday

14:00 UTC (10:00 a.m. EDT) the Senate Banking Committee will hold a hearing with regulators on financial stability.

Friday

There will be another hearing in Binance compliance head Tigran Gambaryan’s ongoing detention in Nigeria.
Tornado Cash developer Roman Storm’s legal team has a deadline to reply to the U.S. Department of Justice’s most recent filing.

Elsewhere:

(The Wall Street Journal) The Journal reports that Binance fired an investigator who alleged that a customer was manipulating markets, though Binance denied the claim in the story.
(Wired) Wired’s Andy Greenberg digs through the Dutch case against Tornado Cash developer Alexey Pertsev. A few important details that spring to mind: 1) the Dutch case seems to be that Pertsev, by helping build Tornado Cash, directly enabled its usage by malign actors; 2) the U.S. case against fellow dev Roman Storm also alleges that Storm retained a bit more control for longer than his defense claims, and that he also profited from Tornado Cash’s usage. Pertsev was found guilty, and it remains to be seen how Storm’s case will play out.
(Forbes) Forbes reports that defense company called Leonardo is testing technology that surveils “anything that emits a signal, including phones, smartwatches” and other items, and can be used to create “electronic signatures” for people without warrants. While this article leaves a few questions unanswered – like how the technology might take readings from RFID tags on library books and pet chips – it raises concerns about increasing surveillance tools and how they may be used.

As a data analyst, I welcome your input and inquiries regarding potential topics for discussion in the upcoming week. Please don’t hesitate to reach out to me via email at nik@coindesk.com or connect with me on Twitter @nikhileshde if you have any feedback or questions that you’d like to share.

You can also join the group conversation on Telegram.

See ya’ll next week!

2024-05-15 10:37

Crypto’s Election Season Is Kicking Off