Ex-Binance adviser to join Kamala Harris campaign: Report

Speaking at a hearing, US Treasury Secretary Scott Bessent toed the party line in suggesting support for two crypto-related bills moving through Congress.Bessent addressed lawmakers at a May 7 hearing of the House Financial Services Committee, saying that the United States should be the “premier destination for digital assets” in response to a question about American dominance over China in crypto-related innovation. The Treasury Secretary added that “good market structure” and “stablecoin legislation” could help ensure this outcome.US Treasury Secretary speaking at a May 7 hearing. Source: Scott BessentBessent’s remarks echoed those of other Republican lawmakers and President Donald Trump, who initially claimed he wanted to make the US the “crypto capital of the world” during his 2024 campaign. The Treasury Secretary was likely referring to the draft of a digital asset market structure bill released by House Republicans on May 6 and the GENIUS bill to regulate stablecoins, expected to be taken up for a vote in the Senate on May 8.The Treasury Secretary, a Trump nominee, has stood by the president for significant announcements in crypto-aligned policy, including an executive order to establish a sovereign wealth fund and as a member of a working group to explore federal regulations for stablecoins and a national crypto stockpile. He suggested during a confirmation hearing that he would oppose the creation of any US-issued central bank digital currency while in office.Related: Bitcoin ‘Realized Cap’ hits $890B as BTC traders focus on recapturing $100KDemocrats push back on crypto bills amid memecoin dinner controversyEven before announcing that he intended to hold an exclusive dinner and VIP tour for some of his top memecoin holders, Trump faced scrutiny from many lawmakers over allegations of conflicts of interest surrounding his crypto ventures. However, the dinner announcement seemed to galvanize some Democrats against any crypto-related legislation.Representative Maxine Waters, ranking member of the House Financial Services Committee, led a walkout of a hearing addressing the Republican-drafted crypto market structure bill on May 6, citing the need to explore “Trump’s crypto corruption.” A group of nine Democrats in the Senate likewise said they will not support the GENIUS stablecoin bill in its current form, suggesting stronger Anti-Money Laundering, foreign issuer, and national security safeguards. It’s unclear at the time of publication whether Republicans, who control both chambers, will still have the votes to pass either bill.Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Strive Asset Management, founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has revealed plans to transition into a Bitcoin treasury company.According to a May 7 announcement, Strive is going public through a reverse merger and plans to use the combined company’s stock to accumulate Bitcoin (BTC).The deal will see Strive merging with Asset Entities — a social media marketing company listed on the Nasdaq. The combined entity will operate under the Strive brand and use its access to the public equity markets to finance Bitcoin purchases, the company said. Once the deal closes, Strive plans to issue approximately $1 billion in equity and debt and use the proceeds to accumulate BTC. The asset manager “intends to use all available mechanisms to build a Bitcoin war chest and build a long-term investment approach designed to outperform Bitcoin,” it said.Strive plans to allow “Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be tax-free,” it said. As of May 7, the company manages approximately $2 billion in net assets across a variety of funds. In December, Strive filed to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.Related: Trump-linked Strive files for ‘Bitcoin Bond’ ETFCorporate Bitcoin treasuries are increasingly popular. Source: Bitcointreasuries.netCorporate Bitcoin treasuriesCorporate Bitcoin treasuries have become popular since the approval of Bitcoin exchange-traded funds (ETFs) on Wall Street. Companies pioneering the Bitcoin buyer approach, such as Strategy have seen their share prices surge by 350% in 2024. Analysts say adding Bitcoin to corporate treasuries can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” asset manager Fidelity Digital Assets said in a 2024 report.Corporate Bitcoin treasuries collectively hold roughly $74 billion worth of BTC as of May 7, according to Bitcointreasuries.net. Ramaswamy founded Strive in 2022. Source: StriveTrump connectionRamaswamy, an outspoken ally of President-elect Donald Trump, founded Strive in 2022. Its stated goal is to help investors “harness the power of capitalism,” according to Strive’s website. In 2023, Ramaswamy — who largely earned his $1 billion net worth from biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. He later endorsed the president-elect.Magazine: Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express

At least some of the top holders of Donald Trump’s memecoin who apply to attend a private dinner with the president could be based outside the United States.According to a May 7 Bloomberg report based on an analysis of the top TRUMP tokenholders, 19 of the top 25 wallets on the leaderboard used foreign exchanges that exclude US-based customers, suggesting either foreign nationals or Americans living abroad. In addition, more than half of the top 220 holders — the group eligible to apply for a dinner with the president — also used exchanges in other countries.Top 10 TRUMP memecoin holders as of May. 7. Source: Trump memeAs of May 7, the identities of the top tokenholders and those who might choose to apply for the May 22 Trump dinner and “special VIP tour” were unknown. However, the project stated that anyone who applied could not bring guests, had to pass a background check, and “can not be from a [Know Your Customer] watchlist country.” The implications of having dozens or hundreds of memecoin holders potentially tied to foreign governments and interest groups have raised ethics concerns from some US lawmakers, claiming that Trump was engaging in “pay-to-play” corruption. At least one senator has called for the president’s impeachment, saying Trump was “selling access for what are effectively payments directly to him.”Memecoin concerns are slowing crypto legislationDemocratic lawmakers in the House of Representatives and Senate have already been pushing back against considering any crypto-related legislation until Republicans address concerns around “Trump’s crypto corruption.” The Senate is expected to vote on a bill regulating stablecoins on May 8, and House Republicans recently introduced a discussion draft of a digital asset market structure bill.Related: Trump-backed USD1 is now the seventh-largest stablecoin worldwideThen-president-elect Trump launched the memecoin on Jan. 17 — three days before taking office — followed by the first lady introducing her own token. Two companies connected to Trump control roughly 80% of the memecoin’s supply.The launch of the memecoin and its potential influence over the president and his agenda has already prompted some companies to get on board. On April 30, a trucking logistics management company announced a $20 million investment in the TRUMP token, suggesting influencing Trump’s trade war between the US and Mexico, where the firm conducts much of its business. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions