Democrats Say They Can Support Crypto While Calling Out Trump

[Celerity]

The president and other Republicans have benefited politically and financially from being friendly to the industry.

https://www.notus.org/technology/democrats-cryptocurrency-policy-funds

https://archive.ph/xiWwR

Sen. Ruben Gallego (D-AZ)

Democrats have consistently called out President Donald Trump’s involvement in cryptocurrency businesses that they allege are corrupt. At the same time, Democrats say they need to shake the impression that the party is hostile to crypto — both to win voters and funding.

Rep. Salud Carbajal, a centrist Democrat, said calling out Trump’s crypto schemes and supporting a good regulatory environment for crypto are two “separate” issues, and Democrats must treat them as such. “Whether it’s crypto or negotiations with other countries, this administration has demonstrated a corruption level that we’ve never seen before,” Carbajal told NOTUS. “Democrats are involved in crypto, and as we develop policy, we want to make sure that crypto is able to flourish,” he added. “There’s also interest in protecting consumers. So, it’s all about finding the balance to achieve a win-win scenario.”

Democrats are attempting to walk a tight rope on crypto, including on the GENIUS Act that would establish a regulatory framework for stablecoins, a kind of cryptocurrency tied to physical assets like the dollar. Sen. Ruben Gallego, who has been a leading Democratic voice in the bipartisan GENIUS Act negotiations, said supporting crypto is part of the path forward for Democrats in regaining support from Black and Latino men, two constituencies they struggled with during the 2024 presidential election.

“The Black and Latino men are telling you that they care about the standard of living, the cost of living, jobs — and they care about crypto,” Gallego said. “The way you get them back is to work on legislation that they’re going to appreciate,” he added. “That’s going to show that the Democrats understand the crypto economy, and that’s going to make it easier and safe for them to engage in that. And that’s the winning message.”

snip

[surfered]

1. Why not be critical of crypto which serves no purpose other than to conceal transactions?

Would someone please explain another use for crypto?

[masmdu]

5. Ok. Take XRP for example...

XRP is primarily used as a bridge currency to facilitate faster and cheaper cross-border payments. It also enables financial institutions to manage liquidity and reduce costs associated with foreign exchange. Additionally, XRP is used for remittances, making it easier and more affordable to send money across borders.
Here's a more detailed explanation of XRP's use cases:
1. Cross-Border Payments:
XRP helps bridge the gap between different currencies, making it easier to convert one currency to another for international transactions.
It significantly reduces transaction times and costs compared to traditional banking systems.
Financial institutions can use XRP as a bridge currency to facilitate faster and more cost-effective cross-border payments.
2. On-Demand Liquidity (ODL):
XRP plays a crucial role in Ripple's ODL service, allowing for instantaneous cross-border payments.
This service enables financial institutions to move funds more quickly and efficiently across borders, reducing delays and costs.
3. Remittances:
XRP enables individuals to send money across borders with lower fees than traditional remittance services.
This makes it more accessible and affordable for people to send money to family and friends in other countries.
4. Liquidity Management:
Financial institutions can use XRP to maintain reserves and reduce costs associated with foreign exchange.
This helps them manage liquidity more effectively and reduce the impact of currency fluctuations.
5. Other Applications:
XRP is also used in the XRP Ledger (XRPL), a decentralized public blockchain that securely stores transactions.
The XRP Ledger can be used for various applications, including tokenization of assets, online gaming, and DeFi.
Ripple has formed partnerships with major financial institutions to expand the use of XRP in their payment systems.

XRP's RWA use cases revolve around leveraging the XRP Ledger (XRPL) to tokenize real-world assets (RWAs), enabling their secure and efficient digital representation and trading. This involves converting physical assets, like real estate or commodities, into digital tokens on the XRPL, facilitating fractional ownership and enhancing liquidity.
Key aspects of XRP RWA use cases:
Tokenization:
The process of converting RWAs into digital tokens on the XRPL, allowing for their secure recording and transfer.
Fractional Ownership:
RWAs can be divided into smaller, tradable units (tokens), making them accessible to a wider range of investors.
Enhanced Liquidity:
Tokenization creates a more liquid and accessible market for RWAs compared to traditional methods.
Increased Accessibility:
Tokenization can democratize access to assets previously reserved for institutional or accredited investors.
Security and Transparency:
The XRPL's decentralized and secure architecture ensures the integrity and transparency of RWA tokenization.
Speed and Efficiency:
The XRPL's fast transaction speeds (3-5 seconds) and low costs streamline the process of tokenizing and trading RWAs.
Examples:
Real Estate: Tokenizing real estate, enabling fractional ownership and trading of properties.
Commodities: Representing commodities like gold or oil as digital tokens, facilitating their trading and investment.
Other Assets: Tokenizing various assets like artwork, debt instruments, and more, opening up new investment opportunities.
Benefits of XRP for RWA Tokenization:
Built-in Functionality:
The XRPL has built-in features that simplify the process of tokenizing RWAs without the need for complex smart contracts.
Compliance-Enabling Features:
The XRPL offers features that facilitate compliance with regulatory requirements for asset tokenization.
Scalability and Interoperability:
The XRPL is designed to handle large-scale tokenization projects and can interact with other blockchain networks.
Efficiency and Cost-Effectiveness:
The XRPL's low transaction fees and fast transaction speeds make it an efficient and cost-effective platform for tokenization.

[fujiyamasan]

6. Thanks for bringing up XRP

Ripple seems to have an actual use case.

I think this is the problem with much of the discussion here around crypto. It’s a very broad area. There are some coins and tokens with real utility like XRP and there are obvious scams and pump and dump schemes (like the trump coin).

[masmdu]

12. Very true...

Many interesting projects and use cases. I stay completely away from the Meme coins (lottery tickets).

[Passages]

10. Is there a link for that information?

Joseph Stiglitz: Bitcoin ought to be outlawed

The World Economic Forum
https://www.weforum.org › stories › 2017/11 › joseph-...
Nov 30, 2017 — Nobel prize-winning economist Joseph Stiglitz has said the cryptocurrency 'doesn't serve any useful function'.

[masmdu]

15. Here you go...

https://www.democraticunderground.com/?com=view_post&forum=1002&pid=20382403

[surfered]

14. Thanks.

[masmdu]

16. You're welcome.

[BeyondGeography]

2. Hard not to think is all about avoiding getting firebombed by crypto cash during campaign season

IOW, if Dems stuck with what they really think about crypto they wouldn’t be straddling any fences and restricting the flow of blood to certain bodily regions.

[gab13by13]

3. The fucking Genius Act is Horrible

If banks fail the Genius Act pays off cryptocurrency investors first and if there is money left, regular investors next.

Drug cartels and Krasnov love Crypto, Krasnov has made at least 3 billion dollars in crypto this year.

All of Krasnov's economic policies are aimed at weakening the dollar and strengthening Crypto.

Democrats should be united against Crypto.

[fujiyamasan]

9. Who are "regular investors"?

I think much of crypto is made of retail investors. Besides, are we talking about Bitcoin or meme coins like the Trump coin, which are obvious scams?

Being “united against crypto” means nothing to earn the trust of regular investors. It’s a lot more nuanced.

[NoMoreRepugs]

4. Crypto is only going to become more interconnected with our economy

as VonSchitzInPants attempts to make it a part of our national currency. It means tens of billions of dollars to him personally.

[gab13by13]

8. Everything he has done economically

has been done to weaken the dollar and strengthen crypto.

Tariffs
Force Jerome Powell to lower interest rates.
The Genius Act.

[Passages]

11. Unforgivable.

.

[Torchlight]

13. When money laundering is legal, none dare call it money laundering