GM veteran Ambirers & new frens!

Every week in crypto is a wild ride, as the market, meta, and sentiments can turn on a dime, but we're here to help you make the most of it.

In this week's news:

• 🇺🇸 US elections: can Trump change government attitude towards crypto?

• ⛪️ “God told me to pull the rug”

• ✖️ New official X payments account kickstarts crypto integration rumors

• 🆚 Nexo vs Bulgaria case

But before we begin, we have some exciting updates!

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• ⛓ Episode III: Liquid Staking - Lido ✅ - Stake ETH or MATIC

Stay tuned for weekly insights, quests, and valuable knowledge to help you navigate the crypto landscape!

US elections: can Trump change government attitude crypto?

• The crypto industry has seen its share of ups and downs under President Joe Biden, with US govt. consistently taking a skeptical approach towards digital assets 🥴 

So the question is.. if the 2024 presidential election brings him back to the White House, could mean a major shift in the US government's stance on crypto? 🤔 

During his presidency, Trump openly criticized crypto for its volatile nature and apparent lack of intrinsic value. But since leaving office, his attitude has seemingly softened: he has invested in crypto and even issued his own NFT collections 🖼️ 

Key Republican figures have also shown strong support for crypto and have pushed for laws that would at least give more leeway to the growing industry 💹 

Crypto has been gaining traction among Republicans, partly due to concerns over privacy. As recently as this week, Trump said he would "never allow" the creation of a central bank digital currency (CBDC) under his watch.

His opposition to CBDCs has been echoed by other prominent figures in the party, such as Florida Governor Ron DeSantis and entrepreneur Vivek Ramaswamy, both of whom have now endorsed Trump.

Republican Congressman Tom Emmer, a vocal crypto supporter in the House of Representatives, also said he believes that a second Trump administration would treat crypto more favorably 👇️ 

❗️ The SEC, a major thorn in the industry's side under both Trump and Biden, is likely to have a more lenient approach under a second Trump term. Republican figures are already floating names for potential SEC chairpersons who would be more accommodating towards crypto.

BTW

• A recent poll revealed that 51% of crypto owners would vote for Trump, while 41% would vote for Biden.

• Even the House GOP's campaign arm now accepts crypto donations via a partnership with Coinbase.

This growing acceptance of crypto among Republicans highlights the increasing ideological divide around digital assets in recent years. With the $1.7 trillion market experiencing a dramatic boom and bust, the 2024 election could be the most consequential one for the industry yet.

God told me to pull the rug

Ever felt like some higher being is influencing your decisions?

• Eli Regalado, a Colorado-based online pastor, has recently been charged with fraud for his involvement in selling a crypto token called INDXcoin.

• In a strange nine-minute video posted on INDXcoin's official website, Regalado admitted to the allegations, stating, however, that he did it because "the Lord" told him to give his followers 10x returns 🤯 

He also claimed that the decision to misappropriate the funds was also not his, adding that "several hundred thousand went to a home remodel the Lord told us to do."

Between June 2022 to April 2023, INDXcoin raised over $3.2 million from more than 300 investors through a platform called Kingdom Wealth Exchange 👇️ 

• The rugger priest shut down the exchange in November 2023, claiming there were not enough funds to keep it running and that he and his partner were facing poverty 💩 

• In the same announcement, he also instructed all investors to HODL their tokens and not to be "ruled by mammon" (greed).

The state of Colorado is now working to return the remaining funds back to INDXcoin's investors 🤷 

Regalado remains optimistic though, saying in his video that God will work a financial miracle, which will finally yield the returns promised.

The next steps in the case are still unclear, but it looks like hodlers have little choice but to keep the faith.

New official X payments account kickstarts crypto integration rumors

Elon Musk's X (formerly Twitter) has created a dedicated account for its upcoming payments feature, leading to excitement and speculation within the crypto community 🤔 

• The account, named “X Payments,” has fueled rumors that the highly anticipated payments feature could also support crypto transactions.

• While there was no official confirmation from X or Elon, many are hopeful given Musk's previous interest in crypto.

Is it happening?

Since Musk's acquisition of Twitter in April 2022, there has been a great deal of speculation about the direction in which he would take the platform and how it could evolve into a unique and innovative space 💰️ 

‼️ The addition of crypto payments could be a major step towards achieving this transformation.

The release date for X's payments feature is expected to be available by mid-2024. This gives ample time for the crypto community to speculate and eagerly anticipate the integration of cryptocurrencies into the app 💭 

With such a user base, X has the potential to revolutionize the industry and bring about the widespread use of crypto.

This also raises questions about how other social media platforms would respond and whether they, too, would follow suit in integrating crypto payments into their services.

Nexo vs Bulgaria case

Crypto lending firm Nexo is suing the Bulgarian government for $3 billion in damages after a failed criminal investigation against the company, which saw the firm's offices raided and four of its executives charged 👇️ 

The company was charged by Bulgarian prosecutors last January for allegedly participating in an organized criminal group aimed at profiting from crypto lending 🤨 

Turns out there’s no evidence

In Dec. 2023 though, the authorities decided to drop the case, citing a lack of evidence and a legal framework for crypto assets 🫠 

• Nexo has now submitted a claim through the World Bank's International Centre for Settlement of Investment Disputes (ICSID), seeking $3 billion in damages 😲 

• The ICSID is an institution that mainly handles legal disputes between international investors and nation-states.

The interesting part is that it’s not the first time Nexo has fought the governments.

• In January 2023, the company reached a $45 million penalty with the U.S. Securities and Exchange Commission for breaking securities rules.

This situation is yet another reminder of how the absence of clear-cut crypto rules can lead to legal trouble and lost opportunities for companies working in the crypto industry.

Other worthy reads:

Some info on the current airdrop metas from TheDefiInvestor:

An interesting thread on crypto job market:

News and rumors from the NFT market by Tyler D:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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