Crypto News
Kansas Residents: Don’t Miss Out On Your Chance to Cap Crypto Donations at $100 for Political Causes
The Kansas Legislature is mulling a new bill that would enforce a cap of $100 on crypto donations for use in any primary or general election. This cap, should the bill pass, would be based on the “fair market value” at the time the crypto is received by the payments processor. The bill also proposes much stricter rules on how crypto can be used by political campaigns in Kansas, such as requiring that donations must be converted immediately into U.S. dollars and deposited into the campaign account, and that political campaigns cannot spend cryptocurrencies or hold them as an asset long-term. There were no specific rules governing crypto political donations in Kansas previously. In contrast, though California actually banned the use of crypto donations for state and municipal political races in 2018, legislators in the state recently voted to end the ban.
Crypto donations have already left a significant footprint in funding U.S. elections, with $580,000 in cryptocurrencies donated to various political campaigns for the 2022 election cycle. Third-party commentators have also criticized the potential role of cryptocurrencies in elections worldwide, claiming that cryptocurrencies which are designed for anonymity, could “hamper the work of oversight agencies and allow illicit donations to enter the system.”
The proposed bill in Kansas is an effort to put safeguards in place to prevent illicit donations and to ensure that the size and use of cryptocurrencies in political campaigns is limited. This could be seen as a positive step for American democracy, as it will work to ensure that the integrity of the political system is maintained and that donations are collected in a safe and transparent way.
#CryptoDonations #PoliticalDonations #KansasLegislature #AmericanDemocracy
You can read more about this topic here: Decrypt: New Kansas Bill Could Cap Political Donations in Crypto at $100
The post Kansas Residents: Don’t Miss Out On Your Chance to Cap Crypto Donations at $100 for Political Causes first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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