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Block 1: Key News
Cryptos excluded from Harris program
Kamala Harris's presidential platform, unveiled at the Democratic National Convention, makes no mention of cryptocurrencies, despite including other technologies such as artificial intelligence. Unlike Donald Trump, who supports pro-crypto measures in his platform, Harris’s omission raises questions about her commitment to the cryptocurrency industry. Meanwhile, rumors are circulating about the possible appointment of Gary Gensler, known for his anti-crypto stance in recent years, as Secretary of the Treasury if Harris wins.
The Trump family in crypto
Donald Trump launched his 4th NFT collection this week, with reports indicating that the first three collections have already generated a million dollars, despite not being intended to fund his presidential campaign. Meanwhile, his sons, Donald Trump Jr. and Eric, are developing a decentralized finance (DeFi) platform called World Liberty Financial, aimed at competing with banks and financial institutions, which they describe as "corrupt." The project has attracted significant interest, with thousands of followers on Telegram and X. Their broader goal is to modernize the financial system by eliminating inefficient intermediaries and offering more opportunities to ordinary citizens.
Binance: Gambaryan trial
The trial of Tigran Gambaryan, Head of Compliance at Binance, began in Nigeria following his arrest in February 2024. He faces charges of money laundering and financial crimes totaling $34 million, suspected of using Binance for illicit activities in the country. Gambaryan, who has been detained for six months, has seen his health deteriorate and has complained of rights violations, including being denied access to legal counsel. Despite Binance’s calls for his release, the trial continues under challenging conditions for the accused.
Japan: Towards a pro-crypto stance?
Japan's Financial Services Agency is considering classifying cryptocurrency holdings as financial assets rather than income, which could lower taxes for those making significant gains. Currently, profits from cryptocurrencies are taxed as income, with rates of up to 45% for high earners, while capital gains from securities are taxed at a flat 20%. The agency suggests this change could encourage wider use of crypto-assets, boosting wage growth and asset creation. Japan has been reviewing its crypto tax policies after high taxes drove many companies out of the country. Last year, Japan exempted cryptocurrency issuers from taxes on unrealized gains.
Block 2: Crypto Analysis of the Week
Musk wins his lawsuit
Plaintiffs seeking a staggering $258 billion were dismissed by a federal judge in New York on August 29, 2024. They accused Elon Musk and Tesla of manipulating the price of dogecoin, a parody cryptocurrency launched in 2013 and inspired by the "Doge" meme featuring a shiba inu dog. Musk, true to form, had frequently expressed support for dogecoin on Twitter (now X). In December 2020, he tweeted "One word: Doge," causing the currency’s price to surge.
But that wasn’t all. In April 2023, Musk temporarily replaced Twitter’s blue bird logo with the famous "Doge" dog, and in May 2024, Tesla announced it would accept dogecoin as payment. These endorsements frustrated a group of investors who, since 2019, had lost money buying and selling dogecoin. In June 2022, some of them filed a lawsuit, arguing that Musk, knowing the cryptocurrency's low intrinsic value, should be held responsible for their losses.
However, the courts disagreed. The judge found Musk’s statements "aspirational" rather than factual claims that a reasonable investor could rely on. Accusations of "pump and dump"—where Musk and Tesla were accused of artificially inflating dogecoin's price and then selling for profit—were also dismissed, with the judge calling them "incomprehensible."
Despite this setback, the plaintiffs have not given up and plan to appeal. They argue that Musk’s public statements have led to significant losses for millions of investors. The case is far from over, and the debate about Musk’s influence on dogecoin's price continues. Stay tuned!
Block 3: Tops & Flops
MarketScreener
Block 4: Readings of the week
Inside a16z Boot Camp for crypto startups (Wired)
Gift card scams generate billions for fraudsters (The Conversation)
Why most companies fail to take advantage of new technologies (Project Syndicate)
