Pro-crypto Miami Mayor joins presidential race, XRP tracks crypto lower on Fed rate signal

Pro-crypto Miami Mayor joins presidential race, XRP tracks crypto lower on Fed rate signal
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Pro-Bitcoin Miami Mayor Francis Suarez announced his bid for the US presidency. Photo by Shutterstock
  • Crypto-friendly Miami Mayor Suarez announces candidacy.
  • XRP loses Tuesday gains after Fed signals rate hikes.
  • And much more in today’s Snapshot.

Crypto-friendly Miami Mayor Suarez announces candidacy

Miami’s Bitcoin friendly Mayor, Francis Suarez, filed paperwork to run for US President on Wednesday, as the Republican election roster continues to swell.

Suarez will run against fellow Republicans former President Donald Trump and Florida Governor Ron DeSantis, among others jockeying for position in the 2024 election.

The Miami mayor has pushed in recent years to make the city a global crypto hub, and takes his salary in Bitcoin.

Running mate Ron DeSantis made news in the past few months when he voiced opposition to the creation of a US digital dollar, known as a central bank digital currency.

XRP loses Tuesday gains after Fed signals rate hikes

Crypto markets took a tumble on Wednesday, tracking stock markets, after the US Federal Reserve signalled at least two more rate rises after pausing rates on Wednesday. Ripple Labs’ embattled XRP token hit hardest among large cap tokens. Bitcoin also fell.

XRP pumped on Tuesday amid a key document release in a lawsuit between Ripple Labs and the US Securities and Exchange Commission.

In 2022, the SEC sued Ripple Labs over what it alleges was the sale of unregistered securities by the firm, with XRP among them.

The XRP lawsuit has been considered a precedent-setting case in the SEC’s campaign to clamp down on the crypto industry, and its forthcoming resolution will play out amid a backdrop of fresh lawsuits against Binance.US and Coinbase.

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NOW READ: SEC lawyers say ‘Coinbase is not entitled’ to lawsuit response

Apple shoots down Lightning Network-backed Zeus wallet

Tech giant Apple rejected Bitcoin wallet Zeus from its App Store, a day after it demanded decentralised social media platform Damus remove Bitcoin tipping from its platform.

Apple’s measures against the Lightning Network-enabled apps rise from company policies which insist apps provide proof of licencing to allow digital asset payments.

At issue are non-custodial wallets — Zeus being one such wallet — which many commentators feel shouldn’t be considered money transmitters.

Centralised exchanges such as Binance and Coinbase offer custodial wallets, and as such need to meet Apple’s requirements to list on the App Store.

Damus agreed to remove its zap function from content sections, and has been permitted to remain on the App Store.

NOW READ: Feds grab win against Ooki DAO but who will pay the $650,000 penalty?

Brazil paves way for crypto regulation with new legislation

Brazilian President Luiz Inácio Lula da Silva approved legislation on Wednesday to allow the country’s central bank to regulate cryptocurrencies.

The new rules empower Brazil’s central bank to regulate tokens labelled securities, and also to choose which companies may operate in the country.

In March Brazilian banks launched a joint pilot program to test a Brazilian CBDC, the digital real.

NOW READ: Korean crypto lender Delio halts withdrawals amid contagion fears

Binance.US market share in US drops to lowest levels since 2020

Embattled crypto exchange Binance.US’s American market share fell to its lowest levels since 2020, according to data firm Kaiko.

The drop in market share — down to 2.6% — comes as the US Securities and Exchange Commission sued the company last week on several allegations such as violation of securities laws.

Binance.US exchange volume has dropped for three consecutive months, down to $5.9 billion from $17.6 billion in March.

NOW READ: Crypto bill author McHenry says SEC should have ‘taken out’ Binance years ago

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