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House Dems Warn of Corruption in Trump’s Crypto Business Moves

The crypto industry is waiting for President Donald Trump to issue an executive order that will steer the federal government toward a new, more welcoming era for digital assets oversight. That’ll be good for Trump’s own business, and that’s one of the reasons Democrats in the House of Representatives are already shouting about ethical lapses in the administration.
A Trump executive order on crypto stands to increase the value of at least two components of Trump’s family business: crypto venture World Liberty Financial and the eponymous token (TRUMP) launched right before he returned to the White House. Gerry Connolly, the top Democrat on the House Oversight Committee, requested an investigation of the president’s business relationships in a letter sent to the committee’s Republican chairman one day into Trump’s new term.
«This committee must take immediate action to investigate the grave conflicts of interest
Donald Trump carries with him to the Office of the President,» he wrote in the request, which is unlikely to lead to formal scrutiny on the leader of the Republican Party, who demands loyalty from senior GOP officials. «The expanding scope of President Trump — and by extension The Trump Organization’s — financial entanglements and quid pro quo promises are troubling.»
Earlier, as Trump’s oath still echoed through the Capitol Rotunda, Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, expressed alarm about Trump’s coin.
«Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle,» Waters said in a January 20 statement. «Buyers could include large corporations, allied nations who are pressed to show their ‘respect’ for the president, and our adversaries, like Russia and China, which have much to gain from influencing a Trump presidency.»
Waters argued that the token doesn’t just compromise Trump, but she said it taints the wider industry, «which has long fought for legitimacy and a level playing field with other financial institutions.»
The California Democrat worked for months with former committee Chairman Patrick McHenry on a stablecoin regulation bill, but they failed to reach a bipartisan compromise. Waters will still be in a position to weigh in on crypto bills during this session.
Though Trump had promised fast action on cryptocurrency when he returned to the White House, the crypto industry isn’t yet among those benefiting from the extensive array of executive orders the president has already signed. So far, the most significant action from the overhauled U.S. government is the establishment of a crypto task force by the acting chair of the Securities and Exchange Commission, Mark Uyeda.
Read More: SEC Forms New Crypto Task Force Spearheaded by Hester Peirce
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CoinDesk 20 Performance Update: SUI and POL Rise 7.5%, Leading Index Higher

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2556.62, up 2.1% (+52.39) since 4 p.m. ET on Monday.
Fifteen of 20 assets are trading higher.
Leaders: SUI (+7.5%) and POL (+7.5%).
Laggards: FIL (-4.5%) and XLM (-1.6%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
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DAO Infrastructure Provider Tally Raises $8M to Scale On-Chain Governance

Tally, a leader in on-chain governance tooling, has secured $8 million in Series A funding aimed at scaling its governance technology to more crypto-native decentralized autonomous organizations (DAOs).
Tally is best known for the Tally Protocol, which powers infrastructure to help leading protocols conduct effective on-chain governance of their DAOs, including Arbitrum, Uniswap DAO, ZKsync, Wormhole, Eigenlayer, Obol and Hyperlane.
«We’ve built this complete stack of software for operating these on-chain organizations,» Dennison Bertram, CEO and co-founder of Tally Protocol, said in an interview with CoinDesk. «We can take you from your idea to launching your token, to distributing your membership or ownership, all the way to the value accrual for your protocol.»
The platform began as a DAO governance tool and has evolved into the most widely adopted software stack for on-chain organizations across the Ethereum and Solana blockchains, it said in a release.
«On-chain governance and capital formation could, in theory, dramatically reduce the complexity and cost of forming and operating organizations by moving these processes entirely into software rather than traditional jurisdictions guided by platforms like Tally,» Bertram said.
One day, on-chain organizations might be seen as a way to compete with nation states, he argued, referencing the costly and lawyer-intensive process of registering foundations and other legal entities typically used for crypto.
«Whoever embraces crypto really fully might actually be embracing fully the future,» he said.
Fixing vote turnout for better governance
One issue that Tally aims to tackle with funding from the Series A is low voter participation and apathy in DAO governance, which has led to sometimes controversial outcomes.
Last year, for example, a group of CompoundDAO token holders, called Golden Boys, successfully passed a controversial proposal to create a yield-bearing product called goldCOMP.
Despite initially gaining traction, the proposal faced significant controversy due to perceived irregularities, low voter turnout and a lack of widespread community engagement.
Ultimately, the Golden Boys agreed to cancel goldCOMP, which highlighted the broader issue of governance apathy within DAOs rather than any technical exploit or malicious intent.
«Many of the people that you should expect to vote ‘no’ on something like this didn’t show up,» Bertram said in an earlier interview. «What it shows is that the democratic process of governing a DAO is imperfect and needs improvement.»
To address this, Tally has developed staking mechanisms designed to reward active governance participants economically. Users can stake their governance tokens to receive Tally Liquid Staked Tokens (tLSTs), earning passive, auto-compounding yields while retaining voting rights within DAOs.
“This fundraise is really about leaning into the original vision,” Bertram said. “Now that we’ve proven that this works, that you can have these large organizations, it’s time to really scale it up.”
Institutions are getting involved in DAOs
Bertram also emphasized that recent regulatory clarity and shifts in attitude toward crypto governance in the U.S. have opened the door for increased institutional participation in DAOs.
“With this clarity, we’re going to get a lot more participation, not necessarily from average Joe token holders, but actually from large organizations that depend on the infrastructure they’re building on,” he said. “These organizations are going to need and want the ability to actually govern the infrastructure that they operate on.”
Ultimately, Bertram sees Tally’s role as pivotal in advancing decentralized governance and unlocking greater economic value for token holders by directly rewarding active, informed participants.
«Given the new acceptance of crypto as a key driver of future value in America, it’s time to scale it beyond crypto and make it a core primitive for creating new organizations,” he said.
The round was led by Appworks and Blockchain Capital with participation from BitGo amongst others.
Tally previously raised $7.5 million in 2021 across two funding rounds.
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Dutch Bank ING Said to Be Working on a New Stablecoin With Other TradFi and Crypto Firms

Dutch bank ING is working on a stablecoin, looking to take advantage of Europe’s new cryptocurrency regulations that came into force last year, according to two people with knowledge of the plans.
ING’s stablecoin project could take the form of a consortium effort involving other banks and crypto service providers, both people said.
“ING is working on a stablecoin project with a few other banks. It’s moving slow as multiple banks need board approval to set up a joint entity,” one of the sources said.
ING declined to comment.
Europe’s Markets in Crypto Assets regime [MiCA] requires stablecoin issuers across EU member countries to hold an authorization license, while promoting the potential of euro-denominated stablecoins (the vast majority of the stablecoins in circulation are pegged to the U.S. dollar).
MiCA’s stablecoin rules, which also require issuers to maintain significant reserves in banks based in Europe, have strengthened compliant offerings like Circle’s euro stablecoin EURC over its main rival Tether, according to a note early this year from JPMorgan.
Banks like ING entering the European stablecoin space means French lender Société Générale, the first big bank to offer a stablecoin through its SG Forge innovation division, will soon have some competition.
Read more: Stablecoin Market Could Grow to $2T by End-2028: Standard Chartered
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