ChainCatcher news, according to Cointelegraph, in the 2024 U.S. elections, Republican candidates Jeff Hurd and Scott Perry defeated their Democratic opponents in Colorado's 3rd congressional district and Pennsylvania's 10th congressional district, respectively, narrowing the gap for the Republican Party to maintain a majority in the House of Representatives.Hurd and Perry both support the FIT21 bill, which has received bipartisan support in the House and is awaiting a Senate vote. Both are listed as "strongly supportive" candidates by the "Stand With Crypto" political initiative. Although the Republican Party controls the White House and the Senate, the majority party in the House of Representatives has yet to be determined. According to "Stand With Crypto," the next Congress will be "the most pro-crypto in history."

ChainCatcher news, according to Cointelegraph, Trump has acknowledged the removal of current SEC Chairman Gary Gensler, sparking speculation about potential successors, particularly those who may be inclined to adopt a more crypto-friendly approach.It is reported that Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), is known for her supportive stance on cryptocurrency and is considered a potential replacement for Gary Gensler. She is referred to as "Crypto Mom" by the community for her advocacy in the field. Hester Peirce has previously criticized the SEC's enforcement-led approach, arguing that regulatory clarity for the crypto industry would better serve the public interest and enhance the U.S.'s position in global digital finance.

ChainCatcher message, Coinbase CEO Brian Armstrong posted on X: "Residents of Massachusetts should vote for the lawyer John E Deaton who supports the crypto industry.Cryptocurrency holders in the state should be aware that it was Senator Elizabeth Warren who got Gary Gensler his job (SEC Chairman) and encouraged him to (illegally) try to stifle the cryptocurrency industry in the U.S. Fortunately, they were not successful, and we fought back alongside other industry professionals.Warren opposes freedom, believing that the government should manage all financial services, causing significant harm to the United States."

ChainCatcher news reports that Praxis, claiming to be the world's first "network nation" project, announced on Tuesday that it has raised $525 million to build a cutting-edge technology city that supports the development of cryptocurrency, artificial intelligence, energy, and biotechnology.According to the announcement, the financing round included participants such as Arch Lending, GEM Digital, and Manifold Trading, with new angel investors including Dan Romero (CEO of Farcaster), Tom Schmidt (General Partner at Dragonfly), and Rob Hadick (General Partner at Dragonfly).Additionally, according to the Web3 asset data platform RootData, Praxis is a community composed of future city residents, including founders, creatives, investors, and everyone in between. Membership is based on an application process. Once accepted, members can participate in events and contribute to the city's development. Most importantly, members share a common lifestyle: optimism, health, clear goals, and a commitment to ideas greater than themselves, encapsulated in one word: vitality.

ChainCatcher news, Coinbase's policy chief Faryar Shirzad stated on his social platform that Harris's crypto-friendly statement is important and constructive, as it demonstrates to the public that she believes digital asset innovation is very important, on par with artificial intelligence; and she recognizes that there is a path that can both promote innovation and protect consumers and investors.Additionally, Faryar Shirzad believes that this statement was made after weeks of engagement with her inner circle, who hold a thoughtful and open attitude towards cryptocurrency.

ChainCatcher news, the Federal Reserve issued a cease-and-desist order to the crypto-friendly bank United Texas Bank on Wednesday, citing "significant deficiencies" in the bank's compliance with anti-money laundering laws related to transactions with cryptocurrency clients, as well as other alleged illegal activities.The bank's latest quarterly report shows that it has 75 employees and manages assets of approximately $1 billion. Niko Demchuk, the legal chief of the crypto compliance firm AMLBot, told Decrypt that the impact of such cease-and-desist orders extends far beyond the recipient and its clients. He noted, "Every cease-and-desist order plays an important role in the market. Other banks will strive to gain more insights into which specific areas are not in compliance with current AML regulations to improve their own internal AML processes." Demchuk added that mentions of crypto assets will alert other banks dealing with crypto assets to review their risk management systems to ensure that all risks are considered and mitigated.

ChainCatcher news, three executives from the crypto-friendly bank Evolve Bank & Trust have left the institution following setbacks, including a cybersecurity breach in May and law enforcement actions in June. Reportedly, the bank's Chief Credit Officer, Chief Financial Officer, and Chief Loan Officer for Open Banking have departed.The exit of these three executives is undoubtedly a blow to Evolve Bank & Trust, which provides behind-the-scenes banking services for several crypto-friendly fintech companies. According to Evolve's website, its partners include Mercury, which offers banking services to startups (including Web3 companies), and Stripe, which provides payment processing and crypto gateways.On August 6, Evolve announced that it had been targeted by a ransomware attack from the criminal organization LockBit, which accessed and downloaded customer information from its databases and file shares during February and May. Evolve refused to pay the ransom, resulting in the data being leaked.Additionally, in June, the Federal Reserve Board (FRB) initiated enforcement actions against the bank due to deficiencies in anti-money laundering, risk management, and consumer compliance, requiring Evolve to strengthen its risk management practices to address compliance and fraud risks.

ChainCatcher news, The ETF Store President Nate Geraci commented on Harris's friendly remarks about cryptocurrency at X, "The current government (with Harris as a member) is firmly against cryptocurrency. Innovation and regulation need to be balanced, and the current policy regulation is too tight; the government needs to show a spirit of embracing innovation. Actions speak louder than words."Previous news, Harris will support efforts to promote the development of the cryptocurrency industry.

ChainCatcher news, according to The Block, Republican presidential candidate Donald Trump announced that if he is elected president again, Tether bank Cantor Fitzgerald CEO Howard Lutnick will help lead his transition team.It is reported that Lutnick will serve as co-chair alongside former U.S. Small Business Administration Administrator Linda McMahon. If Trump is elected, his vice presidential pick JD Vance and Trump's sons Donald Trump Jr. and Eric Trump will serve as honorary chairs.Tether CEO Paolo Ardoino previously stated that Cantor Fitzgerald has been serving as Tether's custodian since the end of 2021. Paradigm Vice President of Government Affairs Alexander Grieve stated that Trump's choice is significant for the crypto industry.

ChainCatcher news, according to The Block, Trump has appointed Ohio Senator J.D. Vance as the Republican vice presidential candidate today. Vance, a former venture capitalist, disclosed in his annual report submitted last year that he owned Bitcoin valued between $100,001 and $250,000 as of 2022. He holds this Bitcoin through Coinbase.In addition, Vance has accounts with brokerage firms Robinhood and Charles Schwab. He has not yet submitted his financial disclosure for 2023. His current net worth is estimated to be at least $5 million and up to $10.5 million. Vance is one of the lawmakers supporting cryptocurrency and is involved in drafting a bill that will reform the way U.S. financial regulators oversee digital assets.

ChainCatcher news, according to CoinDesk, Polymarket prediction platform data shows that the likelihood of crypto-friendly Senator JD Vance becoming Trump's running mate is 29%.It is reported that Trump is expected to announce his vice presidential pick next week.

ChainCatcher news, according to Bloomberg, cryptocurrency billionaires and their allies have amassed $160 million in funding to protect their wealth by supporting U.S. candidates who advocate for light regulation of the crypto industry. This substantial amount has made the cryptocurrency industry one of the most influential players in federal campaign financing.This funding could disrupt the California Senate race. In November, it may become crucial for the Republicans to gain a majority in the Senate.