Značka: politics

Early birds: U.S. legislators invested in crypto and their digital asset politics

According to some estimates, as many as 20% of Americans were invested in cryptocurrencies as of August 2021. While the exact number can vary significantly from one poll to another, it is clear that cryptocurrencies are no longer just a niche passion project for tech enthusiasts or a tool for financial speculation. Rather, digital assets have become a widespread investment vehicle with the prospect of becoming mainstream. Optimistic as that is, this level of mass adoption still does not enjoy a commensurate political representation, with senior United States politicians largely lagging behind the curve of crypto adoption. This makes the very narrow group of congresspeople who are also hodlers particularly interesting. As a lawmaker, does owning crypto, or at least having some crypto exposure, mean that you also vocally support the digital asset industry?According to “Bitcoin Politicians” — a crowdsourced data project aimed at tracking U.S. political figures’ crypto holdings using public financial disclosures — there are currently seven known crypto investors across both chambers of Congress. Here’s a closer look at the way their personal financial strategies are reflected, if at all, in their public political stances.Michael McCaulMichael McCaul, a 59-year-old Republican representative from Texas, holds the position of ranking member of the House Foreign Affairs Committee. He was also the fifth-wealthiest member of Congress in 2018. McCaul is known for his hawkish foreign affairs positions — vocally opposing the U.S. withdrawal from the Yemeni Civil War and supporting President Joe Biden’s airstrikes on Iranian-backed targets in Syria.In 2016, McCaul co-sponsored a bipartisan bill proposing a commission to study the debate over the use of encryption, including its potential economic effects. In recent years, the Texas lawmaker hasn’t been seen making any public crypto-related statements.Barry MooreA newcomer to the House of Representatives, Barry Moore is a staunch Republican from Alabama. In January 2021, he objected to the certification of the results of the presidential election and even got his Twitter account temporarily suspended for posts that echoed the claims of a “stolen election.” According to a public disclosure, Moore purchased between $1,000 and $15,000 worth of Dogecoin (DOGE) in June 2021 — an investment whose value has since dropped nearly 50%. The legislator also invested in Ether (ETH) (up to $15,000) and Cardano’s ADA (up to $45,000). Still, Moore hasn’t publicly expressed his opinions toward crypto. Marie Newman57-year-old Marie Newman, another new addition to the House of Representatives, is a Democrat from Illinois who is aligned with the progressive wing of the party. She is a proponent of abortion rights, gun control, a $15 minimum wage and the Green New Deal.Newman holds Coinbase shares as of December 2021, having purchased between $30,000 and $100,000 worth. She also registered the acquisition of more than $15,000 in Grayscale Bitcoin Trust shares. Newman hasn’t made any public statements about the crypto-related assets, but she is a member of the Congressional Blockchain Caucus, a bipartisan group working to promote a more relaxed regulatory approach to crypto that would allow the technology to flourish.Jefferson Van DrewA retired dentist with almost three decades of experience as a New Jersey legislator, Van Drew was elected to the House in 2018 as a Democrat but changed his colors in 2020, becoming a Republican. This comes as no surprise, as Van Drew was one of just two members of the Democratic party to vote against former President Donald Trump’s impeachment inquiry in December 2019. Still, he voted in line with Democrats 89.7% of the time during his tenure in the party. In a 2020 disclosure, Van Drew accounted for up to $250,000 in an investment trust operated by Grayscale, one of the larger digital-asset management firms on the market. At the time, the representative’s office declined to give the press any details about the exact nature of the investment, and Van Drew himself has remained silent with regard to digital asset-related policy issues.Michael WaltzYet another recent House electee, Michael Waltz — a retired army colonel and former Pentagon adviser — is the first ever Green Beret to serve in Congress. A Republican from Florida, Waltz maintains a warrior ethos with a pinch of Florida spice, having called for a full U.S. boycott of the 2022 Winter Olympics over the Chinese Communist Party’s treatment of the nation’s Uyghur population. Waltz also voted against President Biden’s $1.9-trillion economic stimulus bill and opposed the establishment of a commission to investigate the Jan. 6, 2021 attack on the U.S. Capitol.According to disclosures, Waltz bought up to $100,000 in Bitcoin (BTC) in June 2021, which makes him one of the few lawmakers to publicly own the original cryptocurrency, specifically. Nevertheless, on social media, the representative prefers to speak on foreign policy issues, and when he was asked about his crypto investment, he compared Bitcoin to gold in terms of serving as an inflation hedge. Waltz is also a member of the Congressional Blockchain Caucus.Cynthia LummisIn the case of Cynthia Lummis, a Republican senator representing Wyoming, her fame as a major crypto proponent probably comes before her credentials as a digital asset investor. A hardline Republican, Lummis was at one point the only female member of the conservative Freedom Caucus. In her January 2021 disclosure, Lummis — a member of the Senate Banking, Housing and Urban Affairs Committee — registered the purchase of between $50,000 and $100,000 in Bitcoin. The Senator revealed that her overall holdings amounted to some 5 BTC.Lummis certainly puts her mouth where her money is. For one, she famously compared the U.S. to Venezuela in terms of inflation, and she has stated she wants to launch a financial innovation caucus that would aim to “educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar.” Around Christmas 2021, Lummis revealed she was drafting a comprehensive bill that she plans to introduce sometime in 2022. In a tweet, Lummis asked voters to contact their senators to support the bill, stating that she was seeking bipartisan cosponsors. Pat ToomeyRepublican Senator Pat Toomey of Pennsylvania can be called the arch enemy of government spending (with a peculiar exception for charter school funding), having once proposed a budget plan with a $2.2 trillion tax cut. He also happens to be a strong supporter of banking deregulation. During the past year, Toomey emerged as one of the main public supporters of crypto in Washington. He criticized Senator Sherrod Brown’s plan to give up crypto regulation to executive agencies and urged Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill around the tax reporting requirements for crypto. In December 2021, Toomey came up with his own set of regulatory principles, released ahead of a congressional hearing on stablecoins. In June 2021, he bought between $2,000 and $30,000 in shares of Grayscale’s Bitcoin and Ethereum trusts.Will the trend continue in 2022?The list of publicly crypto-friendly lawmakers grew significantly last year, and although not every hodler on the Hill dared to reinforce their investment with symmetric political statements, it is an important trend for the industry. As Chris Kline, co-founder and chief operating officer of cryptocurrency retirement investment provider Bitcoin IRA, told Cointelegraph:As more representatives invest in cryptocurrencies, I think lawmakers will begin to understand digital assets on a deeper level, leading to a more informed and detailed crypto policy that will benefit investors on every level.Eric Bleeker, analyst and general manager at investment firm The Motley Fool, also stressed the importance of the knowledge-enhancement side of lawmakers’ crypto exposure:You definitely have to view those investments as beneficial for the industry. Did Visa receive worse legislation after Nancy Pelosi invested in its IPO? At the end of the day, crypto can be seen as a ‘threat’ by governments — we’ve already seen it outlawed in China. Having legislators own it adds to knowledge of the industry.Kline also believes that the growing number of politicians invested in crypto will inevitably convert to active support, both verbal and legislative. With new concepts like the Metaverse, nonfungible tokens (NFTs) and digital banking steadily conquering the attention of society, there is no reason for society’s representatives to not follow these trends.In Kline’s opinion, this will require legislators’ understanding of the deep complexities and nuances of cryptocurrencies and blockchain: “I see 2022 as the year legislators consider the potential of digital assets and another step in their widespread adoption.”Bleeker expects more U.S. legislators to get into the crypto game in 2022 for a simple reason: “Right now, they’re tremendously underinvested.” Bleeker noted that as of 2018, the median net worth of congresspeople was $1 million, with 10 senators having a net worth of over $30 million. It’s true that some legislators may avoid crypto for political reasons, but just by looking at the numbers, more crypto ownership from lawmakers can be expected from a pure portfolio diversification standpoint.The hope is that more investment in crypto by lawmakers will come with better understanding of this asset class and more political support.

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Bitcoin miners’ resilience to geopolitics — A healthy sign for the network

Considering that Bitcoin (BTC) is a blockchain network that uses a proof-of-work (PoW) consensus mechanism, miners are a highly significant part of the market dynamics of the network and the community itself. On Jan. 5, it was revealed that Kazakhstan shut down its internet services due to unprecedented political unrest sparked by rising fuel prices in the country.The protests in Kazakhstan began on Jan. 2 in the town of Zhanaozen to fight against the government doubling the price of liquefied petroleum gas (LPG), which is widely used as car fuel in the country. This change in pricing came as a result of the gradual transition to the use of electronic trading of LPG in order to abolish the existing state subsidies for fuel and allow the market to discover the price of the asset.However, protests in the region soon snowballed, gaining more momentum and continued despite the country’s government announcing that the prices of LPG would be brought down to a level lower than before the increase. Soon, this led to the country’s presiding cabinet resigning and the state-owned telecom company, Kazakhtelecom, shutting off the country’s internet services. Network data provider Netblocks reported that the normalized network connectivity fell down to 2%, with the government attempting to limit coverage on the escalating anti-government protests.As a result, the Bitcoin network’s mining hash rate declined over 13% in the hours after the shutdown in the country from 205,000 petahash per second (PH/s) to 177,330 PH/s. Over the past year, the country grew to account for 18% of Bitcoin’s mining activity. A report from the Data Center Industry & Blockchain Association of Kazakhstan estimated that cryptocurrency mining would bring in $1.5 billion in revenue for the country in the next five years.This is not the first time that Bitcoin mining in the region has received the spotlight. Despite being an energy-rich country, the Kazakh government announced last year that it planned to crack down on unregistered miners that were straining the country’s energy supply after the mining migration from China.Kazakhstan’s mining market shareThe Central Asian country became a hub for Bitcoin mining after the Chinese government banned mining operations and cryptocurrency services in 2021. This led to the migration of mining companies like BIT Mining to relocate their operations from China to Kazakhstan. BIT Mining is one of the largest BTC mining companies in the world. The mining company has indicated that it is unlikely to flee Kazakhstan to relocate to North America amid the political upheaval. The firm is closely monitoring and evaluating the situation in order to decide its next move with respect to mining. However, countries like Spain have had their eyes on Kazakhstan’s mining market share. The Deputy for the Spanish Ciudadanos political party, María Muñoz, proposed to make the country a mining hotspot amid the current situation, stating in a tweet, “The protests in Kazakhstan have repercussions all around the world but also for Bitcoin. We propose that Spain positions itself as a safe destination for investments in cryptocurrencies to develop a flexible, efficient, and safe sector.”Rob Chang, the CEO and director of Gryphon Digital Mining, a digital assets mining company, told Cointelegraph:“Bitcoin mining will continue to grow and the need for viable locations will always be necessary. Countries with the foresight to make themselves Bitcoin-friendly will stand to do quite well as Bitcoin continues to establish itself as a legitimate alternative to fiat.”As a result of China’s mining ban, the mining dynamics have shifted globally, with the United States leading the charge with over a third of the mining rate. Chang said that one benefit of this migration includes rehomed miners’ shift to a larger mix of carbon-free energy sources.Additionally, some of the hash rates has gone to more transparent entities operating the mining machines, leading to increased security for the network and a higher level of public trust in Bitcoin miners.Illia Polosukhin, the co-founder of the NEAR Protocol, a decentralized development platform, told Cointelegraph that in addition to China’s ban leading to a loss of investment, the loss of talent is another major factor:“Chinese citizens living on the mainland and abroad are banned from working in the crypto sector, and that’s a big loss for the blockchain industry as a whole. It will stifle innovation and, eventually, leave Chinese citizens behind as more users begin to adopt Open Web technologies. It’s possible that more mining operations shifting to the United States could push the issue of blockchain and sustainability more fully into the public eye.”Thriving amid geopolitical risks is rare for financial assetsThe mining hash rate for the Bitcoin network recovered quickly from the drop to 168 million TH/s, according to data from YCharts. In fact, the network has taken a step forward with the hash rate hitting a new all-time high of 215 million TH/s on Jan. 13.We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48— jack⚡️ (@jack) January 13, 2022This new all-time high was driven by the statement from ex-Twitter CEO Jack Dorsey, announcing the creation of an open Bitcoin mining system. Thomas Templeton, the general manager of hardware at Square, said, “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”This new all-time high is evidence of how resilient the Bitcoin network and its community are to ensure that the network thrives at all costs. However, it’s important to remember that such risks are not exclusive to Bitcoin. Chang said, “Geopolitical risk is a common issue for many industries, and Bitcoin mining is not immune. While there will be some that will take the risk and operate in these countries for the sake of lower costs, they do run the risk, such as those experienced in Kazakhstan or others such as the government deciding one day to take all of your machines. Operators will need to understand the risk/reward tradeoff.”Related: A new intro to Bitcoin: The 9-minute read that could change your lifePolosukhin explained that no matter how distributed or decentralized a blockchain network is — Bitcoin or any other — it’s still intertwined with many legacy systems: energy grids, energy prices, regulation and the laws of nations. Bitcoin mining has either been banned or is facing uncertainty in many countries including Iran, Lebanon, Iceland and Sweden.Being an energy-intensive PoW network, the Bitcoin network is expected to continue to thrive as long as miners are incentivized economically to continue to remain miners. A report from Fidelity Digital Assets, the crypto wing of Fidelity Investments, indicated that the Bitcoin cycle is far from over, and with the high financial incentives for miners, they are in it for the long haul. While Bitcoin is in a price slump, currently trading around the $42,000 range with a market capitalization of $791 billion, the fact that miners — the core aspect of the network — have shown resilience to adverse situations over the 13-year history of the network reinforces the belief and trust the community puts on the flagship blockchain network.

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Law Decoded: Looking ahead to 2022, Jan. 3–10

As Alex Tapscott put it, 2021 was the year when many governments and lawmakers began to finally wake up to the transformational potential of blockchain technology. Indeed, crypto’s global mainstreaming and growing market capitalization have made it difficult for the agents of power to ignore it and have rendered it a salient economic, social and political issue across many key jurisdictions. By all appearances, we are in for a busy year in crypto regulation and policymaking.Stablecoins, an asset class that attracted a fair amount of regulatory attention in 2021, will surely remain in the hot seat this year. For most nations, stable-value crypto assets will represent competition to their sovereign digital currencies. For the United States, a key question is whether Congress will come forward with the legislation around stablecoins that the President’s Working Group on Financial Markets is calling for.It will also be exciting to watch how far the crypto industry’s political mobilization and lobbying efforts — something that became a prominent feature of the crypto policy landscape in 2021 — will be able to reach this year. A major test of the sector’s newfound political clout will be the struggle to amend the crypto-related provisions of the recently passed infrastructure bill.Many industry experts surveyed by Cointelegraph expect major policy advancements to come from the European Union in 2022. The European Commission is currently reviewing the proposed Markets in Crypto-Assets regulation, a wide-reaching framework that is mainly focused on mitigating consumer and financial stability risks associated with the adoption of digital assets. Combined with digital euro trials being well underway, this suggests that the EU could soon articulate its stances on various interconnected parts of the digital asset ecosystem — CBDCs, private stablecoins and decentralized cryptocurrencies — in a more definitive fashion.Elsewhere in the world, El Salvador maintains the perception that it is all in on Bitcoin (BTC) as a nation-state. One of many points of contention related to this great experiment has been, and will continue to be, the Central American nation’s spat with global financial organizations such as the International Monetary Fund. Speaking of the global watchdogs, it is reasonable to expect that these guardians of the incumbent financial order will start delving deeper into specific sectors of the crypto space, much like the Bank of International Settlements’ recent foray into decentralized finance. The hope is that the resulting alarmist narrative will not become global regulators’ dominant approach to the sprawling domain of DeFi.The first days of 2022 also brought a reminder that regulatory clarity is not the only way in which politics can massively affect the crypto space. Following days of civil unrest in Kazakhstan — a nation that had climbed to the No. 2 spot in the world’s Bitcoin hash rate rankings following China’s mining ban — the government’s decision to cut off the entire population’s internet access resulted in an unprecedented hash rate drop on the Bitcoin network. The geopolitics of BTC mining, which came into motion last year with China’s abrupt exit, seem poised to continue on the path of volatility.All in all, this year is shaping up to be a rollercoaster of Bitcoin politics, crypto regulation and digital currency adoption.  Let’s buckle up and see what else 2022 has in store.

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ConstitutionDAO, a ‘crypto red alert’ and other cases of crypto-powered social action in 2021

From the very beginning of the cryptocurrency movement, the societal potential of Bitcoin (BTC) has been one of the fundamental selling points. The decentralized design of crypto-based systems introduces the possibility of bringing individuals together to work toward shared goals, as well as enabling them to pool resources while remaining insulated from outside control. 2021 saw a number of cases that could serve as evidence of this emancipatory power of digital assets.ConstitutionDAO: $49 million raised in a few daysArguably, the most high-profile case of a massive fundraising effort enabled by a decentralized autonomous organization in 2021 was ConstitutionDAO. The group was formed in November with the sole objective of purchasing an original copy of the United States Constitution, which was on auction at Sotheby’s.The DAO got very close to its goal. The artifact was sold for a bid of $43.2 million, and while the DAO managed to raise about $47 million in Ether (ETH), its bid was ultimately limited by Sotheby’s to $43 million to factor in taxes and the costs required to protect, insure and move the Constitution. Following the auction, the DAO offered full refunds to anyone who donated. Those who did not take refunds kept the PEOPLE governance tokens they had received in exchange for their contribution.As a statement from ConstitutionDAO said, “While this wasn’t the outcome we hoped for, we still made history tonight.” It is hard to argue with this, as it took only a week to pool the money from 17,437 backers. BlockbusterDAO: Empowering decentralized streamingIn December 2021, the founders of BlockbusterDAO announced that they had formed a new decentralized autonomous organization with the goal of buying Blockbuster — an American brand that originally operated as a video rental company. At its peak, Blockbuster had 6,000 stores globally and was valued at over $8 billion. It shuttered almost all of its operations in 2014 and currently operates just one store in Oregon. Strictly speaking, this initiative is not expected to fully materialize until 2022.The DAO explained in a tweet that it plans to rally a grassroots effort to buy Blockbuster by raising at least $5 million through a nonfungible token (NFT) minting event, with each NFT valued at 0.13 ETH. BlockbusterDAO plans on turning Blockbuster into a decentralized film streaming studio. There are currently more than 20,000 netizens engaged with the project on Twitter and Discord.Fortune Journalism PleasrFund: Supporting journalistic integrityIn September 2021, American business magazine Fortune, alongside NFT artist Pplpleasr, launched a decentralized donations fund, with the proceeds earmarked for independent journalists and programs that foster journalistic integrity.The Fortune Journalism PleasrFund was launched on the Ethereum blockchain through Endaoment, a charity-focused DAO. It has allocated 214.55 ETH, worth roughly $680,000 at the time of writing, which represents half of the proceeds of the sale of a limited-edition Pplpleasr NFT that had been commissioned by Fortune.The four initial beneficiaries of the fund are Report for America/The GroundTruth Project, the Institute for Nonprofit News, the Committee to Protect Journalists and Reporters Without Borders. Each organization received an initial distribution of approximately $165,000 from Fortune and Pplpleasr. The Battle of the Infrastructure BillSometimes, the battle lost makes the history of the war won. Hopefully, that is how we will remember the fierce resistance that the crypto community mounted against the last-minute crypto-related additions to the sweeping $1.2 trillion infrastructure bill.Interestingly enough, the new tax reporting requirements for cryptocurrency brokers were part and parcel of the bipartisan agreement that made the ambitious federal spending project possible — with some estimates suggesting that this new taxation base would help the Internal Revenue Service increase federal revenue by about $28 billion over 10 years.In response, Fight for the Future, a tech advocacy group, launched a counter-initiative urging U.S. voters to call their representatives to object to the crypto provisions of the bill, something that it labeled as a “crypto red alert.” Senate offices were flooded with phone calls, and the list of influencers who vocally opposed the proposed measures included the likes of Jack Dorsey, who heads up Twitter and Block (formally Square), and Brian Brooks, the former acting comptroller of the currency who is now at Bitfury.The pushback led to a days-long stalemate in the legislature. And despite the fact that the infrastructure bill ended up being passed and signed without any changes to its cryptocurrency-related language, the tumult that the crypto community was able to spark demonstrates its growing lobbying power.As Mick Mulvaney, who served as chief of staff to former President Donald Trump, put it:What I think you’re seeing is the maturing of the industry — you see the crypto folks now understanding how Washington can influence their world and Washington learning a little bit about the technology.What’s next?Of course, the aforementioned examples hardly exhaust all of the crypto-driven social and political initiatives that we saw in 2021. For one, there were numerous examples of philanthropy, such as NFT project Trippy Bunny donating all of the proceeds of its mint sales to the American Foundation for Suicide Prevention and the American Cancer Society’s Crypto Cancer Fund launching in January 2021. These examples represent an additional domain where crypto can make a difference.In 2021, it became apparent that the potential of decentralized autonomous organizations and crypto-driven political action is truly massive. But we are just getting started, and there are many reasons to believe that this trend will only get stronger in 2022.

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Chinese crypto miner BIT Mining ‘unlikely’ to flee Kazakhstan: Report

Despite major internet blackouts amid anti-government protests in Kazakhstan, some Bitcoin (BTC) miners operating in the country are not planning to leave the country just yet.BIT Mining, one of the largest BTC mining companies that relocated operations from China to Kazakhstan last year, is still evaluating the impact of political unrest in Kazakhstan, Chinese industry news agency 8btc reported Friday.“It is unlikely that our mining machines will be evacuated to North America,” a spokesperson for BIT Mining reportedly said, adding that the firm will be closely monitoring the situation.The representative also noted that Kazakhstan is not BIT Mining main area of business, as it has a number of “mid-to-high-end mining machines” deployed in North America. “It is unlikely that the machines will be withdrawn from Kazakhstan to North America, and further actions will be disclosed,” the report said.According to some sources, Kazakhstan-based miners have managed to keep their unites online despite the internet outages.“Some Kazakhstan miners told us that the internet was temporarily restored on January 7th. In addition, the 4G network of Chinese phones is also intermittently effective. The industry expects that the country may return to normal next Monday,” Chinese blockchain journalist Colin Wu reported Friday.Sources also said that some miners’ operations were unaffected because they are mostly located in remote areas while protests were concentrated in the urban area of Almaty. “It has not been heard that any miners have been robbed, but they cannot mine because of the network interruption,” Wu reported.According to the latest data from network stability data provider NetBlocks, the internet in Kazakhstan had been shut down for 36 hours by Friday morning, with connectivity levels standing at 5%.⚠️ Update: It’s now Friday morning in #Kazakhstan where internet has been shut down for some 36 hours, placing public safety at risk and leaving friends and family cut off.Connectivity levels continue to flatline at just 5% of ordinary levels.Report: https://t.co/Op5GwzXKbh pic.twitter.com/xQIYdZVhbK— NetBlocks (@netblocks) January 6, 2022Related: Top Bitcoin mining country Kazakhstan turns off internet amid protestsBut despite the ongoing nation-wide blackouts, Kazakhstan unrest appears to have had little to no effect on the global Bitcoin hash, according to some sources. Data from major BTC blockchain explorer Blockchain.com suggests that the total BTC hash rate has not dropped at all since the beginning of 2022.Total BTC hash rate 30-day chart. Source: Blockchain.comBIT Mining and other major Kazakhstan mining services operators like the Chinese firm Canaan did not immediately respond to Cointelegraph’s request for comment.

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South Korean presidential candidate to use NFTs to raise funds for campaign

Democratic Party (DP) presidential candidate Lee Jae-myung prepares to use nonfungible tokens to raise funds for his campaign. The party will issue NFTs to those who donate money for the campaign for the upcoming presidential elections. The NFTs will contain images of the candidate and his pledges.In an interview with Yonhap News, campaign official Kim Nam-kook said the party is doing this to appeal to the younger generation.“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” said Nam-kook.The DP also points out that it is exploring new ways to utilize new technologies, including using NFTs in campaigns and accepting crypto donations.Just recently, another member of the DP also announced that he would be accepting donations in crypto. Representative Lee Kwang-jae mentioned that he would take crypto donations in mid-January.“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” wrote Lee.Aside from this, Lee underscored that politicians should be leaders in embracing digital transformation. He noted that policies and laws fail to catch up to digital developments.Related: Korean government tells Apple and Google stores to take down P2E gamesMeanwhile, the South Korean Financial Services Commission announced back in early November that NFTs would not be regulated. However, a few weeks later, the FSC backpedaled by announcing that NFTs would be taxable in January 2022.The law amendment will require a 20% tax payment on digital asset income that goes above 2.5 million won ($2,100). However, the implementation of the tax was delayed for one year due to flaws pointed out by the DP.

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World’s biggest douchebag releases NFT collection

Around the world, douchebags are getting into NFTs in a big way.Now it’s true that there are thousands and thousands of legitimate artists in the growing non-fungible token space, and that precisely none of them are Paris Hilton.And sure, NFTs are a potentially world-changing phenomenon that were just declared ArtReview’s most powerful entity in the art world, though probably not as a result of the “catastrophic failure” that resulted in John Cena selling just 37 sad copies of a one thousand-NFT drop.There may indeed be all kinds of use-cases for NFTs — such as the censorship-proof preservation of historical records — that will cause future generations to wonder why it took us so long.But don’t let any of these important developments detract from the absolute douchebaggery that’s currently being unleashed on the world by people like Jacob Chansley.You remember Jacob, right? This guy.Yep, the guy who participated in an insurrection designed to prevent the certification of a duly-elected President in a peaceful democracy has released a talentless, money-grabbing, opportunistic-weasel collection of excruciating tat, hoping to cash in on his brief moment of notoriety while he rots in prison for the next 41 months.Chansley’s collection of 1,006 Shamans is billed by his PR rep (insurrectionists get PR reps?) as an opportunity for buyers to join “a community of individuals intrigued by the intersection of politics, crypto, media, tribalism, and Shamanic culture.”It is not billed as “A criminal douchebag trying to snatch your cash using only the power of absolutely shameless exploitation”. But you say tomato.The collection itself is intriguing, in much the same way that you might wonder why multi-colored foods go in… and yet they all come out the same color.Chansley has a variety of douchey costumes that go with his insurrectionist character ‘QAnon Shaman’ — one being a horned fur hat, another being an orange jumpsuit. Sadly the latter doesn’t seem to make an appearance in the hackneyed, half-assed and derivative collection of behorned cartoons.The majority of these lazy and unimaginative illustrations appear to have been created “under exclusive license” by an “anonymous artist”, which should excite collectors everywhere.The press release, which has far more artistic merit, notes that the series contains “never before seen images of Jacob donning crypto apparel” and — get this! — that it “exists to spark a productive and thoughtful discourse.” Because of course it does.Cointelegraph reached out for further comment to Chansley’s press representative after receiving this intriguing message: “Happy to provide more quotes and context from Jacob and his mother if you’re interested in covering this”.Yep, if there’s one person we want to talk to more than the QAnon Shaman, it’s his mom.The collection is out there somewhere, although I’ll be damned if I’m going to link to it. But have at it, if you must — just remember that if you’re buying an NFT to support a crazed right-wing conspiracy theorist and Trumpian lunatic… he later expressed disappointment in Trump.And that’s despite his lawyer’s insistence that Chansley “had a fondness for Trump that was not unlike the first love a man may have for a girl, or a girl for a man, or man for a man.” Oddly that doesn’t seem to be illustrated either, though it’s worth speculating on what it might look like.Still, you could always buy Melania’s cobalt eyes.

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