Regulation
Kamala Harris Campaign Makes First Move For Pro-Crypto Shift
Vice President Kamala Harris is reportedly attempting to reset her relationship with the crypto industry, a move seen as both strategic and controversial. This week, California Congressman Ro Khanna is set to host a pivotal meeting in Washington. The roundtable will bring together crypto industry leaders and political figures.
Kamala Harris Campaign To Attend Ro Khanna’s Crypto Roundtable
The crypto roundtable will feature Democratic politicians. In addition, representatives from the Kamala Harris campaign will also join, according to the scoop by FOX Journalist Eleanor Terrett. This initiative represents a renewed push from pro-crypto Democrats to establish a fresh start with the industry, signaling a significant policy pivot.
Kamala Harris’ attempt to shift her stance on cryptocurrency has not been without its drawbacks. Recently, Tennessee Senator Bill Hagerty voiced strong skepticism about Harris’s new strategy. He stated:
“It’s no surprise that after witnessing the monumental success of President Donald Trump at the Bitcoin conference in Nashville, Kamala Harris is, as she has on many other issues, making a desperate last-minute 180-degree flip to appear pro-crypto.”
Furthermore, Senator Hagerty criticized the Biden-Harris administration’s previous policies against the crypto space. He described them as “egregiously anti-crypto and anti-innovation.” In addition, Senator Hagerty pointed to what he sees as a contradiction between Harris’s new stance and the administration’s past actions.
“Unfortunately for her, what can be is burdened by what has been three and a half years of egregiously anti-crypto and anti-innovation policies of the Biden-Harris Administration,” he remarked.
According to Hagerty, the crypto community, which he believes shares Republican values of freedom and innovation, is unlikely to be swayed by Harris’s change in position. He cited the positive reception of former President Trump at the recent Bitcoin Nashville 2024 event as evidence of the GOP’s stronger standing with crypto enthusiasts. “The Republican Party is the party of crypto and no last-ditch effort from Kamala will change that,” Hagerty concluded.
Also Read: Kamala Harris Crypto Reset Unlikely To Boost Struggling Campaign
Harris’ Win Odds Surge
Despite Hagerty’s criticism, the political trading market Polymarket has seen a shift in Harris’s favor. Over the past ten days, her odds have jumped by over 16%, while Donald Trump’s odds have decreased by the same amount. Currently, Harris’s odds of winning stand at 44%, compared to Trump’s 54%, highlighting a tightening race.
Earlier in July, Democratic Congressman Ro Khanna organized a roundtable discussion on crypto regulations. He invited prominent figures such as Ripple CEO Brad Garlinghouse and entrepreneur Mark Cuban. Khanna expressed optimism about the potential outcomes of these discussions.
He stated that the meeting would set the pace for the introduction of a robust crypto regulatory framework in the United States. Although details from the meeting have been sparse, Garlinghouse praised Khanna on social media. The Ripple CEO described him as an ‘exceptional’ leader who has taken time to engage with the crypto industry.
The Harris campaign’s pro-crypto shift has attracted mixed reactions from industry leaders. Tyler Winklevoss, co-founder of Gemini, was skeptical as he urged Kamala Harris to fire Gary Gensler. He said, “Talk is cheap. She would need to start by immediately firing Gary Gensler, withdrawing all SEC enforcement actions against good actors, and ending Operation Chokepoint 2.0.”
Also Read: Donald Trump Bitcoin NFT Sneakers Officially Sold Out
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
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.
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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