Kamala Harris is steadily gaining traction in the crypto sector, a field that has generally viewed the Biden administration with skepticism. Despite the Vice President’s silence on cryptocurrencies and the SEC’s stringent regulations, influential leaders and executives in the industry are rallying to support her presidential campaign through a fundraising event.
The event is scheduled for September 13 in Washington and aims to raise a minimum of $100,000 for Harris. Ticket prices range from $500 to $5,000. While this amount pales in comparison to the millions Harris has already raised since announcing her candidacy, it’s a significant gesture in a domain heavily influenced by Donald Trump, who has attracted many donors with his pro-crypto stance.
Organizers of the event are hopeful that a Harris administration would take a more favorable stance toward technological innovation and cryptocurrencies, especially in light of the current regulatory environment.
Kamala Harris’s campaign team has shown a willingness to engage, holding meetings with key companies like Coinbase and Ripple, and opening the door to possible collaborations that could foster the growth of emerging technologies.
Telegram Leans on Cryptocurrencies Amid Legal Scrutiny in France
Telegram, the popular messaging app, is increasingly relying on cryptocurrencies, particularly through its integration with the TON blockchain. This has made crypto activities a significant source of revenue for the platform.
According to a recent Financial Times report, Telegram generated $130 million through its integrated wallet services, surpassing its income from advertising and premium subscriptions.
In September 2023, the platform introduced a self-custodial wallet for crypto enthusiasts, allowing users to store, send, and receive digital assets directly from the app without needing external wallets like MetaMask.
Additionally, Telegram has earned an extra $17.8 million through the sale of digital collectibles such as usernames and virtual phone numbers, paid for in Toncoin, the native token of the TON blockchain. Altogether, cryptocurrency-related activities have generated close to $148 million, representing approximately 40% of the company’s annual revenue.
Hong Kong Grants Digital Asset Exchange License to HKDAEx After Deadline Passes
The Hong Kong Securities and Futures Commission (SFC) has granted a new digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx), despite the fact that the May 31 deadline for obtaining these licenses had already passed. HKDAEx, part of the Hong Kong Financial Assets Exchange Group, submitted its application on August 27, according to the regulator’s records.
The SFC, which has the authority to reject incomplete applications or those with unresolved issues, decided to grant the license to HKDAEx. This move reflects a significant boost for the company, which seeks to connect physical and digital assets to improve liquidity and promote the real economy.
Since June 1, operating a virtual asset trading platform without a license in Hong Kong has been illegal, leading to a crackdown on unregulated exchanges. Although some platforms have received initial approvals, only two, OSL Digital Securities and Hash Blockchain, have full licenses.
Bitcoin Funds in the U.S. Close August with a Negative Balance After a Streak of Inflows
Despite an eight-day streak of positive net inflows, U.S. spot Bitcoin ETFs closed August with a net outflow of approximately $94 million. According to data from SoSoValue, this figure falls within the typical volatility of a single trading day, with the funds having their best day on August 23 with inflows exceeding $250 million and their worst day on August 2 with losses of $237 million.
The decline in Bitcoin’s price from its monthly peak significantly impacted the total net assets held by the funds, reducing their value by $4.24 billion to end August with approximately $53.8 billion in assets.
Although the funds had maintained a positive trend in inflows, recent outflows, including the first losses recorded by BlackRock’s IBIT fund since May, pushed the monthly balance into negative territory.
By Andrej Kovacevic
Updated on 1st September 2024