Donald Trump, the former President of the United States, is ramping up his support for cryptocurrency as part of his 2024 presidential campaign. During a fundraising event in San Francisco hosted by Craft Ventures’ general partner, 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’s plans for strict regulations.
Despite some skepticism, experts believe that a positive shift towards cryptocurrency regulation is underway in Washington. Bitwise chief investment officer Matt Hougan sees the US moving towards regulatory clarity, potentially opening up opportunities for the country’s $20 trillion financial advisory industry.
In the midst of these developments, cryptocurrency exchange Coinbase made a significant contribution of $25 million to the crypto-focused super PAC Fairshake, as part of their efforts to increase lobbying activities leading up to the November US 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.
On a global scale, the Qatar Central Bank (QCB) has launched the first phase of an experimental project for a central bank digital currency (CBDC), focusing on distributed ledger technology and artificial intelligence to enhance liquidity and securities transactions. The project is set to run through October, following the launch of a new fintech sandbox by the QCB.
Meanwhile, Worldcoin, the human identity and financial network, has suspended its operations in Spain following investigations by data protection authorities in Spain and Germany. The Tools for Humanity Corporation, behind Worldcoin, will not resume data collection and processing until the end of 2024 or until the investigations are concluded.
In another part of the world, the Central Bank of the United Arab Emirates (CBUAE) has approved a new licensing system for stablecoins to oversee and regulate their issuance. This initiative aims to boost digital transactions, advance the digital economy, and promote innovation in the UAE. The regulations specify that payment tokens must be backed by UAE dirhams and cannot be linked to other currencies, digital assets, or algorithms. Additionally, the CBUAE announced plans to issue a central bank digital currency (CBDC) in February to address cross-border payment inefficiencies and drive domestic payment innovation.