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The Digital Chamber Wants Kamala Harris to Champion Digital Asset Innovations

  • The Digital Chamber group wants Kamala Harris to support digital assets
  • The advocacy group has requested Harris pick a vice president who understands the industry
  • They believe the digital asset industry is creating a “revolutionary shift” that Harris needs to champion

The Digital Chamber has written a letter to Vice President Kamala Harris calling on her to support the digital asset industry, arguing that it holds “immense potential for innovation, economic growth, and financial inclusion.”

In a letter dated July 22, the crypto advocacy group included three requests to Harris. These were to promote the inclusion of pro-digital asset language within the Democratic Party, choose a Vice President candidate who understands the digital asset industry, such as Colorado Governor Jared Polis, and engage with industry leaders.

According to the Digital Chamber, Democratic leaders including Speaker Emerita Nancy Pelosi and Senate Majority Leader Chuck Schumer support pro-crypto legislation. However, due to the Biden and Harris administration, the public view is that the Democratic Party holds a negative stance on digital assets.

In June, it was reported that President Joe Biden had vetoed a bill aimed at overturning SEC crypto accounting standards. Many in the crypto community argued it was a setback for innovation and financial inclusion.

“We believe this previous hostility does not reflect the progressive and inclusive values of your Party,” the group wrote, adding that over 50 million Americans have embraced digital assets.

Champion Innovation

Highlighting the “revolutionary shift,” digital assets can “enhance transparency, reduce fraud, and create a more inclusive financial system,” the Digital Chamber wrote.

The advocacy group is urging the Harris administration to “champion these innovations to help reaffirm the US’ position as the leader in the global digital economy.

Following the news that Biden won’t be seeking re-election this year, Harris was endorsed as his potential successor.

Since then, Harris meme tokens have jumped in value. For instance, the Solana-based memecoin KAMA increased by more than 60% in 24 hours to $0.02512, according to CoinMarketCap.

Harris has yet to comment on her position on crypto; however, the Digital Chamber ended their letter stating that they are “hopeful” that through Harris’ leadership, “the Democratic Party can pivot towards a more supportive stance on digital assets.”

The post The Digital Chamber Wants Kamala Harris to Champion Digital Asset Innovations appeared first on CoinJournal.

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Gate.io terminates services for Japanese customers amid regulatory pressures

  • io halts Japanese operations due to FSA regulatory compliance demands.
  • The exchange will assist Japanese customers in migrating to compliant exchanges.
  • io’s shutdown timing in Japan remains unspecified as it removes Japanese content.

Gate.io, a leading cryptocurrency exchange, has announced it will cease operations for Japanese customers due to regulatory challenges.

The decision follows compliance requests from Japan’s Financial Services Agency (FSA). The exchange, headquartered in the Cayman Islands, will also stop opening new accounts for Japanese users effective immediately.

Stringent crypto trading regulations in Japan

Gate.io’s move is driven by the stringent regulations Japan imposes on crypto trading. Despite the country being an international crypto hub and one of the first to legalize crypto trading, the regulatory landscape remains rigorous.

The Payment Services Act (PSA) mandates that exchanges register with the FSA and comply with anti-money laundering (AML) regulations and thorough customer identity checks.

Gate.io to assist affected customer move their assets

Gate.io has stated its intention to assist affected customers in migrating their assets to exchanges that meet Japanese regulatory standards.

Additionally, the exchange will remove Japanese language content from its website, although it will continue providing updates to support the migration process.

In its announcement, Gate.io mentioned the termination of services would be conducted in accordance with compliance requests from the FSA.

However, the exchange did not specify an exact date for when it will fully shut down its operations in Japan.

Gate.io is known for its extensive list of trading pairs, currently numbering 3,557, and a substantial global 24-hour trading volume of $19.5 billion, according to CoinGecko.

The exit of Gate.io from Japan underscores the complex regulatory environment in Japan, which continues to present significant challenges for crypto exchanges. Nevertheless, some Japanese firms remain optimistic about the future of Bitcoin investments.

On July 22, Metaplanet, a Japanese investment and consulting firm, announced the acquisition of an additional 20.4 BTC, valued at around $1.2 million, after an initial acquisition of 42,466 BTC at the beginning f the month.

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US SEC approves Ethereum ETFs, Grayscale spot Ether ETFs launch on NYSE Arca

  • US SEC approves Ethereum ETFs after years regulatory process.
  • Grayscale has launched two spot Ether ETFs on NYSE Arca after the SEC’s approval.
  • The SEC has also approved VanEck Ethereum ETF.

In a landmark decision for the cryptocurrency investment space, the US Securities and Exchange Commission (SEC) has granted approval for Grayscale and VanEck Ethereum exchange-traded funds (ETFs), paving the way for broader institutional and retail investor access to Ethereum (ETH).

This move marks a significant milestone in the regulatory landscape for digital assets in the United States.

‘Notice of Effectiveness’ for VanEck Ethereum ETF

The VanEck Ethereum ETF, which has been in the pipeline for over three years, received its “Notice of Effectiveness” on July 22, 2024.

This regulatory green light follows a protracted process of filings and amendments, including the crucial S-1 registration form and Rule 424(b)(3) prospectus, which were amended several times to meet SEC compliance requirements, detail the ETF’s structure and offerings.

VanEck’s approval comes amid a flurry of activity in the crypto ETF sector. Ether ETFs from BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, and Invesco Galaxy were also approved to begin trading on Tuesday, July 23.

This development further highlights the growing acceptance of cryptocurrency-based investment products in traditional financial markets.

Two Grayscale Ether ETFs launch on NYSE Arca after SEC’s greenlight

While a majority of the submitted Ethereum ETFs were approved on July 22, the Grayscale’s Ethereum ETFs remained unapproved until July 23 morning when they were approved.

Immediately after their approval, the two Ether ETFs were launched on NYSE Acra.

Grayscale’s ETFs, the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH), began trading on July 23, 2024.

The ETHE, which is currently the world’s largest Ether-based ETF with $9.19 billion in assets, will charge investors a 2.5% management fee.

In contrast, the Ethereum Mini Trust has waived its fees for the first six months or until it accumulates $2 billion in assets, after which a 0.15% fee will apply, making it the most cost-effective spot Ether ETF available in the U.S.

John Hoffman, Grayscale’s managing director, emphasized the transformative potential of these ETFs, stating, “ETH and ETHE will allow investors to tap into Ethereum’s ability to create markets, reshape financial systems, and drive innovation through decentralized finance (DeFi) and other applications, all without the need to directly manage Ether.”

In preparation for the ETF launches, Grayscale transferred over $1 billion worth of Ether to Coinbase on July 22. This transfer was crucial for aligning with the new product structure and mitigating potential outflows from existing investors.

Notably, ETHE holders will receive the new Ether-backed product at a 1:1 ratio, avoiding any capital gains tax implications.

Analysts predict the approval of Ethereum ETFs could spur ETH price surge

The SEC’s approval and the subsequent launch of these ETFs signal a burgeoning acceptance of cryptocurrency assets in mainstream financial products.

Market analysts, including Bloomberg’s James Seyffart, anticipate that these ETFs could attract substantial investment flows, potentially driving Ether’s price higher.

Some experts, like Bitwise’s Matt Hougan, forecast that Ether’s price might surpass its all-time high, projecting a rise to over $5,000 by the end of 2024.

At press time, Ethereum (ETH) was trading at $3,513.09 up from a low of $3,384 on July 19.

The advent of these regulated Ethereum investment vehicles represents a significant step forward for the cryptocurrency market, offering new opportunities for investors and reflecting an evolving regulatory approach to digital assets.

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Dogecoin targets recovery as investors choose Poodlana

  • Poodlana presale has raised over $2.1 million in under a week as Dogecoin price struggles for momentum.
  • The crypto-savvy are joining in as a fashion-centric Poodlana creates waves in Asia.
  • Poodlana’ presale opportunity is only available for 30 days and ends on August 16.

Dogecoin (DOGE) recently reached highs last seen in early June, and could target a fresh bounce to year-to-date levels. Meanwhile, Poodlana (POODL) is the new Solana hit that has raced to over $2.1 million in less than a week since its 30-day presale launched.

Dogecoin eyes recovery

Dogecoin’s launch brought to crypto a fun meme token inspired by the “doge” internet meme. The Shiba Inu dog helped it build one of the biggest crypto communities in the market.

DOGE currently has a market cap of over $19.4 billion and reached highs of $0.73 in 2021.

While its price dropped significantly since, Dogecoin remains the top pooch-themed coin. Despite recent losses, the much wow token has the potential to reach $0.2 in coming months riding catalysts such as overall crypto rally and politics-driven news moves.

However, for crypto enthusiasts and poodle owners hunting for the next gem that could supplant Doge, the hunting license may be Poodlana.

Poodlana presale: Investors see an opportunity

The Poodlana presale went live on July 17 and in under 24 hours, surpassed the $1 million mark. POODL continues to see this pace as the presale moves towards stage 3.

At the time of writing, the presale is only 24 days away from its end on August 16.

POODL’s presale price has increased from $0.02 to $0.023 and will jump to $0.0265 in the next stage. However, despite missing out on the first stage, investors eyeing the early bird opportunity will still find the presale in general a great entry point.

Presale prices increase every 72 hours and the earlier the better when looking for a chance to position with a share of the 1 billion total supply. During this phase, 50% or 500 million POODL will be available to presale participants.

Then 60 minutes after the presale ends, Poodlana will list on a top Solana-based DEX for its trading debut.

Poodlana’s advantage over dog-themed coins

Poodlana (POODL) is the meme coin that brings the world’s fashion and dog lovers together.

And then it blends this with the inevitable growth of crypto to arrive at an attractive and winning combination. Driving this is the love for the poodle, particularly in Asia where poodles are among the top three dog breeds.

The fashion world has also taken note of growth opportunities in the crypto space and Asia – where China, Japan, and Korea lead global volumes – is at the forefront of Poodlana’s imminent growth and innovation.

Having the advantage of Asia’s new beloved dog breed, massive crypto traction and love of the meme coin is a perfect recipe for Poodlana to succeed.

While DOGE remains the top dog-themed meme coin, Poodlana’s potential as it goes viral in Asia and across the globe has investors eyeing an early entry. It’s why this new token is taking the crypto market by storm.

To learn more about Poodlana, join the community or visit the official website.

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