Donald Trump, the former President of the United States, is ramping up his support for cryptocurrency as part of his presidential campaign in 2024. During a fundraising event in San Francisco hosted by Craft Ventures’ David Sacks and tech billionaire Chamath Palihapitiya, Trump boldly declared himself as the “crypto president”. He emphasized his commitment to advancing the crypto industry and criticized the Democratic Party for their proposed strict regulations.
Despite some experts believing that Washington is undergoing a shift towards regulatory clarity in the crypto space, Trump remains determined to champion the cause. Bitwise chief investment officer Matt Hougan sees this as a positive step, potentially opening up opportunities for the country’s $20 trillion financial advisory industry.
In an effort to drive change in the industry, popular crypto exchange Coinbase made a significant contribution of $25 million to the crypto-focused super PAC Fairshake, as part of their lobbying efforts leading up to the November U.S. elections. This donation brings the total amount raised by the PAC and its affiliates this election cycle to $160 million, matching recent contributions from Ripple and venture firm Andreessen Horowitz.
Meanwhile, in Qatar, the Central Bank has completed the infrastructure for a central bank digital currency (CBDC) project and initiated the first phase of an experimental project. Focused on distributed ledger technology and artificial intelligence, the project aims to enhance liquidity and transactions with securities, running through October.
Worldcoin, the company behind the human identity and financial network, has suspended operations in Spain following investigations by data protection authorities. With similar concerns raised in Germany, Worldcoin’s future remains uncertain.
In the United Arab Emirates, the Central Bank has approved a new licensing system for stablecoins to promote digital transactions and drive innovation in the digital economy. The regulations clarify the issuance, licensing, and supervision of dirham-backed payment tokens, ensuring they are backed by UAE dirhams and not linked to other currencies or digital assets. This initiative aligns with the CBUAE’s plan to issue a CBDC to address cross-border payment inefficiencies and stimulate domestic payment innovation.