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Fairshake discloses $78m crypto donation war chest
Published
3 weeks agoon
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adminCrypto leaders and Silicon Valley giants have boosted Fairshake’s funds for the U.S. 2026 mid-term election cycle, even as America prepares to decide its next president.
The crypto super PAC Fairshake has raised $78 million from blockchain supporters and businesses for mid-term lobbying in 2026, according to CNBC.
U.S. mid-term elections, held two years into a president’s term, determine many congressional seats, potentially favoring digital asset regulations. Coinbase and Andreessen Horowitz are among the backers funding pro-crypto candidates in Congress.
America’s largest centralized crypto exchange, Coinbase, pledged to donate $25 million. Earlier, crypto.news reported that a16z crypto committed $23 million to Fairshake, as announced by managing partner Chris Dixon.
Crypto industry firms and blockchain-friendly companies have contributed a total of $170 million to Fairshake, a super PAC founded by over a dozen entities. Fairshake’s numbers, along with other crypto-aligned PACs, made up nearly 50% of corporate donations for the 2024 general elections.
A16z, Coinbase, Jump Crypto, and Ripple donated most of Fairshake’s $170 million crypto lobbying war chest this cycle. Fairshake has spent around $135 million, targeting legislators and state policymakers.
Long-term crypto lobbying commitments floated on hours before the final voting between Republican Donald Trump and Democrat Kamala Harris for president. On prediction platforms like Polymarket, Trump had a higher winning probability at 57.9% against Kamala’s 42.3%. But national polls implied a tight race between the rivals.
Presidential election results may be announced on Nov. 5. However, protracted vote counting could cause delays. Polymarket’s presidential contract crossed $3.1 billion volume as traders placed stoppage time wagers.
The largest presidential prediction market will resolve when the Associated Press, Fox, and CNBC all declare a single winner. If not, Polymarket’s betting pool would remain open until the inauguration in January.
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Coinbase To Delist wBTC Trading Amid Justin Sun Increasing Influence
Published
4 days agoon
November 19, 2024By
adminCoinbase has officially announced plans to suspend trading for Wrapped Bitcoin (wBTC) starting December 19, 2024. Users will retain the ability to transfer their wBTC tokens off the exchange even after the delisting. The crypto exchange stated that this decision follows routine asset reviews to ensure compliance with its listing standards.
Coinbase Suspends wBTC Trading Amid Push For Exchange’s cbBTC
According to a recent post on X, Coinbase confirmed it will stop supporting Wrapped Bitcoin trading next month, though users will still have the option to move their tokens to external wallets. The exchange emphasized its commitment to maintaining a secure and compliant platform, explaining that the decision stems from its periodic reviews of listed assets.
In response, the WBTC team expressed its disappointment and surprise at Coinbase’s decision to delist Wrapped BTC. It emphasized its unwavering commitment to providing the most compliant, transparent, and decentralized BTC tokenization product.
The team added,
“We urge Coinbase to reconsider this decision and continue supporting WBTC trading. If you have any questions or suggestions, please feel free to reach out to us. We are more than willing to provide additional information to address any concerns.”
This development comes as the top crypto exchange increasingly focuses on promoting its proprietary wrapped Bitcoin product, cbBTC. The cbBTC token, introduced earlier this year, has rapidly gained traction and reached a market capitalization of $1.5 billion. This poses a direct competition to wBTC. The delisting decision coincides with cbBTC’s growth as a preferred tokenized Bitcoin solution.
In August, BitGo, the primary custodian of wBTC, announced it would relinquish partial control of the protocol to BiT Global and Justin Sun, founder of TRON. This partnership has led to widespread concerns across the crypto sector due to Sun’s controversial reputation and his growing influence over the ecosystem.
As part of the collaboration, custody responsibilities were distributed across multiple entities to enhance operational resilience. However, critics argue that Sun’s involvement raises questions about governance and compliance. This has prompted several platforms to reassess their stance on wBTC. For instance, MakerDAO imposed restrictions on minting its DAI stablecoin using wBTC as collateral, while Aave initiated active monitoring of the situation.
cbBTC Gains Momentum As Alternative
While wBTC faces scrutiny, Coinbase’s cbBTC has emerged as a strong competitor. Positioned as a centralized custodian product, cbBTC allows users to access Bitcoin liquidity on Ethereum and other blockchains. Coinbase has marketed cbBTC as a transparent and secure alternative, reassuring users with regular audits by Deloitte.
The exchange has actively promoted cbBTC, highlighting its seamless integration with DeFi protocols and support for institutional clients. Despite criticisms from Justin Sun over the lack of Proof-of-Reserve and potential government intervention risks, the exchange maintains that cbBTC complies with regulatory requirements.
In response to Sun’s allegations Coinbase CEO Brian Armstrong defended the product, reiterating its operational transparency. Armstrong clarified that cbBTC has always been presented as a custodian-based product, with all transactions settled on-chain. He dismissed concerns about government intervention as speculative, emphasizing commitment to securing client funds.
Amid these concerns, Brian Armstrong is set to meet with President-elect Donald Trump to discuss cryptocurrency policy and potential advisory roles in the incoming administration.
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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Bitcoin
Coinbase Launches ‘COIN50’ Index Designed To Track Top Fifty Crypto Assets
Published
5 days agoon
November 18, 2024By
adminUS-based crypto exchange Coinbase just launched a new benchmark index for tracking the digital assets market.
In a statement, the publicly-listed firm says the Coinbase 50 Index (COIN50) is a regulated benchmark representing the 50 largest crypto assets on its platform that meet the fundamental criteria for token economics, blockchain architecture and security.
To qualify for entrance into the index, the assets must not be pegged to other digital assets, must have most of their token supply in public circulation and must not have any known security vulnerability.
“The Coinbase 50 Index, rebalanced quarterly, is a market cap-weighted index of the top 50 assets that meet the index’s criteria. Traders can use the index to track the performance of the broader crypto market and benchmark their returns.”
The exchange says that while the Coinbase 50 Index currently covers around 80% of the crypto market cap, the plan is to launch a significantly broader index as the market grows and diversifies.
“This path sets the foundation for our indices to evolve alongside the industry, ensuring they provide critical price discovery and remain a comprehensive benchmark for the cryptoeconomy.”
Eligible institutional and retail users can now trade the index via a COIN50 perpetual futures contract on Coinbase International Exchange and Coinbase Advanced albeit the contract is not available to traders based in the US, UK and Canada.
The exchange says it is exploring more ways to provide traders exposure to the index.
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Coinbase meme coin Floki to its listing roadmap two days after announcing PEPE trading on the largest U.S. centralized crypto exchange.
Floki (FLOKI) surged over 21% in one hour as Coinbase posted about upcoming trading support for the $2.7 billion meme coin. The timing of the news coincided with a market-wide recovery, bolstering FLOKI’s price hike.
It’s the second time Coinbase has added crypto’s older meme tokens. On Nov. 13, the exchange listed Pepe-The-Frog-inspired (PEPE). Data showed that PEPE reached a new all-time high shortly after.
Social media users speculated that a relaxed regulatory environment under President Donald Trump’s administration steered crypto businesses toward more expansive decisions.
Robinhood U.S. also listed PEPE alongside Coinbase. Binance has listed several meme coins, although some of its choices were deemed contentious.
Binance recently announced spot listings for newer low-cap memes like (PNUT) and (NEIRO). Reactions to the platform’s additions ranged from outrage at supposed insider trading to bullish rallying cries calling for more meme coin exposure.
Cryptocurrency excitement conjured by Bitcoin’s (BTC) blast to a $1.8 trillion market cap has been akin to rocket fuel for memes and altcoins. Memes on Ethereum (ETH) and Solana (SOL) reached new highs as Bitcoin reclaimed above $90,000.
The largest meme coins may run atop Ethereum, like Dogecoin (DOGE) and PEPE. Nonetheless, staggering liquidity has flowed into Solana’s ecosystem.
Success stories such as Dogwifhat (WIF) and Bonk (BONK) spurred service providers like Pump.fun, an on-chain launchpad for memecoins. Users used the platform to issue thousands of tokens, Pump.fun generated $100 million in revenue within its first few months.
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