Hey Crypto, Let's Walz Now? 🧐️
Kamala Harris picks the running mate. Tim Walz - the Minnesota Governor. Trump or Harris, it doesn’t matter - Arthur Hayes. Whales amass $23B BTC past month. Did Coinbase violate campaign finance law?
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Another question answered.
Who is Vice President Kamala Harris’s running mate?
Tim Walz - Minnesota Governor.
What do we know about Minnesotans?
Minnesota nice.
This is perhaps the most well-known stereotype, and for good reason.
Minnesotans are generally polite, reserved, and avoid confrontation.
They often go out of their way to be helpful to others.
Oh, and they love their community.
Walz is known for the same.
But, maybe not always.
He did call Donald Trump and his VP pick JD Vance “weird.”
Called Trump supporters “fascists.”
The life he led
Walz was a high school football coach.
Was defensive coordinator at Mankato West high school (turned a losing team into state champions within three years).
Served 24 years in the National Guard - retired as a command sergeant major.
He re-enlisted after 9/11 and was deployed during natural disasters and to Italy in support of operations in Afghanistan.
Transitioned from a high school social studies teacher to a successful politician.
Won a seat in Congress in 2006.
As Minnesota governor, he won his 2018 race by 11 points and was re-elected comfortably in 2022.
The values he held
“Far-left” and “extremely woke.”
That’s what The Republicans call him
Known for climate initiatives, gun control reforms, and enshrining abortion rights.
Praised for his advocacy for LGBTQ+ students and for passing legislation that supports everyday people.
Read: Welcome to the race, Tim Walz! Let’s make sure America knows who you are 🤦
Minnesota nice for crypto? Uhh..
Can’t define it yet. Nobody defined Harris’ crypto stance to begin with.
But we know that governor Walz is known for his regulatory-focused approach, advocating for more stringent crypto regulations to ensure the stability of the legacy financial system.
We can assume that his position aligns more with Senator Elizabeth Warren and Securities Exchnage Commission Chair Gary Gensler.
Crypto world, not a big fan of these.
So they have reacted.
Crypto for Kamala Harris
A group of "industry leaders, policy experts, and everyday crypto-enthusiasts" are backing Kamala Harris.
They are encouraging the Democratic nominee to develop a straightforward policy platform on digital assets.
Dallas Mavericks minority owner Mark Cuban is also part of the campaign.
A mending opportunity: Crypto leaders and Harris campaign officials are set to meet at a roundtable hosted by Representative Ro Khanna.
The roundtable will feature high-ranking officials from Harris’s campaign and the White House.
Outgoing senior White House adviser Anita Dunn
National Economic Adviser Lael Brainard
Deputy Chief of Staff Bruce Reed
The odds are still against Harris
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Tim Walz as VP - Big Names Vox Pop
Donald Trump: "TIM WALZ WOULD BE THE WORST VP IN HISTORY! Even worse than Dangerously Liberal and Crooked Kamala Harris - HE'S THAT BAD. He'll unleash HELL ON EARTH and open our borders to the worst criminals imaginable. He'll rubber stamp Kamala's GREEN NEW SCAM and light TRILLIONS of dollars on fire."
J.D. Vance: "The biggest problem with the Tim Walz pick, it's not Tim Walz himself. It's what it says about Kamala Harris, that when given the opportunity she will bend the knee to the most radical elements of her party."
Block That Quote 🎙️
Co-founder and former CEO of BitMEX, Arthur Hayes
“Trump or Harris, it doesn’t matter”
Hayes believes that whether Trump or Harris wins, both will keep the money printers running, which spells good news for crypto.
He’s a bit skeptical about big policy changes, pointing out the strong grip traditional financial institutions still have.
Hayes doesn’t think Gary Gensler is the real issue.
It’s all about the regulatory framework, not the person.
Swapping out Gensler won’t magically fix crypto regulations, according to him.
About Bitcoin reserve?
“I find it almost impossible that that will get done, even if Trump is elected.
You’re going to need to have a certain amount of people vote for this and if, you know, this is going to somehow negatively impact the US Treasury or Fed or visibility to maintain a US Treasury market.”
About price?
“The Bitcoin price in this cycle is going to go very, very high. Hundreds of thousands of dollars, maybe $1 million.”
In The Numbers 🔢
$23 billion
That’s the worth of Bitcoin amassed by whales in the past month.
Despite recent market volatility, large Bitcoin holders, or "whales," have been scooping up the cryptocurrency.
CryptoQuant CEO Ki Young Ju believes something significant is brewing behind the scenes.
He suggests that major players like institutions, governments, or corporations could be making a big Bitcoin bet.
Other bullish signs
Miner Recovery: Bitcoin miners are showing signs of recovery after a tough period.
Retail Investor Absence: Similar to the 2020 market, retail investors seem to be sitting on the sidelines.
Old Whales Holding Strong: Long-term Bitcoin holders have generally held onto their coins, indicating confidence in the asset.
Did Coinbase Violate Campaign Finance Law?
Coinbase is facing a(nother) serious legal challenge.
Consumer advocacy group Public Citizen and crypto critic Molly White have accused the cryptocurrency exchange of violating campaign finance laws.
Yes, a lawsuit is filed.
Why? Coinbase donated a whopping $25 million to the pro-crypto Fairshake Super PAC while simultaneously negotiating a $32.5 million contract with the US Marshals Service.
This, according to the complaint, is a clear violation of campaign finance laws which prohibit federal contractors from making political contributions.
Coinbase fires back
Coinbase's chief legal officer, Paul Grewal, denied these allegations.
His argument? the company is not a federal contractor.
The company argues that the U.S. Marshals Service isn't paying with appropriated funds, a key criteria for being classified as a federal contractor.
A supplement to White and Claypool's complaint was filed on August 5, which said Grewal was not correct.
"Since the Assets Forfeiture Fund is a Congressional appropriation, Coinbase was paid for the performance of a contract from funds appropriated by the Congress, and is thus a federal contractor"
Grewal criticised the complaint again on Monday.
The argument? Seized crypto are not "Congressionally appropriated funds," he said.
The Surfer 🏄
Senators Catherine Cortez Masto and Charles Grassley introduced the "Combatting Money Laundering in Cyber Crime Act of 2024" to enhance the Secret Service's powers against cryptocurrency crime.
London-based Capula Management has revealed $420 million in Bitcoin ETF investments through regulatory filings. The hedge fund acquired over 4 million shares of Fidelity’s Wise Origin Bitcoin Trust and over 7 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
Nasdaq is seeking SEC approval to offer options trading on BlackRock's iShares Ethereum Trust (ETHA), a spot Ethereum ETF. The proposal was submitted on August 6, with assets consisting solely of ETH held by Coinbase and cash assets managed by the Bank of New York Mellon.
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i think tim walz's appointment has added more spice to US presidential elections crypto drama. so sus,innit?
Coinbase and campaign finance laws – sounds like a crypto plot twist worthy of a Hollywood blockbuster!