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Biden Weighs Coinbase Commerce for Campaign Funds

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The Biden campaign is reportedly considering accepting cryptocurrency donations through Coinbase Commerce. However, sources close to the matter revealed that embracing crypto contributions may not be immediate, as shifting perceptions within a political party require careful consideration and deliberation. While the details of the discussions remain unknown, integrating digital assets into traditional political fundraising mechanisms underscores their evolving role in today’s financial landscape.

As one source commented, “It’s not as fast as we like because actually shifting perception in a party takes time; whereas empty off-the-cuff promises are easy.” This sentiment highlights the nuanced nature of integrating cryptocurrency into traditional political structures.

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This comes after Biden vetoe­d SEC’s controversial crypto custody rules. The SEC’s SAB 121 re­quired firms that hold customers’ crypto asse­ts in custody to record them as liabilities on the­ir balance sheets. This clause has bee­n criticized by public banks for being burdensome­ and discouraging them from offering crypto custody service­s. Se­nator Cynthia Lummis argued that this guideline was inappropriate­ly issued without proper notice and comme­nt rulemaking process, thus avoiding a full commission vote on this controve­rsial policy.

Before that the Biden administration introduced a budget proposal that would subject cryptocurrency miners to a 30% tax on electricity expenses in a bid to “limit mining activity.”Additionally, it was proposed that the tax would start on January 1 and be phased in over three years at a rate of 10% per year, increasing to the maximum tax rate of 30% by the third year. The tax was also said to take effect after December 31.

The plan sparked a lot of controversy within the crypto community and crypto-friendly political organizations.

Trump vs. Biden: Crypto Clash Heats Up

On the other hand, former US President Donald Trump who is vying for the coveted seat has notably been vocal about his stance towards digital assets. Whether this outspokenness is solely aimed at wooing crypto proponents or genuinely reflects a commitment toward the industry, Trump’s stance is drawing attention.

Recently his campaign began accepting Shiba Inu for his campaign donations. Besides SHIB, the Trump campaign also accepts Bitcoin, Ethereum, Dogecoin, Solana, and XRP. In his “Make America Great Again” campaign, the presidential candidate presents himself as the defender of American freedom and innovation prepared to welcome new technologies.

Court Orders Disclosure of SBF’s Political Donation Details

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The former CEO of the now-bankrupt crypto exchange FTX, Sam Bankman-Fried, or SBF, finds himself entangled in a legal web, as the Department of Justice [DOJ] has successfully obtained a court order to unveil the intricacies of his political donations. This revelation is set to serve as crucial evidence in the upcoming fraud trial against SBF, marking a significant development in a complex legal saga.

The latest ruling, a part of a comprehensive 16-page pretrial order issued by Judge Kaplan on September 26, meticulously delineates which pieces of evidence will be admissible during the imminent trial, scheduled to commence on October 3. At the core of the DOJ’s case lies the allegation that Sam Bankman-Fried orchestrated an “illegal campaign finance” scheme, a charge that the prosecution intends to vigorously pursue in court next month.

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This stance by the government follows a prior assertion made in August when it was disclosed that a campaign finance charge against the FTX founder had been precluded due to a treaty with the Bahamas. However, the DOJ has now pivoted, asserting that Bankman-Fried concealed the origins of his ill-gotten gains through a labyrinth of political straw donations. They contend that this campaign finance misconduct is not only admissible at trial but also constitutes direct evidence of the overarching charges levied against him.

SBF Legal Saga: More Revelations

Beyond the revelation of campaign donations, Judge Kaplan has also granted the prosecution’s motion to introduce evidence implicating Bankman-Fried in the creation of the FTX token. This move aims to shed light on SBF’s alleged involvement in directing Alameda Research, a crypto trading firm, to surreptitiously amass significant holdings of the FTX token as well as other digital assets like Serum.

Moreover, the evidence will explore claims that he orchestrated Caroline Ellison, the then-CEO of Alameda Research, to manipulate the valuation of these tokens and engaged in efforts to obfuscate Alameda’s ownership of Serum tokens.

This multifaceted legal battle not only puts SBF’s actions under a microscope but also underscores the evolving landscape of cryptocurrency regulation. As the trial approaches, the crypto community, legal scholars, and the general public eagerly anticipate the unveiling of evidence that could have far-reaching implications for the future of digital currencies and their intersection with political finance.

Wikimedia Foundation Scraps Crypto Donations After 71% Voted In Favor

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The Wikimedia Foundation [WMF], the creator behind Wikipedia, has finally closed down its BitPay account and will stop accepting cryptocurrency donations after 232 members, or 71% of the WMF community voted in favor of a three-month-old proposal that rallied to put an end, citing environmental risk and for its “inherently predatory” investments.

The foundation which started accepting Bitcoin, Bitcoin Cash, and Ether donations in 2014, also began to reconsider this policy. Some of the issues raised were the environmental impact of Bitcoin, various crypto scams, as well as the low amount of donations in cryptocurrency compared to other modes.

The WMF says it secured $130,100.94 worth of cryptocurrency donations in 2021, making up just 0.08 percent of the total contributions it received.

Following the community’s vote, the WMF made the final call to discontinue cryptocurrency donations. Terming it as an “Ethical decision”, Wikipedia editor Molly White stated,

“I’m really happy that the Wikimedia Foundation implemented the request from its community, and I’m really proud of my community for making what I feel was the ethical decision after a lot of thoughtful discussions. There are just too many issues with crypto for any potential donation revenue to be worth the cost of helping to legitimize it.”

White also referenced web browser Mozilla’s decision to cease cryptocurrency donations in April after receiving backlash from users, developers, and one of its founders, Jamie Zawinski, for posting a tweet reminding users that it accepts donations in Bitcoin and Ethereum.

Wikimedia Foundation said it “will continue to monitor this issue”

Crypto proponents took to Twitter to share their views on the foundation’s decision. One user by the name of Mike Wille tweeted that the argument of environmental impact and power waste was also said about the internet in the early days.

“If you fail to understand the utility of something, any resource allocation is too much,” he quipped.

Others called the announcement a “Shortsighted and Clumsy” as there are many blockchains that are low carbon, and there is one [Algorand] that is carbon negative, but to fully shut down crypto support was like”throwing the baby out with the bathwater.”

The WMF summed up the post by saying it “will continue to monitor this issue” and will “remain flexible and responsive to the needs of volunteers and donors.”

Crypto for good: Ukrainian Min says “Thank You for supporting”

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Cryptocurrency has become a much sought-after vehicle to assist war-hit Ukraine. Amidst the mindless devastation, the only silver lining has been the global response toward Ukrainians. So far the nation had received more than $100 million in cryptocurrency donations.

On 17th April, Mykhailo Fedorov, vice prime minister and minister of digital transformation of Ukraine, expressed his gratitude to those donating to the charity Aid for Ukraine, tweeting:

“Crypto for good. Aid for Ukraine continues its work for the frontline heroes: 200 sets of ballistic plates of 4 class for bulletproof vests have been sent. The better-equipped soldiers — the sooner day of Ukrainian victory.”

Just a few days after the Russian invasion started, the Ukrainian government hastily authorized Aid for Ukraine, a decentralized autonomous organization [DAO] partnering with blockchain firm Everstake and crypto trading platform FTX, to collect digital assets for the defense effort.

As per sources, Fedorov asked his deputy to set up official government wallets that could accept payments in digital assets, a plan that eventually led to the Aid for Ukraine website, which now accepts donations in nine cryptocurrencies including bitcoin, ether, tether, Solana, and dogecoin.

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Financial Times revealed that the Ukrainian government had spent half of more than $100 million in crypto fundraising as of March 19, to buy thousands of bulletproof vests, food rations, helmets, and medical supplies intentionally choosing to spend the funds on non-lethal equipment, to avoid losing future donors.

Crypto donations continue to pour

Earlier TronWeekly reported on UNHCR, the UN Agency for Refugees, on accepting its first stablecoin crypto donation of $2.5 million contributed by Binance toward supporting individuals displaced from Ukraine due to the Russian invasion.

More than 10 million Ukrainians have been forced to flee from their home country since the war began. Roughly 4 million of them have managed to make it safely to neighboring countries like Poland, Moldova, Romania, and Hungary, while millions more have been pushed out of their homes but remain inside the war-torn nation.

Alex Bornyakov, deputy minister of Digital Transformation of Ukraine recently updated that the government has spent about $41 million on items such as bulletproof vests, helmets, and medical supplies to date.

Ukraine pleas for donations in BTC and ETH

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On Saturday, Ukraine’s official Twitter account announced direct requests for cryptocurrency donations in the midst of the ongoing Russian military attack.

The official account of the nation had initially shared three such messages, while the first two had been deleted. The addresses presented remained consistent, both for bitcoin and ether/USDT, however the wording of the solicitations changed with each repetition. It’s uncertain if the tweets were erased and reposted on purpose, or if the addition of bitcoin addresses triggered Twitter’s post-2020 account hacking safeguards.

Olexander Scherba, a diplomat from Ukraine, also tweeted the Ukrainian account’s contribution appeal.

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Furthermore, blockchain data showed that the BTC address has received a total of 31.53804866 BTC, at the time of writing, along with the first transaction occurring on February 24.

Also, the specified address has received about 1,708 ETH. According to Etherscan, contributions have also been sent in the form of USDT, USDC, and severalnumber of non-fungible tokens.

Nonetheless, the messages have raised questions about their authenticity, particularly given that the Russian military used cyberattacks through the course of its invasion on Ukraine. Ethereum co-founder Vitalik Buterin was among many who cautioned people against donating donations without extra verification. Buterin said,

“There have been *a lot* of hacks alongside this invasion, this could easily be a hack. This info environment is as hostile as it gets, exercise extreme vigilance.”

Buterin later announced that he would be deleting his message, writing that he had received confirmation from a few sources that it’s true and that for the time being, he would remove his caution. The post further urged everyone to continue to stay watchful, and always send irreversible crypto transactions slowly and carefully.”

Ukraine embassy of WTO confirmed messages

The founder of Tron, Justin Sun, said on Twitter that he communicated with the Ukrainian embassy of the World Trade Organization (WTO), which verified the communications.

In perspective, Elliptic, a blockchain analytics business that has been monitoring donations in the aftermath of the Ukrainian invasion, announced on Saturday that almost 3,000 donations totaled $5.1 million in cryptocurrency.

The posts emerge as Russian invading forces approach Kyiv, Ukraine’s capital. According to reports, Ukraine’s president, Volodymyr Zelenskiy, has turned down US evacuation offers.

Quincy university rolls out an option to accept donations in 32 different cryptos

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Quincy University is the latest university to accept cryptocurrency donations in the form of Bitcoin, Shiba Inu, Dogecoin, and other cryptocurrencies. Quincy Institution, founded in 1860 by Franciscan friars, is a Catholic university that focuses on science, liberal arts, and professions.

Officials at QU revealed on Monday that they may now accept donations in digital currency. Because Quincy University is a 501(c)(3) charity, all donations, including bitcoin, are tax-deductible. In addition, QU receives the entire amount of the gift.

Bitcoin, Ethereum, ChainLink Token, and Litecoin are among the 32 digital currencies accepted by Quincy University.

“More and more people are investing in digital currency, and we don’t see that slowing down anytime soon,” said Matt Bergman, senior director of advancement. “QU is always looking for ways to make it easy for donors to support our students and initiatives.”

Quincy University

Skyrocketting number of universities that accept crypto

The University of Puget Sound was the first American university to accept bitcoin donations when it did so in 2014. With the aid of payment processing provider BitPay, an alumni sent the educational institution 14.5 Bitcoins, which were valued at roughly $10,000 at the time.

Since then, the number of colleges that have adopted cryptocurrency has exploded. Participants in the University of Pennsylvania’s Wharton School’s blockchain program may now pay their tuition fees in Bitcoin. Some of the top universities that accept crypto include the University of Nicosia in Cyprus, King’s College in New York, Innovation and Entrepreneur Business School in Spain, European School of Management and Technology in Germany, Financia Business School in France, The University of Cumbria in the United Kingdom, and FPT University in Vietnam.

Recently a South Korean university announced that they will issue NFT degrees to all 2830 graduates.

By removing the need for government-backed currencies, Bitcoin and other cryptocurrencies have the potential to revolutionize the nature of money itself. It also has the ability to alter the wealth distribution in society significantly. However, many more institutions would have to follow in the footsteps of these specific universities and begin conducting business utilizing digital assets in order to attain this aim. Since then, the number of colleges that have adopted cryptocurrency has exploded.

Crypto donations boost; The Giving Block integrates with Aggregator RoundlyX

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Crypto donations provider, The Giving Block announced a partnership with tool and portfolio aggregator RoundlyX. According to the launch post, this would be the first time that a portfolio aggregator has built its own donation forum to support thousands of charities around the world. Through the partnerships, The Giving Block would provide direct access to its wide network of nonprofit entities to RoundlyX users, who will be able to navigate within the platform to donate to their preferred charity and receive an automatic email receipt and confirmation of their contribution.

Further, the post reveals that the integration is slated to go live in 2022. Interestingly, the latest announcement comes at a crucial time for crypto philanthropy as crypto adoption by nonprofits is rising and donations in digital assets are on their way to surpassing $1 billion in 2022. Expressing excitement over the proposed deal, Will Trible, Co-Founder of RoundlyX noted,

“We are thrilled to expand the ability of our users to connect to the things they care about most. Customers today want to do good while doing better in their own lives. Spare change roundups into The Giving Block charities allow our customers to be a force for good in the world when making everyday purchases. We are excited to ‘spare change the world’ with The Giving Block as a partner.”

The Giving Block is the crypto donations solution, that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies, be found by crypto donors, receive funds instantly, and become part of a network of crypto media partners to support their missions.

RoundlyX is a roundup tool and portfolio aggregator that enable users to invest spare change in cryptocurrencies and digital assets by rounding up everyday purchases to the nearest dollar and investing the remainder in the digital assets the user chooses. Through tools like roundups, market participants can ‘weather the volatile but emerging digital asset class without overextending’.

Crypto donations- ‘Spare change the world’

On Crypto Giving Tuesday 2021, The Giving Block raised funds of more than $2.4 million in cryptocurrency. Last year too, the fundraising platform secured about $4 million in crypto donations. According to Co-founder Alex Wilson, this growth is partly due to the fact that donating crypto is more tax-efficient than fiat donations. Having said that, crypto philanthropy has opened a new door of opportunities to a generation eager to give back.