Trump concept coins fell across the board, STRUMP fell nearly 20% in 24 hours

PANews August 3 news, CoinGecko market shows that Trump concept coins fell across the board, including:

-TRUMP is now at $4.67, a 24-hour drop of 5.4%;

-TREMP is now at $0.2585, a 24-hour drop of 14.3%;

-MAGA is now at $0.00005623, a 24-hour drop of 17.9%;

-STRUMP is now at $0.005474, a 24-hour drop of 19.3%;

-FIGHT is now at $0.004997, a 24-hour drop of 18.6%.

Earlier news, Trump said he had reached an agreement with Fox News and would debate with Vice President Harris on September 4.

Russian Duma Passes Law on Cross-Border Payments of Digital Currency and Legalization of Crypto Mining

According to RIA Novosti, the Russian Duma passed a law in second and third readings that will allow cross-border settlement and exchange transactions of digital currencies within the framework of the Experimental Legal Regime (EPR) from September 1, 2024.

In addition, the Russian Duma also passed a law in second and third readings that will legalize cryptocurrency mining in Russia from November. The law stipulates the procedures and conditions for conducting such activities. Russian legal entities and individual entrepreneurs listed in the register of the Ministry of Digital Development of the Russian Federation will be entitled to engage in crypto mining.

Part II
Buffett's move was interpreted by the market as a concern about the potential risks of the US banking industry. As a recognized investment master on Wall Street, every move of Buffett has attracted much attention. His choice to sell off US bank stocks on a large scale at this time point has undoubtedly sounded the alarm for the US financial industry. If there is really a problem in the US banking industry, it will further aggravate the US debt crisis and form a vicious circle.

It is worth noting that the United States is not the only developed country facing debt difficulties. While the scale of US debt continues to rise, the British government declared "bankruptcy" on July 28, 2023. The British Prime Minister's Office said that the country is "bankrupt and fragmented", and the new Chancellor of the Exchequer announced a substantial cut in public spending to fill the fiscal gap of 22 billion pounds. This incident undoubtedly sounded the alarm for the United States. If effective measures are not taken in time to control debt growth, the United States may follow in the footsteps of the United Kingdom.

The US debt crisis has reached a point that cannot be ignored. The debt scale of 35 trillion US dollars is not only an astonishing figure, but also a sword of Damocles hanging over the head of the US economy. Buffett's move to sell Bank of America shares adds uncertainty to this potential economic storm.

This article comes from the Financial Times

The U.S. SEC accuses the founder of decentralized social platform BitClout of fraud and unregistered issuance of crypto-asset securities

The U.S. Securities and Exchange Commission (SEC) disclosed on its official website that it accused Nader Al-Naji of implementing a fraudulent crypto-asset scheme worth hundreds of millions of dollars involving a social media platform called BitClout and its native token of the same name (hereinafter referred to as "BTCLT").

According to the SEC's lawsuit, starting in November 2020, Al-Naji raised more than $257 million through unregistered BTCLT issuance and sales, while falsely claiming that the proceeds would not be used to compensate him or other BitClout employees. In fact, the lawsuit alleges that Al-Naji used more than $7 million of investor funds for personal expenses, such as paying rent for a Beverly Hills mansion and lavish cash gifts for his family.

The SEC's complaint further alleges that in order to evade regulation, Al-Naji portrayed BitClout as a decentralized project with "no company behind it...only tokens and code", and used the pseudonym "Diamondhands" to launch the project, further creating the illusion of autonomy for the project, when in fact he was the driving force behind the project. Additionally, Al-Naji allegedly obtained a letter from a prominent law firm that argued that BTCLT was unlikely to be considered a security under federal law based on his mischaracterization of the nature of the project. At the same time, Al-Naji allegedly told certain investors in secret that he was using this ruse to evade legal sanctions.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Naji with violating the registration and antifraud provisions of the Securities Act of 1933 and the antifraud provisions of the Securities Exchange Act of 1934. The complaint also names Naji’s wife, mother, and entities wholly owned by him as defendants, seeking restitution for investor funds that Naji transferred to them. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York announced charges against Naji today.

Part 1
$The US federal government debt has exceeded the $35 trillion mark. This astonishing figure not only exceeds the forecast before the COVID-19 pandemic, but also arouses widespread concern in the global economic community. The debt crisis is like a time bomb hanging over the US government and may explode at any time. At the same time, the recent move by "stock god" Buffett to sell off US bank stocks in large quantities and cash out more than $3 billion has added uncertainty to this potential economic storm.

The debt scale is expanding at an alarming rate, and the US economy is in danger

The growth rate of the US federal government debt is staggering. From breaking through $20 trillion in September 2017, to breaking through $30 trillion in February 2022, and then breaking through $35 trillion at the end of July 2023, in just six years, the US debt has increased by 75%. This means that each American citizen has an average debt of nearly $104,000. Such a huge debt scale has put tremendous pressure on the US economy. EJ Anthony, an economist at the Heritage Foundation, pointed out that in June 2023, the amount of interest paid by the United States on federal debt was equivalent to 76% of the individual income tax revenue for that month.

The debt crisis not only affects the domestic economy of the United States, but also poses a threat to the global economy. The International Monetary Fund (IMF) warned that the high fiscal deficit and huge debt of the United States pose a major risk to the US and global economies. Elon Musk, CEO of Tesla, bluntly stated: "The United States is heading for bankruptcy."

The impact of this debt crisis has begun to emerge. In 2023, the United States is expected to have the largest fiscal deficit in history, but it is worrying that this serious problem has not attracted enough attention among candidates for the US election. If effective measures are not taken to control debt growth, the United States may face more serious economic difficulties.

Against the backdrop of the intensifying US debt crisis, the abnormal behavior of "stock god" Warren Buffett has attracted great attention from the market. From July 25 to 29, 2023, Berkshire Hathaway, owned by Buffett, sold Bank of America shares for 9 consecutive trading days, cashing out more than 3 billion US dollars in total. This is the first time Berkshire has reduced its holdings of Bank of America shares since the fourth quarter of 2019. Such a rare operation can't help but remind people of the scene on the eve of the 2008 financial crisis.

This article comes from the financial sector