Crypto executives and lobbyists have poured in $30M to influence campaigns in Washington. Crypto financiers are funding campaigns in favor of the crypto industry to create awareness. More: - U.S. Rep. Ritchie Torres (D-N.Y.) wrote an op-ed in the New York Daily News in which he called on New Yorkers to support crypto because it is "here to stay," he says.
- After the op-ed was published in March, there were two fundraising events for Torres' campaign hosted by crypto industry backers. One, called the "Ritchie Torres Ethereum Fundraiser," was hosted by Ben Horowitz, Anthony Albanese, and Chris Dixon in April.
- One of the invitees promised "cocktails and conversation" with Torres, asking people to donate around $500 to $5,800 to attend the event.
- Crypto financiers also launched two new political action committees, including GMI PAC, which aims to add more congressional candidates to campaigns. FTX CEO Sam Bankman-Fried donated $2M to the super PAC.
CNBC 
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Bill Ackman has reviewed the algorithm of TerraUSD’s so-called stablecoin and called it the pyramid scheme of the crypto industry. More: - Ackman believes that the TerraUSD token can destroy the entire crypto industry. He tweeted on Monday, saying, "When I read about the 'algorithm' of @terra_money, it sounds like a crypto version of a pyramid scheme."
- He believes that there is no viable business model behind Terra, and investors were promised 20% returns that gain value only when new investors buy the token.
- Ackman explained that the first red flag was when Luna attracted investors by limiting the supply of tokens via a vesting schedule, and last week, the token collapsed when "sellers overwhelmed buyers."
Fortune
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China is still second to the U.S. in terms of bitcoin mining capacity despite banning crypto mining in the country. Hashrate measures total computing power on the blockchain network, and China accounts for 21%, while the U.S. accounts for 38%. More: - In 2020, China accounted for 67% of all crypto-mining activity before the government officially banned crypto operations in June 2021.
- Multiple Chinese miners have found a way to escape the bitcoin ban by using foreign proxy servers to hide activity.
- Even before the Chinese ban, U.S.-based mining growth outpaced growth overall, doubling from 11% to 22% of the network hashrate in the first half of 2021.
- Growth in the U.S. has been significant enough to prompt the CCAF to add a U.S. mining map to its index.
- The map shows that Georgia (31%), Texas (11%), and Kentucky (11%) lead the nation in hashrate.
Decrypt
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The Justice Department launched a criminal prosecution for using crypto to evade U.S. sanctions. The crypto industry makes an assumption that the anonymity of users is secure in crypto, which is false, according to a U.S. judge. More: - The government has charged an American citizen accused of sending more than $10M in Bitcoin to a virtual currency exchange in a country that has been hit with U.S. sanctions. The citizen was not named as details of the case remain sealed.
- U.S. Magistrate Judge Zia M. Faruqui believes that anonymity in the crypto space is a myth.
- He also explained in a nine-page opinion that although some legal experts believe that U.S. sanction laws do not apply to the crypto industry because they exist outside of the current financial system, he believes that it is wrong to assume that crypto is untraceable and that sanctions don't apply.
- The Treasury Department prosecuted the first crypto-related case against Lazarus Group, in which hacked funds were linked to the North Korean government.
Washington Post
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Bank of France Governor François Villeroy de Galhau said government representatives from the U.S., Canada, Japan, Germany, France, Italy, and the United Kingdom will review crypto regulations this week at the G7 meeting. More: - In the wake of recent crypto volatility, the central bank governors and finance ministers will discuss global crypto regulations at the G7 meeting starting Wednesday.
- The finance ministers believe that crypto assets need to be regulated, so they don't disrupt the international financial system.
- The meeting agenda will include guidelines around rolling out central bank digital currencies and warn that stablecoins can disrupt the global financial systems.
Zoom out: - The Portuguese archipelago of Madeira announced during the Bitcoin 2022 conference in Miami that it has adopted Bitcoin, causing confusion. Miguel Albuquerque, the President of Madeira, said, "I believe in the future, and I believe in Bitcoin."
- He also promised the creation of a Bitcoin-friendly environment but no further details were disclosed. World media immediately announced that Medeira is adopting Bitcoin as a legal tender, causing confusion, but this is not the case.
Cointelegraph
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Spotify may launch NFTs to enhance the fan experience. The company will not launch an NFT marketplace but will direct users to OpenSea once launched. More: - Spotify is studying the possibility of adding NFTs on musician profiles in an effort to help artists and fans enhance their experience on the platform.
- The company launched a survey to collect user feedback to review the possibility of launching NFTs.
- Spotify will not charge a fee for the NFT during the testing period.
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- Binance's Luna investment was once worth $1.6B but has dropped to less than $3,000.
- How will the crypto crash impact the U.S. economy?
- Robinhood will launch a non-custodial wallet sometime this year. NOTE: Inside.com's founder and CEO, Jason Calacanis, is an investor in Uber.
- A fifth of U.S. and European businesses have said that a serious cyber-attack nearly destroyed them, with (87%) of them viewing it as a bigger threat than an economic downturn.
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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