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Coinbase CEO Brian Armstrong Highlights Pro-Crypto Wins in U.S. Election
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5 hours agoon
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adminCoinbase CEO Brian Armstrong recently shared his perspective on the U.S. election outcome, framing it as a victory for the cryptocurrency sector. Armstrong emphasized that the election results have energized pro-crypto advocates and strengthened efforts to foster an economic environment more favorable to digital assets.
More so, Armstrong sees these political shifts as an opportunity to secure the crypto industry’s future.
Coinbase CEO Declares U.S. Election a Big Win for Crypto
In a recent post on X, Coinbase CEO Brian Armstrong expressed his view that the 2024 U.S. election represents a landmark win for cryptocurrency. With 257 pro-crypto candidates elected to the House of Representatives, Armstrong noted that the incoming Congress will be the most supportive of crypto-related policies.
Moreover, the CEO pointed out the bipartisan nature of this support, as pro-crypto candidates won in districts across party lines. Concurrently, the coinbase CEO also blamed the previous administration for trying to kill the crypto industry. He emphasized,
“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry. They both should take their share of responsibility for the loss of their party (along with Biden and Harris for letting them run amuck).”
According to Armstrong, the crypto industry’s appeal to both sides of the aisle was a strategic advantage in the election. Armstrong also revealed that Coinbase and its advocacy groups focused on electing candidates who favor technological innovation and economic freedom.
Additionally, He highlighted that the message of economic freedom resonated with voters. Armstrong sees this trend as a foundation for bipartisan support for crypto legislation moving forward.
Fairshake Fund Boosts Pro-Crypto Efforts for 2026
To solidify these gains, Coinbase CEO Armstrong discussed the role of Fairshake, a pro-crypto fund, in supporting candidates who back the crypto industry. Fairshake, which is partly funded by Coinbase, has already secured $78 million for the 2026 election cycle. Most recently, Armstrong said there will be no slowdown in pro-crypto advocacy post-US election, committing an additional $25 million to Fairshake PAC.
The CEO noted that Fairshake’s financial commitment reflects the industry’s long-term strategy to secure a stable regulatory environment in the digital asset space. Similarly, StandWithCrypto, another initiative supported by Coinbase, is also set to expand, aiming to grow its network to 4 million members by 2026.
In addition, Brian Armstrong clarified that Coinbase does not charge projects a premium fee for listings. Addressing concerns on social media, Armstrong stated that the exchange supports fair access to its platform for emerging projects. He also suggested that decentralized exchanges can also provide alternatives to centralized listing hurdles.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Polymarket Faces French Ban After Massive Bets On US Election Results
Published
2 hours agoon
November 7, 2024By
adminPolymarket, a crypto-based prediction market, is likely to be prohibited by France’s gambling regulator, the ANJ, after a huge amount of bets were placed on the 2024 U.S. presidential election. Since the global audience engaged in prediction platforms, Polymarket experienced a record jump, with $450 million expected to be distributed to users following the victory of Donald Trump.
This increase of betting volume and large stakes has become a matter of concern for the French regulator because the platform offers unlicensed gambling services.
$450 Million in Payouts Expected After U.S. Election Bets
Prediction markets, which are expected to increase their payout to election bettors to around $450m following Donald Trump’s projected win, are attracting increasing attention.
Although conventional polls pointed to a closer contest, prediction markets such as Polymarket and Kalshi recorded a steep rise in Trump’s chances in the last few days, indicating a strong divergence with poll-based expectations.
Among the active users of Polymarket, a French trader called “Theo” made a $26 million bet on Trump’s win and won $49 million. This big bet made Polymarket popular, as the French authorities paid attention to the platform and its popularity among French residents, which led to concerns about the compliance of the platform with French gambling legislation.
France’s ANJ Considers Blocking Access to Polymarket
The ANJ has claimed that Polymarket is involved in gambling which is only allowed in France by licensed operators. According to local media, the regulator has the power to ban access to unlicensed gambling sites and is expected to restrict access to Polymarket soon.
An ANJ insider said: “Polymarket is just betting on something that is completely uncertain, which is exactly what gambling is.”
If put in place, the ban would prevent the usage of the application in France, despite the fact that users can still try to avoid the restriction by connecting to VPN. The ANJ could also try to influence media outlets and directories to stop advertising or linking to Polymarket and, thus, limit its audiences even more.
Regulatory Concerns Over Market Manipulation
The high level of activity on Polymarket has led to speculations that the platform may be used for market manipulation. Two blockchain analysis firms, Chaos Labs and Inca Digital, recently revealed that there was potential wash trading within Polymarket’s U.S. presidential betting market where the same assets are bought and sold to simply create a fake market. This type of trading is rather manipulative and can lead to the distortion of signals on the market and mislead other participants.
The US Commodity Futures Trading Commission also has concerns about prediction markets and put forward a rule in May aiming at stricter regulation of such markets due to the potential for manipulation.
Although no final decision has been reached, regulatory actions could impact Polymarket’s ability to operate freely in other markets, including the U.S.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tether Provides Clarification On $2 Billion USDT Mint
Published
8 hours agoon
November 6, 2024By
adminTether’s CEO, Paolo Ardoino, recently commented on the latest on-chain data provided by Whale Alert. According to the data, the Tether Treasury added a total of 2 billion USDT newly minted on Ethereum in a single transaction.
However, Ardoino clarified that the notification was delayed and referenced recent post on X. The post explained that the company had coordinated with a prominent third-party exchange to perform a chain swap, which involved converting part of their USDT cold wallets from various blockchains to USDT on Ethereum.
Tether CEO Explains Recent USDT Minting on Ethereum
Tether CEO, Paolo Ardoino, recently addressed the latest on-chain data released by Whale Alert, which reported that the Tether Treasury had minted and added 2 billion USDT on the Ethereum blockchain in a single transaction. He explained that the notification was delayed and pointed out that the transaction was part of a larger strategy.
Ardoino also referenced a recent post on X, which outlined the company’s coordination with a prominent third-party exchange to perform a chain swap. This swap involved transferring part of the company’s cold wallets from various blockchains to Ethereum.
Very very delayed notification.
Context:https://t.co/3Ps3qUxsBq— Paolo Ardoino 🤖🍐 (@paoloardoino) November 6, 2024
The company will, therefore, retire USDT from several low-activity blockchains, consolidating those tokens on Ethereum via several significant wallet transfers. This move would be part of the consolidation effort to swap the external tokens back to the Ethereum network for better asset management with increased liquidity.
To avoid market confusion, Ardoino gave notice that such token movements would occur and underlined the procedural nature of the change as part of regular issuance operations. This primary issuer consolidation strategy is mostly about reacting to shifting user demand and focusing resources where the token activity was at its greatest. Recently, the company said it recorded a group net profit of $2.5 billion in the third quarter of this year. The stablecoin issuer has also recorded a profit of $7.7 billion over the first nine months of this year.
Swapping USDT Across Different Blockchains
Tether announced it will soon initiate a large chain swap with a leading exchange to migrate part of its reserves from several blockchains to Ethereum. This involves converting tokens held in cold wallets on TRC20, AVAX, NEAR, CELO, and EOS into Ethereum-based USDT.
A chain swap is a process where cryptocurrencies are transferred from one blockchain to another. The process enables traders to extend the use of their digital assets to various blockchains that support the cryptocurrency owned.
For instance, the token is available on several blockchains: Ethereum, Tron, Solana, and Liquid, among others. Using a chain swap, clients can access any of these networks using their USD₮. A trader can “swap” the blockchain on which their USD₮ is operating. For instance, it can move it from a blockchain such as Tron onto another such as Ethereum. It enables the end-user to utilize different blockchain ecosystems. It does that by further extending the liquidity and usability of their digital assets.
The total supply of USDT issued by Tether will not increase. Still, its balance across different networks will be rebalanced because of increasing market demand for Ethereum-based token.
Specific figures, according to the post, entail the swap of 1 billion USDT from TRC20. There is also a swap of 600 million from the Avalanche-Chain, 300 million from NEAR, 75 million from CELO, and 60 million from EOS.
This is part of a broader strategy by the company to optimize its liquidity across different blockchain ecosystems. Strategy? To make USD readily available to users where demand for it is most robust. It routinely performs such chain swaps to enhance its users’ usability and flexibility. It does that while maintaining a stable total supply across all networks.
The Dominance Continues Despite Supply Reduction
The token supply decreased from 120.7 billion to 120.4 billion and remained the largest liquidity supply source on market. When regular trading occurs, roughly 85% of the total available USD supply is utilized. The rest will be inoperable.
The recent Bitcoin (BTC) rally to new all-time highs made mass usage of USDT shoot well over $160 billion in trading volume in one day. That’s fully 132% of its circulating supply.
That was a significantly more significant spike in turnover compared with USDC, which recorded just 47% of its market cap in volume-though it did grow on chains like Base. However, USDC has not entirely usurped the top position that USDT enjoys in every use case.
Stablecoin expansion in 2024, combined with the bull market for BTC, seems to have made it possible for issuers to keep pulling in heavy earnings, such as Tether. It remains overcollateralized with fiat and fiat-like assets, though there were concerns about its reserves, further cementing its leading role in the crypto ecosystem.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Galaxy CEO Reveals Potential US SEC Chair Under Donald Trump
Published
14 hours agoon
November 6, 2024By
adminGalaxy CEO Mike Novogratz believes that Commissioner Hester Peirce, who has been vocal in her criticism of SEC Chairman Gary Gensler’s approach of regulating the crypto industry through lawsuits rather than rulemaking, would be an excellent choice for the next US SEC Chair.
Novogratz’s endorsement of Peirce comes as she has been a staunch advocate for a more thoughtful, clear regulatory framework for the crypto space. Peirce’s position as the most outspoken Republican on the SEC under Gensler’s leadership further solidifies her potential candidacy for the top position at the agency.
Hester Peirce May Become Future US SEC Chair, Says Novogratz
While the crypto industry awaits the forthcoming shift in regulation, many are setting their gaze upon Hester Peirce – a prominent commissioner of the SEC – who is in a great position to have a lot to say about the future of cryptocurrency in this country. She would be an excellent choice for the US SEC Chair, at least when it comes to Galaxy CEO Mike Novogratz who openly supported Peirce, during his CNBC call.
.@novogratz says he sees a “substantial shift in the energy” of the crypto industry in the coming months if Trump appoints crypto supporters to SEC, FDIC and OCC roles. pic.twitter.com/IP63AbDfdI
— Squawk Box (@SquawkCNBC) November 6, 2024
The crypto community has often called her “Crypto Mom” due to her friendly stance toward crypto. Her influence has greatly influenced considering more friendly regulations toward digital assets. With Gary Gensler’s term ending in a few months as US SEC Chair, Peirce’s name comes out tall. One can see the elevation as turning the tide in a different direction concerning crypto regulation by the SEC.
She has also long supported bringing clarity and regulatory certainty to crypto. Her more open and balanced perspective is a far cry from that of Gensler. He was decidedly tough on the operators in the industry with his aggressive enforcement activities. His push for more strict regulation also resulted in significant friction with the crypto community.
With rumors that Gensler will soon resign, Peirce’s possible appointment is a cause for optimism in the cryptospace. Industry players like Novogratz believe that with Peirce, the SEC might finally turn toward a more enabling framework. As such, it could allow innovation rather than being throttled in growth.
Trump to Fire SEC Chairman Gensler if Re-Elected – But Not So Fast
At the conference Bitcoin Nashville in July, Donald Trump promised to fire Gensler if he won re-election in 2024. “On Day one, he will be gone,” Trump told attendees. But technically, he would have to cite legal reasons for removal, such as neglect or incompetence. The process could take longer than a year with legal reviews.
The crypto community widely regards Peirce as a “Crypto Mom” because she has criticized Gensler’s approach. In a September 16 dissenting opinion with Commissioner Mark Uyeda, she stated, “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”
Peirce has extensive experience in financial market regulation. She has done research at George Mason University and in advisory roles to the Senate Committee on Banking, Housing, and Urban Affairs. Peirce also worked as an attorney with the SEC and an associate at WilmerHale. Former President Obama appointed Peirce, and she has been an SEC commissioner since 2018.
While she has gained much support in the crypto industry, Peirce said to leave the commission when her term ends. Setting her up as the US SEC Chair because of this, therefore, would be very farfetched.
A New Era for Crypto Regulation?
The recent political jolts have given Mike Novogratz reason to speak loudly and clearly about the probable regulatory change in the pipeline. He believes that the crypto industry is in a better place with a Congress open toward blockchain and cryptocurrency.
He said more significant electoral victories have placed pro-crypto lawmakers in key positions that preach a wide trend of support for crypto-friendly policies. Novogratz underlined far more growth is yet to be seen. Of course, with the exemplary leadership of the most important regulatory agencies,
Novogratz said the whole dynamic changes if someone gets in charge of the SEC and is open-minded about crypto. He added that perhaps with Peirce as the US SEC Chair, the SEC could finally start fleshing out a regulatory regime friendlier to the crypto world. He said a scenario would follow in which large institutions would come aboard with digital assets. That would bring severe liquidity into the market, fostering innovation in the sector.
The crypto industry has seen tough regulatory times lately, but Novogratz remains optimistic about its future. He says that in the next couple of years, there is a likelihood of massive changes. These changes could help crypto grow further with new appointments like those announced in the SEC, FDIC, and FCC. “It is going to be a step change,” he said, of the wholesale regulatory change that could unleash billions in market value.
Still, Novogratz believes the long-term prospects of crypto are very bright. The regulatory landscape has only started shifting, and the hope is that this new leadership at the SEC will take away the uncertainty and allow for a better climate in which crypto can grow for investors, businesses, and innovators alike to have much-needed clarity.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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