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North Carolina Prohibits Donating Crypto to Political Causes

  • Alex Morris
    📰 News

    North Carolina becomes one of the few US states to ban using crypto for funding political campaigns


North Carolina Prohibits Donating Crypto to Political Causes
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North Carolina has recently prohibited political candidates from taking any campaign contributions in Bitcoin (BTC) or any other cryptocurrency. While the crypto industry starts gaining significant influence in American politics, it is unclear whether other states will follow suit.

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Banning crypto from politics

N.C. State Board of Elections & Ethics Enforcement announced its ban on crypto in political campaigns after receiving Emmanuel Wilder’s request to accept donations in numerous digital assets. Wilder, who is going to represent the Republican Party during the upcoming midterms, shows respect for the decision, but he does not hide his disappointment.

What prompted the ban?

The main reason behind the ban was an inability to properly value cryptocurrencies, which gives ground for financial manipulations. Despite the fact that Wilder had provided a possible solution to this problem in his initial request, executive director Kim Westbrook Strach is certain that they will not be able to fully control all crypto donations sent to political causes.

Another possible problem may be Bitcoin’s emphasis on privacy and anonymity. It clashes with North Carolina’s disclosure requirements for political candidates.


Crypto’s legitimacy remains in limbo

It is worth mentioning that North Carolina, in fact, is not the first state that prohibited candidates to raise funds for their campaign in cryptocurrencies. A Kansas state government commission banned any Bitcoin contributions because of their ‘disruptive nature’ that could have a damaging influence on the election process. Other US states still allow crypto contributions if they do not exceed the FEC’s contribution limits for federal elections.  

However, the crypto industry is gradually getting more leverage in US political circles. As CryptoComes has already reported, 2020 US presidential candidate Andrew Yang along with many congressional candidates now accept crypto for their respective campaigns. Meanwhile, Coinbase, a leading American cryptocurrency exchange, is starting its own PAC.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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