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The proposal put forward by US Democrat Presidential Candidate Robert F. Kennedy Jr. to use Bitcoin to back the US dollar and eliminate Bitcoin taxes has sparked significant interest and debate.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3c35b07b925d4d5fa275b731076f0e88.jpg" />Robert F. Kennedy Jr. Source: Rolling StoneAfter analyzing public reaction to the proposal, we&#39;ve distilled the highlighted advantages and disadvantages of such a policy shift, assessing its feasibility and implications for the US economy.Advantages:<ol><li>Increased Stability: Backing the US dollar with Bitcoin could potentially provide an additional layer of stability to the currency. Bitcoin&#39;s limited supply and decentralized nature may help mitigate inflation risks associated with traditional fiat currencies.</li><li>Reduced Transaction Costs: Bitcoin transactions typically have lower fees compared to traditional banking systems, which could lead to cost savings for businesses and consumers alike, boosting economic efficiency.</li><li>Attraction of Crypto Investors: Embracing Bitcoin as a reserve asset may attract cryptocurrency investors who have so far been skeptical of traditional financial systems. This influx of capital could stimulate economic growth and investment.</li><li>Monetary Sovereignty: Relying on Bitcoin as a backing could potentially reduce the influence of central banks and promote monetary sovereignty, as Bitcoin&#39;s supply is not controlled by any central authority.</li></ol>Disadvantages:<ol><li>Volatility and Risk: Historically, the US Dollar has been backed by the trust in the US government and its ability to maintain economic stability. Bitcoin&#39;s notorious price volatility raises concerns about its reliability as a backing for a stable currency like the US dollar. Drastic fluctuations in Bitcoin&#39;s value could lead to uncertainty and potential financial instability.</li><li>Regulatory Challenges: Integrating Bitcoin into the US dollar system would necessitate a strong regulatory framework, as cryptocurrencies frequently operate in regulatory limbo. The ongoing enforcement actions by the US SEC demonstrate the level of ambiguity surrounding cryptocurrencies as financial instruments. For the BTC integration to take place, regulators must have been able to develop uniform guidelines that protect consumers, prevent illegal activities, and address potential fraud.</li><li>Market Manipulation: The relatively small size of the Bitcoin market compared to traditional fiat markets leaves it vulnerable to manipulation. External entities with significant Bitcoin holdings could substantially influence the US dollar&#39;s value.</li><li>Decentralization vs. Centralization: Bitcoin is a decentralized cryptocurrency, while the US Dollar is centralized, controlled by the Federal Reserve and the US government. Merging these two systems could raise questions about centralization versus decentralization and might not align with the core principles of Bitcoin&#39;s decentralized nature.</li><li>Environmental Concerns: Bitcoin mining and transaction validation processes consume large amounts of energy, contributing to environmental issues like carbon emissions. Relying on Bitcoin could exacerbate ecological concerns unless cleaner mining practices are adopted.</li><li>Lack of Intrinsic Value: Unlike traditional commodities like gold, Bitcoin lacks intrinsic value. Its value is driven solely by market demand and speculative factors, which may make it a risky asset for backing a stable currency.</li><li>Technological Challenges: Implementing a system where Bitcoin backs the US Dollar would require substantial technological infrastructure. This process may face resistance and challenges from various stakeholders, and it&#39;s unclear how smoothly it could be executed.</li><li>Tax Implications: Abolishing taxes on Bitcoin transactions could reduce the government&#39;s revenue, potentially impacting public services and government programs. Additionally, the tax system helps regulate and monitor financial transactions, so eliminating taxes on Bitcoin might lead to concerns about tax evasion and money laundering.</li><li>Public Perception: Public perception and confidence play a vital role in the value of a national currency. Introducing a relatively volatile and speculative asset like Bitcoin as a backing could affect how people perceive the stability of the US Dollar.</li><li>Global Repercussions: The use of Bitcoin to back the US Dollar could have implications on the global financial landscape, especially in relation to other countries and their currencies. The reactions of other nations and international markets must be taken into consideration.</li></ol>Based on public reaction to Kennedy Jr.&#39;s proposal, using Bitcoin to back the US Dollar and abolishing BTC taxes is highly complex and would have far-reaching implications. It would involve a fundamental shift in monetary policy, technology, and taxation, which could have both positive and negative outcomes.Of course, such a proposal would require extensive analysis, consultation with experts, and a thorough understanding of the potential risks and benefits before any implementation can be considered.Catch up on our published articles for the week!NEWS●  DeFi Protocol Conic Finance Hacked: Hacker Escapes with Over $3.2 Million &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/defi-protocol-conic-finance-hacked-hacker-escapes-with-over-3-2-million/" rel="noopener noreferrer nofollow"> Read more</a>.●  Utopia Labs Introduces USDC Stablecoin Bank Transfers for Seamless Crypto Transactions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/utopia-labs-introduces-usdc-stablecoin-bank-transfers-for-seamless-crypto-transactions/" rel="noopener noreferrer nofollow"> Read more</a>.●  Vermont Department of Financial Regulation Warns Public of Rising Cryptocurrency Fraud on Social Media Platforms &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/vermont-department-of-financial-regulation-warns-public-of-rising-cryptocurrency-fraud-on-social-media-platforms/" rel="noopener noreferrer nofollow"> Read more</a>.●  U.S. DOJ Revamps Crypto Crime Team Amid Surging Caseload &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/u-s-doj-revamps-crypto-crime-team-amid-surging-caseload/" rel="noopener noreferrer nofollow"> Read more</a>.●  Former FTX CEO Faces New Charges for Leaking Witness Diary to NY Times &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/former-ftx-ceo-faces-new-charges-for-leaking-witness-diary-to-ny-times/" rel="noopener noreferrer nofollow"> Read more</a>.●  China’s CBDC Hits Major Milestone: Records Over $250 Billion in Transactions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/chinas-cbdc-hits-major-milestone-records-over-250-billion-in-transactions/" rel="noopener noreferrer nofollow"> Read more</a>.●  Kuwait Cracks Down on Virtual Assets, Bans All Crypto Related Activties &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/kuwait-cracks-down-on-virtual-assets-bans-all-crypto-related-activties/" rel="noopener noreferrer nofollow"> Read more</a>.●  SG Forge Secures Highest Access Licence for Crypto Services in France &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/sg-forge-secures-highest-access-licence-for-crypto-services-in-france/" rel="noopener noreferrer nofollow"> Read more</a>.●   Celsius Could Repay Claims if BTC and ETH Prices Double – Bank of Futures &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/celsius-could-repay-claims-if-btc-and-eth-prices-double-bank-of-futures/" rel="noopener noreferrer nofollow"> Read more</a>.●   Argo Blockchain Raises $7.5 Million Through Successful Share Offering &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/argo-blockchain-raises-7-5-million-through-successful-share-offering/" rel="noopener noreferrer nofollow"> Read more</a>.●  Polygon Reveals New Governance Architecture to Boost Decentralization and Community Involvement &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/polygon-reveals-new-governance-architecture-to-boost-decentralization-and-community-involvement/" rel="noopener noreferrer nofollow"> Read more</a>.●  Robert F. Kennedy Jr. Reveals Bold Economic Plan to Back the US Dollar with Bitcoin, End Bitcoin Taxes &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/robert-f-kennedy-jr-reveals-bold-economic-plan-to-back-the-us-dollar-with-bitcoin-end-bitcoin-taxes/" rel="noopener noreferrer nofollow"> Read more</a>.●  CLabs Outlines Plan to Migrate Celo Blockchain to Ethereum &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/clabs-outlines-plan-to-migrate-celo-blockchain-to-ethereum/" rel="noopener noreferrer nofollow"> Read more</a>.●  Aave Launches GHO Stablecoin on Ethereum, More 3 Million Tokens Minted in Three Days &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/aave-launches-gho-stablecoin-on-ethereum-more-3-million-tokens-minted-in-three-days/" rel="noopener noreferrer nofollow"> Read more</a>.●  Marathon Shareholders Sue Executives for Misconduct and Self-Enrichment &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/marathon-shareholders-sue-executives-for-misconduct-and-self-enrichment/" rel="noopener noreferrer nofollow"> Read more</a>.●  Coinbase CEO Brian Armstrong to Meet with U.S. House Democrats Amid SEC Legal Battle &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/coinbase-ceo-brian-armstrong-to-meet-with-u-s-house-democrats-amid-sec-legal-battle/" rel="noopener noreferrer nofollow"> Read more</a>.●  Binance’s ARKM Public Sale Hits $2.5M Hard Cap with 990x Oversubscription &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/binances-arkm-public-sale-hits-2-5m-hard-cap-with-990x-oversubscription/" rel="noopener noreferrer nofollow"> Read more</a>.●  Former Thodex CEO Sentenced to Prison amid Tax Evasion and Fraud Allegations &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/former-thodex-ceo-sentenced-to-prison-amid-tax-evasion-and-fraud-allegations/" rel="noopener noreferrer nofollow"> Read more</a>.●  Crypto Asset Backup &amp; Recovery Platform, Tezoro, Partners With DeFi Planet &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/crypto-asset-backup-recovery-platform-tezoro-partners-with-defi-planet/" rel="noopener noreferrer nofollow"> Read more</a>.●  Ripple’s Legal Triumph Sets Stage for Regulatory Clarity in US Crypto Industry – CFTC Commissioner &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/ripples-legal-triumph-sets-stage-for-regulatory-clarity-in-us-crypto-industry-cftc-commissioner/" rel="noopener noreferrer nofollow"> Read more</a>.●  Dfinity Foundation Launches $5M Grant to Advance Decentralized AI Applications &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/dfinity-foundation-launches-5m-grant-to-advance-decentralized-ai-applications/" rel="noopener noreferrer nofollow"> Read more</a>.●  Ethereum Scaling Protocol zkSync Era Adopts Boojum Proof System for Improved User Participation and Lower Costs &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/ethereum-scaling-protocol-zksync-era-adopts-boojum-proof-system-for-improved-user-participation-and-lower-costs/" rel="noopener noreferrer nofollow"> Read more</a>.●  Gnosis Launches Self-Custodial Debit Card and Decentralized Payment System &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/gnosis-launches-self-custodial-debit-card-and-decentralized-payment-system/" rel="noopener noreferrer nofollow"> Read more</a>.●  Unstoppable Partners with ENS to Expand Support for .eth Domains &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/unstoppable-partners-with-ens-to-expand-support-for-eth-domains/" rel="noopener noreferrer nofollow"> Read more</a>.●  National Australia Bank To Restrict Payments to “High-Risk” Crypto Exchanges &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/national-australia-bank-to-restrict-payments-to-high-risk-crypto-exchanges/" rel="noopener noreferrer nofollow"> Read more</a>.●  G20’s FSB Calls for Strong Governance and Risk Management in Crypto Sector to Prevent Financial System Disruptions &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/g20s-fsb-calls-for-strong-governance-and-risk-management-in-crypto-sector-to-prevent-financial-system-disruptions/" rel="noopener noreferrer nofollow"> Read more</a>.●  Indonesia Set to Launch National Cryptocurrency Exchange in July 2023 &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/indonesia-set-to-launch-national-cryptocurrency-exchange-in-july-2023/" rel="noopener noreferrer nofollow"> Read more</a>.●  Bitcoin Lightning Network Now Available on Binance Following Successful Integration &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/bitcoin-lightning-network-now-available-on-binance-following-successful-integration/" rel="noopener noreferrer nofollow"> Read more</a>.ARTICLES●  Dissecting the Financial Stability Board’s Recommendations for Global Crypto Regulation &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/dissecting-the-financial-stability-boards-recommendations-for-global-crypto-regulation/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Asset Tokenization in Practice: A Review of Its Impact on Financial Markets &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/asset-tokenization-in-practice-a-review-of-its-impact-on-financial-markets/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Understanding Sandwich Attacks in DeFi: How To Protect Your Investments &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/understanding-sandwich-attacks-in-defi-how-to-protect-your-investments/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Introducing Flare Network: The Powerhouse For Next-Gen Blockchain Applications &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/introducing-flare-network-the-powerhouse-for-next-gen-blockchain-applications/" rel="noopener noreferrer nofollow"> Learn more.</a>●  Polymesh: Revealing The Hidden Power Of Blockchain In The World Of Regulated Assets &gt;&gt;&gt;<a href="https://defi-planet.com/2023/07/polymesh-revealing-the-hidden-power-of-blockchain-in-the-world-of-regulated-assets/" rel="noopener noreferrer nofollow"> Learn more.</a><h3 id=""></h3><h3 id="strong-em-icymi-em-strong">ICYMI…</h3>FTX Takes on Bankman-FriedBankrupt exchange FTX has filed a lawsuit against former CEO Sam Bankman-Fried, the FTX Foundation, and several other entities in a bid to recover more than $71 million, as mentioned in a court filing on July 19.According to FTX, a sham non-profit company called Latona, based in the Bahamas and linked to the FTX Foundation, allegedly misappropriated over $71 million from commingled funds belonging to Alameda and FTX accounts. TThe purpose of this misappropriation was to make investments and donations to life sciences companies, benefiting Bankman-Fried personally.FTX claims that Latona invested in these life sciences companies without conducting proper due diligence or valuation analysis. The court filing points out that Latona often overpaid for these investments, citing an example of a $3.25 million investment in Life Sciences without verifying whether it was a non-profit organization.The lawsuit also accuses Bankman-Fried and other executives involved of intending to personally profit from these transactions. It is alleged that Bankman-Fried pursued these deals to generate goodwill and increase his political capital and influence, as indicated in an internal document from the company.This isn&#39;t the first time FTX has accused its former CEO of making transactions for personal benefit. In a previous incident, they claimed that Bankman-Fried transferred $700 million to related entities in an attempt to bolster his political and social influence.The lawsuit has also named Ross Rheingans-Yoo, the director of Latona, and Nicholas Beckstead, the CEO of FTX Foundation, as defendants and accomplices in facilitating these unauthorized transfers.It&#39;s important to note that this information is subject to legal proceedings and further developments, and we will keep you updated as the situation unfolds.Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9dc51b3db68f4b95a682e895026a25b2.jpg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>,  <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #59 | Hit or Miss: Pros and Cons of Kennedy's Crypto Crusade ✅ 💱

Weekly Round-Up #59 | Hit or Miss: Pros and Cons of Kennedy's Crypto Crusade ✅ 💱

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