In today’s bitcoin and cryptocurrency news, learn about Jim Messina, a previous close advisor to former President Barack Obama has become a key advisor on Blockchain.com’s government relations and policy strategy for the crypto company. Meanwhile, last 24 hours, crypto markets fell. Bitcoin, BNB, Polygon MATIC, and Ether fell. Ripple, Cardano, and Solana, layer 1 coins, rose. Stablecoins are up. While, nonprofits are continually looking for methods to connect with younger donors. The average U.S. donor is 64 and gives twice a year. By accepting crypto donations, NGOs attract younger donors. Finally, cryptocurrency trading platform Binance will now be able to expand its services in Dubai, as the emirate continues to ramp up efforts to draw in companies working with digital money.
Former Obama Advisor Advises London Crypto Business on Lobbying and Policy
Jim Messina, former President Barack Obama’s deputy chief of staff, is helping a London-based cryptocurrency trading platform campaign for additional rules in the U.S. and internationally.
The seasoned political operative joined Blockchain.com’s board early last year and advises on government relations and policy, CBO Lane Kasselman told CNBC.
The crypto business is lobbying globally as severe rules loom. The Biden administration revealed its crypto regulatory framework earlier last month, including fraud-fighting measures.
Kasselman said Messina guides the company’s lobbying and policy initiatives. Messina isn’t a registered lobbyist, but he advises his staff on lobbying technique.
“We’re one of the most prolific companies in the U.S. and western Europe when it comes to crypto policy engagement.” That’s thanks to Jim’s supervision,” Kasselman added. Messina is now the CEO of The Messina Group.
Messina is not a registered lobbyist, yet his firm has advised Uber, Pillpack, Airbnb, Google, Delta Air Lines, and Hutchison Whampoa.
Messina’s firm advised Obama, Theresa May, David Cameron, Enrique Pea Nieto, Mauricio Macri, and Matteo Renzi. Messina posted photos from the White House as Obama and Michelle Obama’s portraits were unveiled.
Kasselman credits Messina with hiring Blockchain.com’s U.S. and European policy heads. Blockchain.com, which has U.S. headquarters in Miami, advocated for the Digital Financial Assets Law, which would strengthen oversight in California, where many U.S. crypto firms are domiciled. “They offered adjustments and suggestions,” Kasselman added. “Implementation time” was their “primary amendment emphasis,” he stated.
If enacted by Gov. Gavin Newsom, the bill would compel digital-asset exchanges to receive licenses from the state’s Department of Financial Protection and Innovation in 2025.
Kasselman said Messina helped them lobby the European Parliament on its Markets in Crypto-assets guidelines.
Kasselman said they won their latest struggle with parliament members and staff as the EU decided “whether or not to ban non-custodial wallets.” Blockchain.com touts digital wallets as ultra-secure crypto savings accounts.
“We believe in giving people control of their assets and protecting them from intervention. Jim made us think about what would work in Brussels. What worries these lawmakers, and how can we solve them?'” said Kasselman. As a result of his advice, having worked with European heads of state for years, we built, I don’t want to call it a campaign, but a case that we presented to ministers and won.
Swan, the company’s head of European policy, met with Mairead McGuinness’s employees in May to discuss transfer of funds laws. Last year, McGuiness called bitcoins “one of the newest ways to launder money”
While Bitcoin, Ethereum, and Dogecoin All Fell, Ripple Rose by 8%
Cryptocurrency prices are down early Wednesday. The worldwide cryptocurrency market cap is down 2.38% to $938.18 billion. Total cryptocurrency market volume in the last 24 hours is $66.60 billion, 9.97% less than Tuesday’s levels. Bitcoin’s dominance is 39.30%, a 0.29 percent drop from 24 hours ago.
Ethereum and BNB
Bitcoin, Ethereum, and BNB have all fallen in the past day.
Bitcoin is at $19,092, down 1.5%. Ethereum’s Ether fell 1.5% and is trading at $1,341. BNB, a Binance Smart Chain coin, dropped 0.87 percent.
Stablecoins USDT, USDC, DAI, and BUSD.
USDT, BUSD, DAI, and USDC are gaining.
The USDT Tether stablecoin climbed 0.1% in 24 hours and is trading at $1. The $1 USDC stablecoin is up 0.02 percent. In the last 24 hours, BinanceUSD gained 0.5%. Stablecoin is trading at $1, while DAI is trading at $0.9999.
Blockchain tokens layer 1
Unlike other cryptos, Ripple, Solana, Avalanche, and Cardano have gained in the previous 24 hours.
The Solana blockchain’s SOL rose 1.22 percent. Ripple increased 8.22% while AVAX rose 1.06%. Cardano rose 4.26 percent.
Dots and polygons
Both Polkadot’s DOT and Polygon’s MATIC have shown negative momentum. The DOT token is down 3.98% while Polygon’s MATIC token is down 2.59% in the last 24 hours.
Meme cryptos also lost ground. Dogecoin is down 1.02 percent and Shiba Inu is down 2.75 percent in 24 hours.
The bulk of leading cryptocurrency tokens, save layer 1 blockchain native cryptocurrencies, have fallen in the recent 24 hours.
Why Charities Embrace Crypto
Original Source: Here’s Why Charities Are Embracing Cryptocurrency
Over $300 million in cryptocurrency were donated in 2021. Thousands of NGOs now accept bitcoin donations, making it easy for crypto investors to help out.
Cryptocurrency is gaining popularity among charities. Here are four reasons why organizations are using this new cash source to diversify their revenue and donor base.
Crypto opens a new donor demographic
Nonprofits want to interact with young individuals who can become legacy donors. Average U.S. donor is 64 and gives twice a year. By accepting bitcoin donations, NGOs attract a younger donor base.
Pew Research says 43% of U.S. men 18 to 29 had invested in bitcoin. Only 8% of those 50 to 64 and 3% of those 65 and above have dabbled in crypto. The crypto market is worth about $1 trillion at the time of writing, thus by taking bitcoin donations, NGOs are targeting young people who hold a major portion of the industry’s wealth.
It’s a young generation with disposable income. According to Gemini, the average crypto owner earns $111k a year, giving them disposable income.
Bitcoin offers unique marketing opportunities and brand awareness.
Accepting cryptocurrency donations is a great way to raise money and build brand awareness. When a nonprofit accepts crypto donations, NFT creators can add a philanthropic element to their projects. We’ve found that celebrity-backed NFT projects draw media attention, especially when the proceeds go to a good cause. By aligning with NFT projects, nonprofits gain new donors and raise awareness of their mission.
Did you know crypto investors are more generous? In 2020, 45% of cryptocurrency investors donated $1,000 or more, but only 33% of all investors did.
Nonprofit Times said the average crypto donation in 2021 was $10,455. It’s 19 times the average $574 cash donation.
How to tell if your nonprofit should accept crypto
Many nonprofits must decide whether to accept crypto donations. Most successful crypto fundraisers have a digital native and social media expert on their team. It’s not necessary to understand crypto to fundraise, but those with a team dedicated to online presence are more successful than those who rely on old-school methods.
Crypto donors are younger and spend more time online than traditional 65+ donors. By being online, crypto donors can find and donate to your nonprofit.
Accept crypto donations
Before choosing a crypto solution for your nonprofit, consider the following:
How many cryptocurrencies does the site accept?
What does the nonprofit do with tax receipts?
It provides fundraising and technical support?
Have they built successful fundraising programs for other nonprofits?
By asking these questions, you’re closer to finding the right crypto processing solution for your nonprofit and embracing crypto philanthropy.
Binance cryptocurrency exchange awarded Dubai license
Binance can now expand its services in Dubai, which is aiming to attract digital currency startups.
The Virtual Asset Regulatory Authority in Dubai has awarded Binance a fresh license to offer its services to consumers and institutional clients, WAM reported.
Sheikh Mohammed bin Rashid, UAE Vice President, Prime Minister, and Ruler of Dubai, launched the regulatory organization in March to “protect investors and foster growth in the virtual asset business,” WAM stated.
Dubai gave Binance a virtual asset license in March, allowing it to “offer restricted exchange goods and services to pre-qualified investors and professional financial service providers.”
The new license allows the company to “establish a client money account with a domestic bank and profit from new services,” according to WAM.
According to PwC, the UAE’s share of the global crypto industry surged 500% between July 2020 and June 2021, and there are more than 400 crypto enterprises in the country.
Dubai, the UAE’s crypto capital, doesn’t accept cryptocurrency payments for items, so buyers must go to an exchange house to convert it into fiat currency, such as UAE Dirhams or US dollars. e-Toro, Coinbase, and OKX are UAE crypto exchanges.
Companies involved in crypto payments are still moving to the UAE, an indication that the country’s efforts to attract crypto-based company are working.
“We’ve heard of firms [and] businessmen moving to UAE because of these advantageous regulations,” Kim Grauer, Director of Research at Chainalysis, a platform that provides statistics on blockchain, told Al Arabiya English.
Crypto.com and Bybit established Dubai offices in March. Bybit and Crypto.com relocated to Dubai.
“Positioning itself as a global digital hub, authorities are working to modernize its economy by embracing fintech ideas and developing legal frameworks,” the company said at the time.
Binance will serve retail investors.
Summary of today’s Bitcoin and Cryptocurrency news
In simple terms, Kasselman said Messina helped them lobby the European Parliament on its Markets in Crypto-assets guidelines. Kasselman said they won their latest struggle with parliament members and staff as the EU decided “whether or not to ban non-custodial wallets.” Blockchain.com touts digital wallets as ultra-secure crypto savings accounts.
Meanwhile, Meme cryptocurrencies also fell. Dogecoin is down 1.02 percent, while Shiba Inu is down 2.75 percent. Most leading cryptocurrency tokens, save layer 1 blockchain native cryptocurrencies, have seen a 24-hour drop.
In addition, Crypto donations are a huge decision for many organizations. Successful crypto fundraisers have a digital native and social media aware team member. It’s not necessary to comprehend crypto to fundraise, but those who have team members dedicated to an online presence are more effective.
Finally, both Crypto.com and Bybit stated in March 2018 that they would establish a presence in Dubai. Bybit established its worldwide offices in Dubai, and Crypto.com relocated its regional headquarters there as well. Positioning itself as a global digital hub, authorities have been making steps to change its economy, adopting the latest fintech ideas while providing the required legislative frameworks, the company wrote in a blog post at the time. This will allow Binance, a cryptocurrency exchange, to serve retail customers.