tech donation dollars
Not all Silicon Valley entrepreneurs and investors are turning Republican.
So says a group of over 100 Silicon Valley investors who have pledged their support to VP Kamala Harris in the upcoming election according to The New York Times
The NYT reports that the group includes Reid Hoffman, a founder of LinkedIn; Mark Cuban, who recently helped arrange Rep. Ro Khanna’s (D, CA) blockchain roundtable with the White House in July; and venture investors Ron Conway and Chris Sacca.
According to a statement on the website, VCsForKamala.org, the group says, “We are pro-business, pro-American dream, pro-entrepreneurship and pro-technological progress.”
Separately, a group of “tech investors and workers” have launched an effort called “Tech 4 Kamala” which supports the VP and is accepting donations.
what you should know: How will these group’s donation levels to the Democratic presidential candidate (if it is tracked) compare to donations of the crypto community to (PACs and) “pro-crypto” candidates? “Pro-crypto” does not necessarily mean Republican, but it certainly tilts that way.
resetting the Dem platform
With the Democratic National Convention in Chicago a little more than two weeks away (August 19-22), there should be a release of the Democratic Party’s platform shortly.
Given the presumed Democratic presidential nominee’s – VP Kamala Harris – unwavering support of President Biden during his term, digital asset legislation lovers should not be surprised to see the following language embedded in the party’s platform:
“… eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system…”
This ambiguous language is from the “Statement of Administration Policy” issued by the Biden Administration in advance of the vote on the “Financial Innovation and Technology for the 21st Century Act” (FIT 21), which the Administration did not support, in May.
what you should know: If the SAP language is used (or a reasonably facsimile), the Harris campaign will still need to show how it’s “resetting” its relationship with the digital assets community. Even with 71 Democratic votes in the House in support of FIT 21, the Biden /Harris Administration is/was “not a fan” of the legislation and the SAP opposing passage of FIT 21 was proof.
Majority Whip on Harris
Majority Whip Tom Emmer (R, MN) threw some political digital assets “shade” on the presumed Democratic presidential nominee yesterday: “If history is any guide, Kamala Harris will throw her political weight behind an Elizabeth-Warren-style approach to digital assets. She was widely known as the most liberal member of the United States Senate before the media started running cover for her.” See it.
what you should know: House Republicans will continue to hammer Dem leadership on crypto – they believe it’s a winning position for November as the overwhelming Republican support at last week’s Bitcoin 2024 conference showed. The risk is that partisanship continues to grow on The Hill around the “digital assets” topic.
Bitcoin reserve bill
Senator Cynthia Lummis (R, WY) Introduces Strategic Bitcoin Reserve Legislation – press release
The bill (PDF) – lummis.senate.gov
hopium for noms
Senate Banking Chair Sherrod Brown (D, MI) hasn’t given up hope that he can push through the nomination of CFTC Commissioner Christy Goldsmith Romero for FDIC Chair in the three weeks that Congress is in session in September.
He told Politico’s Eleanor Mueller earlier this week, “She’s had bipartisan support through her career, twice in big votes, so there’s no reason it shouldn’t be – and this is an important job, and she’s clearly qualified.” Read a bit more.
what you should know: With the potential for a Republican Administration looming, this may not get done in the 118th Congress. If it does happen in the 118th, it seems more likely during the “lame duck,” if at all, when the horse trading begins.
new co-sponsors
The Senate version of House Majority Whip’s Tom Emmer CBDC Anti-Surveillance State [S.3801] gained an additional co-sponsor on Tuesday: Sen. Eric Schmitt (R, MO).
Senator Ted Cruz (R, TX) is the Senate sponsor.
what you should know: This is more positioning for the elections in November and beyond as Republicans embrace anti-Central Bank Digital Currency (CBDC) positioning that it perceives the electorate supports. The Democratic-controlled Senate does not figure to move this bill in the 118th Congress, let alone vote for it.
Tether is mega-profitable
The company (Tether) behind the stablecoin known as USDT or Tether continues to be wildly profitable.
According to The Block, the company had “a record net profit of $5.2 billion for the first half of 2024. The company also reached a net operating profit of $1.3 billion in the second quarter, largely due to its yield-bearing investments and reserves.” Read more.
The Block observes: “USDT, a stablecoin said to be backed 1:1 by U.S. dollars or dollar equivalents, has drawn controversy as there has never been an official audit of its reserves.”
more tips:
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- Q2 2024 Attestation Report – Tether
still more tips
Powering Down Progress: Why A Bitcoin Mining Tax Hurts America (June) – Senator Cynthia Lummis (R, WY) (via @CodyCarboneDC)
Opinion: Trump’s Embrace of Bitcoin Is the Art of the Grift – Bloomberg
Donald Trump’s latest crypto play: $500 Bitcoin sneakers – Quartz
Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum – CoinDesk