This week’s featured collector is Centrartz

Centrartz is a blockchain artist and their Lazy collection has a few of their artworks. Browse their art at lazy.com/centrartz

How do you feel about the recent sentencing of NFT developers involved in a $400,000 “rug pull”?

The recent sentencing of NFT developers involved in a $400,000 “rug pull” has sparked varied reactions among the community, with most respondents feeling that justice was served—a sentiment held by 62% of the poll participants. This majority suggests that there’s a strong desire within the space for accountability, as the community grapples with incidents that have damaged trust in digital assets. However, not everyone is convinced the penalty was sufficient; 15% believe the sentence was too light, indicating a push for harsher consequences to deter future scams. Interestingly, another 15% said the outcome doesn’t affect them, a reminder that, for some, these events remain distant or irrelevant to their crypto journey. Meanwhile, 8% plan to be more cautious moving forward, reflecting the lessons learned for those who may be newer to the risks of NFT investments. Notably, no one felt the sentence was overly strict, which perhaps underscores a broader consensus that stronger safeguards—and punishments—are essential for the maturing NFT and crypto sectors.

Crypto Wins the U.S. Election

The 2024 election results have set up a historic moment for the crypto industry in the United States, with a new influx of bipartisan support in Congress and an administration that has made clear promises to reshape crypto regulation. Although Donald Trump’s re-election has stirred mixed feelings across the political spectrum, crypto supporters are finding common ground in a shared goal: developing a regulatory environment that accelerates innovation while addressing legitimate concerns.

Trump’s campaign statements have raised hopes for a more open approach to digital assets. Unlike previous administrations, Trump’s team has shown a willingness to engage with the industry directly, pledging to appoint officials who understand crypto’s potential and to shift away from a purely enforcement-driven approach. But support for crypto isn’t exclusive to Trump’s camp; new representatives and senators from both sides of the aisle are coming in with pro-crypto perspectives, signaling a broadening base of support.

The election results are expected to bring about meaningful changes, particularly in reevaluating the scope and focus of the SEC, which had been criticized for its rigorous enforcement under SEC Chair Gary Gensler. Trump has promised to replace Gensler, a move that could lead to a more balanced regulatory approach. Still, the incoming administration will be working within a diverse Congress where crypto supporters include both progressives and conservatives. Newly elected pro-crypto lawmakers range from progressive Democrats interested in blockchain’s potential to increase financial inclusion to Trump-aligned Republicans who see it as a strategic advantage for the U.S.

Key victories backed by crypto super PACs have strengthened the industry’s influence, as seen in the high-stakes Ohio Senate race where longtime crypto critic Sherrod Brown was unseated by Bernie Moreno, a staunch crypto advocate. Industry groups like the Blockchain Association, representing major players such as Coinbase and Uniswap Labs, view this as a major win, emphasizing that crypto’s role in the economy is a bipartisan issue, driven by diverse motivations and a shared desire for regulatory clarity.

However, this momentum doesn’t mean a seamless path ahead. Crypto-friendly legislation still faces hurdles, especially around anti-money laundering policies, where some Senate Republicans have proposed stricter controls. Additionally, unresolved SEC enforcement actions from previous years could continue to impact companies until a new regulatory framework is formalized.

Crypto advocacy groups are seizing on this moment to solidify long-term influence, with super PACs like Fairshake committing over $78 million for the next election cycle, signaling that the industry’s engagement in U.S. politics is here to stay. For now, the industry stands on the cusp of what could be a transformative period, with advocates from both parties prepared to champion crypto’s role in the economy while addressing the challenges ahead.

Here’s a quick look at the top 10 congressional races where crypto made big bets this election cycle:

1. Ohio Senate: Bernie Moreno (R) vs. Sherrod Brown (D)
   Crypto PACs spent $40.2 million to back Bernie Moreno, who unseated Senate Banking Chair Sherrod Brown, a long-time industry critic.

2. Michigan Senate: Elissa Slotkin (D) vs. Mike Rogers (R)
   Elissa Slotkin received $10 million from crypto supporters and narrowly won, bringing her pro-crypto voting record to the Senate.

3. Arizona Senate: Ruben Gallego (D) vs. Kari Lake (R)
   Crypto industry PACs contributed $10 million to Ruben Gallego, a candidate who supports crypto legislation; the race remains uncalled.

4. Massachusetts Senate: John Deaton (R) vs. Elizabeth Warren (D)
   The industry spent $4.2 million backing John Deaton in a tough race against anti-crypto Senator Elizabeth Warren, who ultimately won.

5. West Virginia Senate: Jim Justice (R) vs. Glenn Elliott (D)
   Jim Justice received $3 million in support and won, promising to advocate for a regulatory framework that encourages blockchain innovation.

6. Indiana Senate: Jim Banks (R) vs. Valerie McCray (D)
   Industry donors backed Jim Banks with $3 million; he won and is expected to support crypto-friendly policies in the Senate.

7. California 45th Congressional District: Michelle Steel (R) vs. Derek Tran (D)
   Michelle Steel received $2.8 million from the industry for her re-election; the race is still uncalled, but she has supported crypto legislation.

8. Alabama 2nd Congressional District: Shomari Figures (D) vs. Caroleene Dobson (R)
   Shomari Figures, who won his race with $2.6 million from crypto PACs, has advocated for a pro-crypto stance within the Democratic Party.

9. North Carolina 1st Congressional District: Donald Davis (D) vs. Laurie Buckhout (R)
   Donald Davis secured $2.3 million in support and won, bringing his favorable stance on crypto regulation back to Congress.

10. Colorado 8th Congressional District: Yadira Caraveo (D) vs. Gabe Evans (R)
    Yadira Caraveo received $2.3 million from crypto supporters; her race is still pending, but she’s known for advocating regulatory clarity on digital assets.

Read more about crypto’s election victory at Politico, Reuters and The Intercept.

How do you feel about the impact of the 2024 election results on crypto regulation?

We ❤️ Feedback

We would love to hear from you as we continue to build out new features for Lazy! Love the site? Have an idea on how we can improve it? Drop us a line at info@lazy.com