Roger Ver, once known as “Bitcoin Jesus,” is now facing serious charges, including mail fraud, tax evasion, and filing false returns. But Ver isn’t relying on the courts alone—he’s taking his fight to Capitol Hill.
$600K Lobbying Effort to Influence Congress
According to filings, Ver paid $600,000 to Trump ally Roger Stone to lobby Congress to amend the law he’s accused of breaking. The New York Times reported that Stone was hired in February. Ver denies wrongdoing but admits he struggled to manage his U.S. exit tax, citing Bitcoin market illiquidity at the time. In a January video, Ver made a public appeal to Trump, warning he faces over 100 years in prison for promoting crypto.
Support for Ver is growing. Silk Road founder Ross Ulbricht, serving a life sentence, has called for Ver’s pardon, highlighting Ver’s past support. American economist Jeffrey Tucker also defended Ver, calling him a hero being punished for advocating freedom.
Ver’s push coincides with Trump’s growing support for crypto and retreat from tough SEC regulations. Whether Ver’s lobbying will pay off remains uncertain, but the message is clear: crypto’s future now runs through political corridors.
Why did Roger Ver pay $600,000 to Roger Stone?
Roger Ver paid $600,000 to Roger Stone to lobby Congress to amend the law he is accused of breaking and to influence political support for his legal battle.
Is Donald Trump’s pro-crypto stance likely to help Roger Ver’s case?
Trump’s softer stance on crypto could create a more favorable political environment, but it’s unclear if it will directly impact Ver’s legal outcome.
How did Bitcoin’s illiquidity cause Ver’s tax issues?
Ver claims Bitcoin’s market was too illiquid when he renounced his U.S. citizenship, making it difficult to sell enough coins to cover his exit tax obligations.
Crypto.com has ignited controversy within its community after proposing to re-mint 70 billion CRO tokens. This decision marks the reversal of a 2021 token burn intended to reduce the circulating supply permanently.
The move, which passed at the last minute with a decisive vote, has left many CRO holders feeling betrayed.
Crypto.com Makes Last-Minute Push to Secure Victory
The outcome remained uncertain for most of the proposal’s voting period, which ran from March 2 to March 16. While the “yes” votes narrowly led, the proposal did not pass the 33.4% quorum of eligible votes.
That changed on Sunday at 14:00 UTC when a sudden influx of 3.35 billion CRO tokens tipped the balance. This secured the necessary quorum and significantly boosted the “yes” votes. Notably, voter turnout was 70.58%, exceeding the required threshold. The final tally was 62.18% in favor, 17.61% against, and 20.11% abstaining.
To put it in perspective, only 11.86% of validators voted “yes,” with only two of its validators (Starship and Falcon Heavy) supporting the proposal initially.
By the end of the vote, three more Crypto.com-controlled validators, Electron, Antares, and Minotaur IV, joined them. Meanwhile, two independent validators, Cosmostation and Polkachu.com, also backed the proposal.
Notwithstanding, their votes had minimal impact on the outcome as Crypto.com controls between 70-80% of the total voting power. This means the company tipped the scales through its dominance over the network.
Community members were quick to express frustration, accusing Crypto.com of manipulating the process. Based on the claims, it appears the Crypto.com exchange leveraged its significant control over the network’s validators. One large token holder voiced their disappointment on Telegram.
“They [Crypto.com] pushed their votes almost at the last minute. And now they created a precedent that other projects could follow,” Unchained reported, citing a community member on Telegram.
Repercussions for Crypto.com and Cronos Blockchain Upgrade
With the vote secured, Crypto.com is set to upgrade the Cronos blockchain, re-minting 70 billion CRO tokens. The newly minted supply will vest over five years and serve various purposes, including the potential creation of a CRO ETF (exchange-traded fund).
Notably, the original 70 billion CRO burned in 2021 will remain out of circulation. Nevertheless, the timing and nature of this decision have fueled skepticism within the community, especially given Crypto.com’s prior assurances that the 2021 burn was final.
A day after the controversial re-minting passed, Crypto.com introduced another proposal to burn 50 million CRO tokens. This constitutes about 0.07% of the freshly minted supply and has been met with widespread derision.
“It is a spit in all CRO holders’ faces. I mean, how dare you re-mint 70 billion tokens and on the same day start a proposal for burning 50 million tokens,” crypto journalist Laura Shin revealed, citing one validator who opposed the re-minting proposal on Telegram.
The comment reflects the general sentiment among the Crypto.com community. Many feel that this irreparably damaged their trust in the platform.
Amidst an outraged community and eroded trust in Crypto.com, the fallout from this decision could have long-term repercussions for the company and the broader Cronos ecosystem. Meanwhile, voting on the latest burn proposal continues.
The crypto market has rebounded after a recent dip. Currently, the total market cap of the cryptocurrency market stands at $2.96T. In the last 24 hours, the market has experienced a surge of 1.5%. During the period, almost all the top ten cryptos have seen growth. BTC has grown by 2.7%, ETH by 1.6%, XRP by 3.2%, SOL by 3.2% and DOGE by 2.9%. The big question is: what has triggered this rebound? Let’s dive into the key reasons behind this price surge.
Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
announced a 25% tariff on auto imports from Canada and Mexico. The move created havoc in the global economy. It even affected the crypto industry as well. It was feared that the development could push the Northern American region into a severe trade war.
Yesterday, a temporary solution was made in the issue, as Trump agreed to a 30-day delay in the implementation of the tariff plan.
The decision was the final outcome of a series of discussions conducted with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum by Trump.
The temporary halt in the implementation of the plan has averted immediate trade disruptions, and, thus, considerably lowered macroeconomic pressure. Experts opine that this development has positively influenced the crypto market.
Stock Market Gains Add to Crypto Rally
Yesterday, the US market reported a rise of around 1.05%. The S&P 500 index surged from $5,781.50 to $5,842.62.
The crypto market, even crypto stocks, have benefited from this positive momentum in the US stock landscape.
Yesterday, the MicroStrategy stock price climbed from $277.54 to $308.55, marking a notable rise of 11.17%
On the same day, the stock price of Coinbase Global grew from $214.64 to $222.45, recording a surge of 3.63%
Weaker US Dollar and Interest Rate Speculation
In the last four days, the US Dollar index has declined by 3.21%. A weaker dollar can signal concerns about the US economy’s health. It can lead to higher import prices, potentially fueling inflation.
If the dollar is falling, and that fall is contributing to inflation, the US Fed may adjust interest rates. Reports say that there is a 52% probability for a Fed rate cut in June 2025.
Lower interest rates can encourage investors to seek higher returns in riskier assets, such as cryptos.
It is fair to assume that the drop in the DXY index reading and speculations regarding the June interest rate cut have influenced the crypto market positively.
Currently, the total market cap of the crypto market stands at $2.96T. The 200-day SMA of the market stands at $2.79T, the 100-day SMA at 3.28T and the 50-day SMA at 3.19T.
Recently, the market rebounded from the 200-day SMA line – which acts as a strong support. Now, it remains at least 5.74% above the support.
The 100-day SMA and 50-day SMA now act as resistant levels. If it breaks above the range of $3.19T and $3.28T, the market could see a strong bullish rally.
The RSI of the market is at 47.58. This also suggests that there is enough room for the market to grow further.
In conclusion, the crypto market is showing strength, with key technical levels in focus. If the trend continues, a bullish breakout could be on the horizon.
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The post Why Crypto Market Is Up Today: Bullish Technicals & Market Catalysts appeared first on Coinpedia Fintech News
The crypto market has rebounded after a recent dip. Currently, the total market cap of the cryptocurrency market stands at $2.96T. In the last 24 hours, the market has experienced a surge of 1.5%. During the period, almost all the top ten cryptos have seen growth. BTC has grown by 2.7%, ETH by 1.6%, XRP …
