Cryptocurrency Gains Spotlight in U.S. Elections Amid Binance's Nigeria Controversy and Delay in ETF Decision
Summary:
Cryptocurrency is becoming a key issue for U.S. voters, potentially benefiting candidates with a favorable stance towards digital assets. Over 90% of respondents from key swing states plan to vote in the 2024 presidential election. Binance's CEO has raised grave concerns about alleged attempts by Nigerian officials to force a secret crypto settlement, which Binance refused. Meanwhile, the U.S. Securities and Exchange Commission has further delayed its decision on Galaxy Invesco’s Ether (ETH) ETF request until July 5.
The ongoing topic of cryptocurrency has spiked interest among U.S. voters, with Binance's CEO discussing the unjust detention of their staff in Nigeria, hinting at an attempted secret settlement demand by the officials. The U.S. securities authority has also delayed their verdict on Galaxy's Ethereum Exchange-Traded Fund (ETF).
Surveys by The Harris Poll and Digital Currency Group indicate that cryptocurrency is a significant concern for voters in essential U.S. swing states, suggesting a higher chance of success for candidates with a positive view on digital assets. The majority of those surveyed felt that crypto is a more equitable financial system, thereby stemming the belief from over 90% of voters in crucial swing states like Michigan, Nevada, and Pennsylvania to vote in the 2024 presidential race.
Kristin Smith, the CEO of Blockchain Association, reinforced the growing importance of cryptocurrencies in the forthcoming election. The stats reveal that approximately a quarter of voters are considering the candidates' stances on digital assets, further underlining the relevance of crypto in shaping the 2024 electoral landscape.
Three cryptocurrency-centric political action councils have collectively raised in excess of $100 million to back candidates focused on crypto in the nearing elections.
In other news, Binance CEO, Richard Teng, has reported alleged attempts by Nigerian officials to impose a secret crytpo settlement on the company. The disclosure came to light following a series of meetings in early 2024. Detailed accounts were given about Tigran Gambaryan, the ex-U.S. Internal Revenue Service agent, and current head of Binance’s financial crime compliance team, who is currently detained.
Binance initiated conversations with Nigerian authorities after the House of Representatives Committee on Financial Crimes (HCFC) raised concerns over Binance's operations in Nigeria. The connotations were that Binance was invited into such discussions by the threat of arrest warrants and restraints on the delegations' freedom to leave the country. Reports reveal that Binance declined the settlement proposal through their local legal counsel, with negotiations continuing presently.
Meanwhile, in the U.S.Securities and Exchange Commission (SEC), due deliberation regarding Galaxy Invesco’s Ether (ETH) ETF request is taking longer than expected, with the decision now pushed back to July 5. While multiple other Ether ETF applications have been delayed, the final verdict on VanEck’s request is the most crucial and is expected by May 23.
Published At
5/7/2024 10:36:38 PM
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