Republicans Save Bitcoin Mining Through Debt Ceiling Debate
In March, the Biden administrationproposed the “Digital Asset Mining Energy excise tax” as part ofthis year’s budget from the U.S. Treasury Department, citing what it calls “negative spillovers” from the industry.
While the tax was seen as a clear down arrow for the industry, shares in listed crypto miners in the U.S. have bounced back since as the price of Bitcoin itself surged more than 65% this year, offsetting the tax concerns.
Elizabeth Warren: Crypto Is a National Security Risk
Warren recently said she was leading an “anti-crypto army,” and her misguided Digital Asset Money Laundering Act tars and feathers cryptocurrencies by unfairly tying them to illegal activities. The reality is that even the Biden administration agrees that illicit crypto use is small – see the recent U.S. Treasury report on “Illicit Finance Risk Assessment of Decentralized Finance,” which found that “illicit activity is a subset of overall activity within the DeFi space.”
A Relook At Credit Suisse Take Over
What happened to Silicon Valley Bank — the most symbolic of this round of US bank failures — is well understood. It is a tale as old as banking. SVB gathered billions of dollars in uninsured, short-term deposits from start-up companies. It invested them in highly rated, long-term securities. Interest rates went up. The value of the long-term securities went down. Depositors realised and demanded their money back. Borrow short, lend long, see you in hell. The only wonder is how sophisticated people let it happen. Silvergate, Signature and First Republic are variations on the theme, with added crypto.
Twitter Spotlight
House Financial Services June schedule is out. Notable:👉🏻No mark-up this month, which means the goal to pass stablecoin + market structure bills has moved to July. 👉🏻 No full committee stablecoin hearing as expected. Negotiations ongoing. 👉🏻June 13 hearing on market… twitter.com/i/web/status/1…— Cody Carbone (@CodyCarboneDC) 7:09 PM • May 30, 2023
I really want to know what political strategy consultant advised dems to attack crypto, what polling they did, etc. Nothing is casual in this world--they must have some good reason to think targeting "wealthy crypto investors" will play well with their base...— _gabrielShapir0 (@lex_node) 5:12 PM • May 30, 2023
Analytical Data
📁 The top 10 largest stocks in the world are now worth a combined $13.6 Trillion
📊 Trading volumes across crypto exchanges are at their lowest levels since 2020.
In The Know
Texas Bill That Would Limit Miners' Participation in Cost-Saving Grid Programs Stopped in House Committee
The legislation would have capped the industry's participation in demand response programs.
coindesk.com
First Mover Asia: Bitcoin Rises Past $28K on Debt Ceiling Deal
ALSO: A Chinese governmental agency released a paper over the weekend that outlined suggestions for China's Web3 policy, but it didn't broach must new ground. Still, the paper represented progress for a country that is keen to write the next generation of technology standards
coindesk.com
Should Russia Bolster or Ban Bitcoin?
The country reportedly backed out of plans to build a "national crypto exchange," the latest sign of indecision.
coindesk.com
Events
Click here for events & meetups inJune 2023
Celebrating Florida's CBDC Ban
Come join us in Naples Florida, for a celebration of Florida's Anti-CBDC Law to meet with like minded Bitcoin and Web3 businesses.
eventbrite.com
Crypto News Heard Around the State
Tampa News
📢 Join us for SOUND MONEY SOUND FOOD! 🍽Experience an extraordinary event where local cuisine meets community power. Bitcoin Bay and Hunt + Gather present an unforgettable culinary experience that goes beyond food.🔗 LINK IN BIO— Bitcoin Bay (@bitcoinbaytpa) 3:10 PM • May 28, 2023
Cathie Wood: We are looking for the next Elon Musk
ARK Invest CEO Cathie Wood takes risks in everything she does, whether it's investing in disruptive tech or relocating her team to St. Petersburg. "The last two years were not very kind to ARK Invest as I'm sure you all know," Wood said Monday evening inside The Birchwood hotel in St. Petersburg. "And yet every [...]
stpetecatalyst.com
Miami News
Celebrity chef James Briscione launches blockchain-powered food matching app in Miami - Refresh Miami
Refresh Miami is the #1 provider of local technology news in Miami. Refresh has been supporting and growing the #MiamiTech ecosystem since 2006 with 15,000+
refreshmiami.com
Miami crypto CEO among 5 charged in $2M ‘manipulation scheme’
The Miami-based co-founder of a cryptocurrency company was among five men charged in a $2 million “manipulation scheme,” federal prosecutors said Monday.
local10.com
Bitcoin Miami panel rejects ‘fight’ rhetoric against regulators
Stakeholders held a discussion on how best to deal with the “anti-crypto army” at Bitcoin Miami.
cointelegraph.com
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