Regulation
Democrats Raise $50M Digital Donation After Biden’s Presidential Race Exit
Democratic PAC raised over $50 million online on Sunday following President Joe Biden’s decision to exit the presidential race and endorse Vice President Kamala Harris as the party’s candidate. This significant influx of funds marks a critical moment in Democrats campaign, as the party seeks to consolidate its resources and rally support behind Harris. Moreover, it is speculated that the digital donations were made by crypto voters as well who urge Harris to take a pro-crypto stance.
Democrats Attract Massive Donation
Bill Allison, a political analyst at Bloomberg, noted that the former President Donald Trump has also seen substantial financial backing, particularly following his recent legal troubles. Moreover, Trump managed to raise about $58 million in a single day after his indictment in New York. This showcases the fundraising prowess that he continues to wield within the Republican Party.
Additionally, reports indicated that Elon Musk has committed to contributing $45 million monthly to a super PAC aimed at boosting Trump’s voter turnout efforts. However, Musk refuted such claims. In contrast, the Democrats faced a period of financial uncertainty in July.
Many Democratic donors had withheld approximately $90 million intended for a primary super PAC supporting Biden, citing concerns about his ability to complete another term. However, with Joe Biden‘s endorsement of Harris, there has been a palpable shift in donor sentiment. Kamala Harris, now at the top of the ticket, has direct access to Biden’s $96 million war chest, a significant financial asset for the upcoming campaign.
The spike in online donations, particularly through ActBlue, suggests renewed enthusiasm among supporters Democrats. Although the exact allocation of these funds remains unclear, it is expected that a substantial portion will support Harris’s campaign and the Democratic National Committee (DNC).
Also Read: Ripple CTO David Schwartz Bets on Joe Biden’s Replacement for Crypto Vote
Letter To Kamala Harris
The Chamber of Digital Commerce, a prominent blockchain trade association, has appealed to Vice President Kamala Harris to adopt a supportive stance on the crypto space. This request follows President Joe Biden’s decision not to endorse Harris for the Democratic nomination. Moreover, industry leaders continue to advocate for favorable crypto regulations.
The Chamber has urged Harris to engage more closely with the blockchain and crypto sector. In a recent letter, they emphasized the significant potential for economic growth, innovation, and financial inclusion within these industries. Furthermore, the letter highlighted that these sectors could drive substantial progress if given the right regulatory environment.
More than 50 million Americans have embraced digital assets, viewing them as tools for democratizing finance, the letter noted. This data indicates that digital assets are particularly popular among Black and Latino Americans and immigrant communities, who are important constituencies for the Democratic Party, compared to traditional financial products.
The Chamber pointed out that digital assets are more than just financial tools; they represent a shift toward greater transparency and reduced fraud. Specifically, the group called on Harris to support pro-digital asset language in the party platform.
They want her to choose a vice-presidential candidate with a strong policy background, and engage with industry leaders. This contrasts with the Biden administration that has been characterized as anti-crypto. This has led some industry leaders to support Donald Trump in the upcoming elections.
Also Read: Elon Musk Arrives In Tennessee, Are Bitcoin Conference Rumors True?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Barely a week after hinting at launching an algorithmic USD stablecoin, Sonic Labs is shuttering its plans. Sonic Labs co-founder Andre Cronje revealed that incoming stablecoin regulation in the US contributes to the change of stance.
Sonic Labs Makes U-Turn Over Algorithmic USD Stablecoin
In mid-March, Sonic Labs disclosed plans for a yield-generating algorithmic stablecoin for its blockchain. However, new developments in the US regulatory landscape are forcing the company to ditch its algorithmic stablecoin ambitions.
Sonic Labs co-founder Andre Cronje confirmed the change in direction via an X post following the release of the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin, souring Sonic Labs plans.
Unlike mainstream stablecoins backed by fiat or other commodities, algorithmic stablecoins rely on smart contracts to maintain their peg. The 2022 implosion of Terra’s ecosystem following the de-pegging of its TerraUSD (UST) algorithmic stablecoin stunned regulators.
“We will no longer be releasing a USD-based algorithmic stablecoin,” said Cronje.
In a light-hearted note, community members teased potential strategies for Sonic Labs to sidestep incoming stablecoin regulation. Apart from the loophole of launching the algorithmic stablecoin before the regulation goes live, Cronje teased an algorithmic dirham that will be denominated in USD.
Industry Players Are Bracing For New Stablecoin Regulations
Stablecoin issuers are steeling themselves for incoming stablecoin regulations in the US. While the GENIUS Act and STABLE Act continue to inch forward, there are common denominators in both bills.
For starters, there is the requirement for equivalent reserves at a 1:1 ratio with both bills steering clear of algorithmic stablecoins. The White House is favoring the GENIUS Act over the STABLE Act as lobbyists rally to stifle the possibility of a Conference Committee.
Authorities are targeting stablecoin regulation to reach Trump in two months as issuers jostle for position. Tether, Circle, and Ripple are staking their claims to lead the US government’s ambitions to rely on stablecoins to maintain the dollar’s dominance.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Federal Deposit Insurance Corporation (FDIC) has updated its guidelines, enabling banks to engage in cryptocurrency-related activities without seeking prior approval. This new policy shift signals a change in the FDIC’s approach to the growing role of digital assets in the banking sector.
New FDIC Guidelines on Crypto-Related Activities
The FDIC has issued a new Financial Institution Letter (FIL-7-2025), which provides updated guidance for banks looking to engage in cryptocurrency activities. The new guidance rescinds the previous policy set out in FIL-16-2022, which required banks to notify the FDIC before engaging in such activities.
Under the new rules, banks can now participate in permissible crypto-related activities without waiting for FDIC approval, as long as they manage the risks appropriately.
This change is seen as a shift in the FDIC’s stance, following the agency’s earlier stance that required prior approval for crypto engagements. FDIC Acting Chairman Travis Hill expressed that this new approach aims to establish a more consistent framework for banks to explore and adopt emerging technologies like crypto-assets and blockchain.
“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Hill in a statement.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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