Latest news with #CryptoCouncilforInnovation
Campaign ME
14-05-2025
- Business
- Campaign ME
Why trust, not hype, will decide the future of Web3 marketing in the Middle East
No market embraces crypto faster than the UAE – roughly one in four residents already own digital assets, the highest rate in the world. Yet, when the rest of the region's consumers are asked why they haven't taken the plunge, the answer is blunt: they don't feel safe. In fact, based on a 2023 survey conducted by the Crypto Council for Innovation (CCI), 63 per cent of people who have never held crypto say they want stronger protections before they will consider it. That credibility gap is now the single biggest growth barrier for every brand touching Web3. Hacks worth $2.2bn in 2024 alone only hard-wire the scepticism. If we can't make 'trust' as tangible as 'yield' or 'utility', mainstream adoption stalls. How we drifted from curiosity to caution For more than a decade, crypto marketers have focused on perfecting the spectacle: stadium takeovers, viral NFT drops and celebrity coin launches. Attention exploded, but proof lagged. Consumers saw price whiplash, opaque fees, and the occasional collapse of a household-name exchange. Even with Dubai's Virtual Assets Regulatory Authority (VARA) framework providing a clear licensing path, public faith in the space is still playing catch-up. We've all been guilty of focusing on the hype – the 'wow factor' that grabs attention in the short term. However, for Web3 to truly take hold in the Middle East, it's time to focus less on promotions and more on what builds trust. If we can't get that right, we risk leaving potential users feeling cold, hesitant, and unprotected. Three moves to close the trust gap Proof over promotion It's time to move beyond just talking about the benefits of blockchain and start showing people how it works. Promises of faster transactions or lower fees mean little unless users can experience them directly. That's why Binance is constantly innovating to simplify user interfaces and enhance the technology powering its ecosystem. One example is Binance Pay, a seamless, secure, and borderless feature within the Binance app that lets users send, receive, and spend crypto globally with zero gas fees. Education at the moment of action Education shouldn't be an afterthought. When someone is setting up their wallet or making their first trade, they shouldn't have to leave the platform to figure things out. It's about integrating learning within the experience, offering tooltips and real-time guidance as users take action. Live events and accessible resources, like those provided during Binance Clubhouse sessions, further enhance this process by answering questions on the spot. Communities build credibility Trust is built when users feel heard and involved in the process. Rather than relying on fleeting promotions, we can engage users more meaningfully by inviting them into both community events and the product development journey. The MENA region, with its rapidly evolving digital landscape, is primed for this shift. People here want to play an active role in shaping the future of the internet. That's why we brought Binance Blockchain Week back to the UAE and why this year's Clubhouse at TOKEN2049 was transformed into a full-fledged experience. Moments like these celebrate the community that drives the brand, building trust and a lasting sense of ownership. Web3 is no longer a niche finance play. It's reshaping live events through tokenized ticketing and rewriting CRM with on-chain loyalty points. Whether you sell telecom bundles or luxury fashion, your next customer interaction could happen in a wallet – one that can easily be compromised if trust isn't at the core of your Web3 offering. If we don't act now, the Middle East – a region with progressive regulations and mobile-native consumers – will miss its chance to lead the world in the next era of digital finance. At the heart of the industry's future is user protection. By collaborating with regulators, we can create platforms that ensure consumers engage with crypto confidently. The next chapter for Web3 in the Middle East is clear: trade hype for proof, integrate learning into the product experience, and prioritize trust in every communication. By Rachel Conlan, CMO of Binance
Yahoo
07-05-2025
- Business
- Yahoo
New Jersey Democrats Warm Up to Crypto in Crowded Governor's Race
'The partisan divide in crypto has grown over the last couple of years, particularly in the last cycle, majorly as a reaction to what was happening in the Biden administration,' said Rashan A. Colbert, the Crypto Council for Innovation's US policy director. 'That opened up an opportunity for Republicans to take a leadership stance, but we're seeing a bit of that level out in the coming cycle.' Trump made a number of crypto-specific promises ahead of his reelection — a contrast from the more combative stance taken by former President Joe Biden and prominent Democrats in Congress. Now, as crypto advocates gain more influence and the industry moves further into the mainstream, Democrats competing in the current round of big races have more incentive to show their credentials. Digital-asset firms and related political action committees such as heavyweight Fairshake spent heavily in the 2024 cycle, with their efforts helping to turn certain races in favor of crypto-friendly candidates. These Democrats are engaging with digital assets after an election year when Trump made supporting the industry a core part of his winning campaign and Republicans put crypto on the party platform. The industry is taking notice: Advocacy group Stand With Crypto is a sponsor of both Democratic and Republican primary debates later this month and is the exclusive sponsor of the events' livestream, according to Meghan Pennington, communications director. 'Crypto is part of my platform,' Sherrill said in an interview. 'It's part of the economy, and we need to push into this space to understand how to move forward in the best possible way because it's not going to go away.' At least half of the six candidates vying for the Democratic nomination have a history of backing efforts around cryptocurrencies, including US Representative Mikie Sherrill, who leads some polls in the primary race. Two others — Jersey City Mayor Steve Fulop and US Representative Josh Gottheimer — are actively talking up digital assets as part of their campaigns. (Bloomberg) -- In this year's hotly contested race for New Jersey governor, some Democratic hopefuls are embracing a strategy that helped propel Republican Donald Trump back to the White House: They support crypto, and they're not afraid to say it. Story Continues From Sherrill's perspective, crypto has become established enough that it can't be ignored, despite what she called 'bad aspects' around the largely unregulated industry, including potential conflicts of interest tied to Trump himself. 'That shouldn't make Democrats say, 'OK then, I'm anti-crypto,'' said Sherrill, who voted last year in favor of landmark legislation to help create a framework for setting crypto rules. 'We should put more resources into the space to better regulate it.' Big Field New Jersey is one of only two states holding races for governor this year — Virginia is the other — and 11 candidates are now in the running to succeed Democratic Governor Phil Murphy, who is ineligible to seek reelection after serving two terms in the Garden State. Crypto isn't the only issue — or even the main one — in a race that will hinge more on mass transit and housing, as well as Trump. Still, it could serve as a differentiating factor for candidates as they make their case ahead of the June 10 primary. A spokesperson for Fairshake said the PAC hasn't donated to any of the candidates' gubernatorial campaigns. With just weeks to go until the primary vote, the New Jersey race is relatively wide open, with a third of voters of either party still unsure of who they prefer, according to a Rutgers-Eagleton poll released last month. Jack Ciattarelli, a former New Jersey state legislator and the GOP's 2021 gubernatorial candidate, is leading on the Republican side, while among Democrats it's more of a tossup, with Sherrill and Fulop ahead in a tight field, the poll, taken in early April, revealed. Ciattarelli's campaign didn't respond to a request for comment on his views about crypto, nor did the campaigns of the three Democrats who are competing against Sherrill, Fulop and Gottheimer. Fulop has been involved in crypto since around 2018 with personal investments in Bitcoin and Ether, he said in an interview. If elected governor, he would expose a portion of the state's pension fund to crypto, as he did while mayor of Jersey City. Last July, Fulop, a former Goldman Sachs Group Inc. banker, announced that the Jersey City pension fund moved to update its paperwork with the Securities and Exchange Commission to allocate a percentage of the fund to Bitcoin exchange-traded funds. For Gottheimer, crypto is part of a message about stoking economic growth in the state. 'New Jersey has a huge opportunity to be a leader in crypto,' said Gottheimer, who also backed crypto-friendly US legislation in the House and has received campaign funds from PACs tied to the industry. 'I will be pushing very hard for us to both recruit more companies and jobs in the space.' Gottheimer and Sherrill were two of 71 Democrats who voted in favor of last year's Financial Innovation and Technology for the 21st Century Act. The legislation, which 208 Republicans voted for and three against, would help create rules for crypto. Sherrill and Gottheimer also voted for H.J. Res. 25, a bill that was passed into law this year that repeals an Internal Revenue Service rule that requires decentralized crypto exchanges to report tax information. Long History Gottheimer in particular has a history of supporting cryptocurrency legislation in Congress, which can be traced back to his co-sponsorship of the Token Taxonomy Act of 2019. In 2022, the New Jersey representative also drafted the Stablecoins Innovation and Protection Act, which aimed to create standards and definitions around stablecoins, a type of cryptocurrency pegged to the US dollar or other asset. Last month, Gottheimer helped introduce the bipartisan-backed Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act at a markup session for the bill. A similar bill in the Senate is facing headwinds after a group of Democrats threatened to block it unless changes were made. 'Stablecoins are a critical part of the growing digital asset ecosystem. We need rules to protect Jersey families as they invest in digital assets in America — instead of overseas,' Gottheimer said in a post on X earlier this year. Gottheimer received $242,791 from crypto super PACs last election cycle, including from Fairshake, which spent $122,688 on Gottheimer's run for the House in the 2024 cycle. Fairshake's donors include Coinbase Global Inc., Ripple Labs, and Andreessen Horowitz. Former Englewood Cliffs Mayor Mario Kranjac, a Republican candidate who is a Trump supporter, said he facilitated numerous transactions dealing with blockchain during his prior career as a lawyer. He doesn't plan on making cryptocurrencies a part of his platform, though he said he is supportive of digital assets. 'We'll support President Trump in terms of how he wants to develop the crypto market,' Kranjac said. 'In terms of crypto as a fiat currency, we're definitely not there yet, but it's something we're watching develop.' Fulop said that beyond New Jersey's governor race, having cryptocurrencies as part of a candidate's platform in future elections will be key to getting support from younger voters. 'If you're pragmatic about young people, you need to understand that both financially and politically, it's important to understand what the crypto space is about,' Fulop said. 'When Democrats say that they don't want to be receptive to this, I think that's foolish.' Most Read from Bloomberg Businessweek ©2025 Bloomberg L.P.
The Hill
06-05-2025
- Business
- The Hill
Crypto industry urges Senate to move forward with floor debate on stablecoin bill
Three major crypto trade associations are urging the Senate to bring stablecoin legislation to the floor for debate this week, even as crypto-friendly Democrats threaten to vote down the bill over recent moves by Republican leadership. The heads of Blockchain Association, Crypto Council for Innovation and The Digital Chamber called on senators to support a motion to consider the GENIUS Act, the upper chamber's bill to create a regulatory framework for payment stablecoins. 'A comprehensive regulatory framework will enable widespread and increased stablecoin adoption, which is essential to cementing U.S. dollar dominance in the digital economy,' Blockchain Association's Kristin Smith, Crypto Council for Innovation's Ji Kim and The Digital Chamber's Cody Carbone said in a statement Tuesday. 'We are grateful for the significant strides the GENIUS Act has already made, and we hope to see meaningful refinements to further ensure U.S. leadership in digital finance,' they added. The GENIUS Act currently sits in a precarious position, as Senate leadership prepares to bring the bill to the floor Thursday. However, nine Democrats pulled their support for the legislation over the weekend, saying they could not vote for the current version. The pushback comes after Senate Majority Leader John Thune (R-S.D.) moved to expedite consideration of the bill last Thursday. A Democratic aide told the Hill that Democratic lawmakers were surprised by the move and had not seen the latest version of the bill text. 'We have approached this process constructively and with an open mind, with the understanding that additional improvements to the bill would be made,' the senators said in a statement Saturday. 'However, the bill as it currently stands still has numerous issues that must be addressed.' Sen. Ruben Gallego (D-Ariz.), the top Democrat on the Senate Banking Digital Assets Subcommittee, accused Republicans of attempting to force through the legislation without additional negotiation. 'It seems they want us to suck it up and vote for this bill without our input,' he wrote on X. 'That's not what we expected during this negotiation and not how I operate. Our statement makes clear we won't let them jam us. Looking forward to continuing to get this bill to a better place.' Gallego was one of several Senate Banking Democrats who voted to advance the GENIUS Act in March. Similar legislation, called the STABLE Act, also advanced out of the House Financial Services Committee last month. However, crypto legislation appears to be hitting a wall in Washington, particularly as President Trump's growing ties to the industry face scrutiny. House Democrats walked out of a hearing on digital asset market structure legislation Tuesday, after Rep. Maxine Waters (D-Calif.) objected over the president and his family's recent crypto dealings. Waters, ranking member on the House Financial Services Committee, sought to block the hearing between the panel and the House Agriculture Committee, taking advantage of a rule requiring unanimous consent for a joint hearing. However, Republicans and some Democrats remained and held a more informal roundtable with the assembled witnesses. Trump and his family have fueled more criticism in recent days, after their crypto firm World Liberty Financial announced that Emirati firm MGX and crypto exchange Binance would use its new stablecoin to complete a $2 billion transaction.
