COINDESK DAILY: Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 22 July 2024
⏱️ 2 minutes
🧾️ Download transcript
Summary
Host Jennifer Sanasie breaks down the news in the crypto industry from the surge in KAMA meme coin after Biden's dropout from the Presidential race to experts' prediction on India's crypto tax policy.
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"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry today, as Vice President Kamala Harris-inspired meme coin KAMA rises on the news that President Joe Biden has dropped out of his re-election campaign. Plus, experts say that India is unlikely to change its controversial tax policy on crypto and BitForex announces that the exchange will open for withdrawals after a five-month outage spurred by Chinese police investigation.
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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:00.0 | Biden drops out of the presidential race, sending the comma meme token soaring, and India's controversial tax policy is unlikely to change. |
| 0:07.8 | This is CoinDesk Daily. I'm your host, Jen Sanasi. |
| 0:15.9 | President Joe Biden announced on Sunday that he was dropping out of his reelection campaign and will endorse Vice President Kamala Harris. |
| 0:23.2 | In minutes following the post on X, meme coin comma, a token inspired by Vice President Harris, hit an all-time high of 2.4 cents. |
| 0:30.7 | In the meantime, Biden-inspired coin bowed fell more than 60 percent in the past 24 hours. |
| 0:35.8 | Memecoins are not the only tool crypto traders are using to bet on serious politics as nearly |
| 0:40.3 | $80 million was wagered on polymarket and various contracts about Joe Biden's political future. |
| 0:46.6 | India's crypto industry has long desired a reduction on the 1% tax deducted at source, |
| 0:51.4 | but experts say it's unlikely for the country to change its controversial |
| 0:54.6 | tax policy. This comes as Prime Minister Modi's BJP party unexpectedly failed to secure a majority |
| 1:00.5 | needing to form a coalition government. The budget is likely to take account of his alliance partners |
| 1:05.4 | who have already demanded in excess of $15 billion over the next few years. Last week's $230 million hack of Crypto Exchange Wazer X also didn't help as the incident |
| 1:15.5 | may have pushed crypto down the list of priorities. |
| 1:19.2 | And Crypto Exchange Bit4X said it will open for withdrawals following a five-month |
| 1:23.5 | outage spurred by an investigation by the Chinese police. |
| 1:26.5 | The exchanges team were detained and investigated by police in China on February 23rd. |
| 1:32.2 | Bit4X said in an ex post that trading and deposits will remain suspended, but that withdrawals |
| 1:37.4 | will be open for clients that complete KYC. |
| 1:39.7 | The exchange also said that after returning assets to users, it will cease all operations and undergo a, quote, comprehensive rectification, end quote. |
| 1:49.4 | That's it for CoinDesk Daily. Get more updates on CoinDesk.com and we'll see you next time. |
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