Elon Musk’s America Party Plans To Back Bitcoin

Elon Musk has announced that his newly formed political party, named the America Party, will endorse Bitcoin. He made this announcement on X (formerly Twitter), indicating that fiat money is no longer safe and that Bitcoin presents a better option. Musk’s move comes after a public break-up with US President Donald Trump over a recent spending and taxation bill that Musk says contributes to national debt and damages the economy.

Musk indicated that the America Party won’t run a presidential candidate at this point, but will concentrate on future House and Senate elections. The party is likely to advocate for free speech, military modernisation through artificial intelligence, and financial reforms including digital currencies. Although Tesla and SpaceX both hold Bitcoin, Musk now wishes to add crypto into the nation’s economic planning. But the party hasn’t yet registered with the Federal Election Commission.

It is perceived by Bitcoin supporters as an indication that crypto is gaining traction in mainstream politics, particularly in an election year. Musk’s America Party aspires to be a middle-of-the-road political choice, disrupting the established two-party system in the US, reports Cointelegraph.

Russia Starts National Registry To Monitor Crypto Mining Rigs

Russia has launched a national registry to track and control crypto mining equipment. The registry will record the serial numbers and model details of mining rigs, making it easier for the government to identify who is using large amounts of electricity for crypto mining and whether they are doing it legally.

Being led by the Ministry of Energy in coordination with the Federal Tax Service and the Ministry of Digital Development, the goal is to bring order to the mining industry, reduce illegal power usage, and make sure miners pay proper taxes, according to Cointelegraph.

Deputy Energy Minister Petr Konyushenko said that many mining operations are currently running without permission. Some of them use electricity meant for homes, which is cheaper, instead of paying commercial rates. This has led to blackouts in certain regions, forcing local governments to ban mining activities. In some areas, these bans will last until 2031.

So far, only about 30 per cent of miners have officially registered with the Federal Tax Service. That means a large number are still operating outside the law. The new registry is expected to help the authorities take action against them. Police have already started shutting down illegal mining setups, including those hidden in garages and even inside trucks. The government is also considering strict penalties, including fines of up to 2 million rubles, for those who continue to break the rules.

UK Court Sentences 2 To Prison Over $2M Cold-Calling Crypto Scam

A central London court in the UK has sentenced two individuals to a combined total of 12 years in prison after they admitted to running a crypto scheme that stole over 1.5 million pounds ($2 million) by cold-calling victims. Raymondip Bedi was sentenced to five years and four months behind bars, while Patrick Mavanga was sentenced to six years and six months by the court.

“Bedi and Mavanga lured investors with promises of high returns on crypto investments, but their schemes were nothing but a callous scam,” Steve Smart, joint executive director of enforcement and market oversight, Financial Conduct Authority said.

The two had been convicted in November 2024. The FCA had then said that between February 2017 and June 2019, the pair were part of a group that would cold-call people to direct them to a “professional-looking website where they were offered high returns for fake investments in crypto.”

The duo managed to defraud at least 65 investors out of just over $2.1 million over the period.