Brazil Banning X Shakes the Crypto World
Brazil’s Supreme Court has caused outrage in the crypto community by abruptly banning Elon Musk’s X (formerly Twitter) for failing to appoint a legal representative. The government said the move was necessary to combat hate speech during the country’s October elections. Musk, meanwhile, has publicly criticized the ban and encouraged users to use VPNs to bypass it. The crypto world sees it as a reminder of the need for decentralized, censorship-resistant platforms like Bitcoin. As the debate heats up, anyone using X via a VPN could face a fine of around $9,000 per day.
Kamala Harris’s Campaign Now Accepting Crypto Donations
At a recent conference in New York, Coinbase’s chief financial officer announced that Kamala Harris’ campaign has begun accepting donations through Coinbase Commerce, a platform designed to manage crypto transactions. However, there is a clear indication that the donations are being managed by Future Forward PAC, which supports the Democratic Party. The move signals a potential shift in the group’s stance on cryptocurrencies as Harris’ campaign aims to build a relationship with the industry. With the rise of the advocacy group “Crypto for Harris” and her opponent Donald Trump already involved in the crypto community, digital donations could have a significant impact on the upcoming presidential election.
Trump's NFTs Pull in $2 Million Even with Crypto Market Slowdown
Despite the global NFT market downturn, former President Donald Trump has made more than $2 million from his new digital asset, “Series 4: America’s First,” which sells for $99 apiece. Less than 21,000 of the NFTs featuring Trump, such as “Super Trump” and “Crypto President,” have been sold out of a possible 360,000 NFTs, or just 5% of the total. While previous collections have sold quickly, this one has been slow to sell. Some investors believe Trump’s NFTs have little long term value and are advising investors to sell before November.
Salaries in Crypto? Dubai Court Confirms It's Legal
The Dubai High Court has issued a ruling that wages can be paid in cryptocurrencies, leading to changes to the UAE’s legislation on digital currencies. The ruling comes if the employee’s contract includes payment in EcoWatt tokens. Unlike the previous 2023 ruling, where the court rejected these claims due to lack of evidence, the 2024 ruling recognized cryptocurrencies as a valid form of payment and ordered employers to pay in fiat and pay employees in EcoWatt tokens. This sets an important legal precedent for the use of digital currencies in contract work in the UAE.
Over 600 Bitcoin ATMs Shut Down Worldwide
Bitcoin ATMs are often involved in scams and extortion, law enforcement is eager to target and shut them down. More than 600 Bitcoin ATMs went offline worldwide in the first two months of Q3 2024, with the U.S. having the most shutdowns. Authorities like Chico, California, are proposing regulations that would treat Bitcoin ATMs as banks. Scams involving these systems are on the rise and will cost more than $110 million by 2023, affecting the elderly. Countries like Germany and Singapore are also cracking down on cryptocurrency ATMs to prevent scams.
. . .
Are there any crypto trends and issues that seem unclear to you?
A suggestion or comment?
Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?
Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.
Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.
Don’t miss out!
